Fiscal Reference Tables 2020: 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	-51,926	13,213	-8.3	-7.4	1.9
1992	-65,364	-55,027	10,840	-9.0	-7.5	1.5
1993	-66,019	-58,521	9,018	-8.7	-7.7	1.2
1994	-54,151	-56,080	14,197	-6.9	-7.1	1.8
1995	-44,966	-43,715	34,539	-5.5	-5.3	4.2
1996	-25,561	-23,726	53,386	-3.0	-2.8	6.2
1997	1,051	-1,511	73,351	0.1	-0.2	8.1
1998	1,861	4,093	80,485	0.2	0.4	8.4
1999	17,206	11,140	87,087	1.7	1.1	8.6
2000	29,728	9,927	87,408	2.8	0.9	8.1
2001	6,620	10,822	84,999	0.6	0.9	7.4
2002	-2,207	4,501	72,566	-0.2	0.4	6.0
2003	-981	2,926	69,376	-0.1	0.2	5.5
2004	10,988	5,916	70,740	0.8	0.4	5.3
2005	22,868	12,586	76,169	1.6	0.9	5.5
2006	28,210	9,474	73,149	1.9	0.6	5.0
2007	29,591	12,214	74,847	1.9	0.8	4.9
2008	4,073	-10,017	51,870	0.3	-0.6	3.2
2009	-59,986	-8,910	49,849	-3.6	-0.5	3.0
2010	-77,912	-34,283	26,682	-4.6	-2.0	1.6
2011	-57,644	-47,031	17,233	-3.3	-2.7	1.0
2012	-45,097	-41,923	21,653	-2.5	-2.3	1.2
2013	-27,403	-29,725	34,339	-1.4	-1.6	1.8
2014	4,519	-2,242	60,733	0.2	-0.1	3.1
2015	-168	9,232	71,355	0.0	0.5	3.5
2016	-8,059	11,794	72,939	-0.4	0.6	3.5
2017	-1,549	-3,292	58,541	-0.1	-0.2	2.7
2018	-7,629	-13,422	52,405	-0.3	-0.6	2.4
2019	-6,732	-7,007	60,017	-0.3	-0.3	2.6
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. This update incorporates, among others, the cyclical impact of commodity prices in the calculation of the cyclical component of the budgetary balance. ⁽¹⁾ For some years, temporary counter-cyclical fiscal measures (e.g. temporary stimulus measures in response to the 2008-2009 global recession), as well as one-off fiscal operations (e.g. related to sales tax harmonization, Alberta flood costs), are included in the cyclical component of the budgetary 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	2019
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	6,405
Trade payables	791	344	1,085	948	921	1,046	827	934	1,731	1,435	1,363	1,668	2,086	1,721
Mortgages	0	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	4,452	5,241	5,338
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	155,436	173,705	171,061
Other liabilities	60,674	57,029	68,692	72,413	76,357	77,018	86,058	81,951	77,401	94,792	74,021	73,624	46,088	47,336
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	126,686
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	615,176
Total liabilities	606,649	586,580	682,554	778,700	826,461	866,129	909,447	917,472	900,710	941,822	945,525	961,850	959,135	973,723
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	42,922	44,846	43,867	42,856
Trade receivables	207	263	745	603	520	585	793	859	1,446	1,020	1,016	1,285	1,789	128
Mortgages	479	241	0	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	190,363	203,643	197,641
Other financial assets	24,404	12,907	54,793	45,375	40,377	47,199	53,351	45,964	48,469	65,897	56,398	69,306	56,858	75,276
Equity	29,083	29,412	18,602	28,684	35,031	35,579	39,725	46,375	45,810	47,644	49,877	48,005	48,674	48,300
Investment Fund Shares	0	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	1,635	678	61	387
Bonds and debentures	6,517	6,003	5,569	5,614	5,423	4,980	4,388	4,173	4,458	4,853	4,895	5,159	5,564	6,078
Total financial assets	127,638	117,168	220,632	266,699	268,004	282,618	306,565	302,791	293,789	342,402	343,662	359,642	360,456	370,666
Net financial assets	-479,011	-469,412	-461,922	-512,001	-558,457	-583,511	-602,882	-614,681	-606,921	-599,420	-601,863	-602,208	-598,679	-603,057
Non-financial assets
Residential structures	828	869	893	911	927	958	957	972	983	1,001	1,060	1,183	1,260	1,295
Non-residential structures	17,210	17,941	19,243	18,558	18,529	18,990	19,233	19,406	20,243	20,564	21,606	22,648	24,840	24,867
Machinery and equipment	5,416	5,910	6,372	7,656	7,718	7,911	8,117	8,047	7,476	9,509	9,709	9,425	11,240	10,579
Inventories	220	235	390	246	362	587	1,438	2,055	1,710	1,725	1,919	1,414	1,097	1,037
Land and natural resources	13,861	32,511	25,918	22,917	19,281	24,833	15,090	14,127	13,967	8,696	13,537	17,045	13,310	11,209
Intellectual property	9,960	10,356	10,863	10,815	10,881	10,964	11,101	11,396	11,216	11,561	11,112	10,912	10,987	11,730
Weapons systems	3,996	4,394	5,468	6,714	7,293	7,727	8,179	8,510	8,524	9,790	9,436	8,936	9,778	10,600
Total non-financial assets	51,491	72,216	69,147	67,817	64,991	71,970	64,115	64,513	64,119	62,846	68,379	71,563	72,512	71,317
Total assets	179,129	189,384	289,779	334,516	332,995	354,588	370,680	367,304	357,908	405,248	412,041	431,205	432,968	441,983
Net worth (liabilities less assets)	-427,520	-397,196	-392,775	-444,184	-493,466	-511,541	-538,767	-550,168	-542,802	-536,574	-533,484	-530,645	-526,167	-531,740
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	2019
Liabilities
Currency and deposits	0	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	14,473	16,634	15,397	17,329
Mortgages	3,662	3,472	3,854	4,981	4,917	6,894	7,134	8,643	8,626	8,576	8,128	8,318	8,525	8,308
Non-mortgage loans/claims	57,677	63,397	51,616	54,216	60,578	64,376	65,954	70,553	75,163	76,237	76,773	79,257	78,572	88,932
Life insurance and pensions	118,382	123,473	166,875	159,051	169,844	182,347	182,053	176,183	172,629	186,952	174,856	156,141	162,763	162,176
Other liabilities	175,502	190,188	128,437	127,896	135,962	135,431	153,996	174,110	202,126	178,184	204,998	223,865	255,672	244,880
Short-term paper	16,503	23,575	36,556	44,380	42,878	41,344	48,694	58,064	51,764	58,462	57,793	50,686	60,600	68,013
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	824,842	853,555	876,994
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	1,314,375	1,359,886	1,435,275	1,466,833
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	66,574	68,713	73,914	87,235
Trade receivables	6,459	7,061	8,101	8,033	8,455	8,819	9,012	9,331	9,623	9,651	10,103	10,347	10,228	10,950
Mortgages	3,366	2,988	2,645	2,853	3,045	3,433	3,569	5,436	5,381	5,691	5,483	5,904	6,278	6,408
Non-mortgage loans/claims	65,286	58,306	61,388	71,899	76,553	84,339	88,355	99,843	109,239	119,836	126,364	132,805	147,029	155,197
Other financial assets	119,299	142,599	112,220	115,161	139,344	144,722	161,358	160,183	175,225	132,521	147,785	135,277	125,661	116,167
Equity	73,504	79,658	90,920	95,572	97,235	106,865	111,289	110,081	115,672	131,107	131,416	138,628	149,287	150,609
Investment Fund Shares	48,482	54,595	52,829	44,734	46,704	54,594	57,112	54,997	54,863	67,449	68,420	73,651	81,594	81,083
Short-term paper	51,978	60,751	63,288	53,390	55,520	45,653	42,297	46,382	45,923	50,031	48,321	56,802	60,943	63,657
Bonds and debentures	115,151	117,669	107,530	116,586	112,706	114,390	123,372	143,540	141,550	147,037	153,440	167,028	178,676	177,901
Total financial assets	511,956	555,559	539,199	547,059	580,768	604,014	640,607	680,127	713,369	723,890	757,906	789,155	833,610	849,207
Net financial assets	-282,325	-277,005	-298,097	-332,411	-370,967	-415,749	-451,687	-485,152	-508,058	-541,357	-556,469	-570,731	-601,665	-617,626
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	29,942
Non-residential structures	244,901	271,629	306,813	319,460	349,698	381,859	406,928	426,082	440,412	450,693	464,728	483,469	517,885	533,228
Machinery and equipment	12,592	13,306	15,149	17,613	17,067	18,100	19,491	19,908	19,835	21,105	21,576	22,136	23,085	24,923
Inventories	0	0	76	167	483	577	778	687	876	996	1,131	1,233	1,358	1,538
Land and natural resources	253,203	288,940	225,973	275,598	319,568	373,030	269,967	368,811	338,741	241,097	320,107	362,238	361,667	361,273
Intellectual property	28,073	30,547	32,162	33,486	34,450	36,455	37,204	39,900	41,238	44,294	45,284	46,343	48,370	50,306
Weapons systems	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total non-financial assets	555,273	621,968	598,731	665,408	741,436	831,152	756,569	878,134	864,795	782,633	878,655	943,417	981,535	1,001,210
Total assets	1,067,229	1,177,527	1,137,930	1,212,467	1,322,204	1,435,166	1,397,176	1,558,261	1,578,164	1,506,523	1,636,561	1,732,572	1,815,145	1,850,417
Net worth (liabilities less assets)	272,948	344,963	300,634	332,997	370,469	415,403	304,882	392,982	356,737	241,276	322,186	372,686	379,870	383,584
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	2019
Liabilities
Currency and deposits	0	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	0
Mortgages	0	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	807	645	56
Life insurance and pensions	0	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	55,727	68,528	80,090
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	6,077
Bonds and debentures	0	0	0	0	0	0	0	0	0	859	6,121	12,757	23,667	25,349
Total liabilities	1,225	1,584	6,931	3,443	3,312	6,376	20,125	39,033	54,384	89,140	72,247	80,060	97,263	111,572
Financial assets
Currency and deposits	0	0	0	0	0	0	0	0	0	0	1	5	1	0
Trade receivables	0	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	2,895	2,769	3,065
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	30,011
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	45,137	36,737
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	106,950	109,809
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	103,310	115,718
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	9,847	10,830
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	76,644	87,474	111,448
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	356,046	384,077	417,618
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	275,986	286,814	306,046
Non-financial assets
Residential structures	0	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	0
Machinery and equipment	0	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	0
Land and natural resources	0	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	0
Weapons systems	0	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	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	356,046	384,077	417,618
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	275,986	286,814	306,046
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	2019
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	6,405
Trade payables	16,430	19,443	10,955	11,244	12,976	13,358	13,870	14,718	15,890	15,950	15,836	18,302	17,483	19,050
Mortgages	3,662	3,472	3,854	4,981	4,917	6,894	7,134	8,643	8,626	8,576	8,128	8,318	8,525	8,308
Non-mortgage loans/claims	59,018	64,342	55,357	58,299	65,857	69,534	70,563	75,101	79,644	80,648	81,360	84,516	84,458	94,326
Life insurance and pensions	253,033	261,895	309,293	304,822	318,468	333,736	336,027	332,157	329,170	343,117	330,876	311,577	336,468	333,237
Other liabilities	236,917	248,699	204,017	202,327	213,783	216,980	252,418	284,784	323,522	346,475	332,983	353,216	370,288	372,306
Short-term paper	142,810	141,287	219,254	231,712	218,485	212,781	237,676	240,690	210,947	225,080	210,679	184,042	197,114	200,776
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	1,435,525	1,470,856	1,517,519
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	2,332,147	2,401,796	2,491,673	2,552,128
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	109,497	113,564	117,782	130,091
Trade receivables	6,666	7,324	8,846	8,636	8,975	9,404	9,805	10,190	11,069	10,671	11,119	11,632	12,017	11,078
Mortgages	5,914	6,141	5,454	5,099	5,279	5,476	5,758	7,822	8,215	8,589	7,934	8,799	9,047	9,473
Non-mortgage loans/claims	125,540	121,821	164,820	238,188	255,937	271,870	277,889	280,429	282,775	328,169	339,888	343,399	379,261	382,849
Other financial assets	147,683	161,041	181,412	171,928	191,641	202,802	228,554	227,172	256,127	244,685	246,999	251,723	227,656	228,180
Equity	141,625	145,882	153,633	177,217	181,341	198,226	216,872	227,256	246,252	261,387	269,869	300,917	304,911	308,718
Investment Fund Shares	75,118	84,429	88,361	78,843	89,330	103,961	109,897	112,084	112,883	137,463	145,102	157,588	184,904	196,801
Short-term paper	70,182	81,773	81,274	69,236	73,526	68,263	65,030	67,446	63,627	69,605	68,080	68,390	70,851	74,874
Bonds and debentures	163,707	168,280	153,974	168,585	162,927	164,792	182,663	217,473	215,190	238,510	233,522	248,831	271,714	295,427
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	1,399,016	1,432,010	1,504,843	1,578,143	1,637,491
Net financial assets	-632,761	-607,664	-610,154	-682,469	-759,167	-811,863	-854,522	-886,239	-886,907	-897,193	-900,137	-896,953	-913,530	-914,637
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	31,237
Non-residential structures	262,111	289,570	326,056	338,018	368,227	400,849	426,161	445,488	460,655	471,257	486,334	506,117	542,725	558,095
Machinery and equipment	18,008	19,216	21,521	25,269	24,785	26,011	27,608	27,955	27,311	30,614	31,285	31,561	34,325	35,502
Inventories	220	235	466	413	845	1,164	2,216	2,742	2,586	2,721	3,050	2,647	2,455	2,575
Land and natural resources	267,064	321,451	251,891	298,515	338,849	397,863	285,057	382,938	352,708	249,793	333,644	379,283	374,977	372,482
Intellectual property	38,033	40,903	43,025	44,301	45,331	47,419	48,305	51,296	52,454	55,855	56,396	57,255	59,357	62,036
Weapons systems	3,996	4,394	5,468	6,714	7,293	7,727	8,179	8,510	8,524	9,790	9,436	8,936	9,778	10,600
Total non-financial assets	606,764	694,184	667,878	733,225	806,427	903,122	820,684	942,647	928,914	845,479	947,034	1,014,980	1,054,047	1,072,527
Total assets	1,376,158	1,507,248	1,584,505	1,712,369	1,828,768	1,983,527	1,988,028	2,178,192	2,218,528	2,244,495	2,379,044	2,519,823	2,632,190	2,710,018
Net worth (liabilities less assets)	-25,997	86,520	57,724	50,756	47,260	91,259	-33,838	56,408	42,007	-51,714	46,897	118,027	140,517	157,890
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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Date modified:: 2022-03-01