Archived - Fiscal Reference Tables – 2017: Part 8 of 9

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Table 46
Total government actual, cyclically adjusted and cyclically adjusted primary budgetary balances
National Economic and Financial Accounts: 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 -57,638 7,501 -8.2 -8.1 1.1
1992 -65,364 -56,844 9,023 -8.9 -7.7 1.2
1993 -66,019 -59,072 8,467 -8.7 -7.8 1.1
1994 -54,151 -56,768 13,509 -6.9 -7.2 1.7
1995 -44,966 -46,775 31,479 -5.5 -5.7 3.8
1996 -25,561 -23,675 53,437 -3.0 -2.7 6.2
1997 1,051 -56 74,806 0.1 0.0 8.3
1998 1,861 10,511 86,903 0.2 1.1 9.3
1999 17,206 17,244 93,191 1.7 1.7 9.4
2000 29,728 8,117 85,598 2.8 0.8 8.0
2001 6,620 6,196 80,373 0.6 0.5 7.1
2002 -2,207 5,146 73,211 -0.2 0.4 6.2
2003 -981 2,390 68,840 -0.1 0.2 5.5
2004 10,988 5,737 70,561 0.8 0.4 5.4
2005 22,868 9,693 73,276 1.6 0.7 5.3
2006 28,210 7,645 71,320 1.9 0.5 4.9
2007 29,591 14,038 76,671 1.9 0.9 4.9
2008 4,073 -12,681 49,206 0.2 -0.8 3.0
2009 -59,986 -13,358 45,401 -3.7 -0.8 2.8
2010 -77,912 -35,519 25,446 -4.6 -2.1 1.5
2011 -57,644 -50,031 14,233 -3.2 -2.8 0.8
2012 -45,097 -40,728 22,848 -2.5 -2.2 1.2
2013 -27,403 -31,382 32,682 -1.4 -1.6 1.7
2014 433 -14,710 48,254 0.0 -0.7 2.4
2015 -21,217 -10,040 52,251 -1.1 -0.5 2.6
2016 -36,805 -17,291 43,758 -1.8 -0.8 2.1
Source: 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 a 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)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Liabilities
Currency and deposits 4,509 4,728 4,900 5,081 5,190 5,320 5,427 5,547 5,635 5,719 5,831 6,002
Trade payables 784 791 344 1,085 948 921 1,046 827 934 1,733 1,435 1,173
Mortgages 0 0 0 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 2,046 857 843 3,698 3,961 4,733 4,747 4,104 3,872 3,784 4,618 4,369
Life insurance and pensions 131,267 133,817 137,504 141,436 144,680 146,902 148,430 149,747 151,029 151,074 150,927 151,280
Other liabilities 61,227 62,110 57,947 69,674 75,028 78,079 79,977 90,285 86,896 82,719 103,761 90,988
Short-term paper 129,632 126,307 117,712 182,698 186,029 174,305 170,003 181,726 172,992 149,497 152,318 141,628
Bonds and debentures 285,530 278,641 267,330 278,882 364,388 416,201 456,499 477,211 496,114 505,364 527,354 562,763
Total liabilities 614,995 607,251 586,580 682,554 780,224 826,461 866,129 909,447 917,472 899,890 946,244 958,203
Financial assets
Currency and deposits 3,785 4,528 4,441 38,575 22,581 12,179 14,412 26,633 35,339 37,588 49,174 50,409
Trade receivables 207 207 263 745 603 520 585 793 859 1,446 1,069 848
Mortgages 391 479 241 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 21,258 20,154 21,700 51,395 109,464 121,319 118,652 119,426 98,039 74,313 76,834 79,037
Other financial assets 27,633 25,006 12,907 54,793 46,899 40,377 47,199 53,351 45,964 47,911 53,278 42,951
Equity 63,764 69,073 69,350 68,444 82,147 87,240 95,525 99,873 116,119 125,629 152,575 154,289
Investment Fund Shares 0 0 0 0 0 0 0 0 0 0 0 0
Short-term paper 2,389 2,276 2,263 1,111 915 946 1,265 2,101 2,298 1,892 1,789 1,832
Bonds and debentures 6,552 6,517 6,003 5,569 5,614 5,423 4,980 4,388 4,173 4,492 4,562 4,752
Total financial assets 125,979 128,240 117,168 220,632 268,223 268,004 282,618 306,565 302,791 293,271 339,281 334,118
Net financial assets -489,016 -479,011 -469,412 -461,922 -512,001 -558,457 -583,511 -602,882 -614,681 -606,619 -606,963 -624,085
Non-financial assets
Residential structures 759 828 869 893 911 927 958 957 972 983 1,001 1,060
Non-residential structures 16,463 17,210 17,941 19,243 18,558 18,529 18,990 19,233 19,406 19,350 18,941 20,117
Machinery and equipment 5,819 5,416 5,910 6,372 7,656 7,718 7,911 8,117 8,047 8,208 9,165 8,322
Inventories 261 220 235 390 246 362 587 1,438 2,055 1,624 1,707 1,647
Land and natural resources 14,692 14,324 33,102 27,522 24,849 19,448 24,430 15,719 13,711 14,117 7,599 9,963
Intellectual property 9,025 9,960 10,356 10,863 10,815 10,881 10,964 11,101 11,396 11,277 11,414 11,769
Weapons systems 4,103 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,510 8,490 9,780 9,323
Total non-financial assets 51,122 51,954 72,807 70,751 69,749 65,158 71,567 64,744 64,097 64,049 59,607 62,201
Total assets 177,101 180,194 189,975 291,383 337,972 333,162 354,185 371,309 366,888 357,320 398,888 396,319
Net worth (liabilities less assets) -437,894 -427,057 -396,605 -391,171 -442,252 -493,299 -511,944 -538,138 -550,584 -542,570 -547,356 -561,884
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)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Liabilities
Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0
Trade payables 16,043 15,639 19,099 9,870 10,296 12,055 12,312 13,043 13,784 14,096 14,279 14,768
Mortgages 3,801 3,662 3,472 3,854 4,981 4,917 4,899 5,279 6,935 7,077 7,224 7,303
Non-mortgage loans/claims 52,434 51,371 52,466 35,345 37,916 41,690 44,513 44,164 49,644 52,403 54,858 55,148
Life insurance and pensions 64,054 67,367 70,251 73,631 76,554 81,504 84,707 87,983 91,354 94,991 98,732 102,235
Other liabilities 217,686 232,823 254,341 238,048 227,127 243,288 255,030 271,816 281,592 302,585 311,191 326,431
Short-term paper 15,117 16,503 23,575 36,556 44,380 42,878 41,344 48,694 58,064 52,360 57,139 58,091
Bonds and debentures 387,730 406,916 409,360 439,992 478,216 525,403 576,958 621,315 663,906 699,021 739,975 772,278
Total liabilities 756,865 794,281 832,564 837,296 879,470 951,735 1,019,763 1,092,294 1,165,279 1,222,533 1,283,398 1,336,254
Financial assets
Currency and deposits 25,540 28,431 31,932 40,278 38,831 41,206 41,199 44,243 50,334 55,093 58,413 61,692
Trade receivables 6,096 6,459 7,061 8,101 8,033 8,455 8,819 9,012 9,331 9,409 8,988 9,032
Mortgages 2,880 3,366 2,988 2,645 2,853 3,045 3,433 3,569 5,436 6,085 5,448 5,766
Non-mortgage loans/claims 90,442 95,335 102,526 63,143 72,727 76,800 84,565 88,640 100,170 108,934 120,172 126,712
Other financial assets 90,329 89,249 98,379 110,396 114,380 139,053 144,479 161,108 159,837 174,205 141,357 140,990
Equity 63,159 70,597 76,750 90,989 95,525 97,279 106,882 111,254 110,100 115,284 125,519 130,263
Investment Fund Shares 45,299 48,482 54,595 52,829 44,734 46,704 54,594 57,112 54,997 54,893 65,261 65,211
Short-term paper 42,865 52,162 59,993 63,288 53,390 55,520 45,653 42,297 46,382 46,620 54,120 55,076
Bonds and debentures 107,897 117,875 121,335 107,530 116,586 112,706 114,390 123,372 143,540 142,335 149,039 155,719
Total financial assets 474,507 511,956 555,559 539,199 547,059 580,768 604,014 640,607 680,127 712,858 728,317 750,461
Net financial assets -282,358 -282,325 -277,005 -298,097 -332,411 -370,967 -415,749 -451,687 -485,152 -509,675 -555,081 -585,793
Non-financial assets
Residential structures 14,749 16,504 17,546 18,558 19,084 20,170 21,131 22,201 22,746 23,693 24,448 25,829
Non-residential structures 222,604 244,901 271,629 306,813 319,460 349,698 381,859 406,928 426,082 441,573 449,644 468,173
Machinery and equipment 11,933 12,592 13,306 15,149 17,613 17,067 18,100 19,491 19,908 20,646 22,708 22,265
Inventories 0 0 0 76 167 483 577 778 687 876 996 1,131
Land and natural resources 297,117 259,933 292,515 233,763 290,345 321,500 368,224 276,024 362,376 333,053 219,834 269,958
Intellectual property 26,200 28,073 30,547 32,162 33,486 34,450 36,455 37,204 39,900 40,984 42,553 43,026
Weapons systems 0 0 0 0 0 0 0 0 0 0 0 0
Total non-financial assets 572,603 562,003 625,543 606,521 680,155 743,368 826,346 762,626 871,699 860,825 760,183 830,382
Total assets 1,047,110 1,073,959 1,181,102 1,145,720 1,227,214 1,324,136 1,430,360 1,403,233 1,551,826 1,573,683 1,488,500 1,580,843
Net worth (liabilities less assets) 290,245 279,678 348,538 308,424 347,744 372,401 410,597 310,939 386,547 351,150 205,102 244,589
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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 266 606 1,273 6,721 1,808 1,238 4,328 12,158 28,503 41,106 69,620 51,116
Short-term paper 0 0 0 0 1,303 1,302 1,434 7,261 9,640 9,693 15,173 17,373
Bonds and debentures 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities 266 606 1,273 6,721 3,111 2,540 5,762 19,419 38,143 50,799 84,793 68,489
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 1,438 2,069 2,912 2,809 2,246 2,234 2,043 2,189 2,386 2,834 2,898 2,451
Non-mortgage loans/claims 141 110 1,877 2,195 3,362 5,856 8,933 9,960 12,803 19,406 27,961 26,605
Other financial assets 2,932 3,973 5,511 14,336 11,257 11,113 9,934 12,757 20,119 28,488 42,930 39,086
Equity 23,854 39,038 36,812 44,111 52,961 49,075 55,782 66,691 74,205 95,620 137,824 129,834
Investment Fund Shares 26,742 26,636 29,834 35,532 34,109 42,626 49,367 52,785 59,071 67,874 82,960 97,314
Short-term paper 12,399 15,928 18,759 16,875 14,931 17,060 21,345 20,632 18,766 15,811 17,713 18,124
Bonds and debentures 41,716 42,039 44,608 40,875 46,385 44,798 45,422 54,903 69,760 69,182 86,628 75,187
Total financial assets 109,222 129,793 140,313 156,733 165,251 172,762 192,826 219,917 257,110 299,215 398,914 388,601
Net financial assets 108,956 129,187 139,040 150,012 162,140 170,222 187,064 200,498 218,967 248,416 314,121 320,112
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 109,222 129,793 140,313 156,733 165,251 172,762 192,826 219,917 257,110 299,215 398,914 388,601
Net worth (liabilities less assets) 108,956 129,187 139,040 150,012 162,140 170,222 187,064 200,498 218,967 248,416 314,121 320,112
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Liabilities
Currency and deposits 4,509 4,728 4,900 5,081 5,190 5,320 5,427 5,547 5,635 5,719 5,831 6,002
Trade payables 16,827 16,430 19,443 10,955 11,244 12,976 13,358 13,870 14,718 15,829 15,714 15,941
Mortgages 3,801 3,662 3,472 3,854 4,981 4,917 4,899 5,279 6,935 7,077 7,224 7,303
Non-mortgage loans/claims 54,480 52,228 53,309 39,043 41,877 46,423 49,260 48,268 53,516 56,187 59,476 59,517
Life insurance and pensions 195,321 201,184 207,755 215,067 221,234 228,406 233,137 237,730 242,383 246,065 249,659 253,515
Other liabilities 279,179 295,539 313,561 314,443 303,963 322,605 339,335 374,259 396,991 426,410 484,572 468,535
Short-term paper 144,749 142,810 141,287 219,254 231,712 218,485 212,781 237,681 240,696 211,550 224,630 217,092
Bonds and debentures 673,260 685,557 676,690 718,874 842,604 941,604 1,033,457 1,098,526 1,160,020 1,204,385 1,267,329 1,335,041
Total liabilities 1,372,126 1,402,138 1,420,417 1,526,571 1,662,805 1,780,736 1,891,654 2,021,160 2,120,894 2,173,222 2,314,435 2,362,946
Financial assets
Currency and deposits 29,325 32,959 36,373 78,853 61,412 53,385 55,611 70,876 85,673 92,681 107,587 112,101
Trade receivables 6,303 6,666 7,324 8,846 8,636 8,975 9,404 9,805 10,190 10,855 10,057 9,880
Mortgages 4,709 5,914 6,141 5,454 5,099 5,279 5,476 5,758 7,822 8,919 8,346 8,217
Non-mortgage loans/claims 111,841 115,599 126,103 116,733 185,553 203,975 212,150 218,026 211,012 202,653 224,967 232,354
Other financial assets 120,894 118,228 116,797 179,525 172,536 190,543 201,612 227,216 225,920 250,604 237,565 223,027
Equity 150,777 178,708 182,912 203,544 230,633 233,594 258,189 277,818 300,424 336,533 415,918 414,386
Investment Fund Shares 72,041 75,118 84,429 88,361 78,843 89,330 103,961 109,897 114,068 122,767 148,221 162,525
Short-term paper 57,653 70,366 81,015 81,274 69,236 73,526 68,263 65,030 67,446 64,323 73,622 75,032
Bonds and debentures 156,165 166,431 171,946 153,974 168,585 162,927 164,792 182,663 217,473 216,009 240,229 235,658
Total financial assets 709,708 769,989 813,040 916,564 980,533 1,021,534 1,079,458 1,167,089 1,240,028 1,305,344 1,466,512 1,473,180
Net financial assets -662,418 -632,149 -607,377 -610,007 -682,272 -759,202 -812,196 -854,071 -880,866 -867,878 -847,923 -889,766
Non-financial assets
Residential structures 15,508 17,332 18,415 19,451 19,995 21,097 22,089 23,158 23,718 24,676 25,449 26,889
Non-residential structures 239,067 262,111 289,570 326,056 338,018 368,227 400,849 426,161 445,488 460,923 468,585 488,290
Machinery and equipment 17,752 18,008 19,216 21,521 25,269 24,785 26,011 27,608 27,955 28,854 31,873 30,587
Inventories 261 220 235 466 413 845 1,164 2,216 2,742 2,500 2,703 2,778
Land and natural resources 311,809 274,257 325,617 261,285 315,194 340,948 392,654 291,743 376,087 347,170 227,433 279,921
Intellectual property 35,225 38,033 40,903 43,025 44,301 45,331 47,419 48,305 51,296 52,261 53,967 54,795
Weapons systems 4,103 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,510 8,490 9,780 9,323
Total non-financial assets 623,725 613,957 698,350 677,272 749,904 808,526 897,913 827,370 935,796 924,874 819,790 892,583
Total assets 1,333,433 1,383,946 1,511,390 1,593,836 1,730,437 1,830,060 1,977,371 1,994,459 2,175,824 2,230,218 2,286,302 2,365,763
Net worth (liabilities less assets) -38,693 -18,192 90,973 67,265 67,632 49,324 85,717 -26,701 54,930 56,996 -28,133 2,817
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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