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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Date modified:: 2022-03-01