Fiscal Reference Tables 2019: Part 8 of 9

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 -59,216 5,923 -8.3 -8.4 0.8
1992 -65,364 -57,537 8,330 -8.9 -7.9 1.1
1993 -66,019 -59,152 8,387 -8.7 -7.8 1.1
1994 -54,151 -56,597 13,680 -6.9 -7.2 1.7
1995 -44,966 -46,875 31,379 -5.5 -5.7 3.8
1996 -25,561 -23,869 53,243 -3.0 -2.8 6.2
1997 1,051 -6 74,856 0.1 0.0 8.3
1998 1,861 11,043 87,435 0.2 1.2 9.1
1999 17,206 17,847 93,794 1.7 1.8 9.2
2000 29,728 8,050 85,531 2.8 0.7 8.0
2001 6,620 6,109 80,286 0.6 0.5 7.0
2002 -2,207 5,394 73,459 -0.2 0.4 6.1
2003 -981 2,298 68,748 -0.1 0.2 5.4
2004 10,988 5,490 70,314 0.8 0.4 5.3
2005 22,868 9,155 72,738 1.6 0.7 5.2
2006 28,210 5,208 68,883 1.9 0.4 4.7
2007 29,591 11,788 74,421 1.9 0.8 4.8
2008 4,073 -14,898 46,989 0.3 -0.9 2.9
2009 -59,986 -16,164 42,595 -3.6 -1.0 2.6
2010 -77,912 -38,340 22,625 -4.5 -2.2 1.3
2011 -57,644 -52,675 11,589 -3.3 -3.0 0.7
2012 -45,097 -42,790 20,786 -2.5 -2.3 1.1
2013 -27,403 -31,851 32,213 -1.4 -1.7 1.7
2014 4,513 -11,111 51,864 0.2 -0.6 2.6
2015 -173 11,984 74,107 0.0 0.6 3.6
2016 -7,329 10,828 71,780 -0.3 0.5 3.4
2017 -5,485 -372 61,243 -0.3 0.0 2.8
2018 -7,449 -6,201 59,464 -0.3 -0.3 2.7
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 2018
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 6,290
  Trade payables 791 344 1,085 948 921 1,046 827 934 1,731 1,435 1,363 1,668 2,086
  Mortgages 0 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 3,929 3,683 4,398 5,199
  Life insurance and pensions 134,651 138,422 142,418 145,771 148,624 151,389 153,974 155,974 156,541 156,165 156,020 155,419 173,703
  Other liabilities 60,674 57,029 68,692 72,413 76,357 77,018 86,058 81,951 77,401 94,792 74,803 75,608 45,676
  Short-term paper 126,307 117,712 182,698 186,029 174,305 170,003 181,726 172,992 149,497 152,318 141,628 122,587 132,091
  Bonds and debentures 278,641 267,330 278,882 364,388 416,201 456,499 477,211 496,114 506,043 527,352 562,808 597,926 593,634
  Total liabilities 606,649 586,580 682,554 778,700 826,461 866,129 909,447 917,472 900,710 941,822 946,307 963,763 958,679
Financial assets                          
  Currency and deposits 4,528 4,441 38,575 22,581 12,179 14,412 26,633 35,339 37,583 39,370 42,712 44,652 43,780
  Trade receivables 207 263 745 603 520 585 793 859 1,446 1,020 1,016 1,285 1,789
  Mortgages 479 241 0 0 0 0 0 0 0 0 0 0 0
  Non-mortgage loans/claims 60,144 61,638 101,237 162,927 173,528 178,598 179,574 167,783 154,130 181,850 186,919 190,376 204,293
  Other financial assets 24,404 12,907 54,793 45,375 40,377 47,199 53,351 45,964 48,469 65,897 55,978 68,701 57,578
  Equity 29,083 29,412 18,602 28,684 35,031 35,579 39,725 46,375 45,810 47,644 49,877 48,035 48,774
  Investment Fund Shares 0 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 1,634 1,464 1,452
  Bonds and debentures 6,517 6,003 5,569 5,614 5,423 4,980 4,388 4,173 4,458 4,853 5,151 5,164 5,164
  Total financial assets 127,638 117,168 220,632 266,699 268,004 282,618 306,565 302,791 293,789 342,402 343,287 359,677 362,830
Net financial assets -479,011 -469,412 -461,922 -512,001 -558,457 -583,511 -602,882 -614,681 -606,921 -599,420 -603,020 -604,086 -595,849
Non-financial assets                          
  Residential structures 828 869 893 911 927 958 957 972 983 1,001 1,060 1,183 1,260
  Non-residential structures 17,210 17,941 19,243 18,558 18,529 18,990 19,233 19,406 20,243 20,564 21,415 22,284 23,710
  Machinery and equipment 5,416 5,910 6,372 7,656 7,718 7,911 8,117 8,047 7,476 9,509 9,524 9,232 9,803
  Inventories 220 235 390 246 362 587 1,438 2,055 1,710 1,725 1,917 2,085 2,139
  Land and natural resources 13,755 31,443 26,854 23,010 18,997 24,667 14,996 13,842 13,798 8,514 12,688 16,122 18,834
  Intellectual property 9,960 10,356 10,863 10,815 10,881 10,964 11,101 11,396 11,216 11,561 11,282 11,252 11,678
  Weapons systems 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,510 8,524 9,790 9,453 8,987 9,901
  Total non-financial assets 51,385 71,148 70,083 67,910 64,707 71,804 64,021 64,228 63,950 62,664 67,339 71,145 77,325
Total assets 179,023 188,316 290,715 334,609 332,711 354,422 370,586 367,019 357,739 405,066 410,626 430,822 440,155
Net worth
   (liabilities less assets)
-427,626 -398,264 -391,839 -444,091 -493,750 -511,707 -538,861 -550,453 -542,971 -536,756 -535,681 -532,941 -518,524
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 2018
Liabilities                          
  Currency and deposits 0 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 14,515 14,448 15,363 15,847
  Mortgages 3,662 3,472 3,854 4,981 4,917 6,894 7,134 8,643 8,626 8,576 8,282 8,512 8,441
  Non-mortgage loans/claims 56,856 62,489 50,866 53,431 59,715 63,472 65,021 69,568 74,106 75,036 76,148 78,321 77,637
  Life insurance and pensions 118,382 123,473 166,875 159,051 169,844 182,347 182,053 176,183 172,629 186,952 175,062 170,952 156,414
  Other liabilities 176,323 191,096 129,283 129,115 136,923 136,436 155,034 175,131 203,299 179,512 207,208 213,572 260,347
  Short-term paper 16,503 23,575 36,556 44,380 42,878 41,344 48,694 58,064 51,764 58,462 57,555 50,083 59,996
  Bonds and debentures 406,916 409,360 439,992 478,216 525,403 576,958 621,315 663,906 696,844 742,194 777,202 824,726 853,794
  Total liabilities 794,281 832,564 837,296 879,470 951,735 1,019,763 1,092,294 1,165,279 1,221,427 1,265,247 1,315,905 1,361,529 1,432,476
Financial assets                          
  Currency and deposits 28,431 31,932 40,278 38,831 41,206 41,199 44,243 50,334 55,893 60,567 66,207 69,092 73,024
  Trade receivables 6,459 7,061 8,101 8,033 8,455 8,819 9,012 9,331 9,623 9,651 10,049 9,934 10,368
  Mortgages 3,366 2,988 2,645 2,853 3,045 3,433 3,569 5,436 5,381 5,691 5,449 5,805 6,374
  Non-mortgage loans/claims 65,286 58,306 61,388 71,895 76,548 84,332 88,355 99,843 109,239 119,836 123,841 131,997 146,493
  Other financial assets 119,299 142,599 112,220 115,165 139,349 144,729 161,358 160,183 175,225 137,411 151,217 133,929 119,150
  Equity 73,504 79,658 90,920 95,572 97,235 106,865 111,289 110,081 115,672 127,111 131,146 134,334 152,898
  Investment Fund Shares 48,482 54,595 52,829 44,734 46,704 54,594 57,112 54,997 54,863 67,449 68,008 73,514 75,147
  Short-term paper 51,978 60,751 63,288 53,390 55,520 45,653 42,297 46,382 45,923 50,031 49,206 60,713 61,860
  Bonds and debentures 115,151 117,669 107,530 116,586 112,706 114,390 123,372 143,540 141,550 147,037 154,161 167,390 176,198
  Total financial assets 511,956 555,559 539,199 547,059 580,768 604,014 640,607 680,127 713,369 724,784 759,284 786,708 821,512
Net financial assets -282,325 -277,005 -298,097 -332,411 -370,967 -415,749 -451,687 -485,152 -508,058 -540,463 -556,621 -574,821 -610,964
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 27,998 29,170
  Non-residential structures 244,901 271,629 306,813 319,460 349,698 381,859 406,928 426,082 440,412 450,693 465,254 487,014 522,203
  Machinery and equipment 12,592 13,306 15,149 17,613 17,067 18,100 19,491 19,908 19,835 21,105 20,150 19,354 20,159
  Inventories 0 0 76 167 483 577 778 687 876 996 1,131 1,233 1,358
  Land and natural resources 251,644 282,298 230,556 276,305 315,896 370,884 268,494 365,303 338,908 245,258 314,489 353,047 373,595
  Intellectual property 28,073 30,547 32,162 33,486 34,450 36,455 37,204 39,900 41,238 44,294 44,262 44,979 45,861
  Weapons systems 0 0 0 0 0 0 0 0 0 0 0 0 0
  Total non-financial assets 553,714 615,326 603,314 666,115 737,764 829,006 755,096 874,626 864,962 786,794 871,115 933,625 992,346
Total assets 1,065,670 1,170,885 1,142,513 1,213,174 1,318,532 1,433,020 1,395,703 1,554,753 1,578,331 1,511,578 1,630,399 1,720,333 1,813,858
Net worth (liabilities less assets) 271,389 338,321 305,217 333,704 366,797 413,257 303,409 389,474 356,904 246,331 314,494 358,804 381,382
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 2018
Liabilities                          
  Currency and deposits 0 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 0
  Mortgages 0 0 0 0 0 0 0 0 0 0 0 0 0
  Non-mortgage loans/claims 484 102 43 122 546 411 505 676 703 482 904 987 1,037
  Life insurance and pensions 0 0 0 0 0 0 0 0 0 0 0 0 0
  Other liabilities 741 1,482 6,888 2,018 1,464 4,531 12,364 28,723 43,995 73,499 53,964 55,546 68,331
  Short-term paper 0 0 0 1,303 1,302 1,434 7,256 9,634 9,686 14,300 11,258 10,769 4,423
  Bonds and debentures 0 0 0 0 0 0 0 0 0 859 6,121 12,757 23,667
  Total liabilities 1,225 1,584 6,931 3,443 3,312 6,376 20,125 39,033 54,384 89,140 72,247 80,059 97,458
Financial assets                          
  Currency and deposits 0 0 0 0 0 0 0 0 0 0 1 5 9
  Trade receivables 0 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 2,945
  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 28,589
  Other financial assets 3,980 5,535 14,399 11,392 11,920 10,881 13,845 21,025 32,433 46,267 42,816 47,140 45,112
  Equity 39,038 36,812 44,111 52,961 49,075 55,782 65,858 70,800 84,770 82,636 88,576 114,284 107,047
  Investment Fund Shares 26,636 29,834 35,532 34,109 42,626 49,367 52,785 57,087 58,020 70,014 76,682 83,937 102,749
  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 9,844
  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 90,378
  Total financial assets 129,800 140,337 156,796 165,386 173,569 193,773 220,172 252,627 282,456 332,724 330,442 356,264 386,673
Net financial assets 128,575 138,753 149,865 161,943 170,257 187,397 200,047 213,594 228,072 243,584 258,195 276,205 289,215
Non-financial assets                          
  Residential
    structures
0 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 0
  Machinery
   and equipment
0 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 0
  Land and natural
resources
0 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 0
  Weapons systems 0 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 0
Total assets 129,800 140,337 156,796 165,386 173,569 193,773 220,172 252,627 282,456 332,724 330,442 356,264 386,673
Net worth
(liabilities less assets)
128,575 138,753 149,865 161,943 170,257 187,397 200,047 213,594 228,072 243,584 258,195 276,205 289,215
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 2018
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 6,290
  Trade payables 16,430 19,443 10,955 11,244 12,976 13,358 13,870 14,718 15,890 15,950 15,811 17,031 17,933
  Mortgages 3,662 3,472 3,854 4,981 4,917 6,894 7,134 8,643 8,626 8,576 8,282 8,512 8,441
  Non-mortgage loans/claims 58,197 63,434 54,607 57,514 64,994 68,630 69,630 74,116 78,587 79,447 80,735 83,706 83,873
  Life insurance and pensions 253,033 261,895 309,293 304,822 318,468 333,736 336,027 332,157 329,170 343,117 331,082 326,371 330,117
  Other liabilities 237,738 249,607 204,863 203,546 214,744 217,985 253,456 285,805 324,695 347,803 335,975 344,726 374,354
  Short-term paper 142,810 141,287 219,254 231,712 218,485 212,781 237,676 240,690 210,947 225,080 210,441 183,439 196,510
  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 1,270,405 1,346,131 1,435,409 1,471,095
  Total liabilities 1,402,155 1,420,728 1,526,781 1,661,613 1,781,508 1,892,268 2,021,866 2,121,784 2,176,521 2,296,209 2,334,459 2,405,351 2,488,613
Financial assets                          
  Currency and deposits 32,959 36,373 78,853 61,412 53,385 55,611 70,876 85,673 93,476 99,937 108,920 113,749 116,813
  Trade receivables 6,666 7,324 8,846 8,636 8,975 9,404 9,805 10,190 11,069 10,671 11,065 11,219 12,157
  Mortgages 5,914 6,141 5,454 5,099 5,279 5,476 5,758 7,822 8,215 8,589 7,900 8,748 9,319
  Non-mortgage loans/claims 125,540 121,821 164,820 238,184 255,932 271,863 277,889 280,429 282,775 328,169 337,365 342,604 379,375
  Other financial assets 147,683 161,041 181,412 171,932 191,646 202,809 228,554 227,172 256,127 249,575 250,011 249,770 221,840
  Equity 141,625 145,882 153,633 177,217 181,341 198,226 216,872 227,256 246,252 257,391 269,599 296,653 308,719
  Investment Fund Shares 75,118 84,429 88,361 78,843 89,330 103,961 109,897 112,084 112,883 137,463 144,690 157,451 177,896
  Short-term paper 70,182 81,773 81,274 69,236 73,526 68,263 65,030 67,446 63,627 69,605 68,964 73,087 73,156
  Bonds and debentures 163,707 168,280 153,974 168,585 162,927 164,792 182,663 217,473 215,190 238,510 234,499 249,368 271,740
  Total financial assets 769,394 813,064 916,627 979,144 1,022,341 1,080,405 1,167,344 1,235,545 1,289,614 1,399,910 1,433,013 1,502,649 1,571,015
Net financial assets -632,761 -607,664 -610,154 -682,469 -759,167 -811,863 -854,522 -886,239 -886,907 -896,299 -901,446 -902,702 -917,598
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 29,181 30,430
  Non-residential structures 262,111 289,570 326,056 338,018 368,227 400,849 426,161 445,488 460,655 471,257 486,669 509,298 545,913
  Machinery and equipment 18,008 19,216 21,521 25,269 24,785 26,011 27,608 27,955 27,311 30,614 29,674 28,586 29,962
  Inventories 220 235 466 413 845 1,164 2,216 2,742 2,586 2,721 3,048 3,318 3,497
  Land and natural resources 265,399 313,741 257,410 299,315 334,893 395,551 283,490 379,145 352,706 253,772 327,177 369,169 392,429
  Intellectual property 38,033 40,903 43,025 44,301 45,331 47,419 48,305 51,296 52,454 55,855 55,544 56,231 57,539
  Weapons systems 3,996 4,394 5,468 6,714 7,293 7,727 8,179 8,510 8,524 9,790 9,453 8,987 9,901
  Total non-financial assets 605,099 686,474 673,397 734,025 802,471 900,810 819,117 938,854 928,912 849,458 938,454 1,004,770 1,069,671
Total assets 1,374,493 1,499,538 1,590,024 1,713,169 1,824,812 1,981,215 1,986,461 2,174,399 2,218,526 2,249,368 2,371,467 2,507,419 2,640,686
Net worth (liabilities less assets) -27,662 78,810 63,243 51,556 43,304 88,947 -35,405 52,615 42,005 -46,841 37,008 102,068 152,073
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).
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