Aug 28, 2020 5:30 PM -
The federal deficit soared to 120.4-billion-dollars in the first quarter of Ottawa's fiscal year, up from a deficit of 85-million a year ago.
The Finance Department says the treasury was pumping out emergency aid to businesses and workers to cushion the impact of the COVID-19 pandemic.
Major transfers to persons, which includes seniors benefits, employment insurance payments, the Canada Emergency Response Benefit, and children's benefits jumped 193.5 per cent year-over-year, to almost 70.6-billion-dollars.