Fiscal Reference Tables 2024: 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	-52,614	12,525	-8.3	-7.5	1.8
1992	-65,364	-55,659	10,208	-9.0	-7.6	1.4
1993	-66,019	-59,770	7,769	-8.7	-7.9	1.0
1994	-54,151	-57,908	12,369	-6.9	-7.4	1.6
1995	-44,966	-45,242	33,012	-5.5	-5.5	4.0
1996	-25,561	-24,105	53,007	-3.0	-2.8	6.2
1997	1,051	-2,044	72,818	0.1	-0.2	8.1
1998	1,861	2,526	78,918	0.2	0.3	8.3
1999	17,206	12,686	88,633	1.7	1.3	8.7
2000	29,728	9,765	87,246	2.8	0.9	8.1
2001	6,620	5,088	79,265	0.6	0.4	6.9
2002	-2,207	-10	68,055	-0.2	0.0	5.7
2003	-981	699	67,149	-0.1	0.1	5.3
2004	10,988	2,555	67,379	0.8	0.2	5.1
2005	22,868	7,135	70,718	1.6	0.5	5.1
2006	28,210	10,295	73,970	1.9	0.7	5.1
2007	29,591	11,582	74,215	1.9	0.8	4.8
2008	4,074	-15,106	46,781	0.3	-0.9	2.9
2009	-59,986	1,377	60,136	-3.6	0.1	3.6
2010	-77,912	-48,536	12,429	-4.6	-2.9	0.7
2011	-57,644	-57,351	6,913	-3.3	-3.3	0.4
2012	-45,097	-46,521	17,055	-2.5	-2.6	0.9
2013	-27,403	-33,474	30,590	-1.5	-1.8	1.6
2014	4,519	-12,418	50,557	0.2	-0.6	2.6
2015	-168	12,483	74,606	0.0	0.6	3.7
2016	-8,059	15,241	76,386	-0.4	0.7	3.7
2017	-1,247	-3,747	58,099	-0.1	-0.2	2.7
2018	9,242	-4,020	62,789	0.4	-0.2	2.8
2019	894	-6,831	62,696	0.0	-0.3	2.7
2020	-241,704	32,931	99,161	-10.1	1.4	4.1
2021	-72,161	15,834	83,778	-2.8	0.6	3.3
2022	4,323	-1,310	76,895	0.2	0.0	2.9
2023	-15,258	-14,563	79,082	-0.5	-0.5	2.8
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)
	2017	2018	2019	2020	2021	2022	2023
Liabilities
Currency and deposits	6,157	6,290	6,405	6,507	6,653	6,766	6,866
Trade payables	1,761	870	537	562	607	706	941
Mortgages	0	0	0	0	0	0	0
Non-mortgage loans/claims	7,689	8,669	8,791	10,933	10,275	10,283	11,041
Life insurance and pensions	202,742	206,713	217,907	203,055	186,240	174,396	164,279
Other liabilities	99,930	95,132	87,257	130,667	111,043	182,458	137,596
Short-term paper	122,433	131,942	126,527	254,117	195,730	189,346	249,371
Bonds and debentures	635,689	633,364	665,806	934,307	1,073,571	1,004,988	1,026,797
Total liabilities	1,087,099	1,094,338	1,124,044	1,551,236	1,613,884	1,598,912	1,626,346
Financial assets
Currency and deposits	44,826	44,043	43,463	103,309	87,391	83,438	80,683
Trade receivables	1,458	542	193	225	264	285	105
Mortgages	0	0	0	0	0	0	0
Non-mortgage loans/claims	190,516	198,780	206,867	258,862	302,183	328,405	352,999
Other financial assets	146,301	139,800	135,046	196,324	151,883	176,297	202,938
Equity	48,004	48,680	50,080	71,220	71,194	72,170	60,869
Investment Fund Shares	0	0	0	0	392	359	346
Short-term paper	698	391	369	406	388	376	352
Bonds and debentures	5,446	6,088	6,824	7,975	8,799	9,421	9,246
Total financial assets	460,201	467,354	461,548	673,139	673,840	726,621	763,664
Net financial assets	-626,898	-626,984	-662,496	-878,097	-940,044	-872,291	-862,682
Non-financial assets
Residential structures	1,183	1,268	1,312	1,447	1,684	1,852	1,931
Non-residential structures	22,915	26,174	28,655	30,170	33,898	36,544	39,071
Machinery and equipment	9,649	10,623	10,836	10,774	11,165	12,844	13,163
Inventories	1,411	1,131	1,083	832	1,438	1,464	1,675
Land and natural resources	17,028	13,815	13,701	20,263	25,121	16,957	16,480
Intellectual property	10,885	11,028	11,505	12,025	12,733	13,663	14,248
Weapons systems	8,980	9,942	10,798	11,478	12,088	13,327	14,463
Total non-financial assets	72,051	73,981	77,890	86,989	98,127	96,651	101,031
Total assets	532,252	541,335	539,438	760,128	771,967	823,272	864,695
Net worth (liabilities less assets)	-554,847	-553,003	-584,606	-791,108	-841,917	-775,640	-761,651
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)
	2017	2018	2019	2020	2021	2022	2023
Liabilities
Currency and deposits	0	0	0	0	0	0	0
Trade payables	16,632	16,507	17,510	17,894	18,557	19,551	21,188
Mortgages	8,299	8,429	8,505	8,464	8,593	8,719	8,713
Non-mortgage loans/claims	101,721	105,322	111,454	113,086	116,890	123,290	130,222
Life insurance and pensions	156,124	144,396	168,045	198,971	166,230	161,250	161,270
Other liabilities	193,075	202,352	212,988	242,396	272,968	291,224	297,695
Short-term paper	52,592	66,533	77,388	77,435	83,616	80,021	91,242
Bonds and debentures	864,066	892,494	950,892	1,113,355	1,101,458	945,810	994,790
Total liabilities	1,392,652	1,436,255	1,546,985	1,771,838	1,768,535	1,630,092	1,705,368
Financial assets
Currency and deposits	69,833	76,964	84,250	117,851	120,825	120,779	123,701
Trade receivables	10,349	10,578	10,449	11,924	11,127	11,380	12,480
Mortgages	5,904	6,517	6,598	7,279	8,075	8,641	8,951
Non-mortgage loans/claims	167,247	182,868	193,862	213,078	227,979	223,525	232,528
Other financial assets	117,574	126,371	126,720	147,739	158,239	189,037	179,837
Equity	152,246	155,860	164,759	176,105	189,611	188,381	203,039
Investment Fund Shares	82,502	85,145	90,479	94,018	105,334	114,077	114,130
Short-term paper	56,812	59,920	59,571	70,412	75,510	74,050	77,574
Bonds and debentures	155,329	163,378	168,536	179,369	189,302	188,030	191,634
Total financial assets	880,438	919,408	981,434	1,098,738	1,211,813	1,244,443	1,270,704
Net financial assets	-512,214	-516,847	-565,551	-673,100	-556,722	-385,649	-434,664
Non-financial assets
Residential structures	27,998	29,358	30,341	33,489	38,936	42,832	44,667
Non-residential structures	483,220	513,794	522,972	534,355	605,372	671,040	703,721
Machinery and equipment	22,074	22,804	23,672	24,187	24,543	27,746	28,213
Inventories	1,220	1,478	1,773	2,610	3,627	4,623	4,110
Land and natural resources	358,503	373,254	358,759	439,482	697,029	715,879	628,236
Intellectual property	46,497	48,324	50,886	52,174	53,121	55,799	59,839
Weapons systems	0	0	0	0	0	0	0
Total non-financial assets	939,512	989,012	988,403	1,086,297	1,422,628	1,517,919	1,468,786
Total assets	1,819,950	1,908,420	1,969,837	2,185,035	2,634,441	2,762,362	2,739,490
Net worth (liabilities less assets)	427,298	472,165	422,852	413,197	865,906	1,132,270	1,034,122
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

Table 49
**Social security funds**
National Accounts basis
(millions of dollars)
	2017	2018	2019	2020	2021	2022	2023
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	32,837	32,663	44,182	34,966	45,472	54,929	60,416
Life insurance and pensions	0	0	0	0	0	0	0
Other liabilities	22,435	33,058	34,127	31,919	48,214	40,096	48,572
Short-term paper	10,769	4,423	6,077	0	0	0	0
Bonds and debentures	12,708	23,812	26,141	37,379	44,122	54,785	64,402
Total liabilities	78,749	93,956	110,527	104,264	137,808	149,810	173,390
Financial assets
Currency and deposits	5	1	2	2	0	0	0
Trade receivables	0	0	0	0	0	0	0
Mortgages	2,895	2,769	3,154	3,290	3,827	3,822	4,041
Non-mortgage loans/claims	35,793	31,768	37,819	37,390	50,479	61,936	69,725
Other financial assets	29,574	38,604	41,991	46,587	49,955	39,901	43,903
Equity	183,908	179,879	197,398	230,091	278,269	254,579	301,836
Investment Fund Shares	143,009	179,294	199,010	216,614	244,033	259,800	270,558
Short-term paper	10,910	9,847	10,830	11,670	15,539	24,368	19,750
Bonds and debentures	82,727	95,132	125,183	127,321	156,717	154,083	180,223
Total financial assets	488,821	537,294	615,387	672,965	798,819	798,489	890,036
Net financial assets	410,072	443,338	504,860	568,701	661,011	648,679	716,646
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	488,821	537,294	615,387	672,965	798,819	798,489	890,036
Net worth (liabilities less assets)	410,072	443,338	504,860	568,701	661,011	648,679	716,646
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)
	2017	2018	2019	2020	2021	2022	2023
Liabilities
Currency and deposits	6,157	6,290	6,405	6,507	6,653	6,766	6,866
Trade payables	18,393	17,377	18,047	18,456	19,164	20,257	22,129
Mortgages	8,299	8,429	8,505	8,464	8,593	8,719	8,713
Non-mortgage loans/claims	142,247	146,654	164,427	158,985	172,637	188,502	201,679
Life insurance and pensions	358,866	351,109	385,952	402,026	352,470	335,646	325,549
Other liabilities	315,440	330,542	334,372	404,982	432,225	513,778	483,863
Short-term paper	185,794	202,898	209,992	331,552	279,346	269,367	340,613
Bonds and debentures	1,512,463	1,549,670	1,642,839	2,085,041	2,219,151	2,005,583	2,085,989
Total liabilities	2,558,500	2,624,549	2,781,556	3,427,338	3,520,227	3,378,814	3,505,104
Financial assets
Currency and deposits	114,664	121,008	127,715	221,162	208,216	204,217	204,384
Trade receivables	11,807	11,120	10,642	12,149	11,391	11,665	12,585
Mortgages	8,799	9,286	9,752	10,569	11,902	12,463	12,992
Non-mortgage loans/claims	393,556	413,416	438,548	509,330	580,641	613,866	655,252
Other financial assets	293,449	304,775	303,757	390,650	360,077	405,235	426,678
Equity	384,158	384,419	412,237	477,416	539,074	515,130	565,744
Investment Fund Shares	225,511	264,439	289,489	310,632	349,759	374,236	385,034
Short-term paper	68,420	70,158	70,770	82,488	91,437	98,794	97,676
Bonds and debentures	243,502	264,598	300,543	314,665	354,818	351,534	381,103
Total financial assets	1,829,460	1,924,056	2,058,369	2,444,842	2,684,472	2,769,553	2,924,404
Net financial assets	-729,040	-700,493	-723,187	-982,496	-835,755	-609,261	-580,700
Non-financial assets
Residential structures	29,181	30,626	31,653	34,936	40,620	44,684	46,598
Non-residential structures	506,135	539,968	551,627	564,525	639,270	707,584	742,792
Machinery and equipment	31,723	33,427	34,508	34,961	35,708	40,590	41,376
Inventories	2,631	2,609	2,856	3,442	5,065	6,087	5,785
Land and natural resources	375,531	387,069	372,460	459,745	722,150	732,836	644,716
Intellectual property	57,382	59,352	62,391	64,199	65,854	69,462	74,087
Weapons systems	8,980	9,942	10,798	11,478	12,088	13,327	14,463
Total non-financial assets	1,011,563	1,062,993	1,066,293	1,173,286	1,520,755	1,614,570	1,569,817
Total assets	2,841,023	2,987,049	3,124,662	3,618,128	4,205,227	4,384,123	4,494,221
Net worth (liabilities less assets)	282,523	362,500	343,106	190,790	685,000	1,005,309	989,117
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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2024-12-17