Archived - Frequently Asked Questions About the Annual Financial Report 2015

The Annual Financial Report (AFR) provides an overview of the Government’s financial results for the fiscal year ended March 31, 2015.

The AFR also includes condensed consolidated financial statements of the Government and the audit opinion of the Auditor General of Canada.

The complete consolidated financial statements are available on the Public Works and Government Services Canada website.

The following are the highlights:

The federal debt (accumulated deficit) is the federal government’s main measure of debt. It is equal to the Government’s total liabilities less total assets, measured on a Public Accounts basis.

Net debt is the difference between total liabilities and financial assets. International comparisons of net debt, such as those published by the OECD, are made on a total government, National Accounts basis, which for Canada includes the net debt of the federal, provincial/territorial and local governments, as well as the net assets in the Canada Pension Plan and Québec Pension Plan.

Further information on these debt measures can be found in the annex of the AFR.

Canada’s debt level compares very well with other G-7 economies.

Canada’s total government net debt-to-GDP ratio, as reported by the independent OECD, stood at 40.4 per cent in 2014.

This is the lowest level among G-7 countries, and less than half the G-7 average, which the OECD expects will be 86.8 per cent of GDP in the same year.

This measure of debt includes the net debt of the federal, provincial/territorial and local governments, as well as the net assets held in the Canada Pension Plan and Québec Pension Plan.

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