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Archived - Fiscal Reference Tables
October 2007 : 8

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Table 45 
Actual, cyclically adjusted and primary-cyclically adjusted budget balances (millions of dollars)
National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted Primary-
cyclically adjusted 		Actual Cyclically adjusted Primary-
cyclically adjusted
1975 -5,215 -5,621 -3,088 -6,143 -6,868 -4,080
1976 -4,835 -5,940 -2,795 -5,567 -7,561 -3,942
1977 -9,505 -10,907 -7,334 -9,054 -11,698 -7,583
1978 -13,526 -15,347 -10,656 -11,686 -15,207 -9,783
1979 -11,162 -13,528 -7,172 -9,542 -14,145 -7,641
1980 -12,545 -13,615 -5,559 -12,787 -14,861 -6,935
1981 -10,001 -10,840 690 -10,195 -11,747 -745
1982 -21,341 -13,168 1,346 -26,693 -11,563 2,824
1983 -27,880 -19,686 -4,409 -33,613 -18,023 -1,952
1984   -33,677 -30,627   -11,737   -34,957 -29,067 -8,635
1985 -37,998 -38,874 -16,211   -41,711 -43,397 -18,587
1986 -28,933 -30,016 -5,802 -36,605 -38,704 -11,437
1987 -25,990 -30,641 -4,694 -30,307 -39,486 -9,359
1988 -26,292 -35,786 -5,863 -26,572 -45,681 -11,888
1989 -27,697 -37,178 -1,569 -30,235 -49,449 -9,879
1990 -33,309 -37,099 3,032 -39,633 -47,545 -2,585
1991 -37,214 -29,651 9,659 -57,257 -41,898 2,604
1992 -35,787 -24,922 12,876 -63,928 -42,119 3,301
1993 -39,696 -29,546 7,971 -63,354 -42,525 4,370
1994 -35,088 -30,689 7,817 -51,684 -42,340 7,653
1995 -31,700 -26,778 17,603 -43,181 -32,638 23,985
1996 -16,957 -8,229 35,458 -23,421 -4,751 51,354
1997 6,476 12,345 53,618 1,640 14,054 67,804
1998 7,676 11,968 53,932 765 9,824 65,088
1999 8,770 7,385 48,731 15,855 12,933 67,612
2000 20,028 13,497 55,887 31,705 17,969 71,863
2001 12,010 11,608 50,541 7,292 6,456 58,862
2002 9,396 9,182 43,544 -1,088 -1,531 45,916
2003 4,121 6,433 38,877 -1,024 3,753 48,268
2004 9,785 10,258 41,221 9,921 10,909 53,715
2005 2,019 1,164 30,349 21,577 19,772 59,621
2006 8,479 8,676 37,219 14,921 15,343 53,953
Sources: 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 
Actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of GDP at market prices (per cent of potential GDP)
National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted Primary- cyclically adjusted Actual Cyclically adjusted Primary- cyclically adjusted
1975 -3.0 -3.3 -1.8 -3.6 -4.0 -2.4
1976 -2.5 -3.0 -1.4 -2.8 -3.8 -2.0
1977 -4.4 -5.0 -3.4 -4.2 -5.4 -3.5
1978 -5.6 -6.4 -4.4 -4.9 -6.3 -4.1
1979 -4.1 -5.0 -2.6 -3.5 -5.2 -2.8
1980 -4.0 -4.4 -1.8 -4.1 -4.8 -2.2
1981 -2.8 -3.0 0.2 -2.8 -3.3 -0.2
1982 -5.3 -3.3 0.3 -6.7 -2.9 0.7
1983 -6.4 -4.6 -1.0 -7.8 -4.2 -0.5
1984 -7.4 -6.7 -2.6 -7.6 -6.4 -1.9
1985 -7.9 -8.0 -3.4 -8.6 -9.0 -3.8
1986 -5.7 -5.9 -1.1 -7.2 -7.6 -2.2
1987 -4.8 -5.6 -0.9 -5.6 -7.2 -1.7
1988 -4.5 -6.1 -1.0 -4.5 -7.8 -2.0
1989 -4.4 -5.9 -0.2 -4.8 -7.8 -1.6
1990 -5.0 -5.5 0.5 -5.9 -7.1 -0.4
1991 -5.3 -4.2 1.4 -8.1 -5.9 0.4
1992 -4.9 -3.4 1.8 -8.8 -5.8 0.5
1993 -5.3 -3.9 1.1 -8.4 -5.6 0.6
1994 -4.5 -3.9 1.0 -6.6 -5.4 1.0
1995 -3.8 -3.2 2.1 -5.2 -4.0 2.9
1996 -2.0 -1.0 4.1 -2.7 -0.6 6.0
1997 0.7 1.4 6.0 0.2 1.6 7.5
1998 0.8 1.3 5.8 0.1 1.1 7.0
1999 0.9 0.8 5.0 1.6 1.3 6.9
2000 1.9 1.3 5.3 3.0 1.7 6.8
2001 1.1 1.0 4.6 0.7 0.6 5.3
2002 0.8 0.8 3.8 -0.1 -0.1 4.0
2003 0.3 0.5 3.2 -0.1 0.3 4.0
2004 0.8 0.8 3.2 0.8 0.8 4.2
2005 0.1 0.1 2.2 1.6 1.4 4.3
2006 0.6 0.6 2.6 1.0 1.1 3.7
Sources: 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.
Table 47 
Change in actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of GDP at market prices (per cent of potential GDP)
National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted Primary- cyclically adjusted Actual Cyclically adjusted Primary- cyclically adjusted
1976 0.6 0.2 0.4 0.7 0.1 0.4
1977 -1.9 -2.0 -2.0 -1.3 -1.6 -1.5
1978 -1.3 -1.4 -1.1 -0.7 -1.0 -0.6
1979 1.6 1.4 1.8 1.4 1.2 1.3
1980 0.1 0.6 0.8 -0.6 0.4 0.6
1981 1.2 1.3 2.0 1.3 1.5 2.0
1982 -2.5 -0.3 0.1 -3.8 0.4 0.9
1983 -1.1 -1.3 -1.4 -1.1 -1.3 -1.2
1984 -0.9 -2.1 -1.5 0.1 -2.2 -1.4
1985 -0.5 -1.4 -0.8 -1.0 -2.6 -2.0
1986 2.2 2.2 2.2 1.4 1.4 1.6
1987 0.9 0.3 0.3 1.6 0.4 0.5
1988 0.3 -0.5 -0.1 1.0 -0.6 -0.3
1989 0.1 0.2 0.8 -0.3 0.0 0.5
1990 -0.6 0.4 0.7 -1.1 0.7 1.2
1991 -0.3 1.4 0.9 -2.2 1.2 0.8
1992 0.4 0.8 0.4 -0.6 0.2 0.1
1993 -0.4 -0.5 -0.7 0.4 0.1 0.1
1994 0.8 0.0 -0.1 1.8 0.2 0.4
1995 0.6 0.7 1.1 1.4 1.4 1.9
1996 1.9 2.3 2.0 2.5 3.4 3.0
1997 2.7 2.3 1.8 2.9 2.1 1.6
1998 0.1 -0.1 -0.1 -0.1 -0.5 -0.5
1999 0.1 -0.5 -0.8 1.5 0.3 -0.1
2000 1.0 0.5 0.3 1.4 0.4 -0.1
2001 -0.8 -0.2 -0.7 -2.3 -1.1 -1.5
2002 -0.3 -0.3 -0.8 -0.8 -0.7 -1.3
2003 -0.5 -0.3 -0.6 0.0 0.4 0.0
2004 0.4 0.3 0.0 0.9 0.5 0.2
2005 -0.6 -0.7 -1.0 0.8 0.6 0.2
2006 0.4 0.5 0.4 -0.5 -0.4 -0.6
Sources: 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. A positive sign indicates a move towards smaller deficits or larger surpluses; a negative sign indicates a move towards larger deficits or smaller surpluses.
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 -0.2 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 0.1
1997 -0.8 -0.5 -0.3 0.0
1998 0.1 0.0 0.2 -0.1
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 0.5 0.4 0.2 -0.2
2003 -0.2 0.1 -0.2 -0.1
2004 -0.2 0.0 -0.2 0.0
2005 -0.3 -0.2 -0.1 0.0
2006 0.5 0.1 0.4 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 
Federal government liabilities and assets (millions of dollars)
National Accounts basis
  1999 2000 2001 2002 2003 2004 2005 2006
Liabilities
  Currency and bank deposits 3,583 3,735 3,901 4,118 4,189 4,293 4,509 4,600
  Trade payables 641 721 486 573 854 833 615 750
  Loans 103 103 101 101 103 100 100 101
  Life insurance and pensions   132,317   136,115   119,903   129,075   130,355   132,141   134,150   136,758
  Government claims 8,724 8,991 7,717 8,974 8,870 7,576 3,567 3,698
  Other liabilities 41,900 35,006 51,986 33,866 34,784 36,307 51,162 52,896
  Canada short-term paper 98,203 84,362 99,729 107,050 118,941 118,762 129,632 126,307
  Canada bonds 359,966 355,308 339,262 331,079 315,027 295,423 285,530 278,641
  Unmatured debt 458,169 439,670 438,991 438,129 433,968 414,185 415,162 404,948
  Total liabilities 645,437 624,341 623,085 614,836 613,123 595,435 609,265 603,751
Financial assets
  Currency and deposits 14,698 7,766 8,929 5,325 4,291 3,770 3,558 4,528
  Trade receivables 21 18 20 20 256 256 256 207
  Loans 11,403 12,760 14,357 16,816 21,379 24,069 27,167 28,107
  Canada short-term paper 60 365 590 590 603 551 597 603
  Other short-term paper 249 83 0 0 0 0 0 0
  Mortgages 381 533 360 360 497 497 497 474
  Canada bonds 2,829 2,775 4,570 4,066 5,355 5,355 4,335 3,721
  Provincial bonds 223 297 378 378 354 354 354 354
  Municipal bonds 0 0 0 0 0 0 0 0
  Other bonds 409 659 782 782 692 692 692 692
  Government claims 54,549 66,708 76,338 80,011 71,531 67,763 65,392 70,338
  Shares 1,238 1,229 1,320 1,320 1,351 126 126 126
  Foreign investments 0 0 241 241 86 86 86 86
  Other financial assets 6,003 675 10,598 3,690 9,571 4,094 18,198 16,432
  Total financial assets 92,063 93,868 118,483 113,599 115,966 107,613 121,258 125,668
Net financial assets -553,374 -530,473 -504,602 -501,237 -497,157 -487,822 -488,007 -478,083
Non-financial assets
  Non-residential structures 29,589 30,508 30,809 30,902 31,348 32,648 33,021 32,811
  Machinery and equipment 9,018 8,892 9,309 10,158 9,324 8,943 8,533 7,799
  Inventories 408 409 396 301 370 406 394 362
  Land 7,664 7,932 8,010 8,065 8,245 8,717 8,883 8,925
  Total non-financial assets 46,679 47,741 48,524 49,426 49,287 50,714 50,831 49,897
  Total assets 138,742 141,609 167,007 163,025 165,253 158,327 172,089 175,565
Net worth -506,695 -482,732 -456,078 -451,811 -447,870 -437,108 -437,176 -428,186
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 50 
Provincial and local governments’ liabilities and assets (millions of dollars)
National Accounts basis
  1999 2000 2001 2002 2003 2004 2005 2006
Liabilities
  Other deposits 2,665 2,592 2,620 2,606 0 0 0 0
  Trade payables 16,720 17,576 14,993 14,669 16,005 15,075 19,947 23,532
  Loans 14,746 14,759 14,115 14,885 15,685 18,834 18,077 18,933
  Other short-term paper 17,307 16,123 18,109 21,932 21,066 18,524 13,947 15,663
  Mortgages 4,000 2,773 2,144 2,095 2,048 2,018 2,000 2,000
  Bonds:
Provincial 290,369 296,328 306,994 324,049 320,004 333,106 341,773 342,363
Municipal 33,265 35,950 35,805 36,268 37,081 38,959 39,706 42,543
Other 1,754 1,782 1,800 2,617 3,090 3,433 3,741 3,902
  Life insurance and pensions 44,255 46,358 48,275 50,572 52,511 54,804 56,412 58,982
  Government claims 10,707 11,856 12,134 11,608 12,804 12,576 11,137 10,517
  Other liabilities 108,885 111,797 125,394 129,655 140,292 148,671 165,966 175,639
  Total liabilities 544,673 557,894 582,383 610,956 620,586 646,000 672,706 694,074
Financial assets
  Currency and deposits 14,477 16,276 16,162 17,273 18,381 21,178 21,487 21,665
  Trade receivables 5,752 5,865 5,938 6,078 5,980 5,785 6,140 6,277
  Loans 8,054 9,576 11,646 13,084 14,140 16,726 17,809 18,516
  Canada short-term paper 3,382 4,517 6,310 6,525 6,828 7,054 8,625 5,781
  Other short-term paper 21,137 24,282 18,095 24,208 20,540 25,073 26,452 32,132
  Mortgages 5,604 6,168 5,511 5,533 6,761 7,175 6,694 6,713
  Canada bonds 17,989 18,028 20,561 18,890 22,911 20,984 21,104 23,492
  Provincial bonds 31,594 32,176 35,140 37,091 37,615 38,773 40,682 40,046
  Municipal bonds 8,656 8,172 7,991 7,817 7,682 7,740 8,631 7,909
  Other bonds 10,144 13,233 14,852 15,579 15,698 16,859 23,677 27,138
  Government claims 80,517 81,615 87,397 86,850 93,757 96,177 98,468 97,253
  Shares 42,679 46,697 49,162 49,661 51,491 51,048 53,483 54,322
  Foreign investments 3,709 4,395 5,926 7,488 8,870 10,802 12,508 13,545
  Other financial assets 44,318 57,464 62,993 56,823 56,574 62,584 81,036 90,894
  Total financial assets 298,012 328,464 347,684 352,900 367,228 387,958 426,796 445,683
Net financial assets -246,661   -229,430   -234,699   -258,056   -253,358   -258,042   -245,910   -248,391
Non-financial assets
  Residential structures 7,964 7,714 7,853 8,098 8,303 8,524 8,705 9,133
  Non-residential structures 255,463 267,723 272,651 282,116 294,719 315,272 330,353 343,384
  Machinery and equipment 14,615 16,402 18,326 20,094 20,615 21,836 22,791 23,451
  Land 69,916 73,296 74,650 77,495 81,508 88,294 93,081 97,837
  Total non-financial assets 347,958 365,135 373,480 387,803 405,145 433,926 454,930 473,805
  Total assets 645,970 693,599 721,164 740,703 772,373 821,884 881,726 919,488
Net worth 101,297 135,705 138,781 129,747 151,787 175,884 209,020 225,414
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 51 
Canada Pension Plan liabilities and assets (millions of dollars)
National Accounts basis
  1999 2000 2001 2002 2003 2004 2005 2006
Liabilities
Total liabilities 692 307 451 19 164 303 941 2,154
Financial assets
  Bonds:
 Government of Canada 3,423 3,401 3,387 3,365 3,349 3,331 3,160 1,953
 Provincial government 26,925 26,432 25,138 23,475 21,889 21,247 20,890 20,796
  Other short-term paper 7,183 11,103 20,930 36,111 60,196
  Government claims 5,438 5,693 4,350 5,501 5,503 4,006 197 109
  Shares 3,076 6,441 14,038 13,653 18,256 19,513 21,955 19,155
  Other financial assets 0 0 0 1,400 4,209 7,377 6,861 759
  Total financial assets 38,862 41,967 46,913 54,577 64,309 76,404 89,174 102,968
Net worth   38,170   41,660   46,462   54,558   64,145   76,101   88,233   100,814
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 52 
Quebec Pension Plan liabilities and assets (millions of dollars)
National Accounts basis
  1999 2000 2001 2002 2003 2004 2005 2006
Liabilities
  Total liabilities 0 0 0 0 0 0 0 0
Financial assets
  Government claims 15,725 18,350 16,452 18,125 18,754 22,421 26,973 32,239
  Other financial assets 275 0 0 0 0 0 0 0
  Total financial assets 16,000 18,350 16,452 18,125 18,754 22,421 26,973 32,239
Net worth   16,000   18,350   16,452   18,125   18,754   22,421   26,973   32,239
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

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