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Fiscal Reference Tables 2021: 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 -52,072 13,067 -8.3 -7.4 1.9
1992 -65,364 -53,906 11,961 -9.0 -7.4 1.6
1993 -66,019 -58,051 9,488 -8.7 -7.7 1.3
1994 -54,151 -56,137 14,140 -6.9 -7.1 1.8
1995 -44,966 -44,616 33,638 -5.5 -5.4 4.1
1996 -25,561 -24,588 52,524 -3.0 -2.9 6.1
1997 1,051 -2,115 72,747 0.1 -0.2 8.0
1998 1,861 3,815 80,207 0.2 0.4 8.4
1999 17,206 12,385 88,332 1.7 1.2 8.7
2000 29,728 7,113 84,594 2.8 0.7 7.9
2001 6,620 5,808 79,985 0.6 0.5 7.0
2002 -2,207 3,186 71,251 -0.2 0.3 5.9
2003 -981 3,668 70,118 -0.1 0.3 5.6
2004 10,988 5,991 70,815 0.8 0.5 5.3
2005 22,868 11,982 75,565 1.6 0.9 5.4
2006 28,210 11,507 75,182 1.9 0.8 5.1
2007 29,591 15,075 77,708 1.9 1.0 5.1
2008 4,074 -9,588 52,299 0.3 -0.6 3.3
2009 -59,986 -9,440 49,319 -3.6 -0.6 3.0
2010 -77,912 -33,445 27,520 -4.6 -2.0 1.6
2011 -57,644 -46,987 17,277 -3.3 -2.7 1.0
2012 -45,097 -41,910 21,666 -2.5 -2.3 1.2
2013 -27,403 -29,810 34,254 -1.4 -1.6 1.8
2014 4,519 -609 62,366 0.2 0.0 3.2
2015 -168 10,098 72,221 0.0 0.5 3.6
2016 -8,059 13,206 74,351 -0.4 0.6 3.6
2017 -1,247 1,501 63,347 -0.1 0.1 2.9
2018 7,353 186 66,811 0.3 0.0 3.0
2019 13,750 12,439 80,713 0.6 0.5 3.5
2020 -238,450 11,804 76,599 -9.8 0.5 3.2
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.
(1) For some years, temporary counter-cyclical fiscal measures (e.g., 2008-2009 global recession and the COVID-19 pandemic) 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)
  2014 2015 2016 2017 2018 2019 2020
Liabilities              
Currency and deposits
 5,719 5,831 6,002 6,157 6,290 6,405 6,507
Trade payables
 1,731 1,435 1,363 1,668 2,087 1,724 1,727
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 3,778 3,929 3,683 4,451 5,679 6,113 7,595
Life insurance and pensions
 156,541 156,165 156,020 155,436 173,705 171,768 172,382
Other liabilities
 77,401 94,792 74,021 72,227 36,974 28,255 110,796
Short-term paper
 149,497 152,318 141,628 122,587 132,091 126,686 254,120
Bonds and debentures
 506,043 527,352 562,808 597,926 593,634 615,176 855,879
Total liabilities
 900,710 941,822 945,525 960,452 950,460 956,127 1,409,006
Financial assets              
Currency and deposits
 37,583 39,370 42,922 44,826 44,043 42,923 104,405
Trade receivables
 1,446 1,020 1,016 1,458 542 128 127
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 154,130 181,850 186,919 190,363 203,643 200,683 251,346
Other financial assets
 48,469 65,897 56,398 69,306 57,145 75,456 160,701
Equity
 45,810 47,644 49,877 48,006 48,672 48,296 60,854
Investment Fund Shares
 0 0 0 0 0 0 0
Short-term paper
 1,893 1,768 1,635 697 390 371 360
Bonds and debentures
 4,458 4,853 4,895 5,182 5,625 6,144 6,537
Total financial assets
 293,789 342,402 343,662 359,838 360,060 374,001 584,330
Net financial assets -606,921 -599,420 -601,863 -600,614 -590,400 -582,126 -824,676
Non-financial assets              
Residential structures
 983 1,001 1,060 1,183 1,260 1,295 1,428
Non-residential structures
 20,243 20,564 21,606 22,915 25,386 26,999 26,664
Machinery and equipment
 7,476 9,509 9,709 9,649 11,657 12,621 13,039
Inventories
 1,710 1,725 1,919 1,411 1,131 1,113 1,590
Land and natural resources
 13,967 8,696 13,421 17,225 13,596 11,943 23,879
Intellectual property
 11,216 11,561 11,112 10,885 10,733 11,028 11,544
Weapons systems
 8,524 9,790 9,436 8,980 9,831 10,656 11,293
Total non-financial assets
 64,119 62,846 68,263 72,248 73,594 75,655 89,437
Total assets 357,908 405,248 411,925 432,086 433,654 449,656 673,767
Net worth (liabilities less assets) -542,802 -536,574 -533,600 -528,366 -516,806 -506,471 -735,239
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)
  2014 2015 2016 2017 2018 2019 2020
Liabilities              
Currency and deposits
 0 0 0 0 0 0 0
Trade payables
 14,159 14,515 14,473 16,632 16,531 16,042 16,294
Mortgages
 8,623 8,576 8,128 8,298 8,429 8,316 8,320
Non-mortgage loans/claims
 75,165 76,237 76,772 81,109 84,331 89,394 92,537
Life insurance and pensions
 172,629 186,952 174,856 171,894 162,888 162,764 170,413
Other liabilities
 202,124 178,184 204,999 208,635 253,425 243,182 255,963
Short-term paper
 51,764 58,462 57,793 52,592 58,331 64,385 78,484
Bonds and debentures
 696,844 742,194 777,202 801,904 843,800 858,172 970,045
Total liabilities
 1,221,424 1,265,247 1,314,375 1,341,207 1,427,959 1,442,453 1,592,292
Financial assets              
Currency and deposits
 55,893 60,567 66,574 72,383 79,464 86,797 114,955
Trade receivables
 9,623 9,651 10,103 10,349 10,574 10,389 10,813
Mortgages
 5,381 5,691 5,483 5,904 6,113 6,294 6,405
Non-mortgage loans/claims
 109,239 119,836 126,364 137,035 150,915 160,240 170,268
Other financial assets
 175,225 132,521 147,785 134,991 131,445 131,978 196,924
Equity
 115,672 131,107 131,416 139,399 149,510 144,993 148,475
Investment Fund Shares
 54,863 67,449 68,420 71,243 72,323 68,620 66,089
Short-term paper
 45,923 50,031 48,321 57,007 59,389 59,845 76,824
Bonds and debentures
 141,550 147,037 153,440 165,883 176,313 176,968 184,214
Total financial assets
 713,369 723,890 757,906 794,194 836,046 846,124 974,967
Net financial assets -508,055 -541,357 -556,469 -547,013 -591,913 -596,329 -617,325
Non-financial assets              
Residential structures
 23,693 24,448 25,829 27,998 29,170 29,942 33,034
Non-residential structures
 440,412 450,693 464,728 483,220 515,588 529,558 537,644
Machinery and equipment
 19,835 21,105 21,576 22,074 23,282 23,969 24,315
Inventories
 876 996 1,131 1,220 1,455 1,547 1,818
Land and natural resources
 338,741 241,097 319,506 359,584 372,597 366,647 337,652
Intellectual property
 41,238 44,294 45,284 46,497 48,534 50,920 52,443
Weapons systems
 0 0 0 0 0 0 0
Total non-financial assets
 864,795 782,633 878,054 940,593 990,626 1,002,583 986,906
Total assets 1,578,164 1,506,523 1,635,960 1,734,787 1,826,672 1,848,707 1,961,873
Net worth (liabilities less assets) 356,740 241,276 321,585 393,580 398,713 406,254 369,581
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).
Table 49
Social security funds
National Accounts basis
(millions of dollars)
  2014 2015 2016 2017 2018 2019 2020
Liabilities              
Currency and deposits
 0 0 0 0 0 0 0
Trade payables
 0 0 0 0 0 0 0
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 703 482 904 807 645 612 605
Life insurance and pensions
 0 0 0 0 0 0 0
Other liabilities
 43,995 73,499 53,964 55,727 68,528 80,150 70,352
Short-term paper
 9,686 14,300 11,258 10,769 4,423 6,077 0
Bonds and debentures
 0 859 6,121 12,757 23,667 25,349 35,507
Total liabilities
 54,384 89,140 72,247 80,060 97,263 112,188 106,464
Financial assets              
Currency and deposits
 0 0 1 5 1 2 2
Trade receivables
 0 0 0 0 0 0 0
Mortgages
 2,834 2,898 2,451 2,895 2,769 3,029 3,102
Non-mortgage loans/claims
 19,406 26,483 26,605 20,231 28,589 30,011 28,584
Other financial assets
 32,433 46,267 42,816 47,140 45,137 45,302 44,096
Equity
 84,770 82,636 88,576 114,284 106,950 109,484 125,832
Investment Fund Shares
 58,020 70,014 76,682 83,937 103,310 116,555 128,907
Short-term paper
 15,811 17,806 18,124 10,910 9,847 10,830 11,670
Bonds and debentures
 69,182 86,620 75,187 76,794 87,549 112,743 110,995
Total financial assets
 282,456 332,724 330,442 356,196 384,152 427,956 453,188
Net financial assets 228,072 243,584 258,195 276,136 286,889 315,768 346,724
Non-financial assets              
Residential structures
 0 0 0 0 0 0 0
Non-residential structures
 0 0 0 0 0 0 0
Machinery and equipment
 0 0 0 0 0 0 0
Inventories
 0 0 0 0 0 0 0
Land and natural resources
 0 0 0 0 0 0 0
Intellectual property
 0 0 0 0 0 0 0
Weapons systems
 0 0 0 0 0 0 0
Total non-financial assets
 0 0 0 0 0 0 0
Total assets 282,456 332,724 330,442 356,196 384,152 427,956 453,188
Net worth (liabilities less assets) 228,072 243,584 258,195 276,136 286,889 315,768 346,724
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)
  2014 2015 2016 2017 2018 2019 2020
Liabilities              
Currency and deposits
 5,719 5,831 6,002 6,157 6,290 6,405 6,507
Trade payables
 15,890 15,950 15,836 18,300 18,618 17,766 18,021
Mortgages
 8,623 8,576 8,128 8,298 8,429 8,316 8,320
Non-mortgage loans/claims
 79,646 80,648 81,359 86,367 90,655 96,119 100,737
Life insurance and pensions
 329,170 343,117 330,876 327,330 336,593 334,532 342,795
Other liabilities
 323,520 346,475 332,984 336,589 358,927 351,587 437,111
Short-term paper
 210,947 225,080 210,679 185,948 194,845 197,148 332,604
Bonds and debentures
 1,202,887 1,270,405 1,346,131 1,412,587 1,461,101 1,498,697 1,861,431
Total liabilities
 2,176,518 2,296,209 2,332,147 2,381,719 2,475,682 2,510,768 3,107,762
Financial assets              
Currency and deposits
 93,476 99,937 109,497 117,214 123,508 129,722 219,362
Trade receivables
 11,069 10,671 11,119 11,807 11,116 10,517 10,940
Mortgages
 8,215 8,589 7,934 8,799 8,882 9,323 9,507
Non-mortgage loans/claims
 282,775 328,169 339,888 347,629 383,147 390,934 450,198
Other financial assets
 256,127 244,685 246,999 251,437 233,727 252,736 401,721
Equity
 246,252 261,387 269,869 301,689 305,132 302,773 335,161
Investment Fund Shares
 112,883 137,463 145,102 155,180 175,633 185,175 194,996
Short-term paper
 63,627 69,605 68,080 68,614 69,626 71,046 88,854
Bonds and debentures
 215,190 238,510 233,522 247,859 269,487 295,855 301,746
Total financial assets
 1,289,614 1,399,016 1,432,010 1,510,228 1,580,258 1,648,081 2,012,485
Net financial assets -886,904 -897,193 -900,137 -871,491 -895,424 -862,687 -1,095,277
Non-financial assets              
Residential structures
 24,676 25,449 26,889 29,181 30,430 31,237 34,462
Non-residential structures
 460,655 471,257 486,334 506,135 540,974 556,557 564,308
Machinery and equipment
 27,311 30,614 31,285 31,723 34,939 36,590 37,354
Inventories
 2,586 2,721 3,050 2,631 2,586 2,660 3,408
Land and natural resources
 352,708 249,793 332,927 376,809 386,193 378,590 361,531
Intellectual property
 52,454 55,855 56,396 57,382 59,267 61,948 63,987
Weapons systems
 8,524 9,790 9,436 8,980 9,831 10,656 11,293
Total non-financial assets
 928,914 845,479 946,317 1,012,841 1,064,220 1,078,238 1,076,343
Total assets 2,218,528 2,244,495 2,378,327 2,523,069 2,644,478 2,726,319 3,088,828
Net worth (liabilities less assets) 42,010 -51,714 46,180 141,350 168,796 215,551 -18,934
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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