Key Takeaways
- Federal revenues were $526.4 billion in the Public Accounts of Canada 2026, up 3.0% from the year before
- Federal spending was $565.7 billion, including $53.5 billion in public debt charges
- The Comprehensive Expenditure Review projects savings of $9 billion in 2026–27, $10 billion in 2027–28 and $13 billion in 2028–29
The Federal Books Are In: $526.4 Billion In, $565.7 Billion Out
The government's audited report card for the last fiscal year is public. The Public Accounts of Canada 2026, tabled November 6 for the year ended March 31, show federal revenues of $526.4 billion against federal spending of $565.7 billion.
Revenue rose $15.5 billion, or 3.0%, from the year before. The biggest source by far is personal income tax, which brought in $247.7 billion — 47.1% of everything Ottawa collected. Corporate income tax added $104.2 billion, the GST $51.8 billion, and employment insurance premiums $32.5 billion.
On the spending side, the largest share went straight to people: major transfers to persons took $141.7 billion, a quarter of all expenses. Transfers to provinces and other governments were $110.8 billion, other transfer payments $110.7 billion, and operating expenses $131.0 billion. Net actuarial losses jumped to $13.6 billion, up $9.6 billion, tied to pension and benefit changes in Budget 2025.
Servicing the debt remains one of Ottawa's biggest single costs. Public debt charges were $53.5 billion — 9.5 cents of every dollar spent. The accounts also show $22.8 billion spent on professional and special services, with management consulting making up under 2% of that amount.
Looking ahead, the release points to the Comprehensive Expenditure Review, which projects savings of $9 billion in 2026–27, $10 billion in 2027–28 and $13 billion in 2028–29. The financial statements in Volume I are audited by the Auditor General of Canada.
The Twikup Take
The Public Accounts are the least spun document Ottawa produces — audited, final numbers instead of budget-day promises. Two figures deserve the attention: debt charges now consume nearly a tenth of all spending, and almost half of every revenue dollar comes from personal income tax, which is why any future tax debate in Canada starts with households.
Image: AI-generated illustration.