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Fiscal Reference Tables – 2018: 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 -59,174 5,965 -8.2 -8.3 0.8
1992 -65,364 -57,666 8,201 -8.9 -7.8 1.1
1993 -66,019 -59,240 8,299 -8.7 -7.8 1.1
1994 -54,151 -56,617 13,660 -6.9 -7.2 1.7
1995 -44,966 -46,990 31,264 -5.5 -5.7 3.8
1996 -25,561 -23,900 53,212 -3.0 -2.8 6.2
1997 1,051 -34 74,828 0.1 0.0 8.3
1998 1,861 11,122 87,514 0.2 1.2 9.3
1999 17,206 17,819 93,766 1.7 1.8 9.5
2000 29,728 7,992 85,473 2.8 0.7 8.0
2001 6,620 6,217 80,394 0.6 0.5 7.1
2002 -2,207 5,527 73,592 -0.2 0.5 6.2
2003 -981 2,457 68,907 -0.1 0.2 5.5
2004 10,988 5,497 70,321 0.8 0.4 5.3
2005 22,868 9,190 72,773 1.6 0.7 5.2
2006 28,210 5,233 68,908 1.9 0.4 4.7
2007 29,591 11,610 74,243 1.9 0.7 4.8
2008 4,073 -15,097 46,790 0.2 -0.9 2.8
2009 -59,986 -16,163 42,596 -3.7 -1.0 2.6
2010 -77,912 -38,048 22,917 -4.6 -2.2 1.3
2011 -57,644 -52,235 12,029 -3.2 -2.9 0.7
2012 -45,097 -42,278 21,298 -2.5 -2.3 1.2
2013 -27,403 -31,766 32,298 -1.4 -1.7 1.7
2014 4,513 -11,675 51,300 0.2 -0.6 2.6
2015 -1,524 6,501 68,548 -0.1 0.3 3.4
2016 -21,231 -2,983 57,980 -1.0 -0.1 2.8
2017 -22,304 -16,066 45,671 -1.0 -0.8 2.1
Source: Statistics Canada, Government Finance Statistics (Table 10-10-0015-01); 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)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Liabilities
Currency and deposits 4,728 4,900 5,081 5,190 5,320 5,427 5,547 5,635 5,719 5,831 6,002 6,157
Trade payables 791 344 1,085 948 921 1,046 827 934 1,731 1,435 1,173 1,464
Mortgages 0 0 0 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 857 843 3,698 3,961 4,733 4,747 4,104 3,872 3,778 3,925 3,845 4,500
Life insurance and pensions 133,817 137,504 141,436 144,680 146,902 148,430 149,747 151,029 151,074 150,927 151,280 151,416
Other liabilities 62,110 57,947 69,674 75,028 78,079 79,977 90,285 86,896 82,868 100,202 83,181 87,656
Short-term paper 126,307 117,712 182,698 186,029 174,305 170,003 181,726 172,992 149,497 152,318 141,628 122,587
Bonds and debentures 278,641 267,330 278,882 364,388 416,201 456,499 477,211 496,114 506,043 527,352 562,762 597,919
Total liabilities 607,251 586,580 682,554 780,224 826,461 866,129 909,447 917,472 900,710 941,990 949,871 971,699
Financial assets
Currency and deposits 4,528 4,441 38,575 22,581 12,179 14,412 26,633 35,339 37,583 39,367 42,800 44,675
Trade receivables 207 263 745 603 520 585 793 859 1,446 1,020 799 1,071
Mortgages 479 241 0 0 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 20,154 21,700 51,395 109,464 121,319 118,652 119,426 98,039 74,310 76,879 79,147 82,259
Other financial assets 25,006 12,907 54,793 46,899 40,377 47,199 53,351 45,964 48,469 64,804 56,753 68,077
Equity 69,073 69,350 68,444 82,147 87,240 95,525 99,873 116,119 125,630 152,605 154,276 150,560
Investment Fund Shares 0 0 0 0 0 0 0 0 0 0 0 0
Short-term paper 2,276 2,263 1,111 915 946 1,265 2,101 2,298 1,893 1,768 1,796 1,620
Bonds and debentures 6,517 6,003 5,569 5,614 5,423 4,980 4,388 4,173 4,458 4,871 5,018 5,094
Total financial assets 128,240 117,168 220,632 268,223 268,004 282,618 306,565 302,791 293,789 341,314 340,589 353,356
Net financial assets -479,011 -469,412 -461,922 -512,001 -558,457 -583,511 -602,882 -614,681 -606,921 -600,676 -609,282 -618,343
Non-financial assets
Residential structures 828 869 893 911 927 958 957 972 983 1,001 1,060 1,154
Non-residential structures 17,210 17,941 19,243 18,558 18,529 18,990 19,233 19,406 20,243 20,569 21,351 22,127
Machinery and equipment 5,416 5,910 6,372 7,656 7,718 7,911 8,117 8,047 7,476 8,780 9,118 9,507
Inventories 220 235 390 246 362 587 1,438 2,055 1,710 1,623 1,565 1,352
Land and natural resources 14,324 33,102 27,522 24,849 19,448 24,430 15,719 13,711 13,883 8,721 11,813 12,763
Intellectual property 9,960 10,356 10,863 10,815 10,881 10,964 11,101 11,396 11,216 11,643 11,416 11,684
Weapons systems 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,510 8,524 9,786 9,400 8,884
Total non-financial assets 51,954 72,807 70,751 69,749 65,158 71,567 64,744 64,097 64,035 62,123 65,723 67,471
Total assets 180,194 189,975 291,383 337,972 333,162 354,185 371,309 366,888 357,824 403,437 406,312 420,827
Net worth (liabilities less assets) -427,057 -396,605 -391,171 -442,252 -493,299 -511,944 -538,138 -550,584 -542,886 -538,553 -543,559 -550,872
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Liabilities
Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0
Trade payables 15,639 19,099 9,870 10,296 12,055 12,312 13,043 13,784 14,159 14,194 14,840 15,087
Mortgages 3,662 3,472 3,854 4,981 4,917 4,899 5,279 6,935 7,084 7,127 7,311 7,090
Non-mortgage loans/claims 51,371 52,466 37,718 38,758 42,459 45,376 44,938 49,644 52,332 55,011 56,606 58,327
Life insurance and pensions 67,367 70,251 73,631 76,554 81,504 84,707 87,983 91,354 94,988 98,928 102,437 110,993
Other liabilities 232,823 254,341 235,675 226,285 242,519 254,167 271,042 281,592 304,256 294,839 314,132 303,078
Short-term paper 16,503 23,575 36,556 44,380 42,878 41,344 48,694 58,064 51,764 58,693 57,731 50,222
Bonds and debentures 406,916 409,360 439,992 478,216 525,403 576,958 621,315 663,906 696,844 742,228 770,851 821,863
Total liabilities 794,281 832,564 837,296 879,470 951,735 1,019,763 1,092,294 1,165,279 1,221,427 1,271,020 1,323,908 1,366,660
Financial assets
Currency and deposits 28,431 31,932 40,278 38,831 41,206 41,199 44,243 50,334 55,893 57,918 60,189 63,576
Trade receivables 6,459 7,061 8,101 8,033 8,455 8,819 9,012 9,331 9,623 9,821 9,687 10,032
Mortgages 3,366 2,988 2,645 2,853 3,045 3,433 3,569 5,436 5,381 5,692 6,054 6,389
Non-mortgage loans/claims 95,335 102,526 63,143 72,727 76,800 84,565 88,640 100,170 109,540 120,021 125,617 132,247
Other financial assets 89,250 98,379 110,396 114,380 139,053 144,479 161,108 159,837 174,905 148,224 158,306 148,977
Equity 73,504 79,658 90,989 95,525 97,279 106,882 111,254 110,100 115,691 124,175 127,486 131,888
Investment Fund Shares 48,482 54,595 52,829 44,734 46,704 54,594 57,112 54,997 54,863 65,303 65,304 64,246
Short-term paper 51,978 60,751 63,288 53,390 55,520 45,653 42,297 46,382 45,923 53,005 52,915 57,885
Bonds and debentures 115,151 117,669 107,530 116,586 112,706 114,390 123,372 143,540 141,550 144,781 152,049 161,229
Total financial assets 511,956 555,559 539,199 547,059 580,768 604,014 640,607 680,127 713,369 728,940 757,607 776,469
Net financial assets -282,325 -277,005 -298,097 -332,411 -370,967 -415,749 -451,687 -485,152 -508,058 -542,080 -566,301 -590,191
Non-financial assets
Residential structures 16,504 17,546 18,558 19,084 20,170 21,131 22,201 22,746 23,693 24,448 25,829 27,312
Non-residential structures 244,901 271,629 306,813 319,460 349,698 381,859 406,928 426,082 440,412 448,043 465,913 488,939
Machinery and equipment 12,592 13,306 15,149 17,613 17,067 18,100 19,491 19,908 19,835 21,373 21,312 21,607
Inventories 0 0 76 167 483 577 778 687 876 996 1,131 1,233
Land and natural resources 259,933 292,515 233,763 290,345 321,500 368,224 276,024 362,376 340,570 244,669 297,969 314,302
Intellectual property 28,073 30,547 32,162 33,486 34,450 36,455 37,204 39,900 41,238 44,329 44,265 44,630
Weapons systems 0 0 0 0 0 0 0 0 0 0 0 0
Total non-financial assets 562,003 625,543 606,521 680,155 743,368 826,346 762,626 871,699 866,624 783,858 856,419 898,023
Total assets 1,073,959 1,181,102 1,145,720 1,227,214 1,324,136 1,430,360 1,403,233 1,551,826 1,579,993 1,512,798 1,614,026 1,674,492
Net worth (liabilities less assets) 279,678 348,538 308,424 347,744 372,401 410,597 310,939 386,547 358,566 241,778 290,118 307,832
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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 606 1,273 6,721 1,808 1,238 4,328 12,158 28,503 41,106 69,620 51,116 53,038
Short-term paper 0 0 0 1,303 1,302 1,434 7,261 9,640 9,693 15,173 17,373 23,517
Bonds and debentures 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities 606 1,273 6,721 3,111 2,540 5,762 19,419 38,143 50,799 84,793 68,489 76,555
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 2,069 2,912 2,809 2,246 2,234 2,043 2,189 2,386 2,834 2,898 2,451 2,943
Non-mortgage loans/claims 110 1,877 2,195 3,362 5,856 8,933 9,960 12,803 19,406 26,483 26,605 20,231
Other financial assets 3,973 5,511 14,336 11,257 11,113 9,934 12,757 20,115 14,473 991 1,401 15,008
Equity 39,038 36,812 44,111 52,961 49,075 55,782 65,858 70,800 89,313 106,035 109,926 126,173
Investment Fund Shares 26,636 29,834 35,532 34,109 42,626 49,367 52,785 57,087 66,117 89,782 97,314 110,383
Short-term paper 15,928 18,759 16,875 14,931 17,060 21,345 20,632 18,766 15,811 17,806 18,124 10,910
Bonds and debentures 42,039 44,608 40,875 46,385 44,798 45,422 54,903 69,760 69,182 86,620 75,187 76,814
Total financial assets 129,793 140,313 156,733 165,251 172,762 192,826 219,084 251,717 277,136 330,615 331,008 362,462
Net financial assets 129,187 139,040 150,012 162,140 170,222 187,064 199,665 213,574 226,337 245,822 262,519 285,907
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 129,793 140,313 156,733 165,251 172,762 192,826 219,084 251,717 277,136 330,615 331,008 362,462
Net worth (liabilities less assets) 129,187 139,040 150,012 162,140 170,222 187,064 199,665 213,574 226,337 245,822 262,519 285,907
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Liabilities
Currency and deposits 4,728 4,900 5,081 5,190 5,320 5,427 5,547 5,635 5,719 5,831 6,002 6,157
Trade payables 16,430 19,443 10,955 11,244 12,976 13,358 13,870 14,718 15,890 15,629 16,013 16,551
Mortgages 3,662 3,472 3,854 4,981 4,917 4,899 5,279 6,935 7,084 7,127 7,311 7,090
Non-mortgage loans/claims 52,228 53,309 41,416 42,719 47,192 50,123 49,042 53,516 56,110 58,936 60,451 62,827
Life insurance and pensions 201,184 207,755 215,067 221,234 228,406 233,137 237,730 242,383 246,062 249,855 253,717 262,409
Other liabilities 295,539 313,561 312,070 303,121 321,836 338,472 373,485 396,991 428,230 464,661 448,429 443,772
Short-term paper 142,810 141,287 219,254 231,712 218,485 212,781 237,681 240,696 210,954 226,184 216,732 196,326
Bonds and debentures 685,557 676,690 718,874 842,604 941,604 1,033,457 1,098,526 1,160,020 1,202,887 1,269,580 1,333,613 1,419,782
Total liabilities 1,402,138 1,420,417 1,526,571 1,662,805 1,780,736 1,891,654 2,021,160 2,120,894 2,172,936 2,297,803 2,342,268 2,414,914
Financial assets
Currency and deposits 32,959 36,373 78,853 61,412 53,385 55,611 70,876 85,673 93,476 97,285 102,989 108,251
Trade receivables 6,666 7,324 8,846 8,636 8,975 9,404 9,805 10,190 11,069 10,841 10,486 11,103
Mortgages 5,914 6,141 5,454 5,099 5,279 5,476 5,758 7,822 8,215 8,590 8,505 9,332
Non-mortgage loans/claims 115,599 126,103 116,733 185,553 203,975 212,150 218,026 211,012 203,256 223,383 231,369 234,737
Other financial assets 118,229 116,797 179,525 172,536 190,543 201,612 227,216 225,916 237,847 214,019 216,460 232,062
Equity 181,615 185,820 203,544 230,633 233,594 258,189 276,985 297,019 330,634 382,815 391,688 408,621
Investment Fund Shares 75,118 84,429 88,361 78,843 89,330 103,961 109,897 112,084 120,980 155,085 162,618 174,629
Short-term paper 70,182 81,773 81,274 69,236 73,526 68,263 65,030 67,446 63,627 72,579 72,835 70,415
Bonds and debentures 163,707 168,280 153,974 168,585 162,927 164,792 182,663 217,473 215,190 236,272 232,254 243,137
Total financial assets 769,989 813,040 916,564 980,533 1,021,534 1,079,458 1,166,256 1,234,635 1,284,294 1,400,869 1,429,204 1,492,287
Net financial assets -632,149 -607,377 -610,007 -682,272 -759,202 -812,196 -854,904 -886,259 -888,642 -896,934 -913,064 -922,627
Non-financial assets
Residential structures 17,332 18,415 19,451 19,995 21,097 22,089 23,158 23,718 24,676 25,449 26,889 28,466
Non-residential structures 262,111 289,570 326,056 338,018 368,227 400,849 426,161 445,488 460,655 468,612 487,264 511,066
Machinery and equipment 18,008 19,216 21,521 25,269 24,785 26,011 27,608 27,955 27,311 30,153 30,430 31,114
Inventories 220 235 466 413 845 1,164 2,216 2,742 2,586 2,619 2,696 2,585
Land and natural resources 274,257 325,617 261,285 315,194 340,948 392,654 291,743 376,087 354,453 253,390 309,782 327,065
Intellectual property 38,033 40,903 43,025 44,301 45,331 47,419 48,305 51,296 52,454 55,972 55,681 56,314
Weapons systems 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,510 8,524 9,786 9,400 8,884
Total non-financial assets 613,957 698,350 677,272 749,904 808,526 897,913 827,370 935,796 930,659 845,981 922,142 965,494
Total assets 1,383,946 1,511,390 1,593,836 1,730,437 1,830,060 1,977,371 1,993,626 2,170,431 2,214,953 2,246,850 2,351,346 2,457,781
Net worth (liabilities less assets) -18,192 90,973 67,265 67,632 49,324 85,717 -27,534 49,537 42,017 -50,953 9,078 42,867
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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