Canada's federal government will table its budget on Nov. 4. Photo by Getty Images

Desjardins Group estimates the upcoming federal budget on Nov. 4 will show deficits at a level not seen in 30 years, driven by higher spending and lower revenues, according to a report released on Wednesday.

For the 2025-2026 fiscal year, Desjardins is projecting a $70-billion deficit, although the report acknowledges some estimates from other sources have been as high as $100 billion.

“There is a lot to unpack in the run-up to what will be a truly unprecedented federal budget,” said the report. “Deficits could rise to levels not seen in decades outside of a recession or pandemic, and the debt-to-GDP ratio is likely to be headed in the wrong direction.”

The report said the loss of key revenue sources

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