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Fiscal Reference Tables : 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
	(millions of dollars)
1975	-5,215	-5,586	-3,053	-6,143	-6,805	-4,017
1976	-4,835	-5,917	-2,772	-5,567	-7,519	-3,900
1977	-9,505	-10,891	-7,318	-9,054	-11,668	-7,553
1978	-13,526	-15,312	-10,621	-11,686	-15,140	-9,716
1979	-11,162	-13,498	-7,142	-9,542	-14,087	-7,583
1980	-12,545	-13,603	-5,547	-12,787	-14,837	-6,911
1981	-10,001	-10,847	683	-10,195	-11,760	-758
1982	-21,341	-13,198	1,316	-26,693	-11,617	2,770
1983	-27,880	-19,709	-4,432	-33,613	-18,066	-1,995
1984	-33,677	-30,640	-11,750	-34,957	-29,091	-8,659
1985	-37,998	-38,885	-16,222	-41,711	-43,418	-18,608
1986	-28,933	-30,020	-5,806	-36,605	-38,712	-11,445
1987	-25,990	-30,642	-4,695	-30,307	-39,488	-9,361
1988	-26,292	-35,773	-5,850	-26,572	-45,654	-11,861
1989	-27,697	-37,139	-1,530	-30,235	-49,369	-9,799
1990	-33,309	-37,029	3,102	-39,633	-47,399	-2,439
1991	-37,214	-29,568	9,742	-57,257	-41,729	2,773
1992	-35,787	-24,800	12,998	-63,928	-41,874	3,546
1993	-39,696	-29,351	8,166	-63,354	-42,123	4,772
1994	-35,088	-30,430	8,076	-51,684	-41,792	8,201
1995	-31,700	-26,496	17,885	-43,181	-32,034	24,589
1996	-16,957	-7,952	35,735	-23,421	-4,160	51,945
1997	6,476	12,654	53,927	1,640	14,709	68,459
1998	7,676	12,349	54,313	765	10,627	65,891
1999	8,770	7,828	49,174	15,855	13,868	68,547
2000	20,028	13,949	56,339	31,705	18,918	72,812
2001	12,010	12,100	51,033	7,292	7,479	59,885
2002	9,396	9,714	44,076	-1,088	-429	47,018
2003	4,121	6,950	39,394	-1,024	4,820	49,335
2004	10,830	11,319	42,289	11,146	12,168	55,069
2005	2,052	1,789	31,001	21,186	20,630	60,601
2006	10,241	9,147	38,071	19,449	17,099	54,531
2007	15,387	15,397	42,621	21,299	21,320	57,059
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
National Economic and Financial Accounts

	Federal government			Total government
Year	Actual	Cyclically adjusted	Primary- cyclically adjusted	Actual	Cyclically adjusted	Primary- cyclically adjusted
	(per cent of potential GDP)
1975	-3.0	-3.2	-1.8	-3.6	-3.9	-2.3
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	-4.0
1979	-4.1	-4.9	-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	-3.9
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	-8.7	-5.7	0.5
1993	-5.2	-3.9	1.1	-8.4	-5.6	0.6
1994	-4.5	-3.9	1.0	-6.6	-5.3	1.0
1995	-3.8	-3.2	2.2	-5.2	-3.9	3.0
1996	-2.0	-0.9	4.1	-2.7	-0.5	6.0
1997	0.7	1.4	6.0	0.2	1.6	7.6
1998	0.8	1.3	5.8	0.1	1.1	7.1
1999	0.9	0.8	5.0	1.6	1.4	7.0
2000	1.9	1.3	5.3	3.0	1.8	6.9
2001	1.1	1.1	4.6	0.7	0.7	5.4
2002	0.8	0.8	3.8	-0.1	0.0	4.1
2003	0.3	0.6	3.2	-0.1	0.4	4.0
2004	0.8	0.9	3.3	0.9	0.9	4.3
2005	0.1	0.1	2.3	1.5	1.5	4.4
2006	0.7	0.6	2.6	1.3	1.2	3.8
2007	1.0	1.0	2.8	1.4	1.4	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
National Economic and Financial Accounts

	Federal government			Total government
Year	Actual	Cyclically adjusted	Primary- cyclically adjusted	Actual	Cyclically adjusted	Primary- cyclically adjusted
	(per cent of potential GDP)
1976	0.6	0.2	0.4	0.7	0.1	0.3
1977	-1.9	-2.0	-2.0	-1.3	-1.6	-1.5
1978	-1.3	-1.4	-1.1	-0.7	-0.9	-0.6
1979	1.5	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	0.2	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	-0.2	-0.8	-0.8	-0.7	-1.3
2003	-0.5	-0.3	-0.6	0.0	0.4	0.0
2004	0.5	0.3	0.0	0.9	0.5	0.2
2005	-0.7	-0.7	-1.0	0.7	0.6	0.2
2006	0.6	0.5	0.4	-0.2	-0.3	-0.6
2007	0.3	0.4	0.1	0.0	0.2	-0.1
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
Federal government liabilities and assets
National Accounts basis

	2000	2001	2002	2003	2004	2005	2006	2007
	(millions of dollars)
Liabilities
Currency and bank deposits	3,735	3,901	4,118	4,189	4,293	4,509	4,600	4,855
Trade payables	721	486	573	854	583	811	811	486
Loans	103	101	101	103	100	101	101	100
Life insurance and pensions	136,115	119,903	129,075	130,355	132,141	134,180	136,758	139,766
Government claims	8,991	7,717	8,974	8,870	6,604	1,884	766	621
Other liabilities	35,006	51,986	33,866	34,784	39,997	56,796	58,425	62,838
Sub-total	184,671	184,094	176,707	179,155	183,718	198,281	201,461	208,666
Canada short-term paper	84,362	99,729	107,050	118,941	118,762	129,632	126,307	117,712
Canada bonds	355,308	339,262	331,079	315,027	295,423	285,530	278,641	267,391
Sub-total:  Unmatured debt	439,670	438,991	438,129	433,968	414,185	415,162	404,948	385,103
Total liabilities	624,341	623,085	614,836	613,123	597,903	613,443	606,409	593,769
Financial assets
Currency and deposits	7,766	8,929	5,325	4,291	3,770	3,785	4,528	4,475
Trade receivables	18	20	20	256	211	207	207	284
Loans	12,760	14,357	16,816	21,379	16,045	17,575	16,868	18,310
Canada short-term paper	365	590	590	603	541	825	825	959
Other short-term paper	83	0	0	0	1,460	1,430	1,430	1,332
Mortgages	533	360	360	497	609	686	686	537
Canada bonds	2,775	4,570	4,066	5,355	5,035	5,291	5,283	5,389
Provincial bonds	297	378	378	354	329	258	258	253
Municipal bonds	0	0	0	0	0	0	0	0
Other bonds	659	782	782	692	859	769	769	576
Government claims	66,708	76,338	80,011	71,531	64,983	66,306	72,021	71,823
Shares	1,229	1,320	1,320	1,351	117	134	260	212
Foreign investments	0	241	241	86	65	63	63	42
Other financial assets	675	10,598	3,690	9,571	7,733	18,515	19,324	12,387
Total financial assets	93,868	118,483	113,599	115,966	101,757	115,844	122,522	116,579
Net financial assets	-530,473	-504,602	-501,237	-497,157	-496,146	-497,599	-483,887	-477,190
Non-financial assets
Non-residential structures	30,508	30,809	30,902	31,348	32,475	33,511	34,648	37,276
Machinery and equipment	8,892	9,309	10,158	9,324	9,006	8,914	8,863	8,315
Inventories	409	396	301	370	406	394	362	377
Land	7,932	8,010	8,065	8,245	8,671	9,014	9,424	10,289
Total non-financial assets	47,741	48,524	49,426	49,287	50,558	51,833	53,297	56,257
Total assets	141,609	167,007	163,025	165,253	152,315	167,677	175,819	172,836
Net worth	-482,732	-456,078	-451,811	-447,870	-445,588	-445,766	-430,590	-420,933
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

Table 49
Provincial and local governments’ liabilities and assets
National Accounts basis

	2000	2001	2002	2003	2004	2005	2006	2007
	(millions of dollars)
Liabilities
Other deposits	2,592	2,620	2,606	0	0	0	0	0
Trade payables	17,576	14,993	14,669	16,005	15,549	20,793	22,709	24,530
Loans	14,759	14,115	14,885	15,685	18,842	20,746	21,029	22,059
Other short-term paper	16,123	18,109	21,932	21,066	18,331	13,737	15,526	21,792
Mortgages	2,773	2,144	2,095	2,048	2,018	1,925	1,900	1,899
Bonds:
Provincial	296,328	306,994	324,049	320,004	334,414	344,764	345,375	349,905
Municipal	35,950	35,805	36,268	37,081	38,959	41,326	43,772	46,601
Other	1,782	1,800	2,617	3,090	3,433	3,741	3,902	3,816
Life insurance and pensions	46,358	48,275	50,572	52,511	54,805	56,974	59,921	62,378
Government claims	11,856	12,134	11,608	12,804	12,576	11,124	10,399	9,958
Other liabilities	111,797	125,394	129,655	140,292	145,586	163,956	179,530	184,451
Total liabilities	557,894	582,383	610,956	620,586	644,513	679,086	704,063	727,389
Financial assets
Currency and deposits	16,276	16,162	17,273	18,381	19,819	23,245	22,601	25,126
Trade receivables	5,865	5,938	6,078	5,980	5,932	6,848	6,784	6,994
Loans	9,576	11,646	13,084	14,140	16,219	17,056	18,939	18,928
Canada short-term paper	4,517	6,310	6,525	6,828	7,070	8,265	7,569	9,365
Other short-term paper	24,282	18,095	24,208	20,540	29,910	35,845	40,369	39,373
Mortgages	6,168	5,511	5,533	6,761	7,170	7,075	7,092	7,118
Canada bonds	18,028	20,561	18,890	22,911	18,940	22,053	26,144	28,383
Provincial bonds	32,176	35,140	37,091	37,615	38,312	40,104	41,650	44,219
Municipal bonds	8,172	7,991	7,817	7,682	7,986	8,256	9,216	10,625
Other bonds	13,233	14,852	15,579	15,698	15,311	20,373	24,804	27,109
Government claims	81,615	87,397	86,850	93,757	96,177	98,364	97,747	99,186
Shares	46,697	49,162	49,661	51,491	51,048	53,483	54,322	54,582
Foreign investments	4,395	5,926	7,488	8,870	10,802	12,508	13,545	15,320
Other financial assets	57,464	62,993	56,823	56,574	65,514	83,646	86,724	95,529
Total financial assets	328,464	347,684	352,900	367,228	390,210	437,121	457,506	481,857
Net financial assets	-229,430	-234,699	-258,056	-253,358	-254,303	-241,965	-246,557	-245,532
Non-financial assets
Residential structures	7,714	7,853	8,098	8,303	8,348	8,513	11,293	12,927
Non-residential structures	267,723	272,651	282,116	294,719	313,786	334,901	355,902	389,878
Machinery and equipment	16,402	18,326	20,094	20,615	21,299	22,743	24,311	25,474
Land	73,296	74,650	77,495	81,508	87,813	94,212	102,292	113,901
Total non-financial assets	365,135	373,480	387,803	405,145	431,246	460,369	493,798	542,180
Total assets	693,599	721,164	740,703	772,373	821,456	897,490	951,304	1,024,037
Net worth	135,705	138,781	129,747	151,787	176,943	218,404	247,241	296,648
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

 

Table 50
Canada Pension Plan liabilities and assets
National Accounts basis

	2000	2001	2002	2003	2004	2005	2006	2007
	(millions of dollars)
Liabilities
Total liabilities	307	451	19	164	63	266	606	1,273
Financial assets
Bonds:
Government of Canada	3,401	3,387	3,365	3,349	3,281	3,072	1,934	1,809
Provincial government	26,432	25,138	23,475	21,889	21,542	21,006	20,663	21,849
Other Canadian bonds	0	0	0	0	0	1,819	3,469	6,531
Other short-term paper	0	0	446	2,959	8,729	11,837	15,788	18,663
Foreign investments	0	0	6,737	8,144	11,488	21,617	37,273	38,222
Government claims	5,693	4,350	5,501	5,503	4,396	141	110	348
Shares	6,441	14,038	13,653	18,256	19,465	21,749	19,307	21,715
Other financial assets	0	0	1,400	4,209	2,383	2,932	4,160	4,715
Total financial assets	41,967	46,913	54,577	64,309	71,284	84,173	102,704	113,852
Net worth	41,660	46,462	54,558	64,145	71,221	83,907	102,098	112,579
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

Table 51
Québec Pension Plan liabilities and assets
National Accounts basis

	2000	2001	2002	2003	2004	2005	2006	2007
	(millions of dollars)
Liabilities
Total liabilities	0	0	0	0	0	0	0	0
Financial assets
Government claims	18,350	16,452	18,125	18,754	22,421	26,973	32,239	34,703
Other financial assets	0	0	0	0	0	0	0	0
Total financial assets	18,350	16,452	18,125	18,754	22,421	26,973	32,239	34,703
Net worth	18,350	16,452	18,125	18,754	22,421	26,973	32,239	34,703
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

 

Table 52
Total government liabilities and assets
National Accounts basis

	2000	2001	2002	2003	2004	2005	2006	2007
	(millions of dollars)
Liabilities
Currency and bank deposits	3,735	3,901	4,118	4,189	4,293	4,509	4,600	4,855
Other deposits	2,592	2,620	2,606	0	0	0	0	0
Trade payables	18,297	15,479	15,242	16,859	16,132	21,604	23,520	25,016
Loans	14,862	14,216	14,986	15,788	18,942	20,847	21,130	22,159
Canada short-term paper	84,362	99,729	107,050	118,941	118,762	129,632	126,307	117,712
Other short-term paper	16,123	18,109	21,932	21,066	18,331	13,737	15,526	21,792
Mortgages	2,773	2,144	2,095	2,048	2,018	1,925	1,900	1,899
Canada bonds	355,308	339,262	331,079	315,027	295,423	285,530	278,641	267,391
Provincial bonds	296,328	306,994	324,049	320,004	334,414	344,764	345,375	349,905
Municipal bonds	35,950	35,805	36,268	37,081	38,959	41,326	43,772	46,601
Other bonds	1,782	1,800	2,617	3,090	3,433	3,741	3,902	3,816
Life insurance and pensions	182,473	168,178	179,647	182,866	186,946	191,154	196,679	202,144
Government claims	20,847	19,851	20,582	21,674	19,180	13,008	11,165	10,579
Other liabilities	147,110	177,831	163,540	175,240	185,646	221,018	238,561	248,562
Total liabilities	1,182,542	1,205,919	1,225,811	1,233,873	1,242,479	1,292,795	1,311,078	1,322,431
Financial assets
Currency and deposits	24,042	25,091	22,598	22,672	23,589	27,030	27,129	29,601
Trade receivables	5,883	5,958	6,098	6,236	6,143	7,055	6,991	7,278
Loans	22,336	26,003	29,900	35,519	32,264	34,631	35,807	37,238
Canada short-term paper	4,882	6,900	7,115	7,431	7,611	9,090	8,394	10,324
Other short-term paper	24,365	18,095	24,654	23,499	40,099	49,112	57,587	59,368
Mortgages	6,701	5,871	5,893	7,258	7,779	7,761	7,778	7,655
Canada bonds	24,204	28,518	26,321	31,615	27,256	30,416	33,361	35,581
Provincial bonds	58,905	60,656	60,944	59,858	60,183	61,368	62,571	66,321
Municipal bonds	8,172	7,991	7,817	7,682	7,986	8,256	9,216	10,625
Other bonds	13,892	15,634	16,361	16,390	16,170	22,961	29,042	34,216
Government claims	172,366	184,537	190,487	189,545	187,977	191,784	202,117	206,060
Shares	54,367	64,520	64,634	71,098	70,630	75,366	73,889	76,509
Foreign investments	4,395	6,167	14,466	17,100	22,355	34,188	50,881	53,584
Other financial assets	58,139	73,591	61,913	70,354	75,630	105,093	110,208	112,631
Total financial assets	482,649	529,532	539,201	566,257	585,672	664,111	714,971	746,991
Net financial assets	-699,893	-676,387	-686,610	-667,616	-656,807	-628,684	-596,107	-575,440
Non-financial assets
Residential structures	7,714	7,853	8,098	8,303	8,348	8,513	11,293	12,927
Non-residential structures	298,231	303,460	313,018	326,067	346,261	368,412	390,550	427,154
Machinery and equipment	25,294	27,635	30,252	29,939	30,305	31,657	33,174	33,789
Inventories	409	396	301	370	406	394	362	377
Land	81,228	82,660	85,560	89,753	96,484	103,226	111,716	124,190
Total non-financial assets	412,876	422,004	437,229	454,432	481,804	512,202	547,095	598,437
Total assets	895,525	951,536	976,430	1,020,689	1,067,476	1,176,313	1,262,066	1,345,428
Net worth	-287,017	-254,383	-249,381	-213,184	-175,003	-116,482	-49,012	22,997
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).
Data in this table include Canada Pension Plan and Quebec Pension Plan liabilities and assets.

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