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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