The province, in its audited accounts, says that number is in line with its original estimate for the last fiscal year, which ended in March.

Premier Wab Kinew's government initially forecast the deficit to be at $794 million and, as the year wore on, that projection moved even further into the red.

His government now says individual, corporate and other taxes ended up $558 million above budget.

Those gains helped offset lower federal transfers and lower than expected profits from Manitoba Hydro.

The Crown corporation reported a $446-million deficit because of drought conditions - a massive swing from the $220 million in profit the government originally budgeted.

This report by The Canadian Press was first published Sept. 21, 2026.