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Fiscal Reference Tables 2025: 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 -54,413 10,726 -8.3 -7.8 1.5
1992 -65,364 -57,205 8,662 -9.0 -7.9 1.2
1993 -66,019 -60,390 7,149 -8.7 -8.0 0.9
1994 -54,151 -56,736 13,541 -6.9 -7.2 1.7
1995 -44,966 -44,069 34,185 -5.5 -5.4 4.2
1996 -25,561 -24,367 52,745 -3.0 -2.8 6.1
1997 1,051 -769 74,093 0.1 -0.1 8.2
1998 1,861 1,952 78,344 0.2 0.2 8.2
1999 17,206 14,270 90,217 1.7 1.4 8.9
2000 29,728 14,416 91,897 2.8 1.3 8.5
2001 6,620 4,343 78,520 0.6 0.4 6.9
2002 -2,207 -873 67,192 -0.2 -0.1 5.6
2003 -981 -397 66,053 -0.1 0.0 5.2
2004 10,988 4,570 69,394 0.8 0.3 5.2
2005 22,868 10,517 74,100 1.6 0.8 5.3
2006 28,210 13,247 76,922 1.9 0.9 5.3
2007 29,591 14,270 76,903 1.9 0.9 5.0
2008 4,074 -13,627 48,260 0.3 -0.9 3.0
2009 -59,986 -16,919 41,840 -3.6 -1.0 2.5
2010 -77,912 -50,021 10,944 -4.6 -2.9 0.6
2011 -57,644 -55,056 9,208 -3.3 -3.1 0.5
2012 -45,097 -45,952 17,624 -2.5 -2.5 1.0
2013 -27,403 -31,580 32,484 -1.5 -1.7 1.7
2014 4,519 -9,310 53,665 0.2 -0.5 2.8
2015 -168 4,903 67,026 0.0 0.2 3.3
2016 -8,059 6,636 67,781 -0.4 0.3 3.3
2017 -1,247 -2,139 59,707 -0.1 -0.1 2.8
2018 9,242 -293 66,516 0.4 0.0 3.0
2019 894 -5,917 63,610 0.0 -0.3 2.7
2020 -241,704 14,142 80,372 -10.0 0.6 3.3
2021 -76,209 18,270 86,175 -3.0 0.7 3.4
2022 17,109 24,217 101,951 0.6 0.9 3.8
2023 3,416 -824 95,351 0.1 0.0 3.3
2024 -60,477 -29,633 81,154 -2.0 -1.0 2.7
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. In 2024, there was a single one-time payment of $23.3 billion under the final settlement agreement for First Nations Child and Family Services. Owing to its unusual size, this payment was, on an exceptional basis, excluded from the cyclically adjusted budgetary balance.
Table 47
Federal government liabilities and assets
National Accounts basis
(millions of dollars)
  2018 2019 2020 2021 2022 2023 2024
Liabilities  
Currency and deposits
 6,290 6,405 6,507 6,653 6,766 6,866 6,960
Trade payables
 870 537 562 607 800 945 1,002
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 8,669 8,791 10,932 10,276 9,840 9,980 14,498
Life insurance and pensions
 206,713 217,907 203,055 186,240 174,396 164,279 155,903
Other liabilities
 95,132 87,257 130,668 103,472 149,115 175,090 189,478
Short-term paper
 131,942 126,527 254,117 195,730 189,465 249,626 285,514
Bonds and debentures
 633,364 665,806 934,307 1,073,571 1,004,986 1,026,797 1,098,228
Total liabilities
 1,094,338 1,124,044 1,551,236 1,606,314 1,565,337 1,663,038 1,782,628
Financial assets  
Currency and deposits
 44,043 43,463 103,290 87,391 83,669 80,914 51,214
Trade receivables
 542 193 225 264 208 191 203
Mortgages
 0 0 0 0 0 0 0
Non-mortgage loans/claims
 198,780 206,867 252,829 296,517 322,902 347,447 359,683
Other financial assets
 139,800 135,046 196,325 151,890 173,667 202,260 226,427
Equity
 48,680 50,080 71,240 71,194 72,177 60,074 56,438
Investment Fund Shares
 0 0 0 392 359 346 0
Short-term paper
 391 369 406 388 359 349 318
Bonds and debentures
 6,088 6,824 7,992 8,799 9,594 9,379 39,212
Total financial assets
 467,354 461,548 667,125 668,181 718,805 757,086 798,409
Net financial assets -626,984 -662,496 -884,111 -938,133 -846,532 -905,952 -984,219
Non-financial assets  
Residential structures
 1,268 1,312 1,447 1,684 1,853 1,939 1,998
Non-residential structures
 26,174 28,655 30,170 33,881 36,709 37,790 39,494
Machinery and equipment
 10,623 10,836 10,774 11,124 12,476 13,188 14,181
Inventories
 1,131 1,083 911 673 505 721 882
Land and natural resources
 13,815 13,701 20,758 18,877 15,792 17,707 20,727
Intellectual property
 11,028 11,505 12,025 12,617 13,554 14,597 15,218
Weapons systems
 9,942 10,798 11,478 12,041 13,200 13,977 16,913
Total non-financial assets
 73,981 77,890 87,563 90,897 94,089 99,919 109,413
Total assets 541,335 539,438 754,688 759,078 812,894 857,005 907,822
Net worth (liabilities less assets) -553,003 -584,606 -796,548 -847,236 -752,443 -806,033 -874,806
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)
  2018 2019 2020 2021 2022 2023 2024
Liabilities  
Currency and deposits
 0 0 0 0 0 0 0
Trade payables
 16,507 17,510 17,894 18,560 19,856 21,226 21,207
Mortgages
 8,429 8,505 8,467 8,593 8,734 8,910 9,134
Non-mortgage loans/claims
 105,322 111,454 113,087 118,067 122,409 129,281 135,198
Life insurance and pensions
 144,396 168,045 198,971 166,230 161,234 167,960 166,745
Other liabilities
 202,352 212,988 242,325 273,937 280,563 311,020 313,249
Short-term paper
 66,533 77,388 77,435 83,626 80,035 91,556 94,098
Bonds and debentures
 892,494 950,892 1,107,149 1,097,631 947,322 1,001,512 1,092,610
Total liabilities
 1,436,255 1,546,985 1,765,565 1,766,865 1,620,391 1,731,711 1,832,515
Financial assets  
Currency and deposits
 76,964 84,250 115,256 118,767 118,186 120,539 132,570
Trade receivables
 10,578 10,449 11,924 11,127 11,787 11,707 11,727
Mortgages
 6,517 6,598 7,279 8,075 8,204 8,531 8,886
Non-mortgage loans/claims
 182,868 193,862 213,278 225,682 227,500 237,787 244,762
Other financial assets
 126,371 126,720 147,173 163,047 202,335 191,450 215,733
Equity
 155,860 164,759 177,109 190,824 194,745 203,774 226,138
Investment Fund Shares
 85,145 90,479 94,641 106,749 108,805 119,948 139,424
Short-term paper
 59,920 59,571 70,412 75,479 76,318 74,086 82,236
Bonds and debentures
 163,378 168,536 178,931 187,313 185,383 190,429 196,871
Total financial assets
 919,408 981,434 1,096,966 1,213,952 1,256,281 1,280,197 1,379,971
Net financial assets -516,847 -565,551 -668,599 -552,913 -364,110 -451,514 -452,544
Non-financial assets  
Residential structures
 29,358 30,341 33,489 38,948 42,861 44,841 46,191
Non-residential structures
 513,794 522,972 534,355 605,754 667,539 697,193 732,169
Machinery and equipment
 22,804 23,672 24,187 24,701 27,867 29,028 30,984
Inventories
 1,478 1,773 2,531 4,395 5,462 5,006 5,069
Land and natural resources
 373,254 358,759 446,461 699,101 741,108 716,479 727,732
Intellectual property
 48,324 50,886 52,174 53,348 56,384 59,328 63,569
Weapons systems
 0 0 0 0 0 0 0
Total non-financial assets
 989,012 988,403 1,093,197 1,426,247 1,541,221 1,551,875 1,605,714
Total assets 1,908,420 1,969,837 2,190,163 2,640,199 2,797,502 2,832,072 2,985,685
Net worth (liabilities less assets) 472,165 422,852 424,598 873,334 1,177,111 1,100,361 1,153,170
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).
Table 49
Social security funds
National Accounts basis
(millions of dollars)
  2018 2019 2020 2021 2022 2023 2024
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
 32,663 44,182 34,966 45,472 54,929 60,416 95,194
Life insurance and pensions
 0 0 0 0 0 0 0
Other liabilities
 33,058 34,127 31,919 48,214 40,096 48,572 39,842
Short-term paper
 4,423 6,077 0 0 0 0 0
Bonds and debentures
 23,812 26,141 37,379 44,122 48,606 60,817 76,298
Total liabilities
 93,956 110,527 104,264 137,808 143,631 169,805 211,334
Financial assets  
Currency and deposits
 1 2 2 0 0 0 0
Trade receivables
 0 0 0 0 0 0 0
Mortgages
 2,769 3,154 3,290 3,827 3,822 4,133 4,105
Non-mortgage loans/claims
 31,768 37,819 37,390 50,479 61,936 69,725 65,683
Other financial assets
 38,604 41,991 46,809 49,095 39,900 54,796 43,254
Equity
 179,879 197,398 230,091 279,772 254,579 292,251 364,343
Investment Fund Shares
 179,294 199,010 216,614 244,031 259,800 271,974 315,021
Short-term paper
 9,847 10,830 11,670 15,539 24,368 19,750 14,999
Bonds and debentures
 95,132 125,183 127,099 156,074 154,083 180,136 253,769
Total financial assets
 537,294 615,387 672,965 798,817 798,488 892,765 1,061,174
Net financial assets 443,338 504,860 568,701 661,009 654,857 722,960 849,840
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 537,294 615,387 672,965 798,817 798,488 892,765 1,061,174
Net worth (liabilities less assets) 443,338 504,860 568,701 661,009 654,857 722,960 849,840
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)
  2018 2019 2020 2021 2022 2023 2024
Liabilities  
Currency and deposits
 6,290 6,405 6,507 6,653 6,766 6,866 6,960
Trade payables
 17,377 18,047 18,456 19,167 20,656 22,171 22,209
Mortgages
 8,429 8,505 8,467 8,593 8,734 8,910 9,134
Non-mortgage loans/claims
 146,654 164,427 158,985 173,815 187,178 199,677 244,890
Life insurance and pensions
 351,109 385,952 402,026 352,470 335,630 332,239 322,648
Other liabilities
 330,542 334,372 404,912 425,623 469,774 534,682 542,569
Short-term paper
 202,898 209,992 331,552 279,356 269,500 341,182 379,612
Bonds and debentures
 1,549,670 1,642,839 2,078,835 2,215,324 2,000,914 2,089,126 2,267,136
Total liabilities
 2,624,549 2,781,556 3,421,065 3,510,987 3,329,359 3,564,554 3,826,477
Financial assets  
Currency and deposits
 121,008 127,715 218,548 206,158 201,855 201,453 183,784
Trade receivables
 11,120 10,642 12,149 11,391 11,995 11,898 11,930
Mortgages
 9,286 9,752 10,569 11,902 12,026 12,664 12,991
Non-mortgage loans/claims
 413,416 438,548 503,497 572,678 612,338 654,959 670,128
Other financial assets
 304,775 303,757 390,307 364,032 415,902 448,506 485,414
Equity
 384,419 412,237 478,440 541,790 521,501 556,099 646,919
Investment Fund Shares
 264,439 289,489 311,255 351,172 368,964 392,268 454,445
Short-term paper
 70,158 70,770 82,488 91,406 101,045 94,185 97,553
Bonds and debentures
 264,598 300,543 314,022 352,186 349,060 379,944 489,852
Total financial assets
 1,924,056 2,058,369 2,437,056 2,680,950 2,773,574 2,930,048 3,239,554
Net financial assets -700,493 -723,187 -984,009 -830,037 -555,785 -634,506 -586,923
Non-financial assets  
Residential structures
 30,626 31,653 34,936 40,632 44,714 46,780 48,189
Non-residential structures
 539,968 551,627 564,525 639,635 704,248 734,983 771,663
Machinery and equipment
 33,427 34,508 34,961 35,825 40,343 42,216 45,165
Inventories
 2,609 2,856 3,442 5,068 5,967 5,727 5,951
Land and natural resources
 387,069 372,460 467,219 717,978 756,900 734,186 748,459
Intellectual property
 59,352 62,391 64,199 65,965 69,938 73,925 78,787
Weapons systems
 9,942 10,798 11,478 12,041 13,200 13,977 16,913
Total non-financial assets
 1,062,993 1,066,293 1,180,760 1,517,144 1,635,310 1,651,794 1,715,127
Total assets 2,987,049 3,124,662 3,617,816 4,198,094 4,408,884 4,581,842 4,954,681
Net worth (liabilities less assets) 362,500 343,106 196,751 687,107 1,079,525 1,017,288 1,128,204
Source: Statistics Canada, National Balance Sheet Accounts (Table 36-10-0580-01).

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2025-11-07