Archived - Fiscal Reference Tables – 2016: 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 -57,973 -54,126 11,013 -8.1 -7.5 1.5
1992 -65,364 -53,024 12,843 -8.8 -7.2 1.7
1993 -66,019 -55,194 12,345 -8.6 -7.2 1.6
1994 -54,151 -52,753 17,524 -6.8 -6.6 2.2
1995 -44,966 -42,298 35,956 -5.4 -5.1 4.3
1996 -25,561 -19,556 57,556 -2.9 -2.2 6.6
1997 1,051 3,230 78,092 0.1 0.4 8.6
1998 1,861 13,004 89,396 0.2 1.4 9.5
1999 17,206 19,464 95,411 1.7 2.0 9.6
2000 29,728 10,244 87,725 2.8 0.9 8.1
2001 6,620 7,992 82,169 0.6 0.7 7.2
2002 -2,207 6,610 74,675 -0.2 0.6 6.3
2003 -981 3,553 70,003 -0.1 0.3 5.6
2004 10,988 6,643 71,467 0.8 0.5 5.4
2005 22,868 10,444 74,027 1.6 0.7 5.3
2006 28,210 8,330 72,005 1.9 0.6 4.9
2007 29,591 14,980 77,613 1.9 1.0 5.0
2008 4,073 -11,020 50,867 0.2 -0.7 3.1
2009 -59,986 -10,686 48,073 -3.7 -0.7 2.9
2010 -77,912 -31,840 29,125 -4.6 -1.9 1.7
2011 -57,644 -45,558 18,706 -3.2 -2.5 1.0
2012 -45,097 -35,694 27,882 -2.4 -1.9 1.5
2013 -34,507 -32,491 32,033 -1.8 -1.7 1.7
2014 -8,865 -18,083 46,090 -0.4 -0.9 2.3
2015 -25,128 -11,791 50,957 -1.3 -0.6 2.5
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 implemented in response to the 2008-2009 global recession), 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)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Liabilities
Currency and deposits 4,293 4,509 4,728 4,900 5,081 5,190 5,320 5,427 5,547 5,635 5,719 5,831
Trade payables 234 784 791 344 1,085 948 921 1,046 827 934 1,097 2,724
Mortgages 0 0 0 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 6,645 2,046 857 843 3,698 3,961 4,733 4,747 4,104 3,873 3,854 3,913
Life insurance and pensions 129,389 131,267 133,817 137,504 141,436 144,680 146,902 148,430 149,747 151,029 151,054 150,953
Other liabilities 36,216 61,227 62,110 57,947 69,674 75,028 78,079 79,977 90,285 86,522 84,348 105,280
Short-term paper 118,762 129,632 126,307 117,712 182,698 186,029 174,305 170,003 181,726 172,992 149,498 152,318
Bonds and debentures 295,423 285,530 278,641 267,330 278,882 364,388 416,201 456,499 477,211 496,777 505,976 527,022
Total liabilities 590,962 614,995 607,251 586,580 682,554 780,224 826,461 866,129 909,447 917,762 901,546 948,041
Financial assets
Currency and deposits 3,770 3,785 4,528 4,441 38,575 22,581 12,179 14,412 26,633 35,339 37,503 49,277
Trade receivables 256 207 207 263 745 603 520 585 793 859 893 2,302
Mortgages 498 391 479 241 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 19,892 21,258 20,154 21,700 51,395 109,464 121,319 118,652 119,426 98,042 74,068 79,347
Other financial assets 7,543 27,633 25,006 12,907 54,793 46,899 40,377 47,199 53,351 45,657 47,397 46,796
Equity 62,637 63,764 69,073 69,350 68,444 82,147 87,240 95,525 99,873 116,123 125,631 152,256
Investment fund shares 0 0 0 0 0 0 0 0 0 0 0 0
Short-term paper 2,523 2,389 2,276 2,263 1,111 915 946 1,265 2,101 2,300 2,280 2,131
Bonds and debentures 5,588 6,552 6,517 6,003 5,569 5,614 5,423 4,980 4,388 4,181 3,845 5,376
Total financial assets 102,707 125,979 128,240 117,168 220,632 268,223 268,004 282,618 306,565 302,501 291,617 337,485
Net financial assets -488,255 -489,016 -479,011 -469,412 -461,922 -512,001 -558,457 -583,511 -602,882 -615,261 -609,929 -610,556
Non-financial assets
Residential structures 736 759 828 869 893 911 927 958 957 973 983 1,005
Non-residential structures 15,894 16,463 17,210 17,941 19,243 18,558 18,529 18,990 19,233 19,102 19,754 20,160
Machinery and equipment 5,983 5,819 5,416 5,910 6,372 7,656 7,718 7,911 8,117 8,330 8,749 9,840
Inventories 234 261 220 235 390 246 362 587 1,438 2,047 1,558 1,710
Land and natural resources 15,699 14,692 14,324 33,102 27,522 24,849 19,448 24,430 15,719 19,048 13,864 8,404
Intellectual property 8,420 9,025 9,960 10,356 10,863 10,815 10,881 10,964 11,101 11,618 11,880 12,121
Weapons systems 4,204 4,103 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,152 8,227 9,588
Total non-financial assets 51,170 51,122 51,954 72,807 70,751 69,749 65,158 71,567 64,744 69,270 65,015 62,828
Total assets 153,877 177,101 180,194 189,975 291,383 337,972 333,162 354,185 371,309 371,771 356,632 400,313
Net worth (liabilities less assets) -437,085 -437,894 -427,057 -396,605 -391,171 -442,252 -493,299 -511,944 -538,138 -545,991 -544,914 -547,728
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Liabilities
Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0
Trade payables 10,201 16,043 15,639 19,099 9,870 10,296 12,055 12,312 13,043 13,758 14,468 14,240
Mortgages 4,007 3,801 3,662 3,472 3,854 4,981 4,917 4,899 5,279 5,732 3,845 4,432
Non-mortgage loans/claims 49,643 52,434 51,371 52,466 35,345 37,916 41,690 44,513 44,164 46,049 49,343 48,535
Life insurance and pensions 61,616 64,054 67,367 70,251 73,631 76,554 81,504 84,707 87,983 91,362 95,197 97,793
Other liabilities 202,375 217,686 232,823 254,341 238,048 227,127 243,288 255,030 271,816 284,573 302,936 318,248
Short-term paper 18,420 15,117 16,503 23,575 36,556 44,380 42,878 41,344 48,694 58,107 50,153 60,922
Bonds and debentures 376,073 387,730 406,916 409,360 439,992 478,216 525,403 576,958 621,315 665,470 709,680 739,744
Total liabilities 722,335 756,865 794,281 832,564 837,296 879,470 951,735 1,019,763 1,092,294 1,165,051 1,225,622 1,283,914
Financial assets
Currency and deposits 22,117 25,540 28,431 31,932 40,278 38,831 41,206 41,199 44,243 50,603 47,764 49,606
Trade receivables 4,727 6,096 6,459 7,061 8,101 8,033 8,455 8,819 9,012 9,557 9,938 9,208
Mortgages 2,543 2,880 3,366 2,988 2,645 2,853 3,045 3,433 3,569 3,936 4,177 4,467
Non-mortgage loans/claims 84,171 90,442 95,335 102,526 63,143 72,727 76,800 84,565 88,640 100,191 111,234 118,674
Other financial assets 79,199 90,329 89,249 98,379 110,396 114,380 139,053 144,479 161,108 165,802 184,903 132,572
Equity 62,207 63,159 70,597 76,750 90,989 95,525 97,279 106,882 111,254 106,710 110,659 127,023
Investment fund shares 41,102 45,299 48,482 54,595 52,829 44,734 46,704 54,594 57,112 54,876 53,835 62,848
Short-term paper 39,618 42,865 52,162 59,993 63,288 53,390 55,520 45,653 42,297 45,495 45,471 56,363
Bonds and debentures 88,810 107,897 117,875 121,335 107,530 116,586 112,706 114,390 123,372 137,462 136,781 153,246
Total financial assets 424,494 474,507 511,956 555,559 539,199 547,059 580,768 604,014 640,607 674,632 704,762 714,007
Net financial assets -297,841 -282,358 -282,325 -277,005 -298,097 -332,411 -370,967 -415,749 -451,687 -490,419 -520,860 -569,907
Non-financial assets
Residential structures 13,845 14,749 16,504 17,546 18,558 19,084 20,170 21,131 22,201 22,767 23,708 24,542
Non-residential structures 206,215 222,604 244,901 271,629 306,813 319,460 349,698 381,859 406,928 423,707 442,944 452,357
Machinery and equipment 11,171 11,933 12,592 13,306 15,149 17,613 17,067 18,100 19,491 20,476 21,977 24,811
Inventories 0 0 0 0 76 167 483 577 778 687 909 1,249
Land and natural resources 218,829 297,117 259,933 292,515 233,763 290,345 321,500 368,224 276,024 294,051 297,908 221,564
Intellectual property 24,698 26,200 28,073 30,547 32,162 33,486 34,450 36,455 37,204 39,462 40,500 41,442
Weapons systems 0 0 0 0 0 0 0 0 0 0 0 0
Total non-financial assets 474,758 572,603 562,003 625,543 606,521 680,155 743,368 826,346 762,626 801,150 827,946 765,965
Total assets 899,252 1,047,110 1,073,959 1,181,102 1,145,720 1,227,214 1,324,136 1,430,360 1,403,233 1,475,782 1,532,708 1,479,972
Net worth (liabilities less assets) 176,917 290,245 279,678 348,538 308,424 347,744 372,401 410,597 310,939 310,731 307,086 196,058
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Liabilities
Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0
Trade payables 0 0 0 0 0 0 0 0 0 0 0 0
Mortgages 0 0 0 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 0 0 0 0 0 0 0 0 0 0 0 0
Life insurance and pensions 0 0 0 0 0 0 0 0 0 0 0 0
Other liabilities 63 266 606 1,273 6,721 1,808 1,238 4,328 12,158 28,503 41,106 69,620
Short-term paper 0 0 0 0 0 1,303 1,302 1,434 7,261 9,640 9,693 15,173
Bonds and debentures 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities 63 266 606 1,273 6,721 3,111 2,540 5,762 19,419 38,143 50,799 84,793
Financial assets
Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0
Trade receivables 0 0 0 0 0 0 0 0 0 0 0 0
Mortgages 728 1,438 2,069 2,912 2,809 2,246 2,234 2,043 2,189 2,386 2,834 2,898
Non-mortgage loans/claims 4,396 141 110 1,877 2,195 3,362 5,856 8,933 9,960 12,803 19,406 27,961
Other financial assets 2,383 2,932 3,973 5,511 14,336 11,257 11,113 9,934 12,757 20,119 28,488 42,930
Equity 14,618 23,854 39,038 36,812 44,111 52,961 49,075 55,782 66,691 74,205 95,620 137,824
Investment fund shares 24,748 26,742 26,636 29,834 35,532 34,109 42,626 49,367 52,785 59,071 67,874 82,960
Short-term paper 9,780 12,399 15,928 18,759 16,875 14,931 17,060 21,345 20,632 18,766 15,811 17,713
Bonds and debentures 38,147 41,716 42,039 44,608 40,875 46,385 44,798 45,422 54,903 69,760 69,182 86,628
Total financial assets 94,800 109,222 129,793 140,313 156,733 165,251 172,762 192,826 219,917 257,110 299,215 398,914
Net financial assets 94,737 108,956 129,187 139,040 150,012 162,140 170,222 187,064 200,498 218,967 248,416 314,121
Non-financial assets
Residential structures 0 0 0 0 0 0 0 0 0 0 0 0
Non-residential structures 0 0 0 0 0 0 0 0 0 0 0 0
Machinery and equipment 0 0 0 0 0 0 0 0 0 0 0 0
Inventories 0 0 0 0 0 0 0 0 0 0 0 0
Land and natural resources 0 0 0 0 0 0 0 0 0 0 0 0
Intellectual property 0 0 0 0 0 0 0 0 0 0 0 0
Weapons systems 0 0 0 0 0 0 0 0 0 0 0 0
Total non-financial assets 0 0 0 0 0 0 0 0 0 0 0 0
Total assets 94,800 109,222 129,793 140,313 156,733 165,251 172,762 192,826 219,917 257,110 299,215 398,914
Net worth (liabilities less assets) 94,737 108,956 129,187 139,040 150,012 162,140 170,222 187,064 200,498 218,967 248,416 314,121
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Liabilities
Currency and deposits 4,293 4,509 4,728 4,900 5,081 5,190 5,320 5,427 5,547 5,635 5,719 5,831
Trade payables 10,435 16,827 16,430 19,443 10,955 11,244 12,976 13,358 13,870 14,692 15,565 16,964
Mortgages 4,007 3,801 3,662 3,472 3,854 4,981 4,917 4,899 5,279 5,732 3,845 4,432
Non-mortgage loans/claims 56,288 54,480 52,228 53,309 39,043 41,877 46,423 49,260 48,268 49,922 53,197 52,448
Life insurance and pensions 191,005 195,321 201,184 207,755 215,067 221,234 228,406 233,137 237,730 242,391 246,251 248,746
Other liabilities 238,654 279,179 295,539 313,561 314,443 303,963 322,605 339,335 374,259 399,598 428,390 493,148
Short-term paper 137,182 144,749 142,810 141,287 219,254 231,712 218,485 212,781 237,681 240,739 209,344 228,413
Bonds and debentures 671,496 673,260 685,557 676,690 718,874 842,604 941,604 1,033,457 1,098,526 1,162,247 1,215,656 1,266,766
Total liabilities 1,313,360 1,372,126 1,402,138 1,420,417 1,526,571 1,662,805 1,780,736 1,891,654 2,021,160 2,120,956 2,177,967 2,316,748
Financial assets
Currency and deposits 25,887 29,325 32,959 36,373 78,853 61,412 53,385 55,611 70,876 85,942 85,267 98,883
Trade receivables 4,983 6,303 6,666 7,324 8,846 8,636 8,975 9,404 9,805 10,416 10,831 11,510
Mortgages 3,769 4,709 5,914 6,141 5,454 5,099 5,279 5,476 5,758 6,322 7,011 7,365
Non-mortgage loans/claims 108,459 111,841 115,599 126,103 116,733 185,553 203,975 212,150 218,026 211,036 204,708 225,982
Other financial assets 89,125 120,894 118,228 116,797 179,525 172,536 190,543 201,612 227,216 231,578 260,788 222,298
Equity 139,462 150,777 178,708 182,912 203,544 230,633 233,594 258,189 277,818 297,038 331,910 417,103
Investment fund shares 65,850 72,041 75,118 84,429 88,361 78,843 89,330 103,961 109,897 113,947 121,709 145,808
Short-term paper 51,921 57,653 70,366 81,015 81,274 69,236 73,526 68,263 65,030 66,561 63,562 76,207
Bonds and debentures 132,545 156,165 166,431 171,946 153,974 168,585 162,927 164,792 182,663 211,403 209,808 245,250
Total financial assets 622,001 709,708 769,989 813,040 916,564 980,533 1,021,534 1,079,458 1,167,089 1,234,243 1,295,594 1,450,406
Net financial assets -691,359 -662,418 -632,149 -607,377 -610,007 -682,272 -759,202 -812,196 -854,071 -886,713 -882,373 -866,342
Non-financial assets
Residential structures 14,581 15,508 17,332 18,415 19,451 19,995 21,097 22,089 23,158 23,740 24,691 25,547
Non-residential structures 222,109 239,067 262,111 289,570 326,056 338,018 368,227 400,849 426,161 442,809 462,698 472,517
Machinery and equipment 17,154 17,752 18,008 19,216 21,521 25,269 24,785 26,011 27,608 28,806 30,726 34,651
Inventories 234 261 220 235 466 413 845 1,164 2,216 2,734 2,467 2,959
Land and natural resources 234,528 311,809 274,257 325,617 261,285 315,194 340,948 392,654 291,743 313,099 311,772 229,968
Intellectual property 33,118 35,225 38,033 40,903 43,025 44,301 45,331 47,419 48,305 51,080 52,380 53,563
Weapons systems 4,204 4,103 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,152 8,227 9,588
Total non-financial assets 525,928 623,725 613,957 698,350 677,272 749,904 808,526 897,913 827,370 870,420 892,961 828,793
Total assets 1,147,929 1,333,433 1,383,946 1,511,390 1,593,836 1,730,437 1,830,060 1,977,371 1,994,459 2,104,663 2,188,555 2,279,199
Net worth (liabilities less assets) -165,431 -38,693 -18,192 90,973 67,265 67,632 49,324 85,717 -26,701 -16,293 10,588 -37,549
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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