Ten-year comparative financial information

Public Accounts of Canada 2020 Volume I: Top of the page Navigation

The following tables provide a ten-year comparison of financial information based on the accounting policies explained in Note 1 to the audited consolidated financial statements in Section 2 of this volume.

Table 1.1
Government of Canada
Consolidated Statement of Operations and Accumulated Deficit — detailed
(in millions of dollars)
  Year ended March 31Link to footnote 1, Link to footnote 2, Link to footnote 3
2011 2012Link to footnote 4 2013Link to footnote 5 2014 2015 2016 2017 2018 2019 2020
Revenues
Tax revenues
Income tax revenues
Personal 114,661 120,537 125,728 130,811 135,743 144,897 143,680 153,619 163,881 167,576
Corporate 31,953 33,641 34,986 36,587 39,447 41,444 42,216 47,805 50,368 50,060
Non-resident 5,137 5,300 5,073 6,404 6,216 6,505 7,071 7,845 9,370 9,476
Total 151,751 159,478 165,787 173,802 181,406 192,846 192,967 209,269 223,619 227,112
Other taxes and duties
Goods and services tax 28,379 28,370 28,821 30,998 31,349 32,952 34,368 36,751 38,221 37,386
Energy taxes 5,342 5,328 5,381 5,486 5,528 5,565 5,634 5,739 5,802 5,683
Customs import duties 3,520 3,862 3,979 4,239 4,581 5,372 5,478 5,416 6,881 4,853
Other excise taxes and duties 5,662 5,546 5,370 5,413 5,724 5,916 5,868 5,913 6,323 5,958
Total 42,903 43,106 43,551 46,136 47,182 49,805 51,348 53,819 57,227 53,880
Total tax revenues 194,654 202,584 209,338 219,938 228,588 242,651 244,315 263,088 280,846 280,992
Employment insurance premiums 17,501 18,556 20,395 21,766 22,564 23,070 22,125 21,140 22,295 22,219
Fuel charge proceeds – – – – – – – – – 2,655
Other revenues
Enterprise Crown corporations and other government business enterprises 9,590 7,983 7,543 7,966 9,306 7,916 5,655 7,731 7,101 5,059
Net foreign exchange revenues 1,809 1,669 1,502 1,682 1,355 2,322 2,133 1,473 1,667 2,410
Other 15,701 15,890 15,632 18,660 18,092 16,649 16,640 17,784 20,309 20,796
Total other revenues 27,100 25,542 24,677 28,308 28,753 26,887 24,428 26,988 29,077 28,265
Total revenues 239,255 246,682 254,410 270,012 279,905 292,608 290,868 311,216 332,218 334,131
Expenses
Program expenses
Transfer payments
Old age security benefits, guaranteed income supplement and spouse's allowance 35,629 38,045 40,255 41,786 44,103 45,461 48,162 50,644 53,366 56,227
Major transfer payments to other levels of government
Canada Health Transfer 26,031 27,174 28,912 30,543 32,114 34,025 36,057 37,124 38,568 40,872
Canada Social Transfer 11,179 11,514 11,860 12,215 12,582 12,959 13,348 13,748 14,161 14,585
Fiscal arrangements 13,826 15,259 15,595 15,610 16,271 16,893 17,145 17,575 17,929 18,030
Other major transfers 1,751 2,847 2,003 2,107 2,142 1,973 2,102 2,072 5,267 5,688
Subtotal 52,787 56,794 58,370 60,475 63,109 65,850 68,652 70,519 75,925 79,175
Employment insurance 19,850 17,647 17,099 17,300 18,052 19,419 20,711 19,715 18,888 21,750
Children's benefits 12,656 12,726 12,975 13,136 14,303 18,025 22,065 23,432 23,882 24,344
Canada emergency response benefit – – – – – – – – – 4,739
Fuel charge proceeds returned – – – – – – – – 664 2,636
Other transfer payments 43,155 37,720 34,862 36,698 35,126 34,874 41,580 47,138 51,753 54,405
Total transfer payments 164,077 162,932 163,561 169,395 174,693 183,629 201,170 211,448 224,478 243,276
Other expenses, excluding net actuarial losses 74,325 75,034 74,314 64,277 73,971 79,939 77,519 86,488 90,077 95,191
Total program expenses, excluding net actuarial losses 238,402 237,966 237,875 233,672 248,664 263,568 278,689 297,936 314,555 338,467
Public debt charges 28,610 29,038 25,533 24,729 24,207 21,837 21,232 21,889 23,266 24,447
Total expenses, excluding net actuarial losses 267,012 267,004 263,408 258,401 272,871 285,405 299,921 319,825 337,821 362,914
Annual surplus (deficit) before net actuarial losses (negative 27,757) (negative 20,322) (negative 8,998) 11,611 7,034 7,203 (negative 9,053) (negative 8,609) (negative 5,603) (negative 28,783)
Net actuarial losses (negative 7,196) (negative 7,711) (negative 12,295) (negative 19,661) (negative 7,584) (negative 10,064) (negative 9,904) (negative 10,352) (negative 8,361) (negative 10,609)
Annual deficit (negative 34,953) (negative 28,033) (negative 21,293) (negative 8,050) (negative 550) (negative 2,861) (negative 18,957) (negative 18,961) (negative 13,964) (negative 39,392)
Accumulated deficit at beginning of year—as previously reported (negative 519,097) (negative 551,668) (negative 591,040) (negative 609,391) (negative 611,881) (negative 612,330) (negative 615,986) (negative 631,899) (negative 671,254) (negative 685,450)
Accounting change and restatement—Public sector pensions (negative 5,006) (negative 6,587) (negative 8,341) (negative 11,219) (negative 14,119) (negative 16,580) (negative 18,454) (negative 19,641) – –
International Financial Reporting Standards (IFRS) transition adjustment – (negative 3,337) – – – – – – – –
Other comprehensive (loss) income 2,142 (negative 2,292) 64 2,660 (negative 2,360) (negative 2,669) 1,857 (negative 753) (negative 232) 3,482
Accumulated deficit at end of year (negative 556,914) (negative 591,917) (negative 620,610) (negative 626,000) (negative 628,910) (negative 634,440) (negative 651,540) (negative 671,254) (negative 685,450) (negative 721,360)

Table 1.2
Government of Canada
Consolidated Statement of Financial Position — detailed
(in millions of dollars)
  As at March 31Link to footnote 6, Link to footnote 7
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Liabilities
Accounts payable and accrued liabilities
Amounts payable related to tax 48,648 50,952 54,877 52,600 56,198 53,697 55,077 61,876 65,200 60,186
Other accounts payable and accrued liabilities 37,677 41,358 30,369 26,170 26,986 29,979 29,034 37,692 42,674 49,055
Provision for contingent liabilities 12,900 12,804 12,262 11,135 11,757 12,562 16,511 23,030 26,447 24,928
Environmental liabilities and asset retirement obligations 7,745 8,362 10,600 11,143 12,296 13,282 12,599 12,291 13,192 14,646
Deferred revenue 4,788 4,164 3,570 4,147 8,161 9,684 9,066 8,220 7,500 10,522
Interest and matured debt 6,733 6,379 5,955 5,585 5,240 4,922 4,663 4,690 4,694 4,496
Total accounts payable and accrued liabilities 118,491 124,019 117,633 110,780 120,638 124,126 126,950 147,799 159,707 163,833
Interest-bearing debt
Unmatured debt
Payable in Canadian currency
Marketable bonds 416,080 448,140 469,039 473,319 487,881 504,068 536,280 574,968 569,526 596,864
Treasury bills 162,980 163,221 180,689 152,990 135,692 138,100 136,700 110,700 134,300 151,867
Retail debt 10,141 8,922 7,481 6,327 5,660 5,076 4,533 2,586 1,237 497
Bonds for Canada Pension Plan 27 11 – – – – – – – –
Subtotal 589,228 620,294 657,209 632,636 629,233 647,244 677,513 688,254 705,063 749,228
Payable in foreign currencies 7,628 10,715 10,802 16,030 20,267 22,482 17,609 16,049 16,011 15,941
Cross-currency swap revaluation (negative 5,091) (negative 4,448) (negative 3,419) 2,326 6,669 8,391 7,764 7,835 7,274 10,592
Unamortized discounts and premiums on market debt (negative 4,485) (negative 4,295) 3,231 3,184 4,296 5,047 5,322 3,467 2,163 2,487
Obligation related to capital leases 3,685 3,633 3,647 3,603 3,710 3,477 3,226 3,203 2,893 2,913
Obligation under public-private partnership 190 453 917 1,179 1,005 1,570 2,199 2,393 3,511 2,590
Total unmatured debt 591,155 626,352 672,387 658,958 665,180 688,211 713,633 721,201 736,915 783,751
Pensions and other future benefits
Public sector pensions 152,722 157,252 162,886 167,281 169,244 170,681 171,447 170,914 168,782 168,596
Other employee and veteran future benefits 58,206 61,915 67,301 71,959 76,140 85,681 93,568 104,793 113,862 126,378
Total pensions and other future benefits 210,928 219,167 230,187 239,240 245,384 256,362 265,015 275,707 282,644 294,974
Canada Pension Plan Account 23 138 68 140 212 35 106 32 163 279
Other liabilities 6,292 6,795 5,978 5,774 5,790 5,567 5,583 5,638 5,742 5,772
Total interest-bearing debt 808,398 852,452 908,620 904,112 916,566 950,175 984,337 1,002,578 1,025,464 1,084,776
Total liabilities 926,889 976,471 1,026,253 1,014,892 1,037,204 1,074,301 1,111,287 1,150,377 1,185,171 1,248,609
Financial assets
Cash and accounts receivable
Cash and cash equivalents 14,323 17,143 27,341 31,429 34,999 38,570 36,500 34,642 37,635 37,242
Taxes receivable 78,626 86,006 92,115 92,489 98,499 105,848 110,514 123,035 127,561 121,098
Other accounts receivable 3,389 3,529 3,587 3,706 3,031 10,139 10,316 14,380 11,845 15,375
Total cash and accounts receivable 96,338 106,678 123,043 127,624 136,529 154,557 157,330 172,057 177,041 173,715
Foreign exchange accounts
International reserves held in the Exchange Fund Account 54,041 62,141 63,381 77,365 91,961 101,379 106,668 105,430 107,200 112,017
International Monetary Fund—Subscriptions 9,792 9,842 9,694 10,883 11,129 20,170 19,892 20,647 20,449 21,178
International Monetary Fund—Loans 1,139 1,325 1,457 1,665 1,353 1,278 1,125 775 546 368
Less: International Monetary Fund—Notes payable and special drawing rights allocations 16,465 16,311 15,773 17,651 19,425 29,288 28,888 29,914 28,507 28,660
Total foreign exchange accounts 48,507 56,997 58,759 72,262 85,018 93,539 98,797 96,938 99,688 104,903
Loans, investments and advances
Enterprise Crown corporations and other government business enterprises 135,673 130,662 131,785 94,815 89,375 91,116 99,427 100,775 108,169 125,108
Other loans, investments and advances 22,876 22,258 23,134 22,820 24,306 24,841 24,579 25,596 25,743 27,394
Total loans, investments and advances 158,549 152,920 154,919 117,635 113,681 115,957 124,006 126,371 133,912 152,502
Public sector pension assets – – – 938 1,263 1,639 1,900 2,124 2,406 4,598
Total financial assets 303,394 316,595 336,721 318,459 336,491 365,692 382,033 397,490 413,047 435,718
Net Debt (negative 623,495) (negative 659,876) (negative 689,532) (negative 696,433) (negative 700,713) (negative 708,609) (negative 729,254) (negative 752,887) (negative 772,124) (negative 812,891)
Non-financial assets
Tangible capital assets 57,668 59,047 60,241 61,942 63,347 65,838 69,676 73,835 78,942 83,682
Inventories 6,830 6,996 7,453 7,316 7,250 7,221 6,842 6,679 6,601 6,171
Prepaid expenses and other 2,083 1,916 1,228 1,175 1,206 1,110 1,196 1,119 1,131 1,678
Total non-financial assets 66,581 67,959 68,922 70,433 71,803 74,169 77,714 81,633 86,674 91,531
Accumulated deficit (negative 556,914) (negative 591,917) (negative 620,610) (negative 626,000) (negative 628,910) (negative 634,440) (negative 651,540) (negative 671,254) (negative 685,450) (negative 721,360)

Table 1.3
Government of Canada
Consolidated Statement of Change in Net Debt — detailed
(in millions of dollars)
  Year ended March 31Link to footnote 8, Link to footnote 9
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net debt at beginning of year—as previously reported (negative 582,472) (negative 616,908) (negative 650,135) (negative 671,363) (negative 682,314) (negative 686,959) (negative 693,751) (negative 714,457) (negative 752,887) (negative 772,124)
Accounting changes and restatement
Accumulated sick leave entitlements – (negative 1,341) (negative 1,400) – – – – – – –
Unamortized premiums and discounts on the buy-back of bonds – – (negative 5,669) (negative 5,387) – – – – – –
Loans expected to be repaid from future appropriations – – (negative 1,795) (negative 1,563) – – – – – –
Public sector pensions (negative 5,006) (negative 6,587) (negative 8,341) (negative 11,219) (negative 14,119) (negative 16,580) (negative 18,454) (negative 19,641) – –
Change in revenue recognition criteria – – – – – 2,826 3,596 4,844 – –
Net debt at beginning of year—as restated (negative 587,478) (negative 624,836) (negative 667,340) (negative 689,532) (negative 696,433) (negative 700,713) (negative 708,609) (negative 729,254) (negative 752,887) (negative 772,124)
International Financial Reporting Standards (IFRS) transition adjustment – (negative 3,337) – – – – – – – –
Change in net debt during the year
Annual deficit (negative 34,953) (negative 28,033) (negative 21,293) (negative 8,050) (negative 550) (negative 2,861) (negative 18,957) (negative 18,961) (negative 13,964) (negative 39,392)
Change due to tangible capital assets
Acquisition of tangible capital assets (negative 8,061) (negative 6,976) (negative 7,175) (negative 7,129) (negative 7,204) (negative 8,015) (negative 8,547) (negative 9,793) (negative 11,134) (negative 10,286)
Amortization of tangible capital assets 4,756 4,859 5,184 4,865 5,090 5,049 5,168 5,261 5,643 5,790
Proceeds from disposal of tangible capital assets 447 664 407 875 954 632 421 266 465 157
Net loss (gain) on disposal of tangible capital assets, including adjustments 244 74 390 (negative 312) (negative 245) (negative 157) (negative 880) 107 (negative 81) (negative 401)
Total change due to tangible capital assets (negative 2,614) (negative 1,379) (negative 1,194) (negative 1,701) (negative 1,405) (negative 2,491) (negative 3,838) (negative 4,159) (negative 5,107) (negative 4,740)
Change due to inventories (negative 638) (negative 166) (negative 457) 137 66 29 379 163 78 430
Change due to prepaid expenses 46 167 688 53 (negative 31) 96 (negative 86) 77 (negative 12) (negative 547)
Net increase in net debt due to operations (negative 38,159) (negative 29,411) (negative 22,256) (negative 9,561) (negative 1,920) (negative 5,227) (negative 22,502) (negative 22,880) (negative 19,005) (negative 44,249)
Other comprehensive (loss) income 2,142 (negative 2,292) 64 2,660 (negative 2,360) (negative 2,669) 1,857 (negative 753) (negative 232) 3,482
Net increase in net debt (negative 36,017) (negative 31,703) (negative 22,192) (negative 6,901) (negative 4,280) (negative 7,896) (negative 20,645) (negative 23,633) (negative 19,237) (negative 40,767)
Net debt at end of year (negative 623,495) (negative 659,876) (negative 689,532) (negative 696,433) (negative 700,713) (negative 708,609) (negative 729,254) (negative 752,887) (negative 772,124) (negative 812,891)

Table 1.4
Government of Canada
Consolidated Statement of Cash Flow — detailed
(in millions of dollars)
  Year ended March 31Link to footnote 10, Link to footnote 11, Link to footnote 12
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating activities
Annual deficit (negative 34,953) (negative 28,033) (negative 21,293) (negative 8,050) (negative 550) (negative 2,861) (negative 18,957) (negative 18,961) (negative 13,964) (negative 39,392)
Non-cash items
Share of annual profit in enterprise Crown corporations and other government business enterprises (negative 6,992) (negative 5,350) (negative 4,995) (negative 5,945) (negative 8,365) (negative 7,316) (negative 4,920) (negative 6,959) (negative 5,920) (negative 3,588)
Amortization of premiums and discounts on debt 3,297 3,824 2,919 2,792 2,261 2,374 1,936 1,999 3,044 4,649
Provision for valuation on other loans, investments and advances 1,358 1,486 1,213 1,302 1,372 1,647 1,421 1,457 2,605 1,707
Amortization of tangible capital assets 4,756 4,859 5,184 4,865 5,090 5,049 5,168 5,261 5,643 5,790
Net loss (gain) on disposal of tangible capital assets, including adjustments 244 74 390 (negative 312) (negative 245) (negative 157) (negative 880) 107 (negative 81) (negative 401)
Cross-currency swap revaluation (negative 858) 643 1,029 5,745 4,343 1,722 (negative 627) 71 (negative 561) 3,318
Pensions and other future benefit and interest expenses 23,131 22,668 25,737 24,549 21,817 26,491 25,884 29,588 25,662 28,954
Change in taxes receivable (negative 9,563) (negative 7,380) (negative 6,109) (negative 374) (negative 6,010) (negative 7,349) (negative 4,666) (negative 12,521) (negative 4,526) 6,463
Change in pensions and other future benefits (negative 14,279) (negative 15,770) (negative 14,717) (negative 16,434) (negative 15,998) (negative 15,889) (negative 17,492) (negative 19,120) (negative 19,007) (negative 18,816)
Change in foreign exchange accounts (negative 1,557) (negative 8,490) (negative 1,762) (negative 13,503) (negative 12,756) (negative 8,521) (negative 5,258) 1,859 (negative 2,750) (negative 5,215)
Change in accounts payable and accrued liabilities (negative 1,604) 5,528 (negative 6,386) (negative 6,853) 9,858 3,488 2,824 20,849 11,908 4,126
Change in cash collateral pledged to counterparties – – – – – (negative 6,557) (negative 349) (negative 1,841) 1,622 (negative 2,825)
Net change in other accounts (negative 3,613) (negative 3,003) (negative 2,053) (negative 2,421) (negative 683) (negative 2,676) (negative 1,327) (negative 3,235) 1,013 (negative 57)
Cash used by operating activities (negative 40,633) (negative 28,944) (negative 20,843) (negative 14,639) 134 (negative 10,555) (negative 17,243) (negative 1,446) 4,688 (negative 15,287)
Capital investment activities
Acquisition of tangible capital assets (negative 8,061) (negative 6,976) (negative 7,175) (negative 7,129) (negative 6,804) (negative 7,379) (negative 7,834) (negative 9,220) (negative 10,010) (negative 9,598)
Proceeds from disposal of tangible capital assets 447 664 407 875 954 632 421 266 465 157
Cash used by capital investment activities (negative 7,614) (negative 6,312) (negative 6,768) (negative 6,254) (negative 5,850) (negative 6,747) (negative 7,413) (negative 8,954) (negative 9,545) (negative 9,441)
Investing activities
Enterprise Crown corporations and other government business enterprises
Equity transactions 2,818 2,684 1,445 5,165 3,514 4,975 2,195 7,993 6,302 1,992
Issuance of loans and advances (negative 76,579) (negative 63,389) (negative 65,183) (negative 70,328) (negative 79,905) (negative 54,542) (negative 52,213) (negative 42,756) (negative 48,889) (negative 54,334)
Repayment of loans and advances 76,677 65,286 66,156 110,259 88,168 52,699 48,703 39,884 41,086 42,648
Issuance of other loans, investments and advances (negative 5,858) (negative 7,679) (negative 5,533) (negative 5,525) (negative 8,124) (negative 7,749) (negative 6,104) (negative 7,500) (negative 7,546) (negative 8,313)
Repayment of other loans, investments and advances 4,782 6,810 3,444 4,537 5,266 5,568 4,944 5,026 4,795 4,955
Cash provided (used) by investing activities 1,840 3,712 329 44,108 8,919 951 (negative 2,475) 2,647 (negative 4,252) (negative 13,052)
Total cash (used) generated before financing activities (negative 46,407) (negative 31,544) (negative 27,282) 23,215 3,203 (negative 16,351) (negative 27,131) (negative 7,753) (negative 9,109) (negative 37,780)
Financing activities
Issuance of Canadian currency borrowings 553,464 567,707 579,456 512,009 468,021 452,850 507,483 441,307 437,135 468,722
Repayment of Canadian currency borrowings (negative 520,569) (negative 536,430) (negative 542,063) (negative 536,364) (negative 471,891) (negative 435,143) (negative 477,549) (negative 433,801) (negative 424,926) (negative 430,279)
Issuance of foreign currency borrowings 8,195 12,743 7,782 12,011 16,961 26,817 21,702 15,847 19,631 17,821
Repayment of foreign currency borrowings (negative 8,810) (negative 9,656) (negative 7,695) (negative 6,783) (negative 12,724) (negative 24,602) (negative 26,575) (negative 17,458) (negative 19,738) (negative 18,877)
Cash provided (used) by financing activities 32,280 34,364 37,480 (negative 19,127) 367 19,922 25,061 5,895 12,102 37,387
Net (decrease) increase in cash and cash equivalents (negative 14,127) 2,820 10,198 4,088 3,570 3,571 (negative 2,070) (negative 1,858) 2,993 (negative 393)
Cash and cash equivalents at beginning of year 28,450 14,323 17,143 27,341 31,429 34,999 38,570 36,500 34,642 37,635
Cash and cash equivalents at end of year 14,323 17,143 27,341 31,429 34,999 38,570 36,500 34,642 37,635 37,242

Table 1.5
Government of Canada
Consolidated Statement of Non-Budgetary Transactions and of Non‑Financial Assets — detailed
(in millions of dollars)
  Year ended March 31Link to footnote 13, Link to footnote 14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Loans, investments and advances
Enterprise Crown corporations and other government business enterprises
Loans and advances
Canada Mortgage and Housing Corporation 2,693 2,974 3,472 41,951 10,465 177 720 1,124 592 (negative 6,282)
Business Development Bank of Canada (negative 978) 662 (negative 653) (negative 1,106) (negative 1,356) (negative 1,266) (negative 1,869) (negative 1,659) (negative 1,765) (negative 1,170)
Farm Credit Canada (negative 1,627) (negative 1,768) (negative 1,848) (negative 855) (negative 662) (negative 747) (negative 2,246) (negative 2,324) (negative 1,854) (negative 2,791)
Canadian Development Investment Corporation – – – – – – – – (negative 4,790) (negative 1,465)
Other 10 29 2 (negative 59) (negative 185) (negative 7) (negative 115) (negative 13) 14 22
Subtotal 98 1,897 973 39,931 8,262 (negative 1,843) (negative 3,510) (negative 2,872) (negative 7,803) (negative 11,686)
Investments
Share of annual profit (negative 6,992) (negative 5,350) (negative 4,995) (negative 5,945) (negative 8,365) (negative 7,316) (negative 4,920) (negative 6,959) (negative 5,920) (negative 3,588)
Other comprehensive loss (income) (negative 2,142) 2,292 (negative 64) (negative 2,660) 2,360 2,669 (negative 1,857) 753 232 (negative 3,482)
Dividends 2,818 2,028 1,445 5,215 2,341 4,002 2,320 8,058 6,427 3,618
Capital – 656 – (negative 50) 1,030 973 (negative 125) (negative 65) (negative 125) (negative 1,816)
Transition adjustment and other – 3,337 – – 143 – – – – 190
Subtotal (negative 6,316) 2,963 (negative 3,614) (negative 3,440) (negative 2,491) 328 (negative 4,582) 1,787 614 (negative 5,078)
Total (negative 6,218) 4,860 (negative 2,641) 36,491 5,771 (negative 1,515) (negative 8,092) (negative 1,085) (negative 7,189) (negative 16,764)
Less:
Loans expected to be repaid from future appropriations (negative 64) (negative 119) (negative 1,519) (negative 480) 353 221 218 264 204 167
Unamortized discounts and premiums (negative 4) (negative 32) – 1 (negative 22) 5 1 (negative 1) 1 8
Total (negative 6,150) 5,011 (negative 1,122) 36,970 5,440 (negative 1,741) (negative 8,311) (negative 1,348) (negative 7,394) (negative 16,939)
Other loans, investments and advances
Portfolio investments – 12 5 – 10 5 – 5 – –
National governments, including developing countries 69 40 18 (negative 7) (negative 606) 22 (negative 49) 78 55 432
International organizations (negative 826) (negative 704) (negative 885) (negative 900) (negative 1,039) (negative 972) (negative 703) (negative 888) (negative 989) (negative 1,183)
Provincial and territorial governments 257 (negative 849) 803 849 765 693 126 (negative 98) (negative 16) 60
Other loans, investments and advances 456 680 (negative 1,254) (negative 1,049) (negative 1,751) (negative 1,352) 32 760 (negative 1,242) (negative 1,295)
Total (negative 44) (negative 821) (negative 1,313) (negative 1,107) (negative 2,621) (negative 1,604) (negative 594) (negative 143) (negative 2,192) (negative 1,986)
Less: allowance for valuation (negative 326) (negative 1,439) (negative 436) (negative 1,421) (negative 1,135) (negative 1,069) (negative 856) 874 (negative 2,045) (negative 335)
Total 282 618 (negative 877) 314 (negative 1,486) (negative 535) 262 (negative 1,017) (negative 147) (negative 1,651)
Total loans, investments and advances (negative 5,868) 5,629 (negative 1,999) 37,284 3,954 (negative 2,276) (negative 8,049) (negative 2,365) (negative 7,541) (negative 18,590)
Pensions and other future benefits
Public sector pensions 4,873 4,530 5,635 3,457 1,638 1,061 505 (negative 757) (negative 2,414) (negative 2,378)
Other employee and veteran future benefits 3,979 3,707 5,386 4,658 4,181 9,541 7,887 11,225 9,069 12,516
Total pensions and other future benefits 8,852 8,237 11,021 8,115 5,819 10,602 8,392 10,468 6,655 10,138
Other liabilities
Canada Pension Plan Account (negative 152) 115 (negative 70) 72 72 (negative 177) 71 (negative 74) 131 115
Other liabilities (negative 120) 503 (negative 817) (negative 204) 16 (negative 223) 16 55 104 31
Total other liabilities (negative 272) 618 (negative 887) (negative 132) 88 (negative 400) 87 (negative 19) 235 146
Non-financial assets
Tangible capital assets (negative 2,614) (negative 1,379) (negative 1,194) (negative 1,701) (negative 1,405) (negative 2,491) (negative 3,838) (negative 4,159) (negative 5,107) (negative 4,740)
Inventories (negative 638) (negative 166) (negative 458) 137 66 29 379 163 78 430
Prepaid expenses and other 46 167 688 53 (negative 31) 96 (negative 86) 77 (negative 12) (negative 547)
Total non-financial assets (negative 3,206) (negative 1,378) (negative 964) (negative 1,511) (negative 1,370) (negative 2,366) (negative 3,545) (negative 3,919) (negative 5,041) (negative 4,857)
Other transactions
Taxes receivable (negative 9,563) (negative 7,380) (negative 6,109) (negative 374) (negative 6,010) (negative 7,349) (negative 4,666) (negative 12,521) (negative 4,526) 6,463
Other accounts receivable (negative 127) (negative 140) (negative 58) (negative 119) 675 (negative 7,108) (negative 177) (negative 4,064) 2,535 (negative 3,530)
Provincial, Territorial and Indigenous Tax Agreements Account 241 2,688 (negative 7,130) (negative 1,584) 951 2,780 (negative 1,942) 5,034 (negative 351) (negative 4,710)
Amounts payable related to tax 397 2,304 3,925 (negative 2,277) 3,598 (negative 2,501) 1,380 6,799 3,324 (negative 5,014)
Other liabilities (negative 2,242) 536 (negative 3,181) (negative 2,992) 5,309 3,208 3,386 9,016 8,936 13,849
Total other transactions (negative 11,294) (negative 1,992) (negative 12,553) (negative 7,346) 4,523 (negative 10,970) (negative 2,019) 4,264 9,918 7,058
Total non-budgetary transactions and non-financial assets (negative 11,788) 11,114 (negative 5,382) 36,410 13,014 (negative 5,410) (negative 5,134) 8,429 4,226 (negative 6,105)

Table 1.6
Government of Canada
Consolidated Statement of Foreign Exchange, Unmatured Debt and Cash Transactions — detailed
(in millions of dollars)
  Year ended March 31
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Foreign exchange accounts
International reserves held in the Exchange Fund Account (negative 340) (negative 8,100) (negative 1,240) (negative 13,984) (negative 14,596) (negative 9,418) (negative 5,289) 1,238 (negative 1,770) (negative 4,817)
International Monetary Fund—Subscriptions 31 (negative 50) 148 (negative 1,189) (negative 246) (negative 9,041) 278 (negative 755) 198 (negative 729)
International Monetary Fund—Loans (negative 802) (negative 186) (negative 132) (negative 208) 312 75 153 350 229 178
Subtotal (negative 1,111) (negative 8,336) (negative 1,224) (negative 15,381) (negative 14,530) (negative 18,384) (negative 4,858) 833 (negative 1,343) (negative 5,368)
Less: International Monetary Fund
Special drawing rights allocations 30 (negative 48) 139 (negative 1,118) (negative 231) (negative 493) 150 (negative 409) 107 (negative 396)
Notes payable 416 202 398 (negative 760) (negative 1,543) (negative 9,370) 250 (negative 617) 1,300 243
Subtotal 446 154 537 (negative 1,878) (negative 1,774) (negative 9,863) 400 (negative 1,026) 1,407 (negative 153)
Total foreign exchange accounts (negative 1,557) (negative 8,490) (negative 1,761) (negative 13,503) (negative 12,756) (negative 8,521) (negative 5,258) 1,859 (negative 2,750) (negative 5,215)
Unmatured debt
Payable in Canadian currency
Marketable bonds 48,118 32,060 20,899 4,280 14,562 16,187 32,212 38,688 (negative 5,442) 27,338
Treasury bills (negative 12,869) 241 17,468 (negative 27,699) (negative 17,298) 2,408 (negative 1,400) (negative 26,000) 23,600 17,567
Retail debt (negative 1,714) (negative 1,219) (negative 1,441) (negative 1,154) (negative 667) (negative 584) (negative 543) (negative 1,947) (negative 1,349) (negative 740)
Bonds for Canada Pension Plan (negative 425) (negative 16) (negative 11) – – – – – – –
Subtotal 33,110 31,066 36,915 (negative 24,573) (negative 3,403) 18,011 30,269 10,741 16,809 44,165
Payable in foreign currencies (negative 615) 3,087 87 5,228 4,237 2,215 (negative 4,873) (negative 1,560) (negative 38) (negative 70)
Cross-currency swap revaluation (negative 858) 643 1,029 5,745 4,343 1,722 (negative 627) 71 (negative 561) 3,318
Unamortized discounts and premiums on market debt 607 190 7,526 (negative 47) 1,112 751 275 (negative 1,855) (negative 1,304) 324
Obligation related to capital leases (negative 405) (negative 52) 14 (negative 45) 107 (negative 233) (negative 251) (negative 23) (negative 310) 20
Obligation under public-private partnership 190 263 464 262 (negative 174) 565 629 194 1,118 (negative 921)
Total unmatured debt 32,029 35,197 46,035 (negative 13,430) 6,222 23,031 25,422 7,568 15,714 46,836
Cash and cash equivalents at end of year
In Canadian currency 13,902 16,493 27,130 31,415 34,716 36,022 35,353 34,110 36,840 36,400
In foreign currencies 421 650 211 14 283 2,548 1,147 532 795 842
Total cash and cash equivalents 14,323 17,143 27,341 31,429 34,999 38,570 36,500 34,642 37,635 37,242

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