Archived - Fiscal Reference Tables – 2015: Part 8 of 9

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Table 46
Total government actual, cyclically adjusted and cyclically adjusted primary budgetary balances
Government Finance Statistics (GFS)

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 -56,992 -54,260 10,266 -7.9 -7.6 1.4
1992 -64,058 -51,498 13,743 -8.7 -6.9 1.8
1993 -63,719 -49,827 17,024 -8.3 -6.5 2.2
1994 -51,915 -45,290 24,307 -6.5 -5.7 3.0
1995 -43,007 -36,494 41,033 -5.1 -4.4 4.9
1996 -23,316 -14,859 61,425 -2.7 -1.7 7.0
1997 2,248 7,005 81,040 0.2 0.8 8.9
1998 2,045 14,670 90,146 0.2 1.6 9.6
1999 17,961 20,779 95,809 1.8 2.1 9.6
2000 32,229 12,951 89,442 3.0 1.2 8.3
2001 8,551 10,191 83,416 0.8 0.9 7.4
2002 390 10,836 77,919 0.0 0.9 6.6
2003 721 6,258 71,674 0.1 0.5 5.7
2004 13,341 10,649 74,460 1.0 0.8 5.6
2005 23,573 14,038 76,678 1.7 1.0 5.5
2006 26,711 10,273 73,256 1.8 0.7 5.0
2007 22,834 13,695 77,220 1.5 0.9 5.0
2008 -4,967 -14,666 47,379 -0.3 -0.9 2.9
2009 -70,846 -17,751 39,476 -4.3 -1.1 2.4
2010 -81,947 -33,919 25,871 -4.8 -2.0 1.5
2011 -66,313 -52,693 9,765 -3.7 -2.9 0.5
2012 -56,323 -47,357 14,267 -3.0 -2.6 0.8
2013 -51,246 -43,416 18,062 -2.7 -2.3 0.9
2014 -32,378 -33,265 27,700 -1.6 -1.7 1.4
Sources: Statistics Canada, Government Finance Statistics (Table 385-0032); 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. In particular, this update incorporates the cyclical impact of commodity prices in the calculation of the cyclical component and a treatment of the Employment Insurance Account that is reflective of the current regime.
(1) For some specific years, temporary counter-cyclical fiscal measures (e.g. most temporary measures included in the stimulus phase of the Economic Action Plan) as well as punctual factors such as one-time gains or expenses (e.g. related to sales tax harmonization, Alberta flood costs) are included in the cyclical component of the balance and therefore excluded from the cyclically adjusted budgetary balance.

Table 47
Federal government liabilities and assets
National Accounts basis
(millions of dollars)

2006 2007 2008 2009 2010 2011 2012 2013 2014
Liabilities
Currency and deposits 4,627 4,826 5,005 5,142 5,265 5,377 5,493 5,593 5,685
Trade payables 791 344 330 621 621 621 621 621 621
Mortgages 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 795 677 499 344 531 891 1,039 930 874
Life insurance and pensions 135,238 139,091 141,660 144,161 147,019 150,054 152,530 154,751 156,147
Other liabilities 58,730 58,992 60,483 71,736 80,261 81,989 82,109 72,100 77,487
Short-term paper 127,373 121,915 143,057 196,662 173,522 170,508 177,151 187,367 156,047
Bonds and debentures 283,584 273,497 269,581 330,354 396,726 435,442 461,726 481,323 486,511
Total liabilities 611,138 599,342 620,615 749,019 803,944 844,881 880,668 902,685 883,371
Financial assets
Currency and deposits 3,949 4,223 11,566 21,254 6,998 3,862 11,917 23,212 24,899
Trade receivables 192 263 265 551 551 551 551 551 551
Mortgages 404 267 262 325 325 325 325 325 325
Non-mortgage loans/claims 20,881 21,833 42,425 106,046 121,535 119,989 120,607 114,274 92,249
Other financial assets 17,115 13,094 6,235 21,178 28,660 27,348 25,481 30,471 27,543
Equity 67,197 70,328 76,866 90,767 94,798 101,322 105,101 111,516 113,521
Investment fund shares 0 0 0 0 0 0 0 0 0
Short-term paper 2,351 2,288 2,077 1,794 1,794 1,794 1,794 1,794 1,794
Bonds and debentures 6,690 6,103 5,513 5,292 5,220 6,050 4,953 4,602 4,607
Total financial assets 118,780 118,397 145,208 247,207 259,880 261,241 270,729 286,745 265,488
Net financial assets -492,358 -480,945 -475,407 -501,813 -544,064 -583,641 -609,939 -615,940 -617,884
Non-financial assets
Residential structures 798 859 899 902 918 933 956 954 963
Non-residential structures 24,261 25,416 27,059 27,287 27,091 27,575 28,392 28,972 29,363
Machinery and equipment 4,692 4,800 4,985 4,978 5,169 5,770 6,584 7,395 8,519
Inventories 296 272 312 309 282 249 298 308 262
Land 7,045 7,507 8,085 8,228 8,276 8,537 8,874 9,133 9,350
Intellectual property 11,484 12,060 12,445 12,990 13,576 13,718 13,714 16,167 21,177
Weapons systems 3,989 4,266 5,158 6,192 6,789 7,013 7,249 7,218 6,599
Total non-financial assets 52,565 55,179 58,942 60,884 62,101 63,795 66,066 70,146 78,074
Total assets 171,344 173,576 204,150 308,091 321,981 325,036 336,795 356,892 343,562
Net worth (liabilities less assets) -439,793 -425,766 -416,465 -440,929 -481,963 -519,846 -543,873 -545,793 -539,809
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

Table 48
Provincial and local governments' liabilities and assets
National Accounts basis
(millions of dollars)

2006 2007 2008 2009 2010 2011 2012 2013 2014
Liabilities
Currency and deposits 0 0 0 0 0 0 0 0 0
Trade payables 25,545 30,608 31,568 33,587 43,401 51,518 55,355 57,254 57,217
Mortgages 1,880 1,795 1,742 1,740 1,740 1,740 1,740 1,740 1,740
Non-mortgage loans/claims 33,733 33,437 34,768 37,800 40,420 43,439 44,830 46,767 48,811
Life insurance and pensions 58,831 61,461 64,394 67,255 71,469 74,423 77,266 79,972 83,194
Other liabilities 201,425 225,364 232,217 251,345 260,020 267,865 287,240 282,154 309,756
Short-term paper 17,244 18,844 25,563 33,834 37,260 39,695 44,729 49,209 49,902
Bonds and debentures 395,690 408,000 424,738 451,211 492,431 541,456 580,057 621,899 657,589
Total liabilities 734,346 779,508 814,990 876,771 946,742 1,020,134 1,091,216 1,138,995 1,208,208
Financial assets - - - - - - - -
Currency and deposits 24,977 27,517 29,980 34,809 41,801 47,070 57,159 60,190 60,844
Trade receivables 6,997 7,210 7,691 8,941 9,749 9,981 10,049 10,184 10,275
Mortgages 10,948 10,708 10,118 10,587 10,560 10,606 10,610 10,625 10,618
Non-mortgage loans/claims 93,082 99,038 106,866 113,789 118,265 122,049 124,533 129,699 136,826
Other financial assets 77,785 95,672 91,790 96,442 104,978 105,270 109,620 83,566 71,017
Equity 65,614 71,712 80,898 81,574 79,497 79,458 80,189 82,647 86,618
Investment fund shares 41,760 46,855 46,418 42,312 42,383 40,584 39,460 38,238 37,350
Short-term paper 48,824 57,429 60,447 56,671 57,462 59,323 59,797 63,289 68,000
Bonds and debentures 69,899 73,663 77,204 86,772 87,624 91,994 93,713 95,862 105,841
Total financial assets 457,925 509,279 531,699 555,129 576,515 592,686 612,838 603,632 619,211
Net financial assets -276,421 -270,229 -283,291 -321,642 -370,227 -427,449 -478,378 -535,362 -588,997
Non-financial assets - - - - - - - -
Residential structures 15,783 17,118 18,293 18,778 19,748 20,626 21,667 22,286 23,152
Non-residential structures 292,540 321,257 357,299 379,130 400,171 432,609 463,800 484,060 496,647
Machinery and equipment 13,763 14,647 16,028 18,249 18,828 18,764 19,838 20,698 21,038
Inventories 0 0 0 0 0 0 0 0 0
Land 88,399 98,476 110,387 117,822 125,796 137,401 148,469 156,300 162,221
Intellectual property 33,350 36,190 39,109 41,131 43,198 44,678 45,954 49,544 49,410
Weapons systems 0 0 0 0 0 0 0 0 0
Total non-financial assets 443,834 487,687 541,115 575,110 607,741 654,078 699,728 732,887 752,468
Total assets 901,759 996,966 1,072,814 1,130,239 1,184,256 1,246,763 1,312,566 1,336,519 1,371,679
Net worth (liabilities less assets) 167,414 217,458 257,824 253,468 237,514 226,629 221,350 197,525 163,471
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

Table 49
Social security funds
National Accounts basis
(millions of dollars)

2006 2007 2008 2009 2010 2011 2012 2013 2014
Liabilities
Currency and deposits 0 0 0 0 0 0 0 0 0
Trade payables 0 0 0 0 0 0 0 0 0
Mortgages 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 0 0 0 0 0 0 0 0 0
Life insurance and pensions 0 0 0 0 0 0 0 0 0
Other liabilities 1,379 1,875 8,289 2,975 2,029 4,765 10,818 24,354 31,462
Short-term paper 0 0 0 977 1,303 1,417 4,663 9,574 9,732
Bonds and debentures 0 0 0 0 0 0 0 0 0
Total liabilities 1,379 1,875 8,289 3,952 3,332 6,182 15,481 33,928 41,194
Financial assets - - - - - - - -
Currency and deposits 0 0 0 0 0 0 0 0 0
Trade receivables 0 0 0 0 0 0 0 0 0
Mortgages 1,818 2,637 2,929 2,337 2,158 2,271 2,332 2,501 2,654
Non-mortgage loans/claims 119 536 1,755 2,698 4,708 7,162 9,722 11,488 16,476
Other financial assets 3,797 6,163 13,423 12,112 12,652 12,169 13,221 19,128 25,094
Equity 33,923 37,352 38,354 48,778 46,543 49,981 64,892 71,284 85,342
Investment fund shares 27,473 30,635 35,859 32,165 37,790 46,994 51,045 56,484 64,693
Short-term paper 13,639 17,088 19,412 15,276 16,233 20,503 20,806 20,128 21,041
Bonds and debentures 44,138 49,477 43,211 43,220 46,543 47,068 50,182 65,680 68,418
Total financial assets 124,908 143,886 154,943 156,585 166,626 186,147 212,199 246,693 283,717
Net financial assets 123,529 142,011 146,654 152,633 163,294 179,965 196,718 212,765 242,522
Non-financial assets - - - - - - - -
Residential structures 0 0 0 0 0 0 0 0 0
Non-residential structures 0 0 0 0 0 0 0 0 0
Machinery and equipment 0 0 0 0 0 0 0 0 0
Inventories 0 0 0 0 0 0 0 0 0
Land 0 0 0 0 0 0 0 0 0
Intellectual property 0 0 0 0 0 0 0 0 0
Weapons systems 0 0 0 0 0 0 0 0 0
Total non-financial assets 0 0 0 0 0 0 0 0 0
Total assets 124,908 143,886 154,943 156,585 166,626 186,147 212,199 246,693 283,717
Net worth (liabilities less assets) 123,529 142,011 146,654 152,633 163,294 179,965 196,718 212,765 242,522
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

Table 50
Total government liabilities and assets
National Accounts basis
(millions of dollars)

2006 2007 2008 2009 2010 2011 2012 2013 2014
Liabilities
Currency and deposits 4,627 4,826 5,005 5,142 5,265 5,377 5,493 5,593 5,685
Trade payables 26,336 30,952 31,898 34,208 44,022 52,139 55,976 57,875 57,838
Mortgages 1,880 1,795 1,742 1,740 1,740 1,740 1,740 1,740 1,740
Non-mortgage loans/claims 34,528 34,114 35,267 38,143 40,951 44,329 45,869 47,697 49,685
Life insurance and pensions 194,069 200,553 206,054 211,416 218,488 224,476 229,796 234,723 239,340
Other liabilities 261,533 286,231 300,988 326,056 342,311 354,619 380,167 378,608 418,705
Short-term paper 144,617 140,759 168,619 231,472 212,084 211,620 226,542 246,151 215,681
Bonds and debentures 679,273 681,496 694,319 781,566 889,157 976,898 1,041,782 1,103,222 1,144,100
Total liabilities 1,346,862 1,380,724 1,443,893 1,629,742 1,754,017 1,871,198 1,987,365 2,075,607 2,132,773
Financial assets - - - - - - - -
Currency and deposits 28,927 31,740 41,546 56,063 48,799 50,932 69,076 83,402 85,743
Trade receivables 7,189 7,473 7,956 9,492 10,300 10,532 10,600 10,735 10,826
Mortgages 13,170 13,611 13,309 13,249 13,042 13,202 13,266 13,450 13,597
Non-mortgage loans/claims 114,082 121,406 151,045 222,532 244,508 249,200 254,861 255,461 245,551
Other financial assets 98,697 114,929 111,448 129,732 146,290 144,788 148,322 133,165 123,653
Equity 166,734 179,392 196,117 221,118 220,838 230,760 250,182 265,447 285,481
Investment fund shares 69,233 77,490 82,277 74,477 80,173 87,578 90,504 94,722 102,042
Short-term paper 64,814 76,804 81,936 73,740 75,489 81,620 82,397 85,211 90,834
Bonds and debentures 138,768 148,717 146,216 158,518 163,584 171,462 176,557 195,478 210,688
Total financial assets 701,612 771,561 831,849 958,921 1,003,021 1,040,073 1,095,766 1,137,070 1,168,415
Net financial assets -645,250 -609,163 -612,044 -670,821 -750,997 -831,125 -891,599 -938,537 -964,358
Non-financial assets - - - - - - - -
Residential structures 16,580 17,977 19,192 19,680 20,666 21,560 22,623 23,240 24,115
Non-residential structures 316,800 346,673 384,358 406,417 427,262 460,183 492,191 513,032 526,010
Machinery and equipment 18,454 19,447 21,013 23,226 23,997 24,534 26,422 28,093 29,557
Inventories 296 272 312 309 282 249 298 308 262
Land 95,445 105,982 118,472 126,050 134,072 145,938 157,343 165,433 171,571
Intellectual property 44,834 48,250 51,553 54,121 56,774 58,396 59,668 65,711 70,587
Weapons systems 3,989 4,266 5,158 6,192 6,789 7,013 7,249 7,218 6,599
Total non-financial assets 496,399 542,866 600,057 635,994 669,842 717,872 765,794 803,033 830,542
Total assets 1,198,011 1,314,428 1,431,907 1,594,915 1,672,862 1,757,945 1,861,560 1,940,104 1,998,957
Net worth (liabilities less assets) -148,851 -66,297 -11,986 -34,827 -81,155 -113,252 -125,805 -135,504 -133,816
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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