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 other unmatured debt.

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:

  • bought and sold on the open market;
  • payable in Canadian or foreign currency;
  • subject to redemption before maturity;
  • fixed dates of maturity;
  • interest payable either in coupon or registered form; and
  • face value guaranteed at maturity.

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

Table 6.2 presents a summary of the balances and transactions for marketable bonds.

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, 2015.

Table Summary

The table presents, to the nearest dollar, a summary of the marketable bonds. It consists of five columns: a listing of matured and maturing bonds payable in Canadian and foreign currency; the opening balance for the accounts as at April 1 of the current year; Receipts and other credits; Payments and other charges; the closing balance for the accounts as at March 31 of the current year. The first series of rows lists matured and maturing marketable bonds payable in Canadian currency minus consolidation adjustments, another presents the total marketable bonds payable in Canadian currency. The second series of rows lists matured and maturing marketable bonds payable in foreign currency minus Government's holdings and securities held for the retirement of unmatured debt, another presents the total marketable bonds payable in foreign currency. A final row presents the total for this table.

Table 6.2
Marketable Bonds

  April 1, 2014
($)
Receipts and other creditsLink to footnote 1
($)
Payments and other chargesLink to footnote 1
($)
March 31, 2015
($)
Payable in Canadian currency —        
Matured 2014–2015 62,912,021,000   62,912,021,000  
Maturing 2015‑2016 77,475,348,000   21,066,614,000 56,408,734,000
2016‑2017 63,857,400,000 31,600,000,000 90,000,000 95,367,400,000
2017‑2018 30,742,526,000 23,000,000,000   53,742,526,000
2018‑2019 31,022,764,000     31,022,764,000
2019‑2020 17,650,000,000 20,400,000,000   38,050,000,000
2020‑2021 13,667,361,000     13,667,361,000
2021‑2022 19,453,469,506 75,967,493   19,529,436,999
2022‑2023 12,906,022,000     12,906,022,000
2023‑2024 16,558,552,000     16,558,552,000
2024‑2025 11,100,000,000 2,700,000,000   13,800,000,000
2025‑2026 2,303,156,000 10,600,000,000   12,903,156,000
2026‑2027 7,357,837,186 72,907,813   7,430,744,999
2027‑2028 4,430,175,000     4,430,175,000
2029‑2030 11,451,658,000   310,000,000 11,141,658,000
2031‑2032 7,812,275,414 77,406,585   7,889,681,999
2033‑2034 12,795,905,000     12,795,905,000
2036‑2037 6,991,439,449 69,276,553   7,060,716,002
2037‑2038 13,684,173,000   97,100,000 13,587,073,000
2041‑2042 23,048,979,059 71,824,941 107,000,000 23,013,804,000
2044‑2045 8,198,708,219 81,255,782   8,279,964,001
2045‑2046 16,400,000,000     16,400,000,000
2047‑2048 1,098,186,866 2,229,005,134   3,327,192,000
2048‑2049   4,600,000,000   4,600,000,000
2064‑2065   3,500,000,000   3,500,000,000
Subtotal 472,917,956,699 99,077,644,301 84,582,735,000 487,412,866,000
Less:        
Consolidation adjustmentLink to footnote 2 (negative 401,056,000) (negative 67,463,000)   (negative 468,519,000)
Total marketable bonds payable in Canadian currency 473,319,012,699 99,145,107,301 84,582,735,000 487,881,385,000
Payable in foreign currencies —        
Matured 2014–2015 3,316,500,000   3,316,500,000  
Maturing 2016‑2017 3,353,251,242 488,655,608   3,841,906,850
2017‑2018   4,433,100,000   4,433,100,000
2018‑2019 3,334,276,440 485,890,488   3,820,166,928
2019‑2020 3,049,869,250 563,850 323,000,000 2,727,433,100
Subtotal 13,053,896,932 5,408,209,946 3,639,500,000 14,822,606,878
Less: Government's holdings and securities held for the retirement of unmatured debtLink to footnote 3 59,701,933 1,631,932 10,180,751 68,250,752
Total marketable bonds payable in foreign currencies 12,994,194,999 5,409,841,878 3,649,680,751 14,754,356,126
Total 486,313,207,698 104,554,949,179 88,232,415,751 502,635,741,126

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:

  • issued at a discount in lieu of interest payments;
  • issued in Canadian currency only;
  • issued every 2 weeks;
  • common terms: 3 months, 6 months and 12 months;
  • transferable; and
  • bought and sold on the open market.

The balance at March 31, 2015 consists of $41,300 million in three‑month bills; $28,300 million in six‑month bills; and $66,100 million in 364–day bills.

Table 6.3 presents a summary of Treasury bill issues and redemptions.

Table Summary

The table presents, to the nearest dollar, a summary of the Treasury bills. It consists of five columns: a listing of types of bills; the opening balance for the accounts as at April 1 of the current year; Receipts and other credits; Payments and other charges; the closing balance for the accounts as at March 31 of the current year. The rows list and total the types of bills, minus Government's holdings and consolidation adjustments. A final row presents the total for this table.

Table 6.3
Treasury Bills

  April 1, 2014
($)
Receipts and other credits
($)
Payments and other charges
($)
March 31, 2015
($)
Three‑month bills 43,700,000,000 172,300,000,000 174,700,000,000 41,300,000,000
Six‑month bills 29,800,000,000 66,100,000,000 67,600,000,000 28,300,000,000
Other bills 79,500,000,000 128,800,000,000 142,200,000,000 66,100,000,000
Subtotal 153,000,000,000 367,200,000,000 384,500,000,000 135,700,000,000
Less: Government's holdings —        
Consolidation adjustmentLink to footnote 4 10,298,000   1,988,000 8,310,000
Total 152,989,702,000 367,200,000,000 384,498,012,000 135,691,690,000

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:

  • issued to Canadian residents;
  • issued in Canadian currency only;
  • registered in the name of the holder;
  • fixed dates of maturity;
  • not marketable;
  • not subject to call before maturity;
  • term to maturity of three years or more;
  • Canada Savings Bonds are redeemable on demand by the holder, with accrued interest calculated to the end of the previous month (no interest is paid if redeemed during the first 3 months following the date of issue); and
  • Canada Premium Bonds are redeemable in full or partially on any annual anniversary of the issue date and during the 30 days thereafter by the holder, with accrued interest if applicable.

Table 6.4 presents a summary of the balances and transactions for Canada Savings Bonds and Canada Premium Bonds.

Table Summary

The table presents, to the nearest dollar, a summary of the retail debt. It consists of five columns: a listing of matured and maturing bonds; the opening balance for the accounts as at April 1 of the current year; Receipts and other credits; Payments and other charges; the closing balance for the accounts as at March 31 of the current year. The first series of rows lists matured and maturing Canada Saving Bonds, another presents the total for this series.The second series of rows lists matured and maturing Canada Premium Bonds, another presents the total for this series. A final row presents the total for this table.

Table 6.4
Retail Debt

  April 1, 2014
($)
Receipts and other credits
($)
Payments and other charges
($)
March 31, 2015
($)
Canada Savings Bonds —        
Matured 2014–2015Link to footnote 5 271,488,220   271,488,220  
Maturing 2015‑2016Link to footnote 6 854,042,075 122,415,926 387,389,141 589,068,860
2016‑2017Link to footnote 7 866,670,257 730,819,866 721,265,203 876,224,920
2017‑2018Link to footnote 8 608,911,048 577,567,371 165,929,940 1,020,548,479
2018‑2019Link to footnote 9 659,733,633   100,576,515 559,157,118
2019‑2020Link to footnote 10 318,608,745   56,750,040 261,858,705
2020‑2021Link to footnote 11 340,046,731   67,990,527 272,056,204
2021‑2022 435,071,251   104,055,760 331,015,491
Subtotal 4,354,571,960 1,430,803,163 1,875,445,346 3,909,929,777
Canada Premium Bonds —        
Matured 2014–2015 178,695,960   178,695,960  
Maturing 2015‑2016 331,468,749   18,547,639 312,921,110
2016‑2017 285,494,138 32,400 21,302,137 264,224,401
2017‑2018 104,760,618 110,019,645 11,583,035 203,197,228
2018‑2019Link to footnote 9 482,597,458   49,512,441 433,085,017
2019‑2020Link to footnote 10 270,792,069   27,444,832 243,347,237
2020‑2021Link to footnote 11 164,100,136   14,344,668 149,755,468
2021‑2022 154,575,880   11,301,345 143,274,535
Subtotal 1,972,485,008 110,052,045 332,732,057 1,749,804,996
Total 6,327,056,968 1,540,855,208 2,208,177,403 5,659,734,773

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:

  • issued at a discount in lieu of interest payments;
  • term to maturity of not more than 270 days;
  • transferable; and
  • bought and sold on the open market.

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, 2015.

Table 6.5 presents a summary of Canada bill issues and redemptions.

Table Summary

The table presents, to the nearest dollar, a summary of the Canada bills. It consists of five columns: a listing of relevant transactions; the opening balance for the accounts as at April 1 of the current year; Receipts and other credits; Payments and other charges; the closing balance for the accounts as at March 31 of the current year.

Table 6.5
Canada Bills

  April 1, 2014
($)
Receipts and other credits
($)
Payments and other charges
($)
March 31, 2015
($)
Canada bills before revaluation 2,183,583,498 10,362,672,006 9,074,245,970 3,472,009,534
Exchange valuation adjustment 106,392,317 210,164,674   316,556,991
Total 2,289,975,815 10,572,836,680 9,074,245,970 3,788,566,525

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, 2015.

Table 6.6 presents a summary of the balances and transactions for the medium‑term notes.

Table Summary

The table presents, to the nearest dollar, a summary of the medium-term notes. It consists of five columns: a listing of maturing medium-term notes payable in foreign currencies; the opening balance for the accounts as at April 1 of the current year; Receipts and other credits; Payments and other charges; the closing balance for the accounts as at March 31 of the current year.

Table 6.6
Medium‑Term Notes

  April 1, 2014
($)
Receipts and other credits
($)
Payments and other charges
($)
March 31, 2015
($)
Payable in foreign currencies —        
Maturing 2016‑2017 442,200,000 64,440,000   506,640,000
2019‑2020 248,737,500 36,247,500   284,985,000
2020‑2021 55,275,000 877,245,000   932,520,000
Total 746,212,500 977,932,500   1,724,145,000

Cross‑currency Swap Revaluation

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

Unamortized Discounts and Premiums on Market Debt

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

  • unamortized discounts on Canada bills records the portion of the discounts on outstanding Canada bills which has not yet been charged to expenses. Discounts are amortized over the life of the bills;
  • unamortized discounts on Treasury bills records the portion of the discounts on outstanding Treasury bills which has not yet been charged to expenses. Discounts are amortized over the life of the bills; and
  • unamortized discounts and premiums on marketable bonds records the portion of the discounts and premiums on outstanding marketable bonds which has not yet been charged to expenses. Discounts and premiums are amortized over the life of the bonds.

Table 6.7 presents a summary of the balances and transactions for the unamortized discounts and premiums on market debt.

Table Summary

The table presents, to the nearest dollar, a summary of the unamortized discounts and premiums on market debt. It consists of five columns: a listing of the affected markets; the opening balance for the accounts as at April 1 of the current year; Receipts and other credits; Payments and other charges; the closing balance for the accounts as at March 31 of the current year.

Table 6.7
Unamortized Discounts and Premiums on Market Debt

  April 1, 2014
($)
Receipts and other credits
($)
Payments and other charges
($)
March 31, 2015
($)
Unamortized discounts on Canada Bills (negative 366,091) 1,975,009 2,264,803 (negative 655,885)
Unamortized discounts on Treasury Bills (negative 460,091,957) 1,417,597,977 1,288,480,338 (negative 330,974,318)
Unamortized discounts and premiums on marketable bonds 3,644,529,686 1,430,536,678 447,840,851 4,627,225,513
Total 3,184,071,638 2,850,109,664 1,738,585,992 4,295,595,310

Interest Rates

Table 6.8 sets out market debt as at March 31, for each of the years 2010–2011 to 2014–2015 inclusively, with the average rate of interest thereon. For purposes of comparison, market debt is classified as Marketable bonds, Treasury bills, Retail debt, Bonds for Canada Pension Plan, Canada bills and Medium‑term notes.

Table Summary

The table presents the interest on market debt as at March 31 for the current year and the previous four years, with the average rate of interest thereon. It consists of eight columns: a fiscal year listing in reverse chronological order; Marketable bonds; Treasury bills; Retail debt; Bonds for Canada Pension Plan; Canada bills; Medium‑term notes; Total market debt. Each columns are divided into the same two columns - Amount outstanding in millions of dollars; Average rate of interest in percentage.

Table 6.8
Market Debt as at March 31, from 2011 to 2015, with the Average Rate of Interest Thereon

  Marketable bonds Treasury bills Retail debt Bonds for Canada Pension Plan Canada bills Medium-term notes Total market debt
Amount outstanding
($)(millions)
Average interest rate
(%)
Amount outstanding
($)(millions)
Average interest rate
(%)
Amount outstanding
($)(millions)
Average interest rate
(%)
Amount outstanding
($)(millions)
Average interest rate
(%)
Amount outstanding
($)(millions)
Average interest rate
(%)
Amount outstanding
($)(millions)
Average interest rate
(%)
Amount outstanding
($)(millions)
Average interest rate
(%)
2015 502,635 2.70 135,692 0.81 5,660 0.71     3,789 0.08 1,724 0.35 649,500 2.27
2014 486,313 2.85 152,990 0.96 6,327 0.72     2,290 0.08 746 0.46 648,666 2.37
2013 477,738 3.03 180,689 1.03 7,481 0.76     2,103 0.13     668,011 2.45
2012 456,784 3.30 163,221 0.99 8,922 0.81 11 9.37 2,071 0.07     631,009 2.65
2011 421,736 3.55 162,980 1.12 10,141 1.10 27 9.69 1,972 0.15     596,856 2.83

Table 6.9 shows the average high and low yields of Treasury bills, at tender, together with the average yield on the latest issues for the years 2010–2011 to 2014–2015 inclusively.

Table Summary

The table presents, in percentage, the Treasury bills average yields at tender. It consists of four columns: year ended March 31; High; Low; Last issue. There are four sections of rows: three‑month bills; six‑month bills; 364 days bills; other bills. Each of them contains a listing of fiscal year in a reverse chronological order.

Table 6.9
Treasury Bills Average Yields at Tender

Year ended March 31 High
(%)
Low
(%)
Last issue
(%)
Three‑month bills —      
2015 0.95 0.47 0.53
2014 1.02 0.83 0.88
2013 1.04 0.89 0.98
2012 0.98 0.82 0.93
2011 1.01 0.29 0.92
Six‑month bills —      
2015 0.98 0.45 0.54
2014 1.06 0.87 0.91
2013 1.12 0.94 1.01
2012 1.14 0.88 1.02
2011 1.17 0.47 1.08
364 days bills —      
2015 1.02 0.43 0.53
2014 1.13 0.94 0.96
2013 1.26 0.96 1.04
2012 1.47 0.85 1.10
2011 1.46 0.95 1.34
Other bills —      
2015 0.98 0.68 0.71
2014 1.04 0.77 0.81
2013 1.07 0.93 0.98
2012 1.00 0.82 0.97
2011 0.99 0.17 0.97

Maturity of Government Debt

Table 6.10 presents total market debt arranged in order of maturity.

Table Summary

The table presents the maturity of Government debt. It consists of seven columns: a fiscal year listing in chronological order of maturity; Marketable bonds; Treasury bills; Retail debt; Canada bills; Medium‑term notes; Total market debt. Each of them are divided into the same two columns — Amount in millions of dollars; Average rate of interest in percentage.

Table 6.10
Maturity of Government Debt

  Marketable bonds Treasury bills Retail debt Canada bills Medium-term notes Total market debt
Amount
($)
(millions)
Average interest rate
(%)
Amount
($)
(millions)
Average interest rate
(%)
Amount
($)
(millions)
Average interest rate
(%)
Amount
($)
(millions)
Average interest rate
(%)
Amount
($)
(millions)
Average interest rate
(%)
Amount
($)
(millions)
Average interest rate
(%)
2016 56,408 2.08 135,700 0.81 902 0.76 3,789 0.08     196,799 1.16
2017 99,209 1.73     1,140 0.68     507 0.18 100,856 1.71
2018 58,175 1.66     1,224 0.60         59,399 1.63
2019 34,843 2.36     992 0.72         35,835 2.31
2020 40,778 2.67     505 0.93     285 0.62 41,568 2.64
2021‑2025 76,461 3.09     897 0.70     932 0.37 78,290 3.03
2026‑2030 35,906 4.89                 35,906 4.89
2031‑2035 20,686 5.08                 20,686 5.08
2036‑2040 20,648 4.32                 20,648 4.32
2041‑2045 31,294 2.87                 31,294 2.87
2046‑2050 24,327 3.05                 24,327 3.05
2061‑2065 3,500 2.75                 3,500 2.75
Subtotal 502,235 2.70 135,700 0.81 5,660 0.71 3,789 0.08 1,724 0.35 649,108 2.27
Less: Government's holdings and consolidation adjustmentLink to footnote 12 (negative 400)   8               (negative 392)  
Total 502,635 2.70 135,692 0.81 5,660 0.71 3,789 0.08 1,724 0.35 649,500 2.27

Statement of all Borrowing Transactions on behalf of Her Majesty

Table 6.11 presents information on the Government's borrowing transactions. Included in this 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 Summary

The table provides, in millions of dollars, information on the Government's borrowings transactions. It consists of five columns: a listing of borrowing transactions; the opening balance for the accounts as at April 1 of the current year; Issues/Borrowings; Retirements; the closing balance for the accounts as at March 31 of the current year. The first series of rows presents the transactions followed by a total. The following row presents the borrowings of enterprise Crown corporations. A final row presents the total for this table.

(in millions of dollars)

Table 6.11
Statement of all Borrowing Transactions on behalf of Her Majesty

  April 1, 2014 Issues/Borrowings Retirements March 31, 2015
Market debt of the Government of CanadaLink to footnote 13 648,666 484,847 484,013 649,500
Cross‑currency swap revaluation 2,326   (negative 4,343) 6,669
Unamortized discounts and premiums on market debtLink to footnote 13 3,184 2,850 1,738 4,296
Obligation related to capital leasesLink to footnote 13 3,603 402 295 3,710
Other unmatured debt 1,179 132 306 1,005
Subtotal 658,958 488,231 482,009 665,180
Borrowings of enterprise Crown corporations designated as agents of Her Majesty 245,223 75,277 67,451 253,049
Total 904,181 563,508 549,460 918,229

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 presents the obligation related to capital lease agreements by asset type.

Table Summary

The table presents, to the nearest dollar, the obligation related to capital lease agreements by asset type. It consists of four columns: a listing of asset types; the opening balance for the accounts as at April 1 of the current year; Net changes; the closing balance for the accounts as at March 31 of the current year.

Table 6.12
Obligation related to Capital Leases

  April 1, 2014
($)
Net changes
($)
March 31, 2015
($)
Land 6,336,833 (negative 804,076) 5,532,757
Buildings 2,637,386,224 111,253,449 2,748,639,673
Works and infrastructure 550,202,835 (negative 20,125,007) 530,077,828
Machinery and equipment 74,385,147 71,096,101 145,481,248
Vehicles 334,358,164 (negative 54,512,084) 279,846,080
Total 3,602,669,203 106,908,383 3,709,577,586

Capital Leases

Table 6.13 provides details of obligation under capital lease arrangements.

Table Summary

The table presents, in thousands of dollars, details of obligations related to capital leases. It consists of five columns: a detailed listing of obligations by department; the Inception date; Lease term in years; Discount rate (%); Balances at March 31 of the current year divided into three columns - Total estimated remaining minimum lease payments, Less: imputed interest using the discount rate, and Net obligations under capital lease arrangements. The first series of rows lists departments and relevant obligations. A total is present after each department followed by a total for the first series of rows. The second series of rows lists the consolidated Crown corporations and other entities and relevant obligations. A total is present after each crown corporation and other entities followed by a total for the second series of rows. A final row presents the total for this table.

(in thousands of dollars)

Table 6.13
Details of Obligation Related to Capital Leases

  Inception date Lease term in years Discount rate (%)Link to footnote 14 Balances at March 31, 2015
Total estimated remaining minimum lease payments Less: imputed interest using the discount rate Net obligations under capital lease arrangements
Environment —            
Department —            
Carleton University, Ottawa ‑ National Wildlife Research Centre May 2002 25 5.63 15,600 4,477 11,123
Parks Canada Agency —            
Greenwich Interpretation Multipurpose Centre March 2001 24 6.30 3,971 1,046 2,925
Rocky Mountains Co‑operative Housing Association Nov 2001 18 6.30 671 92 579
Other capital leases less than $1,000,000       16 2 14
Subtotal       4,658 1,140 3,518
National Defence —            
Boilers (2) Stadacona/Dockyard Halifax Oct 2014 3 1.31 3,717 86 3,631
Edmonton Armoury ‑ North Dec 2000 20 5.62 8,017 1,165 6,852
Edmonton Armoury ‑ South May 2001 20 6.07 12,945 2,135 10,810
FELEX Facility ‑ 1250 Lockley Road Feb 2011 6 7.38 1,624 105 1,519
Longue Pointe Supply Depot Nov 1994 35 7.64 49,606 19,821 29,785
Milit‑Air Capital Lease (NFTC) Oct 2003 17 5.87 39,593 6,169 33,424
Milit‑Air Capital Lease (NFTC) Dec 1999 20 5.78 283,079 36,900 246,179
Montfort Hospital ‑ Health Services Oct 2003 17 5.26 46,319 8,896 37,423
Shawinigan Armoury May 1999 20 5.46 2,297 244 2,053
Subtotal       447,197 75,521 371,676
Natural Resources —            
183 Longwood Drive, Hamilton Nov 2010 25 3.45 93,265 26,673 66,592
Parliament —            
House of Commons —            
Speed Master ‑ Heidelberg Feb 2011 5 5.25 366 10 356
Other capital leases less than $1,000,000       393 8 385
Subtotal       759 18 741
Public Safety and Emergency Preparedness —            
Royal Canadian Mounted Police —            
RCMP Detachment, Cornwall Aug 2009 25 5.54 22,252 8,637 13,615
Other capital leases less than $1,000,000       1,167 453 714
Subtotal       23,419 9,090 14,329
Public Works and Government Services —            
Department —            
1 Arctic Road, Inuvik March 2008 10 10.73 515 76 439
101 Frederick Street, Kitchener (Lease 1 of 2) July 2010 5 2.98 54   54
101 Frederick Street, Kitchener (Lease 2 of 2) July 2010 5 7.66 106 1 105
110 O'Connor Street, Ottawa (Lease 1 of 6) April 2009 10 5.70 2,311 249 2,062
110 O'Connor Street, Ottawa (Lease 2 of 6) April 2009 10 5.43 2,269 234 2,035
110 O'Connor Street, Ottawa (Lease 3 of 6) Dec 2009 10 5.43 4,410 522 3,888
110 O'Connor Street, Ottawa (Lease 4 of 6) Dec 2009 10 5.43 3,270 387 2,883
110 O'Connor Street, Ottawa (Lease 5 of 6) Dec 2009 10 5.43 1,707 202 1,505
110 O'Connor Street, Ottawa (Lease 6 of 6) April 2010 10 4.37 965 93 872
1104 Ikaluktuutiak Drive, Iqaluit Nov 2011 10 2.60 4,222 345 3,877
111 Lombard Avenue, Winnipeg Nov 2014 20 2.69 22,651 5,058 17,593
1164 Devonshire Avenue, North Bay April 2011 10 3.67 1,170 121 1,049
117 Glencoe Drive, Mount Pearl Aug 2009 10 3.57 1,629 122 1,507
1200 Commissioners Road East, London Dec 2012 10 9.02 2,882 813 2,069
12511 Vulcan Way, Richmond July 2014 15 4.25 2,149 540 1,609
1300 Bath Road, Kingston Feb 2012 10 2.20 845 61 784
1363 4th Avenue, Prince George Dec 2010 10 6.84 991 171 820
139 Douglastown Boulevard, Miramichi Oct 2012 10 1.95 3,521 248 3,273
1431 Merivale Road, Ottawa Oct 2007 10 8.22 1,313 130 1,183
144 Millennium Drive, Quispamsis Nov 2011 15 8.74 1,484 552 932
1484 Centennial Drive, Kingston Oct 2006 10 18.24 781 97 684
1550 d'Estimauville Avenue, Quebec Nov 2011 20 8.24 72,363 32,981 39,382
159 Cleopatra Drive, Ottawa March 2011 10 1.33 3,319 129 3,190
1600 Star Top Road, Ottawa July 2004 15 7.15 13,001 1,818 11,183
1620 Dickson Avenue, Kelowna April 2006 10 4.38 350 8 342
165 Edgecomb Drive, Charlottetown Aug 2012 15 8.65 1,886 729 1,157
1725 Woodward Drive, Ottawa (Lease 1 of 2) Dec 2009 10 8.94 2,094 387 1,707
1725 Woodward Drive, Ottawa (Lease 2 of 2) Dec 2009 10 8.55 1,934 344 1,590
179 3rd Avenue, Timmins Feb 2010 10 8.69 3,697 687 3,010
180 Bass Pro Mills Drive, Vaughan Sept 2014 10 2.20 5,396 526 4,870
1801 Hollis and Duke, Halifax Oct 2009 10 3.89 2,216 188 2,028
181 Queen Street, Ottawa March 2004 20 10.65 33,259 12,003 21,256
1925 McCallum Road, Abbotsford Nov 2008 15 4.30 3,672 634 3,038
200 John Street West, Oshawa Nov 2009 10 7.16 1,274 191 1,083
215‑219 George Street, Peterborough April 2012 10 4.48 1,219 180 1,039
22 de Varennes Street, Gatineau Nov 2007 10 10.97 1,601 212 1,389
22 Eddy Street, Gatineau May 2013 25 7.89 275,340 149,587 125,753
220 Fortin Street, Quebec Dec 2007 10 15.65 629 117 512
2250 St‑Olivier Street, Trois‑Rivières Sept 2012 10 9.03 2,659 726 1,933
2455 Don Reid Drive, Ottawa Dec 2009 15 7.71 2,982 884 2,098
2655 Lancaster Road, Ottawa (Lease 1 of 2) Feb 2009 8 3.94 364 13 351
2655 Lancaster Road, Ottawa (Lease 2 of 2) July 2009 8 4.66 320 14 306
269 Laurier Avenue, Ottawa Sept 2005 15 4.18 31,645 3,371 28,274
275 De Baets Street, Winnipeg Feb 2007 10 17.42 513 77 436
2920 Highway 104, Antigonish Feb 2006 10 7.76 137 5 132
295 Belliveau Avenue, Shediac Jan 2007 15 7.93 2,627 604 2,023
3 Lower Malpeque Road, Charlottetown June 2008 10 4.19 447 29 418
30 Victoria Street, Gatineau June 2013 25 7.89 276,315 150,415 125,900
301 Bishop Drive, Fredericton Feb 2014 15 5.30 2,503 731 1,772
3020 Hawthorne Road, Ottawa Dec 2012 15 2.27 7,205 948 6,257
3085 Glen Erin Drive, Mississauga (Lease 1 of 2) Aug 2010 7 7.28 665 55 610
3085 Glen Erin Drive, Mississauga (Lease 2 of 2) Nov 2010 10 5.74 1,608 235 1,373
325 Broadway Avenue, Winnipeg Jan 2008 10 10.37 3,827 510 3,317
3299 Industriel Boulevard, Sherbrooke Nov 2009 10 6.24 916 121 795
351 Saint‑Joseph Boulevard, Gatineau (Lease 1 of 3) Aug 2011 25 5.28 76,836 30,785 46,051
351 Saint‑Joseph Boulevard, Gatineau (Lease 2 of 3) Dec 2011 25 7.33 19,819 9,867 9,952
351 Saint‑Joseph Boulevard, Gatineau (Lease 3 of 3) Aug 2014 12 2.45 11,214 1,441 9,773
360 George Street North, Peterborough April 2012 10 8.70 1,586 401 1,185
3600 Lysander Lane, Richmond March 2010 10 0.43 1,963 21 1,942
395 Terminal Avenue, Ottawa Jan 2013 15 2.67 56,795 8,709 48,086
400 City Hall Square East, Windsor Jan 2006 10 9.89 519 21 498
4110 Wellington Street, Verdun June 2012 10 7.20 1,163 251 912
419 Kensington Avenue, Estevan Oct 2011 10 2.87 846 75 771
425 Bloor Street, Toronto June 2014 10 2.39 2,331 240 2,091
444 5th Street, Shawinigan Dec 2011 10 8.50 2,129 508 1,621
455 de la Carrière Boulevard, Gatineau Nov 2012 25 6.86 205,930 103,217 102,713
485 Bishop Drive, Fredericton Dec 2011 15 6.16 1,331 383 948
4901‑05 46th Street, Red Deer Aug 2011 10 3.11 1,623 152 1,471
5019 52nd Street, Yellowknife Feb 2011 10 2.54 1,243 89 1,154
5151 De la Savane Street, Montreal June 2014 10 2.39 2,480 255 2,225
520 Exmouth Street, Sarnia Dec 2006 10 4.08 892 31 861
522 Main Street, Shediac April 2012 10 2.34 2,494 196 2,298
555 McAllister Drive, Saint John Nov 2007 10 8.16 1,648 167 1,481
559 College Street, Toronto July 2012 10 2.24 2,310 172 2,138
635 8th Avenue South West, Calgary July 2009 10 3.55 4,653 340 4,313
6500 Trans‑Canada Highway, Pointe‑Claire Sept 2012 10 1.95 923 64 859
6503 67th Street, Red Deer Sept 2009 10 4.81 579 58 521
667 Notre‑Dame Street, Repentigny April 2013 10 2.01 1,177 91 1,086
8 Colonnade Road, Ottawa May 2007 10 5.91 606 37 569
8 Oakes Avenue, Kirkland Lake April 2012 10 6.93 6,028 1,262 4,766
8 Queen Street East, Sault Ste Marie June 2010 10 4.95 1,509 180 1,329
81 Kingmingya Road, Inuvik Jan 2011 10 7.35 879 164 715
81 Mulcaster Street, Barrie Sept 2012 15 12.99 6,916 3,491 3,425
825‑827 Fort Street, Victoria Oct 2011 10 2.66 1,241 102 1,139
859 Main Street, Moncton July 2008 10 5.49 629 54 575
90 Elgin Street, Ottawa Nov 2014 25 7.23 480,281 256,040 224,241
933 Mivvik Street, Iqualuit (Lease 1 of 2) June 2013 10 2.19 4,239 361 3,878
933 Mivvik Street, Iqualuit (Lease 2 of 2) Sept 2013 10 2.72 3,012 323 2,689
985 McGill Place, Kamloops June 2002 15 13.50 665 91 574
98‑100 Racine Street East, Saguenay June 2011 9 5.36 1,063 156 907
Admiral Building, Ottawa Aug 2009 15 11.51 1,649 657 992
Albion Executive Tower, Ottawa Dec 2009 10 6.80 1,499 218 1,281
Anderson Building, Selkirk Jan 2012 10 2.18 848 59 789
Barker House, Fredericton April 2010 10 2.82 1,835 125 1,710
Bell Canada Place, Ottawa May 2003 15 10.88 2,912 448 2,464
Bonaventure Place, Montreal May 2005 10 16.43 73 1 72
Broad Street Crossing, Regina (Lease 1 of 2) May 2008 10 4.88 672 49 623
Broad Street Crossing, Regina (Lease 2 of 2) May 2008 10 9.77 520 73 447
Canada Building, Ottawa April 2007 10 4.27 1,444 62 1,382
Canada Place Building, Edmonton Oct 2007 25 4.44 335,716 107,833 227,883
Canada Post Place, Ottawa Dec 2004 15 4.91 14,324 1,546 12,778
Cargill Building, Winnipeg July 2008 10 7.38 3,737 423 3,314
Carling Square, Tower I, Ottawa Oct 2007 10 11.76 2,075 285 1,790
Carling Square, Tower II, Ottawa Dec 2007 10 7.83 3,590 360 3,230
Centennial House, Winnipeg April 2008 10 4.69 1,593 110 1,483
Chahko Mika Mall, Nelson Nov 2011 10 7.89 1,872 415 1,457
Chebucto Place, Halifax May 2011 10 3.45 1,284 129 1,155
Chief Joseph Big Plume Building, Sarcee Jan 2011 10 5.93 2,596 401 2,195
City Place, Winnipeg (Lease 1 of 2) Nov 2008 10 9.16 1,089 164 925
City Place, Winnipeg (Lease 2 of 2) April 2009 10 7.04 2,223 290 1,933
Coast Guard Base, Mount Pearl Feb 2011 8 2.21 1,010 43 967
Colonnade Warehouse, Ottawa April 2007 10 7.80 411 32 379
Commodity Exchange & Winnipeg Square, Winnipeg (Lease 1 of 2) Jan 2009 9 9.61 2,148 267 1,881
Commodity Exchange & Winnipeg Square, Winnipeg (Lease 2 of 2) Jan 2009 9 9.74 1,532 193 1,339
Crowsnest Trail Plaza, Lethbridge July 2008 10 5.83 596 54 542
De La Cité Place, Gatineau Dec 2003 15 9.78 14,315 2,325 11,990
Des Explorateurs Place, Gatineau Oct 2008 10 4.68 1,119 89 1,030
Fontaine Building, Gatineau Jan 2008 15 5.82 25,676 5,053 20,623
Fraser Building, Ottawa Feb 2010 10 3.24 2,214 167 2,047
Frederick Square, Fredericton Dec 2011 10 2.31 881 65 816
Galeries Laurentides, Saint‑Jérôme June 2007 10 15.13 533 81 452
Glencoe Building, Mount Pearl Dec 2007 10 10.74 1,048 140 908
Guy Favreau Complex, Montreal Jan 2004 15 5.84 55,558 8,435 47,123
Harry Hays Building, Calgary Oct 2007 25 4.44 332,379 106,782 225,597
Hérelle Place, Longueuil Sept 2012 10 8.98 1,126 306 820
Heritage Court, Moncton July 2013 15 5.48 6,085 1,766 4,319
Historic Properties, Halifax Jan 2006 10 8.18 307 10 297
I.C.A.O., Montreal Nov 1996 20 9.94 41,114 4,782 36,332
Joseph Shepard Building, Toronto Oct 2007 25 4.44 229,815 73,837 155,978
Judicial Complex, Toronto April 2006 20 11.40 67,673 30,339 37,334
Kamotiq Building, Nunavut April 2011 10 5.10 3,375 472 2,903
Kent Square Building, Ottawa Oct 2007 10 4.52 1,606 90 1,516
Laurier Place, Ottawa May 2009 10 5.51 1,838 196 1,642
Library Square (Block 56), Vancouver May 1995 25 9.68 33,890 7,205 26,685
Lionel Chevrier Building, Cornwall Dec 2004 15 6.07 3,692 484 3,208
Louis St‑Laurent Building, Gatineau Nov 2001 15 6.38 23,349 1,587 21,762
Maritime Centre, Halifax (Lease 1 of 3) Oct 2006 10 10.41 310 24 286
Maritime Centre, Halifax (Lease 2 of 3) Jan 2010 15 6.26 15,727 4,024 11,703
Maritime Centre, Halifax (Lease 3 of 3) Jan 2010 15 5.78 1,632 391 1,241
Market Square, Kitchener July 2014 10 2.39 1,264 131 1,133
Megasys Phase II, Calgary Feb 2008 10 4.79 2,576 200 2,376
Mercury Centre, Ottawa Jan 2007 25 4.50 108,896 32,532 76,364
Mews Place, St. John's Oct 2011 10 2.37 2,354 176 2,178
Midwest Surveys Building, Calgary April 2007 10 17.88 1,335 220 1,115
Montcalm Place, Phase III, Gatineau Dec 2003 15 8.65 14,922 2,174 12,748
Montcalm Place, Tower II, Gatineau April 2012 15 2.64 21,624 3,108 18,516
Morgan Building, Clarenville May 2013 10 6.27 1,164 253 911
Narono Building, Ottawa Feb 2008 10 4.61 750 48 702
Nova Plaza, Yellowknife (Lease 1 of 2) April 2009 10 6.00 1,748 197 1,551
Nova Plaza, Yellowknife (Lease 2 of 2) April 2010 10 10.21 988 217 771
Parks Canada Building, Dartmouth July 2009 20 7.61 3,863 1,509 2,354
Queen Square, Dartmouth Sept 2011 10 3.18 8,559 827 7,732
RCMP Building, Montreal Oct 2007 25 4.44 57,728 18,605 39,123
Revenue Canada Building, Montreal Oct 2007 25 4.44 117,510 37,768 79,742
Roper Ridge Business Park, Edmonton Nov 2008 10 6.43 3,267 359 2,908
Rosdev de Ville, Gatineau June 2007 10 4.58 8,011 398 7,613
Royal Centre, New Westminster (Lease 1 of 2) Nov 2008 10 11.22 1,040 187 853
Royal Centre, New Westminster (Lease 2 of 2) March 2011 9 5.96 813 120 693
Samuel‑Holland Complex, Quebec July 2011 10 3.13 934 87 847
Sixty Queen Building, Ottawa (Lease 1 of 2) July 2008 10 3.94 883 50 833
Sixty Queen Building, Ottawa (Lease 2 of 2) May 2009 9 0.32 2,529 12 2,517
Sixty‑Six Slater Building, Ottawa (Lease 1 of 2) April 2009 10 4.95 2,448 231 2,217
Sixty‑Six Slater Building, Ottawa (Lease 2 of 2) Sept 2010 10 5.53 1,130 156 974
Skyline Complex, Ottawa Oct 2007 25 4.44 259,921 83,622 176,299
Smith Building, St. John's July 2009 10 7.08 1,999 277 1,722
Stock Exchange Tower, Montreal April 2012 10 3.36 1,155 127 1,028
The Baker Center Building, Edmonton Dec 2007 10 4.45 488 29 459
The Inuksugait Plaza, Iqaluit Oct 2006 10 14.28 329 34 295
The New Two Seventy Building, Ottawa June 2007 10 4.58 2,538 126 2,412
Thomas D'Arcy McGee Building, Ottawa Oct 2007 25 4.44 202,754 65,103 137,651
Time Square Building, Ottawa Oct 2010 10 4.76 3,709 451 3,258
Trebla Building, Ottawa (Lease 1 of 2) April 2009 10 9.46 4,365 743 3,622
Trebla Building, Ottawa (Lease 2 of 2) April 2009 10 2.73 461 25 436
Trusco Building, Ottawa Sept 2006 20 4.28 79,305 16,657 62,648
VAC Records Management Centre, Charlottetown Nov 2007 15 13.43 2,501 937 1,564
Vanguard Building, Ottawa Nov 2007 10 4.80 1,229 75 1,154
Vault Building, Lethbridge April 2008 10 6.18 604 54 550
Waldron Building, Yellowknife Aug 2007 10 12.22 593 79 514
Woodward's Abbott Building, Vancouver Jan 2010 15 5.35 4,567 1,023 3,544
Other capital leases less than $1,000,000       60,305 13,173 47,132
Subtotal       3,972,449 1,434,263 2,538,186
Shared Services Canada —            
IBM ‑ Consolidated Enterprise Servers Jan 2015 4 0.65 108,598 1,388 107,210
IBM ‑ Power UNIX Server, Model 780 April 2014 2 1.25 756 6 750
Supercomputer Meteorological Service of Canada April 2012 3 1.30 5,300 12 5,288
Subtotal       114,654 1,406 113,248
Transport —            
Confederation Bridge, Borden‑Carleton May 1997 35 6.16 1,154,476 624,398 530,078
Other departments —            
Capital leases less than $1,000,000       603 14 589
Total       5,827,080 2,177,000 3,650,080
Consolidated Crown corporations and other entities —            
Canadian Broadcasting Corporation —            
Telesat Feb 2001 17 6.80 34,085 3,182 30,903
Canadian Museum of Nature —            
Natural Heritage Building, Gatineau Sept 1996 35 9.88 57,750 29,397 28,353
Defence Construction (1951) Limited —            
Capital leases less than $1,000,000       264 22 242
Total       92,099 32,601 59,498
Total       5,919,179 2,209,601 3,709,578

Minimum lease payments related to capital leases

Table 6.14 presents upcoming minimum leases payments for the next five years by ministry.

Table Summary

The table presents, in thousands of dollars, upcoming minimum lease payments for the next five years by ministry. It consists of two columns: a listing of lease payments by ministry; Payments due, divided into 7 columns - the next five consecutives years and the sixth and subsequent years, and Total. A first series of rows presents the ministry, the related remaining payments minus the imputed interest and the total for the ministry. Another row presents the total for all ministries. A second series of rows presents the Consolidated Crown corporations and other entities, the related remaining payments minus the imputed interest and the total for the organization. Another row presents the total for all Consolidated Crown corporations and other entities. A third series of rows presents a summary of the overall remaining payments and another for the overall imputed interest. A final row presents the total net obligation for this table.

(in thousands of dollars)

Table 6.14
Minimum Lease Payments related to Capital Leases

  Payments due by March 31
2016 2017 2018 2019 2020 2021 and subsequently Total
Environment —              
Department —              
Remaining payments 1,300 1,300 1,300 1,300 1,300 9,100 15,600
Imputed interest 626 589 548 506 461 1,747 4,477
Subtotal 674 711 752 794 839 7,353 11,123
Parks Canada Agency —              
Remaining payments 544 544 544 544 509 1,973 4,658
Imputed interest 211 190 167 142 117 313 1,140
Subtotal 333 354 377 402 392 1,660 3,518
National Defence —              
Remaining payments 83,909 83,615 83,938 81,864 49,816 64,055 447,197
Imputed interest 20,316 16,633 12,775 8,724 4,465 12,608 75,521
Subtotal 63,593 66,982 71,163 73,140 45,351 51,447 371,676
Natural Resources —              
Remaining payments 4,518 4,518 4,518 4,519 4,518 70,674 93,265
Imputed interest 2,265 2,187 2,105 2,021 1,933 16,162 26,673
Subtotal 2,253 2,331 2,413 2,498 2,585 54,512 66,592
Parliament —              
House of Commons —              
Remaining payments 759           759
Imputed interest 18           18
Subtotal 741           741
Public Safety and Emergency Preparedness —              
Royal Canadian Mounted Police —              
Remaining payments 1,206 1,206 1,206 1,206 1,206 17,389 23,419
Imputed interest 783 759 733 707 678 5,430 9,090
Subtotal 423 447 473 499 528 11,959 14,329
Public Works and Government Services —              
Department —              
Remaining payments 295,018 320,557 264,388 278,968 225,591 2,587,927 3,972,449
Imputed interest 141,454 130,122 119,478 110,481 102,172 830,556 1,434,263
Subtotal 153,564 190,435 144,910 168,487 123,419 1,757,371 2,538,186
Shared Services Canada —              
Remaining payments 32,140 30,994 30,843 20,677     114,654
Imputed interest 655 447 248 56     1,406
Subtotal 31,485 30,547 30,595 20,621     113,248
Transport —              
Remaining payments 62,335 60,152 61,061 61,983 62,920 846,025 1,154,476
Imputed interest 41,293 38,153 38,060 37,936 37,777 431,179 624,398
Subtotal 21,042 21,999 23,001 24,047 25,143 414,846 530,078
Other departments —              
Remaining payments 242 218 118 21 4   603
Imputed interest 8 5 1       14
Subtotal 234 213 117 21 4   589
Total 274,342 314,019 273,801 290,509 198,261 2,299,148 3,650,080
Consolidated Crown corporations and other entities —              
Canadian Broadcasting Corporation —              
Remaining payments 12,030 12,030 10,025       34,085
Imputed interest 1,798 1,098 286       3,182
Subtotal 10,232 10,932 9,739       30,903
Canadian Museum of Nature —              
Remaining payments 3,500 3,500 3,500 3,500 3,500 40,250 57,750
Imputed interest 2,783 2,709 2,627 2,536 2,436 16,306 29,397
Subtotal 717 791 873 964 1,064 23,944 28,353
Defence Construction (1951) Limited —              
Remaining payments 114 150         264
Imputed interest 11 11         22
Subtotal 103 139         242
Total 11,052 11,862 10,612 964 1,064 23,944 59,498
Total 285,394 325,881 284,413 291,473 199,325 2,323,092 3,709,578
Summary —              
Remaining payments 497,615 518,784 461,441 454,582 349,364 3,637,393 5,919,179
Imputed interest 212,221 192,903 177,028 163,109 150,039 1,314,301 2,209,601
Net obligation 285,394 325,881 284,413 291,473 199,325 2,323,092 3,709,578

Footnotes

Footnote 1

These columns include the translation of marketable bonds payable in foreign currencies to Canadian dollars using the closing rates of exchange at March 31.

Return to footnote 1 referrer

Footnote 2

Includes $7 million of securities held by consolidated Crown corporations and other entities and $475 million of borrowings by consolidated agent Crown corporations. Additional information on consolidated Crown corporations and other entities is provided in Section 4 of this volume.

Return to footnote 2 referrer

Footnote 3

These securities were assumed by the Government of Canada on February 5, 2001 upon the dissolution of Petro‑Canada Limited. These are presented as a deduction from the foreign currency unmatured debt since they are held specifically for the repayment of the corresponding liabilities assumed upon the dissolution of the Corporation.

Return to footnote 3 referrer

Footnote 4

Represents securities held by consolidated Crown corporations and other entities. Additional information is provided in Section 4 of this volume.

Return to footnote 4 referrer

Footnote 5

Ten years maturity extension to CSB Series 47 until November 1, 2014.

Return to footnote 5 referrer

Footnote 6

Ten years maturity extension to CSB Series 48 until November 1, 2015.

Return to footnote 6 referrer

Footnote 7

Ten years maturity extension to CSB Series 49 until November 1, 2016.

Return to footnote 7 referrer

Footnote 8

Ten years maturity extension to CSB Series 50 and 52 until November 1, 2017.

Return to footnote 8 referrer

Footnote 9

Ten years maturity extension to CSB Series 51, 54, 55, 56, 57, 58 and CPB Series 3, 4, 5, 6, 7.

Return to footnote 9 referrer

Footnote 10

Ten years maturity extension to CSB Series 59, 60, 61, 62, 63, 64 and CPB Series 8, 9, 10, 11, 12, 13.

Return to footnote 10 referrer

Footnote 11

Ten years maturity extension to CSB Series 65 and CPB Series 14.

Return to footnote 11 referrer

Footnote 12

Includes government's holdings and securities held for the retirement of unmatured debt (Marketable bonds — $68 million with an average interest rate of 8.43 percent) and consolidation adjustments.

Return to footnote 12 referrer

Footnote 13

Details can be found in this section.

Return to footnote 13 referrer

Footnote 14

For lessors and lessees, the financing rate of a lease agreement is subject to change over the term of lease.

Return to footnote 14 referrer

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