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Archived - Fiscal Reference Tables
October 2006 : 8

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Table 45 
National Economic and Financial Accounts
Actual, cyclically adjusted and primary-cyclically adjusted
budget balances (millions of dollars)
  Federal government Total government
 
Year Actual Cyclically adjusted Primary-cyclically adjusted Actual Cyclically adjusted Primary-cyclically adjusted
1975 -5,215 -5,556 -3,023 -6,143 -6,752 -3,964
1976 -4,835 -6,103 -2,958 -5,567 -7,855 -4,236
1977 -9,505 -10,868 -7,295 -9,054 -11,624 -7,509
1978 -13,526 -15,120 -10,429 -11,686 -14,770 -9,346
1979 -11,162 -13,281 -6,925 -9,542 -13,664 -7,160
1980 -12,545 -13,433 -5,377 -12,787 -14,507 -6,581
1981 -10,001 -10,544 986 -10,195 -11,200 -198
1982 -21,341 -12,875 1,639 -26,693 -11,020 3,367
1983 -27,880 -19,737 -4,460 -33,613 -18,119 -2,048
1984 -33,677 -30,945 -12,055 -34,957 -29,682 -9,250
1985 -37,998 -39,412 -16,749 -41,711 -44,431 -19,621
1986 -28,933 -30,770 -6,556 -36,605 -40,167 -12,900
1987 -25,990 -31,570 -5,623 -30,307 -41,320 -11,193
1988 -26,292 -36,864 -6,941 -26,572 -47,851 -14,058
1989 -27,697 -38,417 -2,808 -30,235 -51,958 -12,388
1990 -33,309 -38,390 1,741 -39,633 -50,240 -5,280
1991 -37,214 -31,125 8,185 -57,257 -44,892 -390
1992 -35,787 -26,546 11,252 -63,928 -45,379 41
1993 -39,696 -30,960 6,557 -63,354 -45,426 1,469
1994 -35,088 -31,945 6,561 -51,684 -45,008 4,985
1995 -31,700 -27,861 16,520 -43,181 -34,959 21,664
1996 -16,957 -9,000 34,687 -23,421 -6,401 49,704
1997 6,476 12,042 53,315 1,640 13,414 67,164
1998 7,676 11,878 53,842 765 9,633 64,897
1999 8,770 7,600 48,946 15,855 13,388 68,067
2000 20,028 13,928 56,318 31,705 18,874 72,768
2001 12,010 12,189 51,122 7,292 7,665 60,071
2002 9,396 10,048 44,410 -1,088 265 47,712
2003 -365 3,637 36,180 -4,368 3,938 48,784
2004 5,714 7,699 38,713 6,988 11,134 54,093
2005 1,927 4,282 33,621 19,260 24,185 65,341
Source: Statistics Canada, Sector Accounts (Table 380-0007); Government of Canada Budgetary Revenues and Expenditures (Table 183-0014);Department of Finance. Estimates based on 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.
Table 46 
National Economic and Financial Accounts
Actual, cyclically adjusted and primary-cyclically adjusted
budget balances as a percentage of gross domestic product at
market prices (per cent of GDP)
  Federal government Total government
 
Year Actual Cyclically adjusted(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
1975 -3.0 -3.2 -1.7 -3.5 -3.9 -2.3
1976 -2.4 -3.1 -1.5 -2.8 -4.0 -2.2
1977 -4.3 -5.0 -3.4 -4.1 -5.3 -3.5
1978 -5.5 -6.3 -4.3 -4.8 -6.1 -3.9
1979 -4.0 -4.9 -2.5 -3.4 -5.0 -2.6
1980 -4.0 -4.3 -1.7 -4.1 -4.6 -2.1
1981 -2.8 -2.9 0.3 -2.8 -3.1 -0.1
1982 -5.6 -3.2 0.4 -7.0 -2.7 0.8
1983 -6.8 -4.6 -1.0 -8.2 -4.2 -0.5
1984 -7.5 -6.8 -2.6 -7.8 -6.5 -2.0
1985 -7.8 -8.2 -3.5 -8.6 -9.2 -4.1
1986 -5.6 -6.1 -1.3 -7.1 -7.9 -2.5
1987 -4.6 -5.8 -1.0 -5.4 -7.6 -2.1
1988 -4.3 -6.3 -1.2 -4.3 -8.2 -2.4
1989 -4.2 -6.1 -0.4 -4.6 -8.3 -2.0
1990 -4.9 -5.8 0.3 -5.8 -7.6 -0.8
1991 -5.4 -4.4 1.2 -8.4 -6.4 -0.1
1992 -5.1 -3.7 1.5 -9.1 -6.3 0.0
1993 -5.5 -4.1 0.9 -8.7 -6.0 0.2
1994 -4.6 -4.1 0.8 -6.7 -5.8 0.6
1995 -3.9 -3.4 2.0 -5.3 -4.3 2.6
1996 -2.0 -1.0 4.0 -2.8 -0.7 5.8
1997 0.7 1.3 5.9 0.2 1.5 7.5
1998 0.8 1.3 5.8 0.1 1.0 7.0
1999 0.9 0.8 5.0 1.6 1.4 7.0
2000 1.9 1.3 5.3 2.9 1.8 6.9
2001 1.1 1.1 4.6 0.7 0.7 5.4
2002 0.8 0.9 3.8 -0.1 0.0 4.1
2003 0.0 0.3 3.0 -0.4 0.3 4.0
2004 0.4 0.6 3.0 0.5 0.9 4.2
2005 0.1 0.3 2.4 1.4 1.8 4.7
Source: Statistics Canada, Sector Accounts (Table 380-0007); Government of Canada Budgetary Revenues and Expenditures (Table 183-0014); Gross Domestic Product, Income Based (Table 380-0001);Department of Finance. Estimates based on 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.
(1) Per cent of potential GDP.
Table 47 
National Economic and Financial Accounts
Change in actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of gross domestic product at market prices (per cent of GDP)
  Federal government Total government
 
Year Actual Cyclically adjusted(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
1976 0.6 0.1 0.2 0.8 -0.1 0.1
1977 -1.9 -1.9 -1.9 -1.3 -1.4 -1.3
1978 -1.2 -1.3 -1.0 -0.7 -0.8 -0.4
1979 1.5 1.4 1.8 1.4 1.1 1.3
1980 0.0 0.5 0.8 -0.7 0.3 0.5
1981 1.2 1.4 2.0 1.2 1.5 2.1
1982 -2.8 -0.3 0.1 -4.2 0.4 0.9
1983 -1.2 -1.4 -1.4 -1.1 -1.4 -1.3
1984 -0.7 -2.2 -1.6 0.4 -2.3 -1.6
1985 -0.3 -1.4 -0.8 -0.8 -2.7 -2.0
1986 2.2 2.1 2.2 1.4 1.3 1.5
1987 1.0 0.3 0.3 1.7 0.3 0.5
1988 0.4 -0.5 -0.2 1.1 -0.6 -0.4
1989 0.1 0.2 0.7 -0.3 -0.1 0.4
1990 -0.7 0.4 0.7 -1.2 0.7 1.2
1991 -0.5 1.3 0.9 -2.5 1.2 0.7
1992 0.3 0.8 0.4 -0.8 0.1 0.1
1993 -0.3 -0.5 -0.7 0.4 0.2 0.2
1994 0.9 0.0 0.0 2.0 0.3 0.4
1995 0.6 0.7 1.2 1.4 1.5 2.0
1996 1.9 2.3 2.0 2.5 3.5 3.1
1997 2.8 2.4 1.9 3.0 2.2 1.7
1998 0.1 -0.1 -0.1 -0.1 -0.5 -0.5
1999 0.1 -0.5 -0.8 1.5 0.3 0.0
2000 1.0 0.5 0.3 1.3 0.4 -0.1
2001 -0.8 -0.2 -0.7 -2.3 -1.1 -1.5
2002 -0.3 -0.2 -0.8 -0.8 -0.7 -1.3
2003 -0.8 -0.6 -0.9 -0.3 0.3 -0.1
2004 0.5 0.3 0.0 0.9 0.5 0.2
2005 -0.3 -0.3 -0.5 0.9 0.9 0.6
Source: Statistics Canada, Sector Accounts (Table 380-0007); Government of Canada Budgetary Revenues and Expenditures (Table 183-0014); Gross Domestic Product, Income Based (Table 380-0001);Department of Finance. Estimates based on 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.
Note: A positive sign indicates a move towards smaller deficits or larger surpluses; a negative sign indicates a move towards larger deficits or smaller surpluses.
(1) Per cent of potential GDP.
Table 48 
Indicator of fiscal policy stance(1) (per cent of potential GDP)
Year Total government Federal government Provincial-local CPP/QPP
1975 1.8 0.8 0.9 0.1
1976 -0.9 -0.6 -0.4 0.1
1977 0.5 0.6 -0.2 0.1
1978 -0.2 0.2 -0.5 0.1
1979 -0.9 -0.9 0.0 0.1
1980 0.3 -0.2 0.4 0.1
1981 -0.6 -0.7 0.0 0.1
1982 1.7 1.1 0.6 0.0
1983 0.3 0.3 -0.2 0.2
1984 -0.1 0.1 -0.3 0.1
1985 0.5 0.0 0.4 0.1
1986 -0.3 -0.7 0.3 0.1
1987 -0.5 -0.4 -0.3 0.2
1988 -0.6 -0.5 -0.1 0.1
1989 0.2 0.0 0.2 0.0
1990 0.6 0.0 0.5 0.0
1991 1.5 0.6 0.8 0.1
1992 0.6 0.1 0.3 0.1
1993 0.0 0.4 -0.5 0.1
1994 -1.1 -0.5 -0.6 0.1
1995 -1.1 -0.7 -0.3 -0.1
1996 -1.1 -0.5 -0.7 0.0
1997 -0.8 -0.5 -0.3 0.0
1998 0.1 0.0 0.2 -0.2
1999 -0.6 0.0 -0.4 -0.2
2000 -0.5 -0.2 -0.1 -0.3
2001 0.8 0.3 0.7 -0.2
2002 0.4 0.4 0.2 -0.2
2003 -0.2 0.2 -0.2 -0.2
2004 -0.2 0.0 -0.2 0.1
2005 -0.3 -0.2 -0.2 0.0
Estimates based on 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.
(1) The fiscal policy stance estimates the amount, in percentage points, that changes in various budgetary components add to or subtract from nominal GDP growth. This measure includes the economic impact of cyclical factors (e.g. automatic stabilizers) and non-cyclical factors (e.g. discretionary fiscal measures).
Table 49 
National Accounts Basis
Federal government liabilities and assets (millions of dollars)
  1998 1999 2000 2001 2002 2003 2004 2005
Liabilities
  Currency and bank deposits 3,426 3,583 3,735 3,901 4,118 4,189 4,293 4,509
  Trade payables 297 641 721 486 573 854 833 615
  Loans 71 103 103 101 101 103 100 100
  Life insurance and pensions 126,778 132,317 136,115 119,903 129,075 128,211 132,141 134,150
  Government claims 7,433 8,724 8,991 7,717 8,974 8,870 7,576 4,067
  Other liabilities 38,111 41,900 35,006 51,986 33,866 34,420 36,078 52,173
  Canada short-term paper 97,253 98,203 84,362 99,729 107,050 118,941 118,787 129,632
  Canada bonds 360,273 359,966 355,308 339,262 331,079 314,716 295,056 285,530
  Unmatured debt 457,526 458,169 439,670 438,991 438,129 433,657 413,843 415,162
  Total liabilities 633,642 645,437 624,341 623,085 614,836 610,304 594,864 610,776
Financial assets
  Currency and deposits 8,461 14,698 7,766 8,929 5,325 4,291 4,270 3,958
  Trade receivables 40 21 18 20 20 256 256 173
  Loans 12,234 11,403 12,760 14,357 16,816 21,379 24,069 27,167
  Canada short-term paper 27 60 365 590 590 819 819 541
  Other short-term paper 2 249 83 0 0 1,704 1,704 1,960
  Mortgages 394 381 533 360 360 284 497 609
  Canada bonds 3,241 2,829 2,775 4,570 4,066 4,272 4,231 4,206
  Provincial bonds 171 223 297 378 378 378 378 329
  Municipal bonds 0 0 0 0 0 0 0 0
  Other bonds 249 409 659 782 782 692 692 859
  Government claims 49,072 54,549 66,708 76,338 80,011 71,392 67,766 65,203
  Shares 1,280 1,238 1,229 1,320 1,320 1,320 94 117
  Foreign investments 0 0 0 241 241 241 241 65
  Other financial assets 3,475 6,003 675 10,598 3,690 8,651 4,610 21,026
  Total financial assets 78,646 92,063 93,868 118,483 113,599 115,679 109,627 126,213
  Net financial assets -554,996 -553,374 -530,473 -504,602 -501,237 -494,625 -485,237 -484,563
Non-financial assets
  Non-residential structures 29,179 29,589 30,508 30,809 30,902 31,348 32,648 33,021
  Machinery and equipment 8,829 9,018 8,892 9,309 10,158 9,324 8,943 8,533
  Inventories 347 408 409 396 301 370 406 261
  Land 7,528 7,664 7,932 8,010 8,065 8,245 8,717 8,883
  Total non-financial assets 45,883 46,679 47,741 48,524 49,426 49,287 50,714 50,698
  Total assets 124,529 138,742 141,609 167,007 163,025 164,966 160,341 176,911
  Net worth -509,113 -506,695 -482,732 -456,078 -451,811 -445,338 -434,523 -433,865
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 50 
National Accounts Basis
Provincial and local governments' liabilities and assets (millions of dollars)
  1998 1999 2000 2001 2002 2003 2004 2005
Liabilities
  Other deposits 2,444 2,665 2,592 2,620 2,606 0 0 0
  Trade payables 16,307 16,720 17,576 14,993 14,669 16,005 15,689 19,765
  Loans 12,934 14,746 14,759 14,115 14,885 15,737 16,726 16,046
  Other short-term paper 12,790 17,307 16,123 18,109 21,932 21,066 18,524 13,947
  Mortgages 3,997 4,000 2,773 2,144 2,095 2,054 2,036 2,029
  Bonds: Provincial 288,426 290,369 296,328 306,994 324,049 322,509 339,856 351,343
  Bonds: Municipal 36,108 33,265 35,950 35,805 36,268 37,081 38,959 39,706
  Bonds: Other 1,739 1,754 1,782 1,800 2,617 3,090 3,433 3,741
  Life insurance and pensions 42,484 44,255 46,358 48,275 50,572 52,511 54,780 56,378
  Government claims 1,983 10,707 11,856 12,134 11,608 12,804 12,588 11,127
  Other liabilities 103,653 108,885 111,797 125,394 129,655 136,973 139,793 159,173
  Total liabilities 522,865 544,673 557,894 582,383 610,956 619,830 642,384 673,255
Financial assets
  Currency and deposits 12,958 14,477 16,276 16,162 17,273 18,381 21,178 21,487
  Trade receivables 5,410 5,752 5,865 5,938 6,078 5,980 5,785 6,140
  Loans 6,993 8,054 9,576 11,646 13,084 14,140 16,726 17,809
  Canada short-term paper 3,511 3,382 4,517 6,310 6,525 6,828 7,054 8,625
  Other short-term paper 18,573 21,137 24,282 18,095 24,208 20,540 25,873 26,952
  Mortgages 5,007 5,604 6,168 5,511 5,533 6,761 7,175 6,694
  Canada bonds 15,996 17,989 18,028 20,561 18,890 22,911 20,984 21,104
  Provincial bonds 29,055 31,594 32,176 35,140 37,091 37,615 38,773 40,182
  Municipal bonds 9,870 8,656 8,172 7,991 7,817 7,682 7,740 8,631
  Other bonds 8,181 10,144 13,233 14,852 15,579 15,698 16,859 23,677
  Government claims 63,982 80,517 81,615 87,397 86,850 93,334 97,472 102,659
  Shares 33,797 42,679 46,697 49,162 49,661 51,676 51,037 53,375
  Foreign investments 4,132 3,709 4,395 5,926 7,488 7,871 7,285 6,985
  Other financial assets 58,261 44,318 57,464 62,993 56,823 57,696 60,520 81,997
  Total financial assets 275,726 298,012 328,464 347,684 352,900 367,113 384,461 426,317
  Net financial assets -247,139 -246,661 -229,430 -234,699 -258,056 -252,717 -257,923 -246,938
Non-financial assets
  Residential structures 7,775 7,964 7,714 7,853 8,098 8,226 8,401 8,552
  Non-residential structures 249,719 255,463 267,723 272,651 282,116 294,719 315,272 330,353
  Machinery and equipment 13,452 14,615 16,402 18,326 20,094 20,615 21,836 22,791
  Land 68,045 69,916 73,296 74,650 77,495 81,482 88,268 93,013
  Total non-financial assets 338,991 347,958 365,135 373,480 387,803 405,042 433,777 454,709
  Total assets 614,717 645,970 693,599 721,164 740,703 772,155 818,238 881,026
  Net worth 91,852 101,297 135,705 138,781 129,747 152,325 175,854 207,771
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 51 
National Accounts Basis
Canada Pension Plan liabilities and assets (millions of dollars)
  1998 1999 2000 2001 2002 2003 2004 2005
Liabilities
 Total liabilities 0 692 307 451 19 164 303 941
Financial assets
 Bonds: Government of Canada 3,441 3,423 3,401 3,387 3,365 3,349 3,331 3,160
 Bonds: Provincial government 27,584 26,925 26,432 25,138 23,475 21,889 21,247 20,890
 Other short-term paper 7,183 11,103 20,930 36,111
 Government claims 4,146 5,438 5,693 4,350 5,501 5,503 4,006 697
 Shares 0 3,076 6,441 14,038 13,653 18,256 19,513 21,455
 Other financial assets 1,982 0 0 0 1,400 4,247 6,932 6,193
 Total financial assets 37,153 38,862 41,967 46,913 54,577 64,347 75,959 88,506
Net worth 37,153 38,170 41,660 46,462 54,558 64,183 75,656 87,565
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 52 
National Accounts Basis
Quebec Pension Plan liabilities and assets (millions of dollars)
  1998 1999 2000 2001 2002 2003 2004 2005
Liabilities
 Total liabilities 0 0 0 0 0 0 0 0
Financial assets
 Government claims 16,011 15,725 18,350 16,452 18,125 19,177 21,126 22,782
 Other financial assets 193 275 0 0 0 0 0 0
 Total financial assets 16,204 16,000 18,350 16,452 18,125 19,177 21,126 22,782
Net worth 16,204 16,000 18,350 16,452 18,125 19,177 21,126 22,782
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

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