The Peace Tower and other buildings are seen on Parliament Hill in Ottawa on March 9, 2025. The Canadian Press/Justin Tang
Desjardins forecasts that the upcoming budget on Nov. 4 could include the largest federal deficit in the last 30 years, driven by increased spending and lower revenues.
A report release Oct. 22 by Desjardins economist Randall Bartlett, titled “Federal Budget 2025 Preview: A Budget Like No Other,” estimates the federal deficit could exceed $70 billion, which it notes is almost double the last official projection in the Fall Economic Statement of 2024. The report also indicates some sources have said the deficit could possibly reach $100 billion.
