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Table 12
Direct program expenses
(millions of dollars)
Year Other
transfers
Crown corporation expenses National Defence Other departments
and agencies
Total
1983–84 13,970 3,157 7,209 13,219 37,555
1984–85 16,202 4,676 7,900 13,065 41,843
1985–86 14,753 3,101 8,386 13,293 39,533
1986–87 14,649 3,549 9,143 14,537 41,878
1987–88 16,800 4,344 9,708 16,239 47,091
1988–89 16,820 3,201 10,206 17,612 47,839
1989–90 16,157 3,530 10,982 19,197 49,866
1990–91 15,787 4,596 11,323 19,573 51,279
1991–92 17,712 4,445 10,759 17,863 50,779
1992–93 18,499 4,901 10,780 20,447 54,627
1993–94 18,789 2,770 11,087 20,304 52,950
1994–95 20,437 3,230 10,580 22,398 56,645
1995–96 18,578 7,666 9,817 19,598 55,659
1996–97 17,978 3,237 8,807 20,317 50,339
1997–98 22,099 2,578 9,087 21,565 55,329
1998–99 16,208 3,925 9,308 21,590 51,031
1999–00 19,140 3,318 10,113 22,795 55,366
2000–01 22,070 3,448 9,744 27,226 62,488
2001–02 19,430 4,175 10,443 29,703 63,751
2002–03 22,657 4,572 11,803 28,996 68,028
2003–04 26,295 4,474 12,869 32,844 76,482
2004–05 29,118 6,835 14,318 35,151 85,422
2005–06 28,634 5,076 15,034 35,243 83,987
2006–07 30,693 5,109 15,732 41,103 92,637
2007–08 31,269 5,185 17,331 44,552 98,337
2008–09 34,793 5,859 18,770 44,567 103,989
2009–10 45,949 7,400 20,863 48,556 122,768
2010–11 43,155 7,584 21,273 50,407 122,419
2011–12 37,720 8,198 22,783 50,393 119,094
2012-13 34,862 9,512 22,978 50,128 117,480
2013-14 36,698 7,484 21,511 50,217 115,910
(1) Other transfers include transfer payments to individuals and other organizations not included in major transfers to persons and other levels of government.
Table 13
Public debt charges
Year Gross public
debt charges
(millions of dollars)
Return on
investments
(millions of dollars)
Net public
debt charges
(millions of dollars)
Gross public debt
charges as a
percentage of
revenues
(per cent)
Gross public debt
charges as a
percentage of
expenses
(per cent)
Gross public debt
charges as a
percentage of
interest-bearing debt
(per cent)
1966–67 1,182 519 663 11.8 11.3 4.4
1967–68 1,286 612 674 11.8 10.7 4.5
1968–69 1,464 695 769 11.9 11.3 4.8
1969–70 1,694 860 834 11.5 11.6 5.3
1970–71 1,887 1,000 887 12.3 11.5 5.3
1971–72 2,110 1,133 977 12.3 11.2 5.4
1972–73 2,300 1,265 1,035 11.6 10.6 5.5
1973–74 2,565 1,461 1,104 11.2 10.2 5.9
1974–75 3,238 1,802 1,436 10.8 10.1 6.6
1975–76 3,970 2,083 1,887 12.2 10.3 7.2
1976–77 4,708 2,410 2,298 13.3 11.2 7.6
1977–78 5,531 2,592 2,939 15.5 11.9 7.6
1978–79 7,024 3,059 3,965 18.4 13.7 7.8
1979–80 8,494 3,646 4,848 19.6 15.4 8.7
1980–81 10,658 4,409 6,249 20.0 15.7 9.5
1981–82 15,114 5,200 9,914 22.5 18.2 12.0
1982–83 16,903 4,628 12,275 25.1 17.5 11.0

1983–84 20,430 4,266 16,164 31.3 20.9 9.7
1984–85 24,887 4,298 20,589 34.6 22.8 10.1
1985–86 27,657 3,661 23,996 35.6 24.9 9.9
1986–87 28,718 4,255 24,463 33.1 24.6 9.2
1987–88 31,223 4,737 26,486 32.1 24.7 9.2
1988–89 35,532 5,547 29,985 33.4 26.5 9.6
1989–90 41,246 5,850 35,396 35.6 28.4 10.4
1990–91 45,034 6,807 38,227 37.6 29.3 10.4
1991–92 43,861 6,521 37,340 34.8 27.7 9.4
1992–93 41,332 6,838 34,494 33.2 25.3 8.2
1993–94 40,099 5,240 34,859 32.4 24.7 7.4
1994–95 44,185 4,719 39,466 33.8 26.4 7.7
1995–96 49,407 5,344 44,063 35.2 29.0 8.0
1996–97 47,281 4,247 43,034 31.5 29.8 7.5
1997–98 43,120 4,721 38,399 26.8 27.3 6.9
1998–99 43,303 4,890 38,413 26.2 27.1 6.9
1999–00 43,384 5,455 37,929 24.6 26.8 6.9
2000–01 43,892 6,424 37,468 22.6 25.2 7.0
2001–02 39,651 5,625 34,026 21.6 22.5 6.4
2002–03 37,270 7,127 30,143 19.6 20.3 6.1
2003–04 35,769 6,809 28,960 17.8 18.7 5.8
2004–05 34,118 6,985 27,133 15.9 16.0 5.6
2005–06 33,772 8,184 25,588 15.1 16.0 5.6
2006–07 33,945 8,642 25,303 14.2 15.1 5.7
2007–08 33,325 7,308 26,017 13.6 14.1 5.7
2008–09 30,990 9,566 21,424 13.1 12.8 4.4
2009–10 29,414 6,487 22,927 13.2 10.6 3.9
2010–11 30,871 12,236 18,635 12.8 11.3 3.9
2011–12 31,080 10,827 20,253 12.5 11.3 3.7
2012-13 28,871 10,204 18,667 11.2 10.5 3.2
2013-14 28,220 11,252 16,968 10.4 10.2 3.2
Due to a break in the series following the introduction of full accrual accounting, data from 1983–84 onward are not directly comparable with earlier years.
Table 14
Interest-bearing debt
Year Unmatured debt held by
residents
(millions of dollars)
Unmatured debt
held by non-residents
(millions of dollars)
Total
unmatured debt
(millions of dollars)
Percentage held by non-residents
(per cent)
Public sector pensions
(millions of dollars)
Other
liabilities
(millions of dollars)
Total
pension
and other
liabilities
(millions of dollars)
Total interest-bearing debt
(millions of dollars)
1966–67 18,734 815 19,549 4.2 5,530 1,833 7,363 26,912
1967–68 19,593 693 20,286 3.4 6,310 1,816 8,126 28,412
1968–69 20,712 993 21,705 4.6 7,163 1,852 9,015 30,720
1969–70 21,145 939 22,084 4.3 8,003 1,840 9,843 31,927
1970–71 24,132 709 24,841 2.9 8,920 1,914 10,834 35,675
1971–72 26,495 717 27,212 2.6 9,874 1,953 11,827 39,039
1972–73 28,156 855 29,011 2.9 10,952 1,975 12,927 41,938
1973–74 28,417 724 29,141 2.5 12,174 1,998 14,172 43,313
1974–75 32,147 850 32,997 2.6 13,654 2,089 15,743 48,740
1975–76 36,138 1,410 37,548 3.8 15,377 2,037 17,414 54,962
1976–77 40,367 2,134 42,501 5.0 17,252 2,060 19,312 61,813
1977–78 49,068 2,405 51,473 4.7 19,361 2,217 21,578 73,051
1978–79 59,323 7,003 66,326 10.6 21,536 2,383 23,919 90,245
1979–80 64,119 7,405 71,524 10.4 23,722 2,562 26,284 97,808
1980–81 73,151 9,276 82,427 11.3 26,529 2,751 29,280 111,707
1981–82 81,963 10,578 92,541 11.4 30,143 3,374 33,517 126,058
1982–83 104,089 11,785 115,874 10.2 34,143 3,516 37,659 153,533

1983–84 130,027 12,970 142,997 9.1 38,009 29,492 67,501 210,498
1984–85 152,573 19,871 172,444 11.5 42,312 30,908 73,220 245,664
1985–86 174,990 25,859 200,849 12.9 46,994 32,110 79,104 279,953
1986–87 191,283 36,926 228,209 16.2 51,992 32,684 84,676 312,885
1987–88 205,344 44,572 249,916 17.8 57,417 33,467 90,884 340,800
1988–89 215,769 58,378 274,147 21.3 63,241 33,846 97,087 371,234
1989–90 227,686 63,959 291,645 21.9 69,626 34,861 104,487 396,132
1990–91 246,962 73,751 320,713 23.0 76,139 35,916 112,055 432,768
1991–92 264,792 84,879 349,671 24.3 81,881 36,621 118,502 468,173
1992–93 273,729 105,968 379,697 27.9 87,911 37,184 125,095 504,792
1993–94 298,159 114,021 412,180 27.7 94,097 37,253 131,350 543,530
1994–95 321,238 116,375 437,613 26.6 101,033 38,766 139,799 577,412
1995–96 343,412 124,476 467,888 26.6 107,882 40,612 148,494 616,382
1996–97 352,767 124,430 477,197 26.1 114,205 42,073 156,278 633,475
1997–98 349,451 118,737 468,188 25.4 117,457 43,417 160,874 629,062
1998–99 353,275 107,027 460,302 23.3 122,407 45,784 168,191 628,493
1999–00 355,036 98,960 453,996 21.8 128,346 47,405 175,751 629,747
2000–01 353,548 92,610 446,158 20.8 129,185 49,788 178,973 625,131
2001–02 366,754 75,056 441,810 17.0 126,921 51,021 177,942 619,752
2002–03 352,209 85,334 437,543 19.5 125,708 52,579 178,287 615,830
2003–04 373,759 60,225 433,984 13.9 127,560 53,338 180,898 614,882
2004–05 370,148 57,276 427,424 13.4 129,579 50,229 179,808 607,232
2005–06 361,452 59,697 421,149 14.2 131,062 48,862 179,924 601,073
2006–07 358,972 55,220 414,192 13.3 134,726 50,334 185,060 599,252
2007–08 339,962 50,735 390,697 13.0 137,371 53,796 191,167 581,864
2008–09 441,408 72,612 514,020 14.1 139,909 56,234 196,143 710,163
2009–10 467,984 91,142 559,126 16.3 142,843 60,814 203,657 762,783
2010–11 462,620 128,535 591,155 21.7 146,135 64,521 210,656 801,811
2011–12 467,936 158,416 626,352 25.3 148,911 68,848 217,759 844,111
2012-13 477,929 194,458 672,387 28.9 151,667 73,347 225,014 897,401
2013-14 490,706 168,252 658,958 25.5 153,083 77,323 230,406 889,364
Due to a break in the series following the introduction of full accrual accounting, data from 1983–84 onward are not directly comparable with earlier years.
Table 15
Gross and net debt
(millions of dollars)
Year Interest-bearing debt Accounts payable and accrued liabilities Gross debt Financial assets Net debt Non-financial assets Accumulated deficit
1966–67 26,912 1,487 28,399 10,691     17,708
1967–68 28,412 1,835 30,247 11,497     18,750
1968–69 30,720 1,977 32,697 13,280     19,417
1969–70 31,927 2,164 34,091 14,814     19,277
1970–71 35,675 2,368 38,043 17,750     20,293
1971–72 39,039 3,194 42,233 20,154     22,079
1972–73 41,938 4,092 46,030 22,050     23,980
1973–74 43,313 5,345 48,658 22,467     26,191
1974–75 48,740 5,560 54,300 25,884     28,416
1975–76 54,962 6,007 60,969 26,349     34,620
1976–77 61,813 7,457 69,270 27,753     41,517
1977–78 73,051 8,487 81,538 29,142     52,396
1978–79 90,245 8,972 99,217 33,792     65,425
1979–80 97,808 9,262 107,070 29,678     77,392
1980–81 111,707 11,859 123,566 31,618     91,948
1981–82 126,058 15,529 141,587 33,965     107,622
1982–83 153,533 17,361 170,894 34,223     136,671

1983–84 210,498 34,475 244,973 73,117 171,856 14,604 157,252
1984–85 245,664 38,817 284,481 71,811 212,670 18,251 194,419
1985–86 279,953 39,416 319,369 70,125 249,244 21,436 227,808
1986–87 312,885 42,131 355,016 73,184 281,832 24,182 257,650
1987–88 340,800 47,211 388,011 75,036 312,975 26,308 286,667
1988–89 371,234 50,214 421,448 77,879 343,569 28,955 314,614
1989–90 396,132 53,164 449,296 74,539 374,757 31,000 343,757
1990–91 432,768 54,894 487,662 76,582 411,080 33,424 377,656
1991–92 468,173 56,075 524,248 78,519 445,729 35,754 409,975
1992–93 504,792 58,398 563,190 75,973 487,217 38,223 448,994
1993–94 543,530 63,723 607,253 79,327 527,926 40,402 487,524
1994–95 577,412 71,321 648,733 81,239 567,494 43,338 524,156
1995–96 616,382 74,881 691,263 92,655 598,608 44,446 554,162
1996–97 633,475 75,928 709,403 100,407 608,996 46,115 562,881
1997–98 629,062 81,739 710,801 103,644 607,157 47,235 559,922
1998–99 628,493 83,671 712,164 109,298 602,866 48,723 554,143
1999–00 629,747 83,876 713,623 123,507 590,116 50,231 539,885
2000–01 625,131 88,479 713,610 141,873 571,737 51,743 519,994
2001–02 619,752 83,244 702,996 137,684 565,312 53,366 511,946
2002–03 615,830 83,196 699,026 139,456 559,570 54,245 505,325
2003–04 614,882 85,212 700,094 149,092 551,002 54,822 496,180
2004–05 607,232 97,740 704,972 155,385 549,587 54,870 494,717
2005–06 601,073 101,432 702,505 165,559 536,946 55,447 481,499
2006–07 599,252 106,511 705,763 181,858 523,905 56,637 467,268
2007–08 581,864 110,463 692,327 176,046 516,281 58,644 457,637
2008–09 710,163 113,999 824,162 298,949 525,213 61,503 463,710
2009–10 762,783 120,525 883,308 300,836 582,472 63,375 519,097
2010–11 801,811 119,060 920,871 303,963 616,908 66,581 550,327
2011–12 844,111 125,003 969,114 317,579 651,535 67,959 583,576
2012-13 897,401 118,744 1,016,145 337,832 678,313 68,922 609,391
2013-14 889,364 111,421 1,000,785 318,471 682,314 70,433 611,881
Due to a break in the series following the introduction of full accrual accounting, data from 1983–84 onward are not directly comparable with earlier years.
Table 16
Unmatured debt held by outside parties
(millions of dollars)
Year Domestic
market-
able bonds(1)
Foreign
market-
able bonds
(1,
2)
Total
market-
able bonds
Treasury  bills(1) Retail debt (3) Canada Pension Plan bonds Other
unma-
tured
dept
Unamor-
tized discounts and premiums and
cross-currency swap
reval-
uation
Less:
govern-ment's
own holdings
Total
1966–67 11,018 523 11,541 2,310 6,017 2   -121 200 19,549
1967–68 11,573 318 11,891 2,480 6,096 6   -138 49 20,286
1968–69 12,294 600 12,894 2,840 6,169 12   -163 47 21,705
1969–70 12,279 605 12,884 2,895 6,579 16   -183 107 22,084
1970–71 13,021 495 13,516 3,735 7,804 21   -175 60 24,841
1971–72 13,385 493 13,878 3,830 9,712 28   -169 67 27,212
1972–73 13,423 491 13,914 4,290 10,989 35   -157 60 29,011
1973–74 13,592 415 14,007 4,905 10,406 43   -156 64 29,141
1974–75 14,311 365 14,676 5,630 12,915 52   -199 77 32,997
1975–76 15,481 337 15,818 6,495 15,517 62   -257 87 37,548
1976–77 17,748 335 18,083 8,255 16,304 72   -124 89 42,501
1977–78 21,182 1,190 22,372 11,295 18,011 84   -191 98 51,473
1978–79 26,532 7,376 33,908 13,535 19,247 96   -314 146 66,326
1979–80 32,947 4,860 37,807 16,325 18,081 113   -497 305 71,524
1980–81 40,849 4,794 45,643 21,770 15,812 136   -711 223 82,427
1981–82 43,493 5,428 48,921 19,375 24,978 154   -626 261 92,541
1982–83 48,377 6,385 54,762 29,125 32,641 171   -688 137 115,874

1983–84 57,036 6,086 63,122 41,700 38,204 189 1,112 -1,016 314 142,997
1984–85 69,438 9,057 78,495 52,300 41,960 205 1,112 -1,387 241 172,444
1985–86 81,067 13,797 94,864 61,950 44,245 445 1,112 -1,492 275 200,849
1986–87 94,426 11,997 106,423 76,950 44,309 1,796 1,112 -1,514 867 228,209
1987–88 103,899 11,282 115,181 81,050 53,323 2,492 1,112 -2,005 1,237 249,916
1988–89 115,748 8,320 124,068 102,700 47,756 3,005 1,112 -3,266 1,228 274,147
1989–90 127,682 5,675 133,357 118,550 40,929 3,072 1,112 -4,029 1,346 291,645
1990–91 143,600 4,526 148,126 139,150 34,444 3,492 1,112 -4,302 1,309 320,713
1991–92 158,062 3,444 161,506 152,300 35,598 3,501 1,112 -3,326 1,020 349,671
1992–93 178,465 5,409 183,874 162,050 34,369 3,505 1,112 -4,156 1,057 379,697
1993–94 203,445 10,668 214,113 166,000 31,331 3,497 1,112 -2,907 966 412,180
1994–95 225,747 16,921 242,668 164,450 31,386 3,488 1,838 -5,223 994 437,613
1995–96 252,766 16,809 269,575 166,100 31,428 3,478 1,885 -3,544 1,034 467,888
1996–97 282,563 23,016 305,579 135,400 33,493 3,468 1,935 -1,590 1,088 477,197
1997–98 294,605 27,183 321,788 112,300 30,479 3,456 1,924 -528 1,231 468,188
1998–99 295,774 36,000 331,774 96,950 28,217 4,063 2,614 -4 3,312 460,302
1999–00 294,441 32,588 327,029 99,850 26,899 3,552 2,601 -2,823 3,112 453,996
2000–01 295,487 33,664 329,151 88,700 26,416 3,473 2,591 -1,304 2,869 446,158
2001–02 294,898 27,547 322,445 94,200 24,021 3,391 2,619 -1,737 3,129 441,810
2002–03 289,208 21,603 310,811 104,600 22,584 3,371 2,664 -3,760 2,727 437,543
2003–04 278,962 20,828 299,790 113,400 21,330 3,427 2,774 -5,247 1,490 433,984
2004–05 266,674 16,543 283,217 127,200 19,080 3,393 2,932 -7,264 1,134 427,424
2005–06 261,872 14,333 276,205 131,600 17,342 3,102 2,927 -9,038 989 421,149
2006–07 257,909 10,617 268,526 134,100 15,175 1,743 3,096 -7,750 698 414,192
2007–08 253,802 9,716 263,518 117,000 13,068 1,042 4,236 -7,633 534 390,697
2008–09 295,322 10,649 305,971 192,500 12,532 523 4,184 -1,061 629 514,020
2009–10 368,013 8,298 376,311 175,900 11,855 452 4,090 -9,325 157 559,126
2010–11 416,411 7,681 424,092 163,000 10,141 27 3,875 -9,576 404 591,155
2011–12 447,768 10,769 458,537 163,400 8,922 11 4,086 -8,743 -139 626,352
2012-13 468,859 10,858 479,717 180,700 7,481 4,564 -188 -113 672,387
2013-14 472,918 16,090 489,008 153,000 6,327   4,782 5,510 -331 658,958
(1) Includes government holdings of its own debt.
(2)  Includes Canada bills, Canada notes and Euro medium-term notes.
(3)  Includes Canada Savings Bonds and Canada Premium Bonds.
Due to a break in the series following the introduction of full accrual accounting, data from 1983–84 onward are not directly comparable with earlier years.
Table 17
Actual, cyclically adjusted and cyclically adjusted primary budgetary balances
Federal Government - Public Accounts
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)
1991-92 -32,319 -30,101 13,760 -4.5 -4.2 1.9
1992-93 -39,019 -32,061 9,271 -5.3 -4.3 1.3
1993-94 -38,530 -32,057 8,042 -5.0 -4.2 1.1
1994-95 -36,632 -32,793 11,392 -4.6 -4.1 1.4
1995-96 -30,006 -28,490 20,917 -3.6 -3.4 2.5
1996-97 -8,719 -4,459 42,822 -1.0 -0.5 4.9
1997-98 2,959 3,543 46,663 0.3 0.4 5.1
1998-99 5,779 10,157 53,460 0.6 1.1 5.7
1999-00 14,258 17,625 61,009 1.4 1.8 6.1
2000-01 19,891 12,145 56,037 1.9 1.1 5.2
2001-02 8,048 9,495 49,146 0.7 0.8 4.3
2002-03 6,621 14,478 51,748 0.6 1.2 4.4
2003-04 9,145 11,954 47,723 0.7 1.0 3.8
2004-05 1,463 11,244 45,362 0.1 0.9 3.4
2005-06 13,218 12,699 46,471 1.0 0.9 3.3
2006-07 13,752 7,561 41,506 0.9 0.5 2.8
2007-08 9,597 165 33,490 0.6 0.0 2.2
2008-09 -5,755 -4,275 26,715 -0.3 -0.3 1.6
2009-10 -55,598 -12,720 16,694 -3.4 -0.8 1.0
2010-11 -33,372 -11,488 19,383 -1.9 -0.7 1.1
2011-12 -26,279 -17,157 13,923 -1.5 -1.0 0.8
2012-13 -18,415 -15,115 13,756 -1.0 -0.8 0.7
2013-14 -5,150 -3,083 25,137 -0.3 -0.2 1.3
Sources: Statistics Canada; Public Accounts of Canada; 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, Alberta flood costs) are included in the cyclical component of the balance and therefore excluded from the cyclically-adjusted budgetary balance.

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