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Table 46
Actual, cyclically adjusted and primary-cyclically adjusted budget balances
Government Finance Statistics (GFS)
Year Actual
(millions of dollars)
Cyclically
adjusted(1)
(millions of dollars)
Primary-cyclically
adjusted(1)
(millions of dollars)
Actual
(per cent of potential GDP)
Cyclically
adjusted(1)
(per cent of potential GDP)
Primary-cyclically
adjusted(1)
(per cent of potential GDP)
1991 -56,988 -54,176 10,350 -7.9 -7.5 1.4
1992 -64,058 -52,609 12,632 -8.7 -7.1 1.7
1993 -63,720 -50,709 16,142 -8.3 -6.6 2.1
1994 -51,916 -45,005 24,592 -6.5 -5.6 3.1
1995 -43,002 -35,523 42,004 -5.1 -4.2 5.0
1996 -23,317 -13,962 62,322 -2.7 -1.6 7.1
1997 2,248 7,279 81,314 0.2 0.8 8.9
1998 2,045 15,015 90,491 0.2 1.6 9.6
1999 17,961 21,557 96,587 1.8 2.2 9.7
2000 32,229 12,829 89,320 3.0 1.2 8.3
2001 8,551 10,349 83,574 0.8 0.9 7.4
2002 390 12,675 79,758 0.0 1.1 6.7
2003 721 7,975 73,391 0.1 0.6 5.9
2004 13,341 10,044 73,855 1.0 0.8 5.6
2005 23,573 12,331 74,971 1.7 0.9 5.4
2006 26,711 8,043 71,026 1.8 0.5 4.8
2007 22,834 11,439 74,964 1.5 0.7 4.8
2008 -4,967 -16,456 45,589 -0.3 -1.0 2.8
2009 -70,846 -16,103 41,124 -4.3 -1.0 2.5
2010 -81,947 -30,745 29,045 -4.8 -1.8 1.7
2011 -65,468 -49,902 12,439 -3.7 -2.8 0.7
2012 -61,280 -46,956 14,524 -3.3 -2.6 0.8
Sources: Statistics Canada, Government Finance Statistics (Table 385-0032); Department of Finance.
Estimates are based on an update of the methodology developed in 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. In particular, this update incorporates the cyclical impact of commodity prices in the calculation of the cyclical component and a treatment of the Employment Insurance Account that is reflective of the current regime.
(1) For some specific years, temporary counter-cyclical fiscal measures (e.g. most temporary measures included in the stimulus phase of the Economic Action Plan) as well as punctual factors such a one-time gains or expenses (e.g. related to sales tax harmonization) are included in the cyclical component of the balance and therefore excluded from the cyclically-adjusted budgetary balance.
Table 47
Federal government liabilities and assets
National Accounts basis
(millions of dollars)
  2005 2006 2007 2008 2009 2010 2011 2012
Liabilities                
Currency and deposits 4,396 4,627 4,826 5,005 5,142 5,265 5,377 5,493
Trade payables 757 791 344 330 621 621 621 621
Mortgages 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 2,993 795 677 499 344 531 891 1,039
Life insurance and pensions 133,251 135,238 139,091 141,660 144,161 147,019 150,054 152,530
Other liabilities 52,396 58,730 58,992 60,483 71,736 80,261 81,989 82,109
Short-term paper 127,570 127,373 121,915 143,056 196,662 173,522 170,508 177,150
Bonds and debentures 292,924 283,584 273,497 269,581 330,354 396,726 435,442 461,726
Total liabilities 614,286 611,138 599,342 620,614 749,019 803,944 844,881 880,668
Financial assets                
Currency and deposits 4,117 3,949 4,222 11,566 21,254 6,998 3,862 11,917
Trade receivables 207 192 263 265 551 551 551 551
Mortgages 483 404 266 262 325 325 325 325
Non-mortgage loans/claims 21,042 20,881 21,833 42,424 106,045 121,534 119,989 120,607
Other financial assets 17,005 17,115 13,094 6,235 21,178 28,660 27,348 25,481
Equity 64,511 67,197 70,328 76,866 90,767 94,798 101,321 105,101
Investment fund shares 0 0 0 0 0 0 0 0
Short-term paper 2,332 2,351 2,288 2,077 1,794 1,794 1,794 1,794
Bonds and debentures 6,511 6,690 6,103 5,513 5,292 5,220 6,050 4,953
Total financial assets 116,208 118,780 118,396 145,208 247,206 259,880 261,241 270,728
Net financial assets -498,078 -492,358 -480,945 -475,406 -501,813 -544,064 -583,640 -609,939
Non-financial assets                
Residential structures 745 798 859 899 902 918 925 946
Non-residential structures 23,224 24,260 25,416 27,059 27,287 27,091 27,574 28,392
Machinery and equipment 5,212 4,692 4,800 4,985 4,978 5,169 5,770 6,584
Inventories 290 296 272 312 308 282 249 298
Land 6,652 7,045 7,506 8,085 8,228 8,276 8,532 8,870
Intellectual property 10,630 11,484 12,060 12,444 12,990 13,576 13,718 13,714
Weapons systems 3,979 3,989 4,266 5,158 6,192 6,789 7,013 7,249
Total non-financial assets 50,732 52,564 55,179 58,942 60,884 62,100 63,782 66,053
Total assets 166,940 171,344 173,576 204,150 308,090 321,980 325,023 336,781
Net worth (liabilities less assets) -447,346 -439,793 -425,766 -416,464 -440,929 -481,963 -519,858 -543,886
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).
Table 48
Provincial, local and Aboriginal governments' liabilities and assets
National Accounts basis
(millions of dollars)
  2005 2006 2007 2008 2009 2010 2011 2012
Liabilities                
Currency and deposits 0 0 0 0 0 0 0 -1
Trade payables 21,323 25,545 30,608 31,568 33,586 43,401 51,517 55,133
Mortgages 1,959 1,880 1,794 1,742 1,740 1,740 1,740 1,740
Non-mortgage loans/claims 35,200 33,732 33,437 34,768 37,800 40,421 43,438 44,785
Life insurance and pensions 56,094 58,831 61,461 64,394 67,255 71,469 74,423 77,266
Other liabilities 175,651 201,424 225,364 232,217 251,345 260,020 269,794 285,899
Short-term paper 13,412 17,243 18,844 25,562 33,834 37,259 39,695 44,729
Bonds and debentures 388,889 395,690 407,999 424,738 451,211 492,431 537,489 576,280
Total liabilities 692,527 734,345 779,509 814,990 876,770 946,742 1,018,097 1,085,831
Financial assets                
Currency and deposits 23,017 24,977 27,517 29,980 34,809 41,801 47,069 57,160
Trade receivables 6,753 6,997 7,210 7,690 8,941 9,749 9,981 10,049
Mortgages 9,317 10,948 10,708 10,118 10,587 10,560 10,606 10,610
Non-mortgage loans/claims 87,874 93,082 99,038 106,866 113,789 118,266 122,049 125,040
Other financial assets 65,750 77,785 95,672 91,790 96,442 104,979 100,914 101,569
Equity 61,408 65,613 71,712 80,897 81,573 79,497 79,458 80,372
Investment fund shares 38,895 41,760 46,855 46,418 42,312 42,383 40,584 39,926
Short-term paper 42,622 48,824 57,429 60,447 56,670 57,462 59,324 59,797
Bonds and debentures 80,106 87,939 93,139 97,492 110,006 111,821 118,095 123,048
Total financial assets 415,742 457,925 509,279 531,699 555,129 576,515 588,080 607,570
Net financial assets -276,785 -276,421 -270,229 -283,291 -321,641 -370,227 -430,018 -478,260
Non-financial assets                
Residential structures 14,360 15,782 17,118 18,293 18,779 19,747 20,685 21,722
Non-residential structures 268,263 292,539 321,257 357,299 379,131 400,171 432,608 463,799
Machinery and equipment 12,989 13,762 14,648 16,028 18,248 18,828 18,764 19,838
Inventories 0 0 0 0 0 0 0 0
Land 79,956 88,399 98,475 110,387 117,822 125,797 137,438 148,550
Intellectual property 30,488 33,350 36,190 39,109 41,131 43,198 44,678 45,954
Weapons systems 0 0 0 0 0 0 0 0
Total non-financial assets 406,054 443,835 487,687 541,114 575,110 607,741 654,172 699,863
Total assets 821,796 901,759 996,967 1,072,813 1,130,239 1,184,255 1,242,252 1,307,433
Net worth (liabilities less assets) 129,269 167,414 217,458 257,825 253,468 237,514 224,154 221,603
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).
Table 49
Social security funds
National Accounts basis
(millions of dollars)
  2005 2006 2007 2008 2009 2010 2011 2012
Liabilities                
Currency and deposits 0 0 0 0 0 0 0 0
Trade payables 0 0 0 0 0 0 0 0
Mortgages 0 0 0 0 0 0 0 0
Non-mortgage loans/claims 0 0 0 0 0 0 0 0
Life insurance and pensions 0 0 0 0 0 0 0 0
Other liabilities 443 1,379 1,874 8,288 2,975 2,029 4,765 10,818
Short-term paper 0 0 0 0 976 1,302 1,417 4,663
Bonds and debentures 0 0 0 0 0 0 0 0
Total liabilities 443 1,379 1,874 8,288 3,952 3,332 6,182 15,481
Financial assets                
Currency and deposits 0 0 0 0 0 0 0 0
Trade receivables 0 0 0 0 0 0 0 0
Mortgages 1,256 1,818 2,636 2,929 2,337 2,158 2,254 2,328
Non-mortgage loans/claims 1,039 119 536 1,755 2,697 4,708 7,161 9,722
Other financial assets 3,016 3,797 6,163 13,423 12,112 12,652 12,169 13,221
Equity 18,723 33,923 37,352 38,354 48,778 46,543 49,652 65,094
Investment fund shares 27,667 27,472 30,636 35,859 32,164 37,790 47,009 50,371
Short-term paper 14,269 13,639 17,088 19,412 15,276 16,233 20,395 20,173
Bonds and debentures 42,177 44,138 49,477 43,210 43,221 46,542 47,320 50,448
Total financial assets 108,148 124,908 143,886 154,942 156,585 166,626 185,960 211,356
Net financial assets 107,705 123,528 142,011 146,654 152,633 163,294 179,778 195,875
Non-financial assets                
Residential structures 0 0 0 0 0 0 0 0
Non-residential structures 0 0 0 0 0 0 0 0
Machinery and equipment 0 0 0 0 0 0 0 0
Inventories 0 0 0 0 0 0 0 0
Land 0 0 0 0 0 0 0 0
Intellectual property 0 0 0 0 0 0 0 0
Weapons systems 0 0 0 0 0 0 0 0
Total non-financial assets 0 0 0 0 0 0 0 0
Total assets 108,148 124,908 143,886 154,942 156,585 166,626 185,960 211,356
Net worth (liabilities less assets) 107,705 123,528 142,011 146,654 152,633 163,294 179,778 195,875
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).
Table 50
Total government liabilities and assets
National Accounts basis
(millions of dollars)
  2005 2006 2007 2008 2009 2010 2011 2012
Liabilities                
Currency and deposits 4,396 4,627 4,826 5,005 5,142 5,265 5,377 5,492
Trade payables 22,080 26,336 30,952 31,898 34,208 44,022 52,138 55,754
Mortgages 1,959 1,880 1,794 1,742 1,740 1,740 1,740 1,740
Non-mortgage loans/claims 38,193 34,528 34,113 35,267 38,143 40,951 44,329 45,823
Life insurance and pensions 189,345 194,069 200,552 206,054 211,416 218,488 224,476 229,796
Other liabilities 228,489 261,533 286,230 300,988 326,056 342,310 356,550 378,826
Short-term paper 140,982 144,616 140,759 168,619 231,472 212,084 211,620 226,542
Bonds and debentures 681,812 679,273 681,496 694,319 781,566 889,156 972,931 1,038,006
Total liabilities 1,307,257 1,346,862 1,380,724 1,443,893 1,629,742 1,754,017 1,869,162 1,981,980
Financial assets                
Currency and deposits 27,134 28,926 31,740 41,546 56,063 48,798 50,932 69,076
Trade receivables 6,960 7,188 7,473 7,956 9,492 10,300 10,532 10,600
Mortgages 11,056 13,170 13,611 13,308 13,249 13,042 13,185 13,263
Non-mortgage loans/claims 109,956 114,082 121,406 151,045 222,532 244,508 249,200 255,369
Other financial assets 85,770 98,697 114,928 111,448 129,732 146,290 140,432 140,272
Equity 144,643 166,734 179,392 196,117 221,118 220,838 230,431 250,567
Investment fund shares 66,562 69,233 77,490 82,277 74,476 80,173 87,593 90,297
Short-term paper 59,223 64,814 76,804 81,936 73,740 75,488 81,512 81,764
Bonds and debentures 128,795 138,768 148,717 146,216 158,518 163,584 171,463 178,447
Total financial assets 640,099 701,612 771,561 831,849 958,920 1,003,020 1,035,280 1,089,655
Net financial assets -667,158 -645,250 -609,163 -612,044 -670,821 -750,996 -833,882 -892,324
Non-financial assets                
Residential structures 15,104 16,580 17,977 19,192 19,680 20,666 21,610 22669
Non-residential structures 291,486 316,800 346,672 384,358 406,417 427,262 460,183 492191
Machinery and equipment 18,201 18,454 19,447 21,013 23,226 23,997 24,534 26422
Inventories 290 296 272 312 308 282 249 298
Land 86,607 95,444 105,982 118,472 126,050 134,072 145,969 157420
Intellectual property 41,118 44,834 48,250 51,553 54,121 56,774 58,396 59668
Weapons systems 3,979 3,989 4,266 5,158 6,192 6,789 7,013 7249
Total non-financial assets 456,786 496,399 542,866 600,057 635,994 669,842 717,954 765916
Total assets 1,096,885 1,198,011 1,314,428 1,431,906 1,594,914 1,672,862 1,753,234 1,855,572
Net worth (liabilities less assets) -210,372 -148,851 -66,297 -11,986 -34,827 -81,155 -115,927 -126,408
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0121).

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