Overview of federal government budgetary revenues and expenses as set out in Budget 2024.

Estimated revenues for 2024–2025 total $498 billion. They comprise the following:

1. Income taxes, at $337 billion, which include

• Personal income tax, at $233 billion,
• Corporate income tax, at $91 billion,
• Non-resident income tax, at $13 billion;

2. Excise taxes/duties, at $76 billion, which include

• Goods and Services Tax, at $54 billion,
• Other taxes/duties, at $16 billion,
• Customs import duties, at $6 billion;

3. Other programs, at $31 billion;
4. EI premium revenues, at $30 billion;
5. Pollution pricing, at $13 billion;
6. Enterprise Crown corporations, at $9 billion; and
7. Net foreign exchange, at $4 billion.

Estimated expenses for 2024–2025 total $538 billion and comprise the following:

1. Transfers to other governments, at $112 billion, which include

• Health transfers, at $56 billion,
• Equalization, at $25 billion,
• Social transfers, at $17 billion,
• Child care, at $7 billion,
• Territorial Formula Financing, at $5 billion,
• Community building, at $2 billion;

2. Public debt charges, at $54 billion;
3. Actuarial losses, at $3 billion;
4. Transfers to persons, at $136 billion, which include

• Elderly benefits, at $81 billion,
• Canada Child Benefit, at $28 billion; and
• EI benefits, at $27 billion,

5. Direct program expenses, at $240 billion, which include

• Operating expenses, at $123 billion,
• Other transfer payments, at $102 billion,
• Pollution pricing proceeds returned to Canadians, at $15 billion.

Since estimated budgetary expenses will be greater than revenues, a deficit of $40 billion is projected for 2024–2025.