Fiscal Reference Tables 2022: 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	-51,022	14,117	-8.3	-7.3	2.0
1992	-65,364	-53,906	11,961	-8.9	-7.4	1.6
1993	-66,019	-58,064	9,475	-8.7	-7.7	1.3
1994	-54,151	-56,342	13,935	-6.9	-7.1	1.8
1995	-44,966	-43,910	34,344	-5.5	-5.3	4.2
1996	-25,561	-22,698	54,414	-3.0	-2.6	6.3
1997	1,051	-906	73,956	0.1	-0.1	8.2
1998	1,861	3,357	79,749	0.2	0.4	8.3
1999	17,206	13,154	89,101	1.7	1.3	8.8
2000	29,728	9,939	87,420	2.8	0.9	8.1
2001	6,620	5,411	79,588	0.6	0.5	7.0
2002	-2,207	165	68,230	-0.2	0.0	5.7
2003	-981	995	67,445	-0.1	0.1	5.3
2004	10,988	3,069	67,893	0.8	0.2	5.1
2005	22,868	7,906	71,489	1.6	0.6	5.1
2006	28,210	11,605	75,280	1.9	0.8	5.1
2007	29,591	13,382	76,015	1.9	0.9	4.9
2008	4,074	-9,056	52,831	0.3	-0.6	3.3
2009	-59,986	5,504	64,263	-3.6	0.3	3.9
2010	-77,912	-38,979	21,986	-4.6	-2.3	1.3
2011	-57,644	-49,792	14,472	-3.3	-2.8	0.8
2012	-45,097	-41,144	22,432	-2.5	-2.3	1.2
2013	-27,403	-28,276	35,788	-1.5	-1.5	1.9
2014	4,519	-2,276	60,699	0.2	-0.1	3.1
2015	-168	17,048	79,171	0.0	0.8	3.9
2016	-8,059	20,155	81,300	-0.4	1.0	3.9
2017	-1,247	1,191	63,037	-0.1	0.1	2.9
2018	9,242	2,086	68,895	0.4	0.1	3.0
2019	1,394	2,427	71,874	0.1	0.1	3.0
2020	-249,275	1,636	67,923	-10.1	0.1	2.7
2021	-124,297	10,858	78,790	-4.8	0.4	3.0
Sources: Statistics Canada, Government Finance Statistics (Table 10-10-0015-01); Department of Finance calculations. ⁽¹⁾ For some years, temporary counter-cyclical fiscal measures (e.g. temporary stimulus measures in response to the 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)
	2015	2016	2017	2018	2019	2020	2021
Liabilities
Currency and deposits	5,831	6,002	6,157	6,290	6,405	6,507	6,653
Trade payables	1,435	1,363	1,668	870	537	571	565
Mortgages	0	0	0	0	0	0	0
Non-mortgage loans/claims	3,929	3,684	4,451	5,677	5,763	7,774	6,991
Life insurance and pensions	156,165	156,020	155,436	173,705	171,647	172,260	170,560
Other liabilities	94,792	74,020	72,227	36,975	28,251	110,790	91,584
Short-term paper	152,318	141,628	122,587	131,942	126,527	254,117	195,406
Bonds and debentures	527,352	562,808	597,926	594,217	615,972	857,340	1,029,755
Total liabilities	941,822	945,525	960,452	949,676	955,102	1,409,359	1,501,514
Financial assets
Currency and deposits	39,370	42,922	44,826	44,043	43,464	103,161	86,901
Trade receivables	1,020	1,016	1,458	542	193	192	268
Mortgages	0	0	0	0	0	0	0
Non-mortgage loans/claims	181,850	186,919	190,363	198,858	205,259	254,958	300,224
Other financial assets	65,897	56,398	69,306	57,102	75,550	163,095	108,068
Equity	47,644	49,877	48,006	48,678	50,075	71,322	72,850
Investment Fund Shares	0	0	0	0	0	0	500
Short-term paper	1,768	1,635	697	390	368	347	460
Bonds and debentures	4,853	4,895	5,182	5,866	6,455	7,147	8,186
Total financial assets	342,402	343,662	359,838	355,479	381,364	600,222	577,457
Net financial assets	-599,420	-601,863	-600,614	-594,197	-573,738	-809,137	-924,057
Non-financial assets
Residential structures	1,001	1,060	1,183	1,260	1,295	1,428	1,619
Non-residential structures	20,564	21,606	22,915	26,174	27,951	29,038	32,191
Machinery and equipment	9,509	9,709	9,649	10,623	11,136	11,624	11,704
Inventories	1,725	1,919	1,411	1,131	861	1,621	2,109
Land and natural resources	8,651	13,380	16,995	13,791	12,249	21,531	45,464
Intellectual property	11,561	11,112	10,885	11,028	11,453	11,752	12,055
Weapons systems	9,790	9,436	8,980	9,942	10,779	11,452	11,899
Total non-financial assets	62,801	68,222	72,018	73,949	75,724	88,446	117,041
Total assets	405,203	411,884	431,856	429,428	457,088	688,668	694,498
Net worth (liabilities less assets)	-536,619	-533,641	-528,596	-520,248	-498,014	-720,691	-807,016
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)
	2015	2016	2017	2018	2019	2020	2021
Liabilities
Currency and deposits	0	0	0	0	0	0	0
Trade payables	14,515	14,473	16,632	16,507	17,332	17,505	18,037
Mortgages	8,577	8,130	8,299	8,429	8,503	8,554	8,758
Non-mortgage loans/claims	77,705	78,483	83,002	86,062	93,838	95,287	100,371
Life insurance and pensions	186,952	174,856	171,894	162,831	162,742	170,180	170,619
Other liabilities	176,716	203,288	206,742	250,787	235,320	256,241	302,781
Short-term paper	58,462	57,793	52,592	62,139	69,921	74,801	82,770
Bonds and debentures	742,194	777,202	801,904	845,141	860,611	974,394	1,012,487
Total liabilities	1,265,248	1,314,377	1,341,208	1,432,118	1,448,476	1,597,198	1,696,066
Financial assets
Currency and deposits	60,567	66,574	72,383	79,522	85,957	113,404	115,627
Trade receivables	9,651	10,103	10,349	10,578	10,195	12,642	13,866
Mortgages	5,691	5,483	5,904	6,517	6,630	6,885	7,306
Non-mortgage loans/claims	134,503	138,242	153,093	168,469	179,377	192,856	205,830
Other financial assets	115,854	135,907	118,933	113,241	110,872	188,818	284,479
Equity	129,047	135,676	142,333	154,575	148,714	142,054	154,058
Investment Fund Shares	67,401	68,388	71,205	71,491	70,794	70,072	65,099
Short-term paper	50,031	48,321	57,007	59,937	60,189	73,955	77,617
Bonds and debentures	146,474	152,956	165,637	175,217	177,472	184,949	183,054
Total financial assets	719,219	761,650	796,844	839,547	850,200	985,635	1,106,936
Net financial assets	-546,029	-552,727	-544,364	-592,571	-598,276	-611,563	-589,130
Non-financial assets
Residential structures	24,448	25,829	27,998	29,170	29,942	33,034	37,433
Non-residential structures	450,693	464,728	483,220	513,794	523,291	529,340	603,444
Machinery and equipment	21,105	21,576	22,074	22,804	22,811	22,959	24,022
Inventories	996	1,131	1,220	1,455	1,611	2,157	3,157
Land and natural resources	240,515	318,830	356,738	372,317	356,492	306,774	457,878
Intellectual property	44,294	45,284	46,497	48,324	50,727	52,951	53,596
Weapons systems	0	0	0	0	0	0	0
Total non-financial assets	782,051	877,378	937,747	987,887	985,036	947,309	1,179,530
Total assets	1,501,270	1,639,028	1,734,591	1,827,434	1,835,236	1,932,944	2,286,466
Net worth (liabilities less assets)	236,022	324,651	393,383	395,316	386,760	335,746	590,400
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

Table 49
**Social security funds**
National Accounts basis
(millions of dollars)
	2015	2016	2017	2018	2019	2020	2021
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	38,514	17,004	32,837	32,663	44,182	34,966	45,472
Life insurance and pensions	0	0	0	0	0	0	0
Other liabilities	35,467	37,864	23,697	36,510	36,580	35,991	45,112
Short-term paper	14,300	11,258	10,769	4,423	6,077	0	0
Bonds and debentures	859	6,121	12,757	23,667	25,349	35,507	44,122
Total liabilities	89,140	72,247	80,060	97,263	112,188	106,464	134,706
Financial assets
Currency and deposits	0	1	5	1	2	2	0
Trade receivables	0	0	0	0	0	0	0
Mortgages	2,898	2,451	2,895	2,769	3,065	3,102	3,584
Non-mortgage loans/claims	43,507	36,196	35,793	31,768	37,819	37,390	50,479
Other financial assets	29,242	33,225	31,579	41,958	37,493	35,289	37,077
Equity	82,636	88,576	114,284	106,950	109,484	125,832	146,110
Investment Fund Shares	70,016	76,683	83,936	103,310	116,556	128,908	137,452
Short-term paper	17,806	18,124	10,910	9,847	10,830	11,670	15,539
Bonds and debentures	86,620	75,187	76,794	87,549	112,743	112,495	140,467
Total financial assets	332,725	330,443	356,196	384,152	427,992	454,688	530,708
Net financial assets	243,585	258,196	276,136	286,889	315,804	348,224	396,002
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	332,725	330,443	356,196	384,152	427,992	454,688	530,708
Net worth (liabilities less assets)	243,585	258,196	276,136	286,889	315,804	348,224	396,002
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)
	2015	2016	2017	2018	2019	2020	2021
Liabilities
Currency and deposits	5,831	6,002	6,157	6,290	6,405	6,507	6,653
Trade payables	15,950	15,836	18,300	17,377	17,869	18,076	18,602
Mortgages	8,577	8,130	8,299	8,429	8,503	8,554	8,758
Non-mortgage loans/claims	120,148	99,171	120,290	124,402	143,783	138,027	152,834
Life insurance and pensions	343,117	330,876	327,330	336,536	334,389	342,440	341,179
Other liabilities	306,975	315,172	302,666	324,272	300,151	403,022	439,477
Short-term paper	225,080	210,679	185,948	198,504	202,525	328,918	278,176
Bonds and debentures	1,270,405	1,346,131	1,412,587	1,463,025	1,501,932	1,867,241	2,086,364
Total liabilities	2,296,210	2,332,149	2,381,720	2,479,057	2,515,766	3,113,021	3,332,286
Financial assets
Currency and deposits	99,937	109,497	117,214	123,566	129,423	216,567	202,528
Trade receivables	10,671	11,119	11,807	11,120	10,388	12,834	14,134
Mortgages	8,589	7,934	8,799	9,286	9,695	9,987	10,890
Non-mortgage loans/claims	359,860	361,357	379,249	399,095	422,455	485,204	556,533
Other financial assets	210,993	225,530	219,818	212,301	223,915	387,202	429,624
Equity	259,327	274,129	304,623	310,203	308,273	339,208	373,018
Investment Fund Shares	137,417	145,071	155,141	174,801	187,350	198,980	203,051
Short-term paper	69,605	68,080	68,614	70,174	71,387	85,972	93,616
Bonds and debentures	237,947	233,038	247,613	268,632	296,670	304,591	331,707
Total financial assets	1,394,346	1,435,755	1,512,878	1,579,178	1,659,556	2,040,545	2,215,101
Net financial assets	-901,864	-896,394	-868,842	-899,879	-856,210	-1,072,476	-1,117,185
Non-financial assets
Residential structures	25,449	26,889	29,181	30,430	31,237	34,462	39,052
Non-residential structures	471,257	486,334	506,135	539,968	551,242	558,378	635,635
Machinery and equipment	30,614	31,285	31,723	33,427	33,947	34,583	35,726
Inventories	2,721	3,050	2,631	2,609	2,634	3,872	5,266
Land and natural resources	249,166	332,210	373,733	386,108	368,741	328,305	503,342
Intellectual property	55,855	56,396	57,382	59,352	62,180	64,703	65,651
Weapons systems	9,790	9,436	8,980	9,942	10,779	11,452	11,899
Total non-financial assets	844,852	945,600	1,009,765	1,061,836	1,060,760	1,035,755	1,296,571
Total assets	2,239,198	2,381,355	2,522,643	2,641,014	2,720,316	3,076,300	3,511,672
Net worth (liabilities less assets)	-57,012	49,206	140,923	161,957	204,550	-36,721	179,386
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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Date modified:: 2022-10-27