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Fiscal Reference Tables 2020: Part 3 of 9

Table 12
Direct program expenses
(millions of dollars)
Year Other
transfer payments(1)		 Fuel charge proceeds returned Other direct
program expenses(2)		 Total
1983-84 13,970   23,585 37,555
1984-85 16,202   25,641 41,843
1985-86 14,753   24,780 39,533
1986-87 14,649   27,229 41,878
1987-88 16,800   30,291 47,091
1988-89 16,820   31,019 47,839
1989-90 16,157   33,709 49,866
1990-91 15,787   35,492 51,279
1991-92 17,712   33,067 50,779
1992-93 18,499   36,128 54,627
1993-94 18,789   34,161 52,950
1994-95 20,437   36,208 56,645
1995-96 18,578   37,081 55,659
1996-97 17,978   32,361 50,339
1997-98 22,099   33,230 55,329
1998-99 16,208   34,823 51,031
1999-00 19,140   36,226 55,366
2000-01 22,070   40,418 62,488
2001-02 19,430   44,321 63,751
2002-03 22,657   45,371 68,028
2003-04 26,295   50,187 76,482
2004-05 29,118   56,304 85,422
2005-06 28,634   55,353 83,987
2006-07 30,693   61,944 92,637
2007-08 31,269   67,068 98,337
2008-09 34,793 66,799 101,592
2009-10 45,949 70,784 116,733
2010-11 43,155 74,325 117,480
2011-12 37,720 75,034 112,754
2012-13 34,862 74,314 109,176
2013-14 36,698 64,277 100,975
2014-15 35,126 73,971 109,097
2015-16 34,874 79,939 114,813
2016-17 41,580 77,519 119,099
2017-18 47,138 86,488 133,626
2018-19 51,753 664 90,077 142,494
2019-20 54,405 2,636 95,191 152,232
(1) Other transfer payments include transfers to individuals and other organizations not included in major transfers to persons and other levels of government.
(2) In 2019-20, actuarial gains and losses related to public sector pensions and other employee and veteran future benefits have been presented as a separate category of expenses titled "Net actuarial losses", and are no longer included as part of direct program expenses. Fiscal results for 2008-09 to 2018-19 have been reclassified to reflect this change.
Table 13
Public debt charges
Year Gross public
debt charges
(millions of dollars)		 Return on
investments
(millions of dollars)		 Net public
debt charges
(millions of dollars)		 Gross public debt
charges as a
percentage of
revenues
(per cent)		 Gross public debt
charges as a
percentage of
expenses
(per cent)		 Gross public debt
charges as a
percentage of
interest-bearing debt
(per cent)
1966-67 1,182 519 663 11.8 11.3 4.4
1967-68 1,286 612 674 11.8 10.7 4.5
1968-69 1,464 695 769 11.9 11.3 4.8
1969-70 1,694 860 834 11.5 11.6 5.3
1970-71 1,887 1,000 887 12.3 11.5 5.3
1971-72 2,110 1,133 977 12.3 11.2 5.4
1972-73 2,300 1,265 1,035 11.6 10.6 5.5
1973-74 2,565 1,461 1,104 11.2 10.2 5.9
1974-75 3,238 1,802 1,436 10.8 10.1 6.6
1975-76 3,970 2,083 1,887 12.2 10.3 7.2
1976-77 4,708 2,410 2,298 13.3 11.2 7.6
1977-78 5,531 2,592 2,939 15.5 11.9 7.6
1978-79 7,024 3,059 3,965 18.4 13.7 7.8
1979-80 8,494 3,646 4,848 19.6 15.4 8.7
1980-81 10,658 4,409 6,249 20.0 15.7 9.5
1981-82 15,114 5,200 9,914 22.5 18.2 12.0
1982-83 16,903 4,628 12,275 25.1 17.5 11.0
 
1983-84 20,430 4,266 16,164 31.3 20.9 9.7
1984-85 24,887 4,298 20,589 34.6 22.8 10.1
1985-86 27,657 3,661 23,996 35.6 24.9 9.9
1986-87 28,718 4,255 24,463 33.1 24.6 9.2
1987-88 31,223 4,737 26,486 32.1 24.7 9.2
1988-89 35,532 5,547 29,985 33.4 26.5 9.6
1989-90 41,246 5,850 35,396 35.6 28.4 10.4
1990-91 45,034 6,807 38,227 37.6 29.3 10.4
1991-92 43,861 6,521 37,340 34.8 27.7 9.4
1992-93 41,332 6,838 34,494 33.2 25.3 8.2
1993-94 40,099 5,240 34,859 32.4 24.7 7.4
1994-95 44,185 4,719 39,466 33.8 26.4 7.7
1995-96 49,407 5,344 44,063 35.2 29.0 8.0
1996-97 47,281 4,247 43,034 31.5 29.8 7.5
1997-98 43,120 4,721 38,399 26.8 27.3 6.9
1998-99 43,303 4,890 38,413 26.2 27.1 6.9
1999-00 43,384 5,455 37,929 24.6 26.8 6.9
2000-01 43,892 6,424 37,468 22.6 25.2 7.0
2001-02 39,651 5,625 34,026 21.6 22.5 6.4
2002-03 37,270 7,127 30,143 19.6 20.3 6.1
2003-04 35,769 6,809 28,960 17.8 18.7 5.8
2004-05 34,118 6,985 27,133 15.9 16.0 5.6
2005-06 33,772 8,184 25,588 15.1 16.0 5.6
2006-07 33,945 8,642 25,303 14.2 15.1 5.7
2007-08 33,325 7,308 26,017 13.6 14.1 5.7
2008-09 28,269 9,566 18,703 11.9 11.5 4.0
2009-10 26,562 6,487 20,075 12.0 9.6 3.5
2010-11 28,610 12,236 16,374 12.0 10.4 3.5
2011-12 29,038 10,827 18,211 11.8 10.6 3.4
2012-13 25,533 10,204 15,329 10.0 9.3 2.8
2013-14 24,729 11,252 13,477 9.2 8.9 2.7
2014-15 24,207 12,588 11,619 8.6 8.6 2.6
2015-16 21,837 11,370 10,467 7.5 7.4 2.3
2016-17 21,232 8,951 12,281 7.3 6.9 2.2
2017-18 21,889 10,520 11,369 7.0 6.6 2.2
2018-19 23,266 10,574 12,692 7.0 6.7 2.3
2019-20                   24,447                     9,277                   15,170 7.3 6.5 2.3
Due to a break in the series following the introduction of full accrual accounting, data from 1983-84 onward are not directly comparable with earlier years.
Table 14
Interest-bearing debt
Year Unmatured debt held by
residents
(millions of dollars)		 Unmatured debt
held by non-residents
(millions of dollars)		 Total
unmatured debt
(millions of dollars)		 Percentage held by non-residents
(per cent)		 Public sector pensions
(millions of dollars)		 Other
liabilities
(millions of dollars)		 Total
pension
and other
liabilities
(millions of dollars)		 Total interest-bearing debt
(millions of dollars)
1966-67 18,734 815 19,549 4.2 5,530 1,833 7,363 26,912
1967-68 19,593 693 20,286 3.4 6,310 1,816 8,126 28,412
1968-69 20,712 993 21,705 4.6 7,163 1,852 9,015 30,720
1969-70 21,145 939 22,084 4.3 8,003 1,840 9,843 31,927
1970-71 24,132 709 24,841 2.9 8,920 1,914 10,834 35,675
1971-72 26,495 717 27,212 2.6 9,874 1,953 11,827 39,039
1972-73 28,156 855 29,011 2.9 10,952 1,975 12,927 41,938
1973-74 28,417 724 29,141 2.5 12,174 1,998 14,172 43,313
1974-75 32,147 850 32,997 2.6 13,654 2,089 15,743 48,740
1975-76 36,138 1,410 37,548 3.8 15,377 2,037 17,414 54,962
1976-77 40,367 2,134 42,501 5.0 17,252 2,060 19,312 61,813
1977-78 49,068 2,405 51,473 4.7 19,361 2,217 21,578 73,051
1978-79 59,323 7,003 66,326 10.6 21,536 2,383 23,919 90,245
1979-80 64,119 7,405 71,524 10.4 23,722 2,562 26,284 97,808
1980-81 73,151 9,276 82,427 11.3 26,529 2,751 29,280 111,707
1981-82 81,963 10,578 92,541 11.4 30,143 3,374 33,517 126,058
1982-83 104,089 11,785 115,874 10.2 34,143 3,516 37,659 153,533
 
1983-84 130,027 12,970 142,997 9.1 38,009 29,492 67,501 210,498
1984-85 152,573 19,871 172,444 11.5 42,312 30,908 73,220 245,664
1985-86 174,990 25,859 200,849 12.9 46,994 32,110 79,104 279,953
1986-87 191,283 36,926 228,209 16.2 51,992 32,684 84,676 312,885
1987-88 205,344 44,572 249,916 17.8 57,417 33,467 90,884 340,800
1988-89 215,769 58,378 274,147 21.3 63,241 33,846 97,087 371,234
1989-90 227,686 63,959 291,645 21.9 69,626 34,861 104,487 396,132
1990-91 246,985 73,728 320,713 23.0 76,139 35,916 112,055 432,768
1991-92 263,088 86,583 349,671 24.8 81,881 36,621 118,502 468,173
1992-93 273,657 106,040 379,697 27.9 87,911 37,184 125,095 504,792
1993-94 298,889 113,291 412,180 27.5 94,097 37,253 131,350 543,530
1994-95 325,503 112,110 437,613 25.6 101,033 38,766 139,799 577,412
1995-96 348,384 119,504 467,888 25.5 107,882 40,612 148,494 616,382
1996-97 357,786 119,411 477,197 25.0 114,205 42,073 156,278 633,475
1997-98 353,889 114,299 468,188 24.4 117,457 43,417 160,874 629,062
1998-99 355,778 104,524 460,302 22.7 122,407 45,784 168,191 628,493
1999-00 354,217 99,779 453,996 22.0 128,346 47,405 175,751 629,747
2000-01 352,151 94,007 446,158 21.1 129,185 49,788 178,973 625,131
2001-02 359,430 82,380 441,810 18.6 126,921 51,021 177,942 619,752
2002-03 345,126 92,417 437,543 21.1 125,708 52,579 178,287 615,830
2003-04 367,529 66,455 433,984 15.3 127,560 53,338 180,898 614,882
2004-05 365,742 61,682 427,424 14.4 129,579 50,229 179,808 607,232
2005-06 359,294 61,855 421,149 14.7 131,062 48,862 179,924 601,073
2006-07 354,214 59,978 414,192 14.5 134,726 50,334 185,060 599,252
2007-08 335,560 55,137 390,697 14.1 137,371 53,796 191,167 581,864
2008-09 442,613 71,407 514,020 13.9 144,145 56,234 200,379 714,399
2009-10 464,455 94,671 559,126 16.9 147,849 60,814 208,663 767,789
2010-11 458,705 132,450 591,155 22.4 152,722 64,521 217,243 808,398
2011-12 461,814 164,538 626,352 26.3 157,252 68,848 226,100 852,452
2012-13 471,622 200,765 672,387 29.9 162,886 73,347 236,233 908,620
2013-14 479,992 178,966 658,958 27.2 167,281 77,873 245,154 904,112
2014-15 478,996 186,184 665,180 28.0 169,244 82,142 251,386 916,566
2015-16 479,382 208,829 688,211 30.3 170,681 91,283 261,964 950,175
2016-17 498,469 215,164 713,633 30.2 171,447 99,257 270,704 984,337
2017-18 501,123 220,078 721,201 30.5 170,914 110,463 281,377 1,002,578
2018-19 520,832 216,083 736,915 29.3 168,782 119,767 288,549 1,025,464
2019-20 566,839 216,912 783,751 27.7 168,596 132,429 301,025 1,084,776
Due to a break in the series following the introduction of full accrual accounting, data from 1983-84 onward are not directly comparable with earlier years.
Table 15
Total liabilities, net debt and the accumulated deficit
(millions of dollars)
Year Interest-bearing debt Accounts payable and accrued liabilities Total liabilities Financial assets Net debt Non-financial assets Accumulated deficit
1966-67 26,912 1,487 28,399 10,691     17,708
1967-68 28,412 1,835 30,247 11,497     18,750
1968-69 30,720 1,977 32,697 13,280     19,417
1969-70 31,927 2,164 34,091 14,814     19,277
1970-71 35,675 2,368 38,043 17,750     20,293
1971-72 39,039 3,194 42,233 20,154     22,079
1972-73 41,938 4,092 46,030 22,050     23,980
1973-74 43,313 5,345 48,658 22,467     26,191
1974-75 48,740 5,560 54,300 25,884     28,416
1975-76 54,962 6,007 60,969 26,349     34,620
1976-77 61,813 7,457 69,270 27,753     41,517
1977-78 73,051 8,487 81,538 29,142     52,396
1978-79 90,245 8,972 99,217 33,792     65,425
1979-80 97,808 9,262 107,070 29,678     77,392
1980-81 111,707 11,859 123,566 31,618     91,948
1981-82 126,058 15,529 141,587 33,965     107,622
1982-83 153,533 17,361 170,894 34,223     136,671
 
1983-84 210,498 34,475 244,973 73,117 171,856 14,604 157,252
1984-85 245,664 38,817 284,481 71,811 212,670 18,251 194,419
1985-86 279,953 39,416 319,369 70,125 249,244 21,436 227,808
1986-87 312,885 42,131 355,016 73,184 281,832 24,182 257,650
1987-88 340,800 47,211 388,011 75,036 312,975 26,308 286,667
1988-89 371,234 50,214 421,448 77,879 343,569 28,955 314,614
1989-90 396,132 53,164 449,296 74,539 374,757 31,000 343,757
1990-91 432,768 54,894 487,662 76,582 411,080 33,424 377,656
1991-92 468,173 56,075 524,248 78,519 445,729 35,754 409,975
1992-93 504,792 58,398 563,190 75,973 487,217 38,223 448,994
1993-94 543,530 63,723 607,253 79,327 527,926 40,402 487,524
1994-95 577,412 71,321 648,733 81,239 567,494 43,338 524,156
1995-96 616,382 74,881 691,263 92,655 598,608 44,446 554,162
1996-97 633,475 75,928 709,403 100,407 608,996 46,115 562,881
1997-98 629,062 81,739 710,801 103,644 607,157 47,235 559,922
1998-99 628,493 83,671 712,164 109,298 602,866 48,723 554,143
1999-00 629,747 83,876 713,623 123,507 590,116 50,231 539,885
2000-01 625,131 88,479 713,610 141,873 571,737 51,743 519,994
2001-02 619,752 83,244 702,996 137,684 565,312 53,366 511,946
2002-03 615,830 83,196 699,026 139,456 559,570 54,245 505,325
2003-04 614,882 85,212 700,094 149,092 551,002 54,822 496,180
2004-05 607,232 97,740 704,972 155,385 549,587 54,870 494,717
2005-06 601,073 101,432 702,505 165,559 536,946 55,447 481,499
2006-07 599,252 106,511 705,763 181,858 523,905 56,637 467,268
2007-08 581,864 110,463 692,327 176,046 516,281 58,644 457,637
2008-09 714,399 113,999 828,398 298,949 529,449 61,503 467,946
2009-10 767,789 120,095 887,884 300,406 587,478 63,375 524,103
2010-11 808,398 118,491 926,889 303,394 623,495 66,581 556,914
2011-12 852,452 124,019 976,471 316,595 659,876 67,959 591,917
2012-13 908,620 117,633 1,026,253 336,721 689,532 68,922 620,610
2013-14 904,112 110,780 1,014,892 318,459 696,433 70,433 626,000
2014-15 916,566 120,638 1,037,204 336,491 700,713 71,803 628,910
2015-16 950,175 124,126 1,074,301 365,692 708,609 74,169 634,440
2016-17 984,337 126,950 1,111,287 382,033 729,254 77,714 651,540
2017-18 1,002,578 147,799 1,150,377 397,490 752,887 81,633 671,254
2018-19 1,025,464 159,707 1,185,171 413,047 772,124 86,674 685,450
2019-20 1,084,776 163,833 1,248,609 435,718 812,891 91,531 721,360
Due to a break in the series following the introduction of full accrual accounting, data from 1983-84 onward are not directly comparable with earlier years.
Table 16
Unmatured debt held by outside parties
(millions of dollars)
Year Domestic
marketable bonds(1)		 Foreign
marketable bonds(1, 2)		 Total
marketable bonds		 Treasury  bills(1) Retail debt (3) Canada Pension Plan bonds Other
unma-
tured
dept		 Unamortized
discounts and
premiums and
cross-currency swap
revaluation		 Less:
government's
own holdings		 Total
1966-67 11,018 523 11,541 2,310 6,017 2   -121 200 19,549
1967-68 11,573 318 11,891 2,480 6,096 6   -138 49 20,286
1968-69 12,294 600 12,894 2,840 6,169 12   -163 47 21,705
1969-70 12,279 605 12,884 2,895 6,579 16   -183 107 22,084
1970-71 13,021 495 13,516 3,735 7,804 21   -175 60 24,841
1971-72 13,385 493 13,878 3,830 9,712 28   -169 67 27,212
1972-73 13,423 491 13,914 4,290 10,989 35   -157 60 29,011
1973-74 13,592 415 14,007 4,905 10,406 43   -156 64 29,141
1974-75 14,311 365 14,676 5,630 12,915 52   -199 77 32,997
1975-76 15,481 337 15,818 6,495 15,517 62   -257 87 37,548
1976-77 17,748 335 18,083 8,255 16,304 72   -124 89 42,501
1977-78 21,182 1,190 22,372 11,295 18,011 84   -191 98 51,473
1978-79 26,532 7,376 33,908 13,535 19,247 96   -314 146 66,326
1979-80 32,947 4,860 37,807 16,325 18,081 113   -497 305 71,524
1980-81 40,849 4,794 45,643 21,770 15,812 136   -711 223 82,427
1981-82 43,493 5,428 48,921 19,375 24,978 154   -626 261 92,541
1982-83 48,377 6,385 54,762 29,125 32,641 171   -688 137 115,874
 
1983-84 57,036 6,086 63,122 41,700 38,204 189 1,112 -1,016 314 142,997
1984-85 69,438 9,057 78,495 52,300 41,960 205 1,112 -1,387 241 172,444
1985-86 81,067 13,797 94,864 61,950 44,245 445 1,112 -1,492 275 200,849
1986-87 94,426 11,997 106,423 76,950 44,309 1,796 1,112 -1,514 867 228,209
1987-88 103,899 11,282 115,181 81,050 53,323 2,492 1,112 -2,005 1,237 249,916
1988-89 115,748 8,320 124,068 102,700 47,756 3,005 1,112 -3,266 1,228 274,147
1989-90 127,682 5,675 133,357 118,550 40,929 3,072 1,112 -4,029 1,346 291,645
1990-91 143,600 4,526 148,126 139,150 34,444 3,492 1,112 -4,302 1,309 320,713
1991-92 158,062 3,444 161,506 152,300 35,598 3,501 1,112 -3,326 1,020 349,671
1992-93 178,465 5,409 183,874 162,050 34,369 3,505 1,112 -4,156 1,057 379,697
1993-94 203,445 10,668 214,113 166,000 31,331 3,497 1,112 -2,907 966 412,180
1994-95 225,747 16,921 242,668 164,450 31,386 3,488 1,838 -5,223 994 437,613
1995-96 252,766 16,809 269,575 166,100 31,428 3,478 1,885 -3,544 1,034 467,888
1996-97 282,563 23,016 305,579 135,400 33,493 3,468 1,935 -1,590 1,088 477,197
1997-98 294,605 27,183 321,788 112,300 30,479 3,456 1,924 -528 1,231 468,188
1998-99 295,774 36,000 331,774 96,950 28,217 4,063 2,614 -4 3,312 460,302
1999-00 294,441 32,588 327,029 99,850 26,899 3,552 2,601 -2,823 3,112 453,996
2000-01 295,487 33,664 329,151 88,700 26,416 3,473 2,591 -1,304 2,869 446,158
2001-02 294,898 27,547 322,445 94,200 24,021 3,391 2,619 -1,737 3,129 441,810
2002-03 289,208 21,603 310,811 104,600 22,584 3,371 2,664 -3,760 2,727 437,543
2003-04 278,962 20,828 299,790 113,400 21,330 3,427 2,774 -5,247 1,490 433,984
2004-05 266,674 16,543 283,217 127,200 19,080 3,393 2,932 -7,264 1,134 427,424
2005-06 261,872 14,333 276,205 131,600 17,342 3,102 2,927 -9,038 989 421,149
2006-07 257,909 10,617 268,526 134,100 15,175 1,743 3,096 -7,750 698 414,192
2007-08 253,802 9,716 263,518 117,000 13,068 1,042 4,236 -7,633 534 390,697
2008-09 295,322 10,649 305,971 192,500 12,532 523 4,184 -1,061 629 514,020
2009-10 368,013 8,298 376,311 175,900 11,855 452 4,090 -9,325 157 559,126
2010-11 416,411 7,681 424,092 163,000 10,141 27 3,875 -9,576 404 591,155
2011-12 447,768 10,769 458,537 163,400 8,922 11 4,086 -8,743 -139 626,352
2012-13 468,859 10,858 479,717 180,700 7,481   4,564 -188 -113 672,387
2013-14 472,918 16,090 489,008 153,000 6,327   4,782 5,510 -331 658,958
2014-15 487,413 20,335 507,748 135,700 5,660   4,715 10,965 -392 665,180
2015-16 504,121 22,538 526,659 138,100 5,076   5,047 13,438 109 688,211
2016-17 535,862 17,636 553,498 136,700 4,533   5,425 13,086 -391 713,633
2017-18 575,796 16,074 591,870 110,700 2,586   5,596 11,302 853 721,201
2018-19 569,169 16,015 585,184 134,300 1,237   6,404 9,437 -353 736,915
2019-20 596,540 15,941 612,481 151,867 497   5,503 13,079 -324 783,751
Due to a break in the series following the introduction of full accrual accounting, data from 1983-84 onward are not directly comparable with earlier years.
(1) Includes government holdings of its own debt.
(2) Includes Canada bills, Canada notes and Euro medium-term notes.
(3) Includes Canada Savings Bonds and Canada Premium Bonds.
Table 17
Actual, cyclically adjusted and cyclically adjusted primary budgetary balances
Federal Government - Public Accounts
Year Actual
(millions of dollars)		 Cyclically adjusted(1)
(millions of dollars) 		Cyclically adjusted
primary(1)
(millions of dollars)
 Actual
(per cent of potential GDP)
Cyclically adjusted(1)
(per cent of potential GDP)
Cyclically
adjusted primary(1)
(per cent of potential GDP)
1991-92 -32,319 -28,691 15,170 -4.6 -4.1 2.2
1992-93 -39,019 -31,104 10,228 -5.3 -4.3 1.4
1993-94 -38,530 -33,401 6,698 -5.1 -4.4 0.9
1994-95 -36,632 -32,828 11,357 -4.7 -4.2 1.4
1995-96 -30,006 -31,808 17,599 -3.6 -3.9 2.1
1996-97 -8,719 -7,979 39,302 -1.0 -0.9 4.6
1997-98 2,959 759 43,879 0.3 0.1 4.8
1998-99 5,779 9,360 52,663 0.6 1.0 5.5
1999-00 14,258 16,839 60,223 1.4 1.7 5.9
2000-01 19,891 12,360 56,252 1.8 1.1 5.2
2001-02 8,048 11,224 50,875 0.7 1.0 4.5
2002-03 6,621 15,505 52,775 0.6 1.3 4.4
2003-04 9,145 13,605 49,374 0.7 1.1 3.9
2004-05 1,463 10,990 45,108 0.1 0.8 3.4
2005-06 13,218 12,206 45,978 0.9 0.9 3.3
2006-07 13,752 6,079 40,024 0.9 0.4 2.7
2007-08 9,597 -1,915 31,410 0.6 -0.1 2.0
2008-09 -9,116 -8,466 19,803 -0.6 -0.5 1.2
2009-10 -56,368 -17,207 9,355 -3.4 -1.0 0.6
2010-11 -34,953 -15,809 12,801 -2.0 -0.9 0.7
2011-12 -28,033 -21,855 7,183 -1.6 -1.2 0.4
2012-13 -21,293 -18,473 7,060 -1.2 -1.0 0.4
2013-14 -8,050 -7,712 17,017 -0.4 -0.4 0.9
2014-15 -550 -5,861 18,346 0.0 -0.3 0.9
2015-16 -2,861 -2,081 19,756 -0.1 -0.1 1.0
2016-17 -18,957 -8,999 12,233 -0.9 -0.4 0.6
2017-18 -18,961 -21,413 476 -0.9 -1.0 0.0
2018-19 -13,964 -20,892 2,374 -0.6 -0.9 0.1
2019-20 -39,392 -31,515 -7,068 -1.7 -1.4 -0.3
Sources: Statistics Canada; Public Accounts of Canada; Department of Finance.
Estimates are based on an update of the methodology developed in the Department of Finance working paper "Fiscal Policy and the Business Cycle: A New Approach to Identifying the Interaction" (2003), Stephen Murchison and Janine Robbins. This update incorporates, among others, the cyclical impact of commodity prices in the calculation of the cyclical component of the budgetary balance.
(1) For some years, temporary counter-cyclical fiscal measures (e.g. temporary stimulus measures in response to the 2008-2009 global recession and the COVID-19 pandemic), as well as one-off fiscal operations (e.g. related to sales tax harmonization, Alberta flood costs), are included in the cyclical component of the budgetary balance and therefore excluded from the cyclically adjusted budgetary balance. Estimates for 2019-20 have been adjusted to reflect temporarily lower revenues due to the COVID-19 pandemic not properly accounted for by the model.

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