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Table 46
Total government actual, cyclically adjusted and primary-cyclically adjusted budget balances
Government Finance Statistics (GFS)
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 -56,992 -54,126 10,400 -7.9 -7.5 1.4
1992 -64,058 -52,874 12,367 -8.7 -7.2 1.7
1993 -63,719 -51,068 15,783 -8.3 -6.7 2.1
1994 -51,915 -45,359 24,238 -6.5 -5.7 3.0
1995 -43,007 -35,902 41,625 -5.1 -4.3 5.0
1996 -23,316 -14,390 61,894 -2.7 -1.6 7.1
1997 2,248 6,763 80,798 0.2 0.7 8.9
1998 2,045 14,645 90,121 0.2 1.6 9.6
1999 17,961 21,382 96,412 1.8 2.1 9.7
2000 32,229 12,622 89,113 3.0 1.2 8.3
2001 8,551 10,293 83,518 0.8 0.9 7.4
2002 390 12,852 79,935 0.0 1.1 6.7
2003 721 8,089 73,505 0.1 0.6 5.9
2004 13,341 9,798 73,609 1.0 0.7 5.6
2005 23,573 12,034 74,674 1.7 0.9 5.4
2006 26,711 7,791 70,774 1.8 0.5 4.8
2007 22,834 11,051 74,576 1.5 0.7 4.8
2008 -4,967 -17,186 44,859 -0.3 -1.0 2.7
2009 -70,846 -16,801 40,426 -4.3 -1.0 2.4
2010 -81,947 -31,772 28,018 -4.8 -1.8 1.6
2011 -65,468 -51,944 10,397 -3.7 -2.9 0.6
2012 -61,280 -48,980 12,500 -3.3 -2.7 0.7
2013 -56,925 -44,164 17,216 -3.0 -2.3 0.9
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)
  2006 2007 2008 2009 2010 2011 2012 2013
Liabilities                
  Currency and deposits 4,627 4,826 5,005 5,142 5,265 5,377 5,493 5,593
  Trade payables 791 344 330 621 621 621 621 621
  Mortgages 0 0 0 0 0 0 0 0
  Non-mortgage loans/claims 795 677 499 344 531 891 1,039 932
  Life insurance and pensions 135,238 139,091 141,660 144,161 147,019 150,054 152,530 154,751
  Other liabilities 58,730 58,992 60,483 71,736 80,261 81,989 82,109 75,811
  Short-term paper 127,373 121,915 143,057 196,662 173,522 170,508 177,151 187,367
  Bonds and debentures 283,584 273,497 269,581 330,354 396,726 435,442 461,726 481,323
  Total liabilities 611,138 599,342 620,615 749,019 803,944 844,881 880,668 906,398
Financial assets                
  Currency and deposits 3,949 4,223 11,566 21,254 6,998 3,862 11,917 23,212
  Trade receivables 192 263 265 551 551 551 551 551
  Mortgages 404 267 262 325 325 325 325 325
  Non-mortgage loans/claims 20,881 21,833 42,425 106,046 121,535 119,989 120,607 116,668
  Other financial assets 17,115 13,094 6,235 21,178 28,660 27,348 25,481 29,172
  Equity 67,197 70,328 76,866 90,767 94,798 101,321 105,101 112,218
  Investment fund shares 0 0 0 0 0 0 0 0
  Short-term paper 2,351 2,288 2,077 1,794 1,794 1,794 1,794 1,794
  Bonds and debentures 6,690 6,103 5,513 5,292 5,220 6,050 4,952 4,605
  Total financial assets 118,780 118,397 145,208 247,207 259,880 261,241 270,729 288,545
Net financial assets -492,358 -480,945 -475,407 -501,813 -544,064 -583,641 -609,939 -617,853
Non-financial assets                
  Residential structures 798 859 899 902 918 925 946 951
  Non-residential structures 24,261 25,416 27,059 27,287 27,091 27,575 28,392 28,972
  Machinery and equipment 4,692 4,800 4,985 4,978 5,169 5,770 6,584 7,395
  Inventories 296 272 312 309 282 249 298 308
  Land 7,045 7,507 8,085 8,228 8,276 8,532 8,870 9,131
  Intellectual property 11,484 12,060 12,445 12,990 13,576 13,718 13,714 16,167
  Weapons systems 3,989 4,266 5,158 6,192 6,789 7,013 7,249 7,218
  Total non-financial assets 52,565 55,179 58,942 60,884 62,101 63,782 66,053 70,141
Total assets 171,344 173,576 204,150 308,091 321,981 325,023 336,781 358,686
Net worth (liabilities less assets) -439,793 -425,766 -416,465 -440,929 -481,963 -519,859 -543,886 -547,712
Source: Statistics Canada, National Balance Sheet Accounts, book value (Table 378-0121).
Table 48
Provincial and local governments' liabilities and assets
National Accounts basis
(millions of dollars)
  2006 2007 2008 2009 2010 2011 2012 2013
Liabilities                
  Currency and deposits 0 0 0 0 0 0 -1 0
  Trade payables 25,545 30,608 31,568 33,587 43,401 51,518 55,133 57,340
  Mortgages 1,880 1,795 1,742 1,740 1,740 1,740 1,740 1,740
  Non-mortgage loans/claims 33,733 33,437 34,768 37,800 40,420 43,439 44,785 46,762
  Life insurance and pensions 58,831 61,461 64,394 67,255 71,469 74,423 77,266 79,893
  Other liabilities 179,697 201,748 206,688 225,518 233,955 243,061 258,269 251,379
  Short-term paper 17,244 18,844 25,563 33,834 37,260 39,695 44,729 49,209
  Bonds and debentures 395,690 408,000 424,738 451,211 492,431 537,489 576,280 618,105
  Total liabilities 712,619 755,891 789,461 850,944 920,676 991,364 1,058,200 1,104,429
Financial assets                
  Currency and deposits 24,977 27,517 29,980 34,809 41,801 47,070 57,159 60,191
  Trade receivables 6,997 7,210 7,691 8,941 9,749 9,981 10,049 10,184
  Mortgages 10,948 10,708 10,118 10,587 10,560 10,606 10,610 10,633
  Non-mortgage loans/claims 93,082 99,038 106,866 113,789 118,265 122,049 125,040 129,928
  Other financial assets 77,785 95,672 91,790 96,442 104,978 100,915 101,570 74,533
  Equity 90,524 101,267 117,745 117,281 110,952 108,712 108,782 111,227
  Investment fund shares 16,850 17,300 9,571 6,605 10,928 11,330 11,517 10,775
  Short-term paper 48,824 57,429 60,447 56,671 57,462 59,323 59,797 63,316
  Bonds and debentures 69,899 73,663 77,204 86,772 87,624 91,743 95,339 95,207
  Total financial assets 457,925 509,279 531,699 555,129 576,515 588,080 607,570 595,326
  Net financial assets -254,694 -246,612 -257,763 -295,815 -344,161 -403,284 -450,630 -509,103
Non-financial assets                
  Residential structures 9,864 10,742 11,443 11,753 12,417 13,030 13,693 14,098
  Non-residential structures 282,726 310,616 345,738 367,551 388,884 421,270 452,284 472,566
  Machinery and equipment 13,748 14,637 16,021 18,243 18,821 18,744 19,806 20,655
  Inventories 0 0 0 0 0 0 0 0
  Land 15,129 17,819 22,063 23,941 25,423 30,804 30,860 26,679
  Intellectual property 33,350 36,190 39,109 41,131 43,198 44,678 45,954 49,544
  Weapons systems 0 0 0 0 0 0 0 0
  Total non-financial assets 422,107 464,070 515,587 549,284 581,675 627,438 672,233 704,978
Total assets 880,032 973,350 1,047,286 1,104,413 1,158,190 1,215,518 1,279,804 1,300,304
Net worth (liabilities less assets) 167,414 217,458 257,824 253,468 237,514 224,154 221,603 195,875
Source: Statistics Canada, National Balance Sheet Accounts, book value (Table 378-0121).
Table 49
Social security funds
National Accounts basis
(millions of dollars)
  2006 2007 2008 2009 2010 2011 2012 2013
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 1,379 1,875 8,289 2,975 2,029 4,765 10,818 24,354
  Short-term paper 0 0 0 977 1,303 1,417 4,663 9,574
  Bonds and debentures 0 0 0 0 0 0 0 0
  Total liabilities 1,379 1,875 8,289 3,952 3,332 6,182 15,481 33,928
Financial assets                
  Currency and deposits 0 0 0 0 0 0 0 0
  Trade receivables 0 0 0 0 0 0 0 0
  Mortgages 1,818 2,637 2,929 2,337 2,158 2,254 2,328 2,507
  Non-mortgage loans/claims 119 536 1,755 2,698 4,708 7,162 9,722 11,488
  Other financial assets 3,797 6,163 13,423 12,112 12,652 12,169 13,221 19,128
  Equity 33,923 37,352 38,354 48,778 46,543 49,652 65,094 71,564
  Investment fund shares 27,473 30,635 35,859 32,165 37,790 47,009 50,371 57,818
  Short-term paper 13,639 17,088 19,412 15,276 16,233 20,395 20,173 20,099
  Bonds and debentures 44,138 49,477 43,211 43,220 46,543 47,319 50,447 65,142
  Total financial assets 124,908 143,886 154,943 156,585 166,626 185,960 211,356 247,746
  Net financial assets 123,529 142,011 146,654 152,633 163,294 179,778 195,875 213,818
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 124,908 143,886 154,943 156,585 166,626 185,960 211,356 247,746
Net worth (liabilities less assets) 123,529 142,011 146,654 152,633 163,294 179,778 195,875 213,818
Source: Statistics Canada, National Balance Sheet Accounts, book value (Table 378-0121).
Table 50
Total government liabilities and assets
National Accounts basis
(millions of dollars)
  2006 2007 2008 2009 2010 2011 2012 2013
Liabilities                
  Currency and deposits 4,627 4,826 5,005 5,142 5,265 5,377 5,492 5,593
  Trade payables 26,336 30,952 31,898 34,208 44,022 52,139 55,754 57,961
  Mortgages 1,880 1,795 1,742 1,740 1,740 1,740 1,740 1,740
  Non-mortgage loans/claims 34,528 34,114 35,267 38,143 40,951 44,329 45,824 47,694
  Life insurance and pensions 194,069 200,553 206,054 211,416 218,488 224,476 229,796 234,644
  Other liabilities 261,533 286,231 300,988 326,056 342,311 356,550 378,826 379,569
  Short-term paper 144,617 140,759 168,619 231,472 212,084 211,620 226,542 246,151
  Bonds and debentures 679,273 681,496 694,319 781,566 889,157 972,931 1,038,006 1,099,429
  Total liabilities 1,346,862 1,380,724 1,443,893 1,629,742 1,754,017 1,869,162 1,981,980 2,072,779
Financial assets                
  Currency and deposits 28,927 31,740 41,546 56,063 48,799 50,932 69,076 83,404
  Trade receivables 7,189 7,473 7,956 9,492 10,300 10,532 10,600 10,735
  Mortgages 13,170 13,611 13,309 13,249 13,042 13,185 13,263 13,466
  Non-mortgage loans/claims 114,082 121,406 151,045 222,532 244,508 249,200 255,369 258,084
  Other financial assets 98,697 114,929 111,448 129,732 146,290 140,432 140,272 122,833
  Equity 166,734 179,392 196,117 221,118 220,838 230,431 250,568 266,551
  Investment fund shares 69,233 77,490 82,277 74,477 80,173 87,593 90,298 97,051
  Short-term paper 64,814 76,804 81,936 73,740 75,489 81,512 81,764 85,208
  Bonds and debentures 138,768 148,717 146,216 158,518 163,584 171,464 178,447 194,286
  Total financial assets 701,612 771,561 831,849 958,921 1,003,021 1,035,280 1,089,655 1,131,617
  Net financial assets -645,250 -609,163 -612,044 -670,821 -750,997 -833,882 -892,325 -941,162
Non-financial assets                
  Residential structures 16,580 17,977 19,192 19,680 20,666 21,610 22,669 23,310
  Non-residential structures 316,800 346,673 384,358 406,417 427,262 460,183 492,191 513,032
  Machinery and equipment 18,454 19,447 21,013 23,226 23,997 24,534 26,422 28,093
  Inventories 296 272 312 309 282 249 298 308
  Land 95,445 105,982 118,472 126,050 134,072 145,969 157,420 165,473
  Intellectual property 44,834 48,250 51,553 54,121 56,774 58,396 59,668 65,711
  Weapons systems 3,989 4,266 5,158 6,192 6,789 7,013 7,249 7,218
  Total non-financial assets 496,399 542,866 600,057 635,994 669,842 717,955 765,917 803,144
Total assets 1,198,011 1,314,428 1,431,907 1,594,915 1,672,862 1,753,235 1,855,572 1,934,761
Net worth (liabilities less assets) -148,851 -66,297 -11,986 -34,827 -81,155 -115,927 -126,408 -138,019
Source: Statistics Canada, National Balance Sheet Accounts, book value (Table 378-0121).

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