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Fiscal Reference Tables 2023: 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 -52,138 13,001 -8.3 -7.4 1.9
1992 -65,364 -55,180 10,687 -9.0 -7.6 1.5
1993 -66,019 -59,359 8,180 -8.7 -7.9 1.1
1994 -54,151 -57,623 12,654 -6.9 -7.3 1.6
1995 -44,966 -45,156 33,098 -5.5 -5.5 4.0
1996 -25,561 -23,882 53,230 -3.0 -2.8 6.2
1997 1,051 -1,934 72,928 0.1 -0.2 8.1
1998 1,861 2,529 78,921 0.2 0.3 8.3
1999 17,206 12,564 88,511 1.7 1.2 8.7
2000 29,728 9,600 87,081 2.8 0.9 8.1
2001 6,620 5,337 79,514 0.6 0.5 7.0
2002 -2,207 293 68,358 -0.2 0.0 5.7
2003 -981 1,221 67,671 -0.1 0.1 5.4
2004 10,988 3,241 68,065 0.8 0.2 5.1
2005 22,868 7,913 71,496 1.6 0.6 5.1
2006 28,210 11,154 74,829 1.9 0.8 5.1
2007 29,591 12,462 75,095 1.9 0.8 4.9
2008 4,074 -10,476 51,411 0.3 -0.7 3.2
2009 -59,986 3,260 62,019 -3.6 0.2 3.7
2010 -77,912 -46,574 14,391 -4.6 -2.7 0.8
2011 -57,644 -55,345 8,919 -3.3 -3.2 0.5
2012 -45,097 -44,651 18,925 -2.5 -2.5 1.0
2013 -27,403 -32,047 32,017 -1.5 -1.7 1.7
2014 4,519 -6,460 56,515 0.2 -0.3 2.9
2015 -168 12,129 74,252 0.0 0.6 3.7
2016 -8,059 13,828 74,973 -0.4 0.7 3.6
2017 -1,247 -6,693 55,153 -0.1 -0.3 2.6
2018 9,242 -8,768 58,041 0.4 -0.4 2.6
2019 894 -11,646 57,881 0.0 -0.5 2.5
2020 -239,662 -3,715 62,532 -10.2 -0.2 2.7
2021 -108,622 21,948 90,039 -4.3 0.9 3.6
2022 -21,354 -10,772 67,500 -0.8 -0.4 2.6
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)
  2016 2017 2018 2019 2020 2021 2022
Liabilities              
Currency and deposits
 6,002 6,157 6,290 6,405 6,507 6,653 6,766
Trade payables
 1,363 1,761 870 537 562 564 704
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 6,959 7,690 8,667 8,792 10,924 10,589 10,401
Life insurance and pensions
 196,056 202,742 206,713 217,907 203,055 186,240 179,472
Other liabilities
 86,507 99,929 95,134 87,256 130,668 134,362 155,864
Short-term paper
 141,579 122,433 131,942 126,527 254,117 195,374 189,646
Bonds and debentures
 615,770 635,689 633,364 665,806 934,307 1,087,664 1,005,236
Total liabilities
 1,064,991 1,087,099 1,094,338 1,124,044 1,551,228 1,651,211 1,578,058
Financial assets              
Currency and deposits
 42,922 44,826 44,043 43,463 103,309 87,149 83,919
Trade receivables
 1,016 1,458 542 193 225 255 302
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 187,249 190,516 198,780 206,867 258,868 303,292 326,869
Other financial assets
 120,098 146,301 139,800 135,046 196,324 154,068 181,011
Equity
 49,880 48,004 48,680 50,080 71,325 72,834 70,946
Investment Fund Shares
 0 0 0 0 0 392 359
Short-term paper
 1,635 698 391 369 406 459 382
Bonds and debentures
 5,239 5,446 6,088 6,824 7,975 8,774 9,403
Total financial assets
 421,570 460,201 467,354 461,548 673,250 678,569 724,846
Net financial assets -643,421 -626,898 -626,984 -662,496 -877,978 -972,642 -853,212
Non-financial assets              
Residential structures
 1,060 1,183 1,268 1,312 1,420 1,653 1,817
Non-residential structures
 21,606 22,915 26,174 28,655 29,896 33,538 37,487
Machinery and equipment
 9,709 9,649 10,623 10,836 10,777 10,989 12,369
Inventories
 1,919 1,411 1,131 1,083 1,154 2,013 1,922
Land and natural resources
 13,392 17,005 13,809 13,797 20,242 24,943 18,506
Intellectual property
 11,112 10,885 11,028 11,505 11,930 12,405 12,856
Weapons systems
 9,436 8,980 9,942 10,798 11,571 12,121 13,290
Total non-financial assets
 68,234 72,028 73,975 77,986 86,990 97,662 98,247
Total assets 489,804 532,229 541,329 539,534 760,240 776,231 823,093
Net worth (liabilities less assets) -575,187 -554,870 -553,009 -584,510 -790,988 -874,980 -754,965
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)
  2016 2017 2018 2019 2020 2021 2022
Liabilities              
Currency and deposits
 0 0 0 0 0 0 0
Trade payables
 14,473 16,632 16,507 17,510 19,267 17,981 18,290
Mortgages
 8,130 8,299 8,429 8,505 8,741 8,609 8,676
Non-mortgage loans/claims
 96,193 101,722 105,322 113,455 114,950 121,884 123,261
Life insurance and pensions
 139,056 146,054 137,044 154,850 183,539 156,884 164,734
Other liabilities
 181,034 193,074 202,352 210,987 241,400 276,828 281,807
Short-term paper
 57,793 52,592 62,139 69,967 74,843 83,056 82,184
Bonds and debentures
 850,842 864,066 892,494 950,892 1,107,497 1,098,167 932,193
Total liabilities
 1,347,673 1,382,582 1,424,509 1,526,369 1,750,473 1,763,712 1,611,368
Financial assets              
Currency and deposits
 64,222 69,833 76,964 84,250 115,813 118,332 120,582
Trade receivables
 10,103 10,349 10,578 10,449 11,867 13,779 13,872
Mortgages
 5,483 5,904 6,517 6,598 6,984 7,577 8,069
Non-mortgage loans/claims
 153,281 167,247 182,868 193,862 209,363 222,351 221,797
Other financial assets
 107,496 112,923 124,273 124,455 152,230 159,646 201,247
Equity
 144,827 152,246 155,860 164,759 175,396 189,985 195,024
Investment Fund Shares
 75,463 82,502 85,145 90,479 97,176 102,049 108,474
Short-term paper
 48,339 56,812 59,920 59,571 69,966 78,425 75,264
Bonds and debentures
 143,858 155,329 163,378 168,536 179,359 185,577 188,811
Total financial assets
 799,182 883,492 923,454 986,363 1,111,021 1,212,250 1,251,654
Net financial assets -548,491 -499,090 -501,055 -540,006 -639,452 -551,462 -359,714
Non-financial assets              
Residential structures
 25,829 27,998 29,358 30,341 32,842 38,214 42,025
Non-residential structures
 464,728 483,220 513,794 522,972 529,002 600,829 667,893
Machinery and equipment
 21,576 22,074 22,804 23,672 24,021 24,867 28,409
Inventories
 1,131 1,220 1,478 1,773 2,251 3,157 3,953
Land and natural resources
 319,125 356,994 373,138 360,884 437,426 687,974 658,820
Intellectual property
 45,284 46,497 48,324 50,886 53,602 54,850 58,300
Weapons systems
 0 0 0 0 0 0 0
Total non-financial assets
 877,673 938,003 988,896 990,528 1,079,144 1,409,891 1,459,400
Total assets 1,676,855 1,821,495 1,912,350 1,976,891 2,190,165 2,622,141 2,711,054
Net worth (liabilities less assets) 329,182 438,913 487,841 450,522 439,692 858,429 1,099,686
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).
Table 49
Social security funds
National Accounts basis
(millions of dollars)
  2016 2017 2018 2019 2020 2021 2022
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
 17,004 32,837 32,663 44,182 34,966 45,472 54,927
Life insurance and pensions
 0 0 0 0 0 0 0
Other liabilities
 35,431 22,435 33,058 34,127 31,919 48,214 40,092
Short-term paper
 11,258 10,769 4,423 6,077 0 0 0
Bonds and debentures
 6,093 12,708 23,812 26,141 37,379 44,122 54,785
Total liabilities
 69,786 78,749 93,956 110,527 104,264 137,808 149,804
Financial assets              
Currency and deposits
 1 5 1 2 2 0 0
Trade receivables
 0 0 0 0 0 0 0
Mortgages
 2,451 2,895 2,769 3,154 3,290 3,827 3,743
Non-mortgage loans/claims
 36,196 35,793 31,768 37,819 37,390 50,479 61,936
Other financial assets
 31,066 29,574 38,603 41,991 46,586 49,955 57,899
Equity
 138,875 183,908 179,879 197,398 230,091 278,269 242,247
Investment Fund Shares
 126,144 143,010 179,296 199,010 216,614 244,032 258,631
Short-term paper
 18,124 10,910 9,847 10,830 11,670 15,539 24,367
Bonds and debentures
 79,461 82,727 95,132 125,183 127,321 156,717 153,414
Total financial assets
 432,318 488,822 537,295 615,387 672,964 798,818 802,237
Net financial assets 362,532 410,073 443,339 504,860 568,700 661,010 652,433
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 432,318 488,822 537,295 615,387 672,964 798,818 802,237
Net worth (liabilities less assets) 362,532 410,073 443,339 504,860 568,700 661,010 652,433
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)
  2016 2017 2018 2019 2020 2021 2022
Liabilities              
Currency and deposits
 6,002 6,157 6,290 6,405 6,507 6,653 6,766
Trade payables
 15,836 18,393 17,377 18,047 19,829 18,545 18,994
Mortgages
 8,130 8,299 8,429 8,505 8,741 8,609 8,676
Non-mortgage loans/claims
 120,156 142,249 146,652 166,429 160,840 177,945 188,589
Life insurance and pensions
 335,112 348,796 343,757 372,757 386,594 343,124 344,206
Other liabilities
 302,972 315,438 330,544 332,370 403,987 459,404 477,763
Short-term paper
 210,630 185,794 198,504 202,571 328,960 278,430 271,830
Bonds and debentures
 1,472,705 1,512,463 1,549,670 1,642,839 2,079,183 2,229,953 1,992,214
Total liabilities
 2,482,450 2,548,430 2,612,803 2,760,940 3,405,965 3,552,731 3,339,230
Financial assets              
Currency and deposits
 107,145 114,664 121,008 127,715 219,124 205,481 204,501
Trade receivables
 11,119 11,807 11,120 10,642 12,092 14,034 14,174
Mortgages
 7,934 8,799 9,286 9,752 10,274 11,404 11,812
Non-mortgage loans/claims
 376,726 393,556 413,416 438,548 505,621 576,122 610,602
Other financial assets
 258,660 288,798 302,676 301,492 395,140 363,669 440,157
Equity
 333,582 384,158 384,419 412,237 476,812 541,088 508,217
Investment Fund Shares
 201,607 225,512 264,441 289,489 313,790 346,473 367,464
Short-term paper
 68,098 68,420 70,158 70,770 82,042 94,423 100,013
Bonds and debentures
 228,558 243,502 264,598 300,543 314,655 351,068 351,628
Total financial assets
 1,653,070 1,832,515 1,928,103 2,063,298 2,457,235 2,689,637 2,778,737
Net financial assets -829,380 -715,915 -684,700 -697,642 -948,730 -863,094 -560,493
Non-financial assets              
Residential structures
 26,889 29,181 30,626 31,653 34,262 39,867 43,842
Non-residential structures
 486,334 506,135 539,968 551,627 558,898 634,367 705,380
Machinery and equipment
 31,285 31,723 33,427 34,508 34,798 35,856 40,778
Inventories
 3,050 2,631 2,609 2,856 3,405 5,170 5,875
Land and natural resources
 332,517 373,999 386,947 374,681 457,668 712,917 677,326
Intellectual property
 56,396 57,382 59,352 62,391 65,532 67,255 71,156
Weapons systems
 9,436 8,980 9,942 10,798 11,571 12,121 13,290
Total non-financial assets
 945,907 1,010,031 1,062,871 1,068,514 1,166,134 1,507,553 1,557,647
Total assets 2,598,977 2,842,546 2,990,974 3,131,812 3,623,369 4,197,190 4,336,384
Net worth (liabilities less assets) 116,527 294,116 378,171 370,872 217,404 644,459 997,154
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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