Unmatured debt

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Unmatured debt represents financial obligations resulting from certificates of indebtedness issued by the Government of Canada that have not yet become due, cross-currency swap revaluation and unamortized discounts and premiums on market debt, obligations related to capital leases and obligations under public-private partnerships.

The government's holdings of its own securities have been deducted from unmatured debt, to report the amount of the government's liabilities to outside parties.

Marketable bonds

Marketable bonds are interest-bearing certificates of indebtedness issued by the Government of Canada, and have the following characteristics:

Registered marketable bonds are transferable by endorsement and delivery by one holder to another. Bearer marketable bonds need not be endorsed.

The year-end balances of marketable bonds payable in foreign currencies were translated into Canadian dollars using the closing rates of exchange at March 31, 2020.

Table 6.2
Marketable bonds
(in dollars)
  April 1, 2019 Receipts and other creditsLink to footnote 1 Payments and other chargesLink to footnote 1 March 31, 2020
Payable in Canadian currency
Matured 2019–2020 77,742,633,000 – 77,742,633,000 –
Maturing
2020–2021 110,637,361,000 – 18,600,072,000 92,037,289,000
2021–2022 67,307,950,250 39,198,927,000 1,616,828,000 104,890,049,250
2022–2023 43,506,022,000 33,200,000,000 – 76,706,022,000
2023–2024 40,558,552,000 – 92,320,000 40,466,232,000
2024–2025 13,800,000,000 33,500,000,000 234,619,000 47,065,381,000
2025–2026 15,403,156,000 – 169,298,000 15,233,858,000
2026–2027 21,485,880,000 190,890,000 28,000,000 21,648,770,000
2027–2028 19,035,975,000 – 300,134,000 18,735,841,000
2028–2029 13,500,000,000 – – 13,500,000,000
2029–2030 19,883,378,000 3,300,000,000 208,000,000 22,975,378,000
2030–2031 – 10,200,000,000 – 10,200,000,000
2031–2032 8,479,136,000 202,652,000 – 8,681,788,000
2033–2034 12,273,905,000 – 215,000,000 12,058,905,000
2036–2037 7,588,210,500 181,408,500 – 7,769,619,000
2037–2038 12,500,774,000 – 770,000,000 11,730,774,000
2041–2042 22,351,657,000 188,116,000 645,487,000 21,894,286,000
2044–2045 8,898,505,000 212,751,000 – 9,111,256,000
2045–2046 16,400,000,000 – 100,000,000 16,300,000,000
2047–2048 8,343,489,000 199,430,000 – 8,542,919,000
2048–2049 14,900,000,000 – – 14,900,000,000
2050–2051 4,522,804,000 2,002,572,000 – 6,525,376,000
2051–2052 5,300,000,000 5,516,529,000 – 10,816,529,000
2064–2065 4,750,000,000 – – 4,750,000,000
Subtotal 569,169,387,750 128,093,275,500 100,722,391,000 596,540,272,250
Less:
Government holdings of unmatured debt – – – –
Consolidation adjustmentLink to footnote 2 (negative 357,100,000) (negative 87,874,000) (negative 121,145,000) (negative 323,829,000)
Subtotal (negative 357,100,000) (negative 87,874,000) (negative 121,145,000) (negative 323,829,000)
Total marketable bonds payable in Canadian currency 569,526,487,750 128,181,149,500 100,843,536,000 596,864,101,250
Payable in foreign currencies
Matured 2019–2020 3,002,476,700 – 3,002,476,700 –
Maturing
2021–2022 4,008,600,000 214,200,000 – 4,222,800,000
2022–2023 4,008,600,000 214,200,000 – 4,222,800,000
2024–2025 – 4,222,800,000 – 4,222,800,000
Subtotal 11,019,676,700 4,651,200,000 3,002,476,700 12,668,400,000
Less: Government's holdings and securities held for the retirement of unmatured debtLink to footnote 3 4,573,813 4,573,813 – –
Total marketable bonds payable in foreign currencies 11,015,102,887 4,655,773,813 3,002,476,700 12,668,400,000
Total 580,541,590,637 132,836,923,313 103,846,012,700 609,532,501,250

Treasury bills

Treasury bills are short-term certificates of indebtedness issued by the Government of Canada to pay sums of money on given dates, and have the following characteristics:

The balance at March 31, 2020 consists of $43,700 million in three-month bills; $27,500 million in six-month bills; $60,400 million in 364–day bills; and $20,267 million in odd-issue bills.

Table 6.3
Treasury bills
(in dollars)
  April 1, 2019 Receipts and other credits Payments and other charges March 31, 2020
Three-month bills 41,900,000,000 155,200,000,000 153,400,000,000 43,700,000,000
Six-month bills 27,300,000,000 60,400,000,000 60,200,000,000 27,500,000,000
Other bills 65,100,000,000 127,967,000,000 112,400,000,000 80,667,000,000
Total 134,300,000,000 343,567,000,000 326,000,000,000 151,867,000,000

Retail debt

Retail debt includes Canada savings bonds and Canada premium bonds which are interest-bearing certificates of indebtedness issued by the Government of Canada, and have the following characteristics:

Table 6.4
Retail debt
(in dollars)
  April 1, 2019 Receipts and other credits Payments and other charges March 31, 2020
Canada savings bonds (CSB)
Matured 2019–2020 449,418,366 – 449,418,366 –
Maturing
2020–2021 116,638,650 – 21,705,947 94,932,703
2021–2022 183,416,948 – 2,950,711 180,466,237
Subtotal 749,473,964 – 474,075,024 275,398,940
Canada premium bonds (CPB)
Matured 2019–2020 248,504,068 – 248,504,068 –
Maturing
2020–2021 90,272,906 – 10,531,142 79,741,764
2021–2022 148,564,601 – 6,485,423 142,079,178
Subtotal 487,341,575 – 265,520,633 221,820,942
Total 1,236,815,539 – 739,595,657 497,219,882

Canada bills

Canada bills are short-term certificates of indebtedness issued by the Government of Canada in the United States money market under the government's foreign currency borrowing program. Canada bills provide Canada with an additional source of short-term US funds and have the following characteristics:

The year-end balance of Canada bills payable in US dollars was translated into Canadian dollars using the closing rate of exchange at March 31, 2020.

Table 6.5
Canada bills
(in dollars)
  April 1, 2019 Receipts and other credits Payments and other charges March 31, 2020
Canada bills before revaluation 2,574,167,765 13,959,163,944 14,638,424,863 1,894,906,846
Exchange valuation adjustment 125,107,226 139,659,570 – 264,766,796
Total 2,699,274,991 14,098,823,514 14,638,424,863 2,159,673,642

Medium-term notes

Medium-term notes are issued by the Government of Canada in the foreign markets under the government's foreign currency borrowing program, and thus provide Canada with an additional source of medium-term foreign funds.

The year-end balances of medium-term notes payable in US dollars and Euros were translated into Canadian dollars using the closing rate of exchange of the appropriate currency at March 31, 2020.

Table 6.6
Medium‑term notes
(in dollars)
  April 1, 2019 Receipts and other credits Payments and other charges March 31, 2020
Payable in foreign currencies
Matured 2019–2020 1,235,985,000 – 1,235,985,000 –
Maturing
2020–2021 993,150,000 49,050,000 – 1,042,200,000
2021–2022 66,810,000 3,570,000 – 70,380,000
Total 2,295,945,000 52,620,000 1,235,985,000 1,112,580,000

Unamortized discounts and premiums on market debt

The unamortized discounts and premiums on market debt have the following characteristics:

Table 6.7
Unamortized discounts and premiums on market debt
(in dollars)
  April 1, 2019 Receipts and other credits Payments and other charges March 31, 2020
Unamortized discounts on Canada bills (negative 8,337,187) 55,689,593 51,423,649 (negative 4,071,243)
Unamortized discounts on treasury bills (negative 744,568,783) 2,247,229,968 2,084,810,867 (negative 582,149,682)
Unamortized discounts and premiums on marketable bonds 2,915,703,676 557,055,339 399,620,023 3,073,138,992
Total 2,162,797,706 2,859,974,900 2,535,854,539 2,486,918,067

Cross-currency swap revaluation

This represents the unrealized gains or losses due to fluctuations in the foreign exchange value of the cross-currency swaps.

Interest rates

Table 6.8 sets out market debt as at March 31, for each of the years 2016 to 2020 inclusively, with the average rate of interest thereon. For purposes of comparison, market debt is classified as marketable bonds, treasury bills, retail debt, Canada bills and medium-term notes.

Table 6.8
Market debt as at March 31, from 2016 to 2020, with the average rate of interest thereon
(in millions of dollars)
  Marketable bonds Treasury bills Retail debt Canada bills Medium-term notes Total market debt
Amount outstanding Average interest rate % Amount outstanding Average interest rate % Amount outstanding Average interest rate % Amount outstanding Average interest rate % Amount outstanding Average interest rate % Amount outstanding Average interest rate %
2020 609,532 2.19 151,867 1.39 497 0.79 2,160 1.56 1,113 0.99 765,169 2.03
2019 580,542 2.28 134,300 1.79 1,237 0.71 2,699 2.44 2,296 2.23 721,074 2.18
2018 585,870 2.18 110,700 1.16 2,585 0.63 2,591 1.61 2,557 1.70 704,303 2.01
2017 547,761 2.25 136,700 0.54 4,533 0.66 3,521 0.77 2,607 1.06 695,122 1.89
2016 519,373 2.47 138,100 0.50 5,076 0.67 4,748 0.43 2,429 0.67 669,726 2.03

Table 6.9
Treasury bills average yields at tender
(in percentage)
Year ended March 31 High Low Last issue
Three-month bills
2020 1.69 0.38 0.38
2019 1.73 1.12 1.65
2018 1.21 0.52 1.09
2017 0.55 0.46 0.51
2016 0.67 0.37 0.46
Six-month bills
2020 1.75 0.38 0.38
2019 1.93 1.33 1.68
2018 1.37 0.56 1.28
2017 0.58 0.51 0.55
2016 0.69 0.37 0.51
364-day bills
2020 1.76 0.38 0.38
2019 2.17 1.64 1.70
2018 1.63 0.62 1.60
2017 0.65 0.50 0.64
2016 0.72 0.38 0.54
Other bills
2020 1.77 0.30 0.30
2019 1.76 1.10 1.71
2018 1.20 0.48 1.20
2017 0.58 0.46 0.53
2016 0.67 0.45 0.53

Maturity of government debt

Table 6.10
Maturity of government debt
(in millions of dollars)
  Marketable bonds Treasury bills Retail debt Canada bills Medium-term notes Total market debt
Amount Average interest rate % Amount Average interest rate % Amount Average interest rate % Amount Average interest rate % Amount Average interest rate % Amount Average interest rate %
2021 92,037 1.59 151,867 1.39 175 0.86 2,160 1.56 1,043 0.94 247,282 1.47
2022 109,113 1.65 – – 322 0.76 – – 70 1.68 109,505 1.65
2023 80,929 1.66 – – – – – – – – 80,929 1.66
2024 40,466 2.25 – – – – – – – – 40,466 2.25
2025 51,287 1.69 – – – – – – – – 51,287 1.69
2026–2030 92,094 2.88 – – – – – – – – 92,094 2.88
2031–2035 30,941 3.78 – – – – – – – – 30,941 3.78
2036–2040 19,500 4.20 – – – – – – – – 19,500 4.20
2041–2045 31,006 2.75 – – – – – – – – 31,006 2.75
2046–2050 39,743 2.74 – – – – – – – – 39,743 2.74
2051–2055 17,342 1.44 – – – – – – – – 17,342 1.44
2060–2065 4,750 2.75 – – – – – – – – 4,750 2.75
Subtotal 609,208 2.19 151,867 1.39 497 0.79 2,160 1.56 1,113 0.99 764,845 2.03
Less: Government's holdings and consolidation adjustment (negative 324)   –   –   –   –   (negative 324)  
Total 609,532 2.19 151,867 1.39 497 0.79 2,160 1.56 1,113 0.99 765,169 2.03

Statement of all borrowing transactions on behalf of Her Majesty

Included in the following table are borrowings by the government for general purposes and borrowings by agent enterprise Crown corporations. Borrowings by non-agent enterprise Crown corporations and other government business enterprises are not included because such borrowings are not on behalf of Her Majesty.

Table 6.11
Statement of all borrowing transactions on behalf of Her Majesty
(in millions of dollars)
  April 1, 2019 Issues/Borrowings Retirements March 31, 2020
Market debt of the Government of CanadaLink to footnote 4 721,074 490,555 446,460 765,169
Cross-currency swap revaluation 7,274 3,318 – 10,592
Unamortized discounts and premiums on market debtLink to footnote 4 2,163 2,860 2,536 2,487
Obligation related to capital leasesLink to footnote 4 2,893 284 264 2,913
Obligation under public-private partnerships 3,511 276 1,197 2,590
Subtotal 736,915 497,293 450,457 783,751
Borrowings of enterprise Crown corporations designated as agents of Her Majesty 294,734 111,694 96,519 309,909
Total 1,031,649 608,987 546,976 1,093,660

Obligation related to capital leases

A capital lease is a lease that transfers substantially all the benefits and risks inherent in ownership of the asset to the lessee. The net obligation related to capital leases represents the present values of the remaining minimum lease payments under the capital lease arrangements.

Table 6.12
Obligation related to capital leases
(in dollars)
  April 1, 2019 Net changes March 31, 2020
Land 1,416,251 (negative 1,301,979) 114,272
Buildings 2,176,440,660 135,720,895 2,312,161,555
Works and infrastructure 439,988,871 (negative 25,142,669) 414,846,202
Machinery and equipment 234,706,218 (negative 52,425,641) 182,280,577
Vehicles 40,764,412 (negative 37,267,626) 3,496,786
Total 2,893,316,412 19,582,980 2,912,899,392

Capital leases

Table 6.13
Details of obligation related to capital leases
(in thousands of dollars)
  Inception date Lease term in years Discount rate %Link to footnote 5 Total estimated remaining minimum lease payments Less: imputed interest using the discount rate Net obligations under capital lease arrangements
Canadian Heritage
Canadian Broadcasting Corporation
7067 Chebucto Rd, Halifax June 2015 7 4.11 5,424 229 5,195
Maison de Radio-Canada Feb 2020 30 2.95 279,887 92,551 187,336
Subtotal       285,311 92,780 192,531
Canadian Museum of Nature
Natural Heritage Building, Gatineau Sept 1996 35 9.88 40,250 16,307 23,943
Canadian Race Relations Foundation
Capital leases less than $10,000,000       1 – 1
National Film Board
Capital leases less than $10,000,000       2,684 93 2,591
Digital Government
Shared Services Canada
IBM—Mainframes Jan 2018 4 1.89 45,900 715 45,185
Supercomputer—Meteorological Service of Canada July 2017 8 1.44 138,671 4,521 134,150
Subtotal       184,571 5,236 179,335
Environment and Climate Change
Department of the Environment
Carleton University, Ottawa—National Wildlife Research Centre May 2002 25 5.63 9,100 1,747 7,353
Parks Canada Agency
Capital leases less than $10,000,000       1,898 255 1,643
National Defence
Department of National Defence
Edmonton Armoury—North Dec 2000 20 5.62 943 19 924
Edmonton Armoury—South May 2001 20 6.07 2,220 74 2,146
Longue Pointe Supply Depot Nov 1994 35 7.74 32,618 9,642 22,976
Milit-Air Capital Lease (NFTC) Oct 2003 17 5.87 3,599 103 3,496
Montfort Hospital—Health Services Oct 2003 17 5.26 23,001 505 22,496
Subtotal       62,381 10,343 52,038
Natural Resources
Department of Natural Resources
183 Longwood Drive, Hamilton Nov 2010 25 1.65 68,274 8,123 60,151
Public Safety and Emergency Preparedness
Royal Canadian Mounted Police
RCMP Detachment, Cornwall Aug 2009 25 5.54 16,522 5,159 11,363
Other capital leases less than $10,000,000       1,151 274 877
Subtotal       17,673 5,433 12,240
Public Services and Procurement
Department of Public Works and Government Services
111 Lombard Avenue, Winnipeg Nov 2014 20 2.69 16,868 2,928 13,940
1501 Bleury Street, Montreal Oct 2019 20 4.50 63,667 21,338 42,329
1550 d'Estimauville Avenue, Quebec Nov 2011 20 8.24 50,545 18,049 32,496
181 Queen Street, Ottawa March 2004 20 10.65 15,034 2,784 12,250
2 Victoria Avenue, Miramichi Jan 2018 20 3.46 54,194 13,749 40,445
200 Promenade du Portage, Gatineau Nov 2019 10 4.36 14,563 2,676 11,887
22 Eddy Street, Gatineau May 2013 25 7.89 216,840 101,923 114,917
2575 Sainte-Anne Boulevard, Quebec April 2015 20 10.32 33,020 16,255 16,765
269 Laurier Avenue, Ottawa Sept 2005 15 4.18 2,434 25 2,409
30 Victoria Street, Gatineau June 2013 25 7.89 217,815 102,681 115,134
351 Saint-Joseph Boulevard, Gatineau (Lease 1 of 3) July 2011 25 5.28 58,828 19,460 39,368
351 Saint-Joseph Boulevard, Gatineau (Lease 2 of 3) Dec 2011 25 7.33 15,244 6,410 8,834
351 Saint-Joseph Boulevard, Gatineau (Lease 3 of 3) Aug 2014 12 2.45 6,323 472 5,851
395 Terminal Avenue, Ottawa Jan 2013 15 2.67 34,523 3,372 31,151
455 de la Carrière Boulevard, Gatineau Nov 2012 25 6.86 163,280 69,364 93,916
90 Elgin Street, Ottawa Nov 2014 25 7.23 382,597 178,277 204,320
Canada Place Building, Edmonton Oct 2007 25 4.44 251,018 60,998 190,020
Fontaine Building, Gatineau Jan 2008 15 5.82 9,111 711 8,400
Guy Favreau Complex, Montreal Jan 2004 30 3.17 34,588 6,580 28,008
Harry Hays Building, Calgary Oct 2007 25 4.44 248,570 60,412 188,158
Joseph Shepard Building, Toronto Oct 2007 25 4.44 171,880 41,776 130,104
Judicial Complex, Toronto April 2006 20 11.40 38,958 11,038 27,920
Library Square (Block 56), Vancouver May 1995 25 9.68 555 4 551
Maritime Centre, Halifax Jan 2010 15 6.26 7,846 1,075 6,771
Mercury Centre, Ottawa Jan 2007 25 4.50 76,389 17,159 59,230
Montcalm Place, Tower II, Gatineau April 2012 15 2.64 12,614 1,108 11,506
Queen Square, Dartmouth Sept 2011 10 3.18 1,890 44 1,846
RCMP Building, Montreal Oct 2007 25 4.44 43,302 10,547 32,755
Revenue Canada Building, Montreal Oct 2007 25 4.44 87,915 21,373 66,542
Skyline Complex, Ottawa Oct 2007 25 4.44 194,645 47,353 147,292
Thomas D'Arcy McGee Building, Ottawa Oct 2007 25 4.44 151,552 36,819 114,733
Trusco Building, Ottawa Sept 2006 20 4.28 44,573 5,657 38,916
Other capital leases less than $10,000,000       151,100 25,316 125,784
Subtotal       2,872,281 907,733 1,964,548
Defence Construction (1951) Limited
Capital leases less than $10,000,000       67 1 66
Transport
Department of Transport
Confederation Bridge, Borden-Carleton May 1997 35 6.16 846,025 431,179 414,846
Other ministries
Capital leases less than $10,000,000       3,847 2,234 1,613
Total       4,394,363 1,481,464 2,912,899

Minimum lease payments related to capital leases

Table 6.14
Minimum lease payments related to capital leases
(in thousands of dollars)
  Payments due by March 31
2021 2022 2023 2024 2025 2026 and subsequent Total
Canadian Heritage
Canadian Broadcasting Corporation
Remaining payments 10,090 10,072 13,408 9,382 9,381 232,978 285,311
Imputed interest 5,490 5,358 5,162 5,015 4,886 66,869 92,780
Subtotal 4,600 4,714 8,246 4,367 4,495 166,109 192,531
Canadian Museum of Nature
Remaining payments 3,500 3,500 3,500 3,500 3,500 22,750 40,250
Imputed interest 2,325 2,203 2,068 1,919 1,755 6,037 16,307
Subtotal 1,175 1,297 1,432 1,581 1,745 16,713 23,943
Canadian Race Relations Foundation
Remaining payments 1 – – – – – 1
Imputed interest – – – – – – –
Subtotal 1 – – – – – 1
National Film Board
Remaining payments 655 633 587 586 223 – 2,684
Imputed interest 36 27 18 10 2 – 93
Subtotal 619 606 569 576 221 – 2,591
Digital Government
Shared Services Canada
Remaining payments 62,390 47,091 28,090 26,857 20,143 – 184,571
Imputed interest 2,329 1,418 874 495 120 – 5,236
Subtotal 60,061 45,673 27,216 26,362 20,023 – 179,335
Environment and Climate Change
Department of the Environment
Remaining payments 1,300 1,300 1,300 1,300 1,300 2,600 9,100
Imputed interest 414 364 312 256 197 204 1,747
Subtotal 886 936 988 1,044 1,103 2,396 7,353
Parks Canada Agency
Remaining payments 403 403 403 402 287 – 1,898
Imputed interest 94 74 52 29 6 – 255
Subtotal 309 329 351 373 281 – 1,643
National Defence
Department of National Defence
Remaining payments 13,980 7,366 7,290 7,287 7,289 19,169 62,381
Imputed interest 2,071 1,712 1,538 1,352 1,153 2,517 10,343
Subtotal 11,909 5,654 5,752 5,935 6,136 16,652 52,038
Natural Resources
Department of Natural Resources
Remaining payments 4,372 4,372 4,372 4,372 4,372 46,414 68,274
Imputed interest 967 910 852 794 735 3,865 8,123
Subtotal 3,405 3,462 3,520 3,578 3,637 42,549 60,151
Public Safety and Emergency Preparedness
Royal Canadian Mounted Police
Remaining payments 1,490 1,206 1,206 1,206 1,207 11,358 17,673
Imputed interest 651 617 583 548 511 2,523 5,433
Subtotal 839 589 623 658 696 8,835 12,240
Public Services and Procurement
Department of Public Works and Government Services
Remaining payments 226,070 216,654 213,519 214,024 207,671 1,794,343 2,872,281
Imputed interest 104,976 98,755 92,451 85,758 78,925 446,868 907,733
Subtotal 121,094 117,899 121,068 128,266 128,746 1,347,475 1,964,548
Defence Construction (1951) Limited
Remaining payments 47 19 1 – – – 67
Imputed interest 1 – – – – – 1
Subtotal 46 19 1 – – – 66
Transport
Department of Transport
Remaining payments 63,871 64,836 65,815 66,809 67,819 516,875 846,025
Imputed interest 37,583 37,351 37,080 36,766 36,408 245,991 431,179
Subtotal 26,288 27,485 28,735 30,043 31,411 270,884 414,846
Other ministries
Remaining payments 336 375 301 253 250 2,332 3,847
Imputed interest 141 139 146 150 150 1,508 2,234
Subtotal 195 236 155 103 100 824 1,613
Total 231,427 208,899 198,656 202,886 198,594 1,872,437 2,912,899
Summary
Remaining payments 388,505 357,827 339,792 335,978 323,442 2,648,819 4,394,363
Imputed interest 157,078 148,928 141,136 133,092 124,848 776,382 1,481,464
Net obligation 231,427 208,899 198,656 202,886 198,594 1,872,437 2,912,899

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