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Ten-year comparative financial information

Public Accounts of Canada 2025 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 Operating Deficit—detailed^{Links to footnote * in Table 1.1}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023^{Links to footnote 4 in Table 1.1}^{Links to footnote 5 in Table 1.1}	2024	2025^{Links to footnote 1 in Table 1.1}
	Year ended March 31^{Links to footnote 6 in Table 1.1}^{Links to footnote 7 in Table 1.1}^{Links to footnote 8 in Table 1.1}
Revenues
Tax revenues
Income tax revenues
Personal	144,897	143,680	153,619	163,881	167,576	174,755	198,385	207,872	217,696	234,319
Corporate	41,444	42,216	47,805	50,368	50,060	54,112	78,815	93,945	82,468	96,954
Non-resident	6,505	7,071	7,845	9,370	9,476	8,107	10,789	13,187	12,541	13,528
Total	192,846	192,967	209,269	223,619	227,112	236,974	287,989	315,004	312,705	344,801
Other taxes and duties
Goods and services tax	32,952	34,368	36,751	38,221	37,386	32,415	46,165	45,962	51,416	52,503
Energy taxes	5,565	5,634	5,739	5,802	5,683	4,894	5,355	5,657	5,599	5,650
Customs import duties	5,372	5,478	5,416	6,881	4,853	4,254	5,237	6,057	5,571	6,264
Other excise taxes and duties	5,916	5,868	5,913	6,323	5,958	5,391	5,923	6,548	6,829	7,487
Total	49,805	51,348	53,819	57,227	53,880	46,954	62,680	64,224	69,415	71,904
Total tax revenues	242,651	244,315	263,088	280,846	280,992	283,928	350,669	379,228	382,120	416,705
Employment insurance premiums	23,070	22,125	21,140	22,295	22,219	22,392	23,856	26,914	29,560	31,530
Pollution pricing proceeds	–	–	–	–	2,655	4,380	6,341	8,041	10,503	13,552
Other revenues
Enterprise Crown corporations and other government business enterprises	7,916	5,655	7,731	7,101	5,059	(negative 10,542)	12,804	6,452	3,217	8,048
Net foreign exchange revenues and return on investments	3,403	3,296	2,789	3,473	4,218	2,572	1,272	2,374	4,290	6,768
Other program revenues	15,568	15,477	16,468	18,503	18,988	13,716	18,335	24,806	29,859	34,348
Total other revenues	26,887	24,428	26,988	29,077	28,265	5,746	32,411	33,632	37,366	49,164
Total revenues	292,608	290,868	311,216	332,218	334,131	316,446	413,277	447,815	459,549	510,951
Expenses
Program expenses
Transfer payments
Old age security benefits, guaranteed income supplement and spouse's allowance	45,461	48,162	50,644	53,366	56,227	58,529	60,774	69,392	76,036	80,294
Major transfer payments to other levels of government
Canada Health Transfer	34,025	36,057	37,124	38,568	40,872	45,880	45,133	47,141	49,431	52,070
Canada Social Transfer	12,959	13,348	13,748	14,161	14,585	15,023	15,474	15,938	16,417	16,909
Canada-wide Early Learning and Child Care	–	–	–	–	–	–	2,948	4,489	5,612	6,639
Fiscal arrangements	16,893	17,145	17,575	17,929	18,030	19,299	19,121	19,731	21,738	22,915
Other major transfers	1,973	2,102	2,072	5,267	5,688	26,451	5,710	3,485	6,975	6,568
Subtotal	65,850	68,652	70,519	75,925	79,175	106,653	88,386	90,784	100,173	105,101
Employment insurance and support measures	19,419	20,711	19,715	18,888	21,750	58,356	38,923	21,836	23,130	24,880
Children's benefits	18,025	22,065	23,432	23,882	24,344	27,370	26,226	24,553	26,339	28,574
COVID-19 income support for workers	–	–	–	–	4,739	55,832	15,582	(negative 3,544)	(negative 4,838)	(negative 2,169)
Canada emergency wage subsidy	–	–	–	–	–	80,166	22,291	(negative 257)	–	–
Pollution pricing proceeds returned	–	–	–	664	2,636	4,566	3,814	6,996	9,858	15,595
Other transfer payments	34,874	41,580	47,138	51,753	54,405	97,961	88,478	99,199	95,951	107,140
Total transfer payments	183,629	201,170	211,448	224,478	243,276	489,433	344,474	308,959	326,649	359,415
Other expenses, excluding net actuarial losses	79,939	77,519	86,488	90,077	95,191	119,089	124,445	129,596	140,014	130,454
Total program expenses, excluding net actuarial losses	263,568	278,689	297,936	314,555	338,467	608,522	468,919	438,555	466,663	489,869
Public debt charges	21,837	21,232	21,889	23,266	24,447	20,358	24,487	34,955	47,273	53,410
Total expenses, excluding net actuarial losses	285,405	299,921	319,825	337,821	362,914	628,880	493,406	473,510	513,936	543,279
Annual operating deficit before net actuarial losses	7,203	(negative 9,053)	(negative 8,609)	(negative 5,603)	(negative 28,783)	(negative 312,434)	(negative 80,129)	(negative 25,695)	(negative 54,387)	(negative 32,328)
Net actuarial losses	(negative 10,064)	(negative 9,904)	(negative 10,352)	(negative 8,361)	(negative 10,609)	(negative 15,295)	(negative 10,186)	(negative 9,627)	(negative 7,489)	(negative 4,020)
Annual operating deficit	(negative 2,861)	(negative 18,957)	(negative 18,961)	(negative 13,964)	(negative 39,392)	(negative 327,729)	(negative 90,315)	(negative 35,322)	(negative 61,876)	(negative 36,348)
Accumulated operating deficit at beginning of year—as previously (adjusted)	(negative 612,330)	(negative 615,986)	(negative 631,899)	(negative 671,254)	(negative 685,450)	(negative 721,360)	(negative 1,048,746)	(negative 1,148,296)	(negative 1,183,618)	(negative 1,245,494)
Accounting change and restatement
Public sector pensions	(negative 16,580)	(negative 18,454)	(negative 19,641)	–	–	–	–	–	–	–
Asset retirement obligations	–	–	–	–	–	–	(negative 5,379)	–	–	–
Other comprehensive income (loss)	(negative 2,669)	1,857	(negative 753)	(negative 232)	3,482	343	4,465	–	–	–
Accumulated operating deficit at end of year	(negative 634,440)	(negative 651,540)	(negative 671,254)	(negative 685,450)	(negative 721,360)	(negative 1,048,746)	(negative 1,139,975)	(negative 1,183,618)	(negative 1,245,494)	(negative 1,281,842)
Table 1.1 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.1 Table note 1 Prior year comparatives have been reclassified to conform to the current year’s presentation. In particular, the Government has changed the presentation of the Consolidated Statement of Operations and Accumulated Operating Deficit to group the Canada Emergency Wage Subsidy with other transfer payments. This reflects the continued wind-down of the temporary COVID-19 support measures that have ended. Return to table note 1 referrer in Table 1.1 Table note 4 Years prior to 2022 figures have not been restated following the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations in 2023. Return to table note 4 referrer in Table 1.1 Table note 5 The 2023 accumulated operating deficit at beginning of year has been adjusted to account for changes resulting from the introduction of the financial instrument suite of standards in 2023. Return to table note 5 referrer in Table 1.1 Table note 6 The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards. Other than the 2022 restated figures, the restatements in the prior years have not been audited. Return to table note 6 referrer in Table 1.1 Table note 7 The figures up to 2018 have been restated in the fiscal year 2019 to reflect the change in revenue recognition criteria for consolidated Crown corporations. Other than the 2018 restated figures, the restatements in the prior years have not been audited. Return to table note 7 referrer in Table 1.1 Table note 8 The figures up to 2017 have been restated in the fiscal year 2018 to reflect the impact of the change in methodology for the determination of the discount rate for unfunded pension benefits. Other than the 2017 restated figures, the restatements in the prior years have not been audited. Return to table note 8 referrer in Table 1.1

**Table 1.2**
**Government of Canada**
**Consolidated Statement of Financial Position—detailed**^{Links to footnote * in Table 1.2}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023^{Links to footnote 4 in Table 1.2}^{Links to footnote 5 in Table 1.2}	2024	2025
	As at March 31^{Links to footnote 6 in Table 1.2}^{Links to footnote 7 in Table 1.2}^{Links to footnote 8 in Table 1.2}
Liabilities
Accounts payable and accrued liabilities
Amounts payable related to tax	53,697	55,077	61,876	65,200	60,186	71,516	78,463	84,747	87,737	94,790
Other accounts payable and accrued liabilities	31,113	30,130	38,740	43,678	49,875	62,358	87,852	57,771	79,894	68,392
Provision for contingent liabilities	12,562	16,511	23,030	26,447	24,928	44,815	53,436	75,999	56,588	54,721
Environmental liabilities and asset retirement obligations	13,282	12,599	12,291	13,192	14,646	14,484	23,886	23,134	22,643	23,905
Deferred revenue	9,684	9,066	8,220	7,500	10,522	10,424	18,892	17,789	17,194	17,917
Total accounts payable and accrued liabilities	120,338	123,383	144,157	156,017	160,157	203,597	262,529	259,440	264,056	259,725
Interest-bearing debt
Unmatured debt
Payable in Canadian currency
Marketable bonds	513,016	545,382	582,501	576,128	603,639	889,137	1,043,240	1,044,997	1,087,686	1,169,397
Treasury bills	137,894	136,464	110,264	133,555	151,285	218,664	186,877	198,899	262,983	282,252
Retail debt	5,076	4,533	2,586	1,237	497	299	–	–	–	–
Subtotal	655,986	686,379	695,351	710,920	755,421	1,108,100	1,230,117	1,243,896	1,350,669	1,451,649
Payable in foreign currencies	22,498	17,626	16,089	16,068	15,982	15,469	14,473	16,034	21,246	29,557
Obligation related to capital leases	3,477	3,226	3,203	2,893	2,913	2,708	2,786	2,546	2,366	2,188
Obligation under public-private partnerships	1,570	2,199	2,393	3,511	2,590	2,531	2,581	2,564	2,541	2,493
Total unmatured debt	683,531	709,430	717,036	733,392	776,906	1,128,808	1,249,957	1,265,040	1,376,822	1,485,887
Pensions and other future benefits
Public sector pensions	170,681	171,447	170,914	168,782	168,596	168,761	167,666	166,425	165,354	162,746
Other employee and veteran future benefits	85,681	93,568	104,793	113,862	126,378	144,186	159,705	177,949	196,350	213,667
Total pensions and other future benefits	256,362	265,015	275,707	282,644	294,974	312,947	327,371	344,374	361,704	376,413
Canada Pension Plan Accounts	35	106	32	163	279	139	101	306	159	465
Other liabilities	5,567	5,583	5,638	5,742	5,772	6,572	7,606	7,033	6,804	6,566
Total interest-bearing debt	945,495	980,134	998,413	1,021,941	1,077,931	1,448,466	1,585,035	1,616,753	1,745,489	1,869,331
Foreign exchange accounts liabilities	29,288	28,888	29,914	28,507	28,660	24,797	42,252	44,151	44,106	47,697
Derivatives	9,232	9,419	8,786	8,265	11,331	3,245	2,471	4,689	4,131	5,583
Total liabilities	1,104,353	1,141,824	1,181,270	1,214,730	1,278,079	1,680,105	1,892,287	1,925,033	2,057,782	2,182,336
Financial assets
Cash and accounts receivable
Cash and cash equivalents	38,570	36,500	34,642	37,635	37,242	64,101	100,822	49,006	75,059	54,109
Taxes receivable	105,848	110,514	123,035	127,561	121,098	142,023	167,588	180,982	203,045	213,657
Other accounts receivable	10,139	10,316	14,380	11,845	15,375	18,072	11,642	13,532	13,999	13,628
Total cash and accounts receivable	154,557	157,330	172,057	177,041	173,715	224,196	280,052	243,520	292,103	281,394
Foreign exchange accounts
International reserves held in the Exchange Fund Account	101,379	106,668	105,430	107,200	112,017	97,589	127,099	148,866	159,415	177,591
International Monetary Fund—Subscriptions	20,170	19,892	20,647	20,449	21,178	19,633	19,052	20,043	19,757	21,070
International Monetary Fund—Loans	1,278	1,125	775	546	368	197	132	67	–	–
International Monetary Fund—Poverty Reduction and Growth Trust	–	–	–	–	–	–	–	–	494	1,911
International Monetary Fund—Resilience and Sustainability Trust	–	–	–	–	–	–	–	414	474	790
Total foreign exchange accounts	122,827	127,685	126,852	128,195	133,563	117,419	146,283	169,390	180,140	201,362
Derivatives	764	1,649	979	1,052	810	3,067	4,974	3,260	2,928	1,752
Loans, investments and advances
Enterprise Crown corporations and other government business enterprises	91,116	99,427	100,775	108,169	125,108	119,994	143,717	151,051	165,344	227,356
Other loans, investments and advances	24,841	24,579	25,596	25,743	27,394	59,284	63,314	62,059	44,458	51,164
Total loans, investments and advances	115,957	124,006	126,371	133,912	152,502	179,278	207,031	213,110	209,802	278,520
Public sector pension assets	1,639	1,900	2,124	2,406	4,598	6,320	9,203	12,996	20,055	25,722
Total financial assets	395,744	412,570	428,383	442,606	465,188	530,280	647,543	642,276	705,028	788,750
Net Debt	(negative 708,609)	(negative 729,254)	(negative 752,887)	(negative 772,124)	(negative 812,891)	(negative 1,149,825)	(negative 1,244,744)	(negative 1,282,757)	(negative 1,352,754)	(negative 1,393,586)
Non-financial assets
Tangible capital assets	65,838	69,676	73,835	78,942	83,682	87,583	92,785	97,337	104,552	115,091
Inventories	7,221	6,842	6,679	6,601	6,171	9,764	9,026	9,405	8,214	7,933
Prepaid expenses and other	1,110	1,196	1,119	1,131	1,678	3,732	2,958	3,002	3,837	4,078
Total non-financial assets	74,169	77,714	81,633	86,674	91,531	101,079	104,769	109,744	116,603	127,102
Accumulated deficit	(negative 634,440)	(negative 651,540)	(negative 671,254)	(negative 685,450)	(negative 721,360)	(negative 1,048,746)	(negative 1,139,975)	(negative 1,173,013)	(negative 1,236,151)	(negative 1,266,484)
Accumulated deficit is comprised of:
Accumulated operating deficit	(negative 634,440)	(negative 651,540)	(negative 671,254)	(negative 685,450)	(negative 721,360)	(negative 1,048,746)	(negative 1,139,975)	(negative 1,183,618)	(negative 1,245,494)	(negative 1,281,842)
Accumulated remeasurement gains	–	–	–	–	–	–	–	10,605	9,343	15,358
Total	(negative 634,440)	(negative 651,540)	(negative 671,254)	(negative 685,450)	(negative 721,360)	(negative 1,048,746)	(negative 1,139,975)	(negative 1,173,013)	(negative 1,236,151)	(negative 1,266,484)
Table 1.2 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.2 Table note 4 Years prior to 2022 figures have not been restated following the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations in 2023. Return to table note 4 referrer in Table 1.2 Table note 5 The 2023 accumulated operating deficit at beginning of year has been adjusted to account for changes resulting from the introduction of the financial instrument suite of standards in 2023. Return to table note 5 referrer in Table 1.2 Table note 6 The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards. Other than the 2022 restated figures, the restatements in the prior years have not been audited. Return to table note 6 referrer in Table 1.2 Table note 7 The figures up to 2018 have been restated in the fiscal year 2019 to reflect the change in revenue recognition criteria for consolidated Crown corporations. Other than the 2018 restated figures, the restatements in the prior years have not been audited. Return to table note 7 referrer in Table 1.2 Table note 8 The figures up to 2017 have been restated in the fiscal year 2018 to reflect the impact of the change in methodology for the determination of the discount rate for unfunded pension benefits. Other than the 2017 restated figures, the restatements in the prior years have not been audited. Return to table note 8 referrer in Table 1.2

**Table 1.3**
**Government of Canada**
**Consolidated Statement of Remeasurement Gains and Losses—detailed**^{Links to footnote * in Table 1.3}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	Year ended March 31^{Links to footnote 2 in Table 1.3}
Accumulated remeasurement gains— beginning of year	–	–	–	–	–	–	–	5,758	10,605	9,343
Net unrealized gains (losses) attributable to:
Derivatives	–	–	–	–	–	–	–	3,350	(negative 1,075)	4,995
Other loans, investments and advances— Portfolio investments	–	–	–	–	–	–	–	(negative 122)	40	149
Total net unrealized gains (losses)	–	–	–	–	–	–	–	3,228	(negative 1,035)	5,144
Amounts reclassified during the year to the Consolidated Statement of Operations and Accumulated Operating Deficit:
Derivatives	–	–	–	–	–	–	–	(negative 12)	(negative 8)	–
Other loans, investments and advances— Portfolio investments	–	–	–	–	–	–	–	3	2	(negative 49)
Total amounts reclassified during the year to the Consolidated Statement of Operations and Accumulated Operating Deficit	–	–	–	–	–	–	–	(negative 9)	(negative 6)	(negative 49)
Other comprehensive income (loss) of enterprise Crown corporations
Net change in unrealized gains (losses) on financial instruments measured at fair value through other comprehensive income	–	–	–	–	–	–	–	(negative 51)	146	401
Net change in fair value of derivatives designated as hedges	–	–	–	–	–	–	–	48	–	(negative 1)
Actuarial gains (losses) on pensions and other employee future benefits	–	–	–	–	–	–	–	1,631	(negative 367)	520
Total other comprehensive income (loss) of enterprise Crown corporations	–	–	–	–	–	–	–	1,628	(negative 221)	920
Net remeasurement gains (losses) for the year	–	–	–	–	–	–	–	4,847	(negative 1,262)	6,015
Accumulated remeasurement gains—end of year	–	–	–	–	–	–	–	10,605	9,343	15,358
Table 1.3 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.3 Table note 2 Years prior to 2023 figures have not been restated following the adoption of the financial instrument suite of standards in 2023. Return to table note 2 referrer in Table 1.3

**Table 1.4**
**Government of Canada**
**Consolidated Statement of Change in Net Debt—detailed**^{Links to footnote * in Table 1.4}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023^{Links to footnote 4 in Table 1.4}^{Links to footnote 5 in Table 1.4}	2024	2025
	Year ended March 31^{Links to footnote 6 in Table 1.4}^{Links to footnote 7 in Table 1.4}^{Links to footnote 8 in Table 1.4}
Net debt at beginning of year—as previously reported	(negative 686,959)	(negative 693,751)	(negative 714,457)	(negative 752,887)	(negative 772,124)	(negative 812,891)	(negative 1,149,825)	(negative 1,247,307)	(negative 1,282,757)	(negative 1,352,754)
Accounting changes and restatement
Public sector pensions	(negative 16,580)	(negative 18,454)	(negative 19,641)	–	–	–	–	–	–	–
Change in revenue recognition criteria	2,826	3,596	4,844	–	–	–	–	–	–	–
Asset retirement obligations	–	–	–	–	–	–	(negative 6,328)	–	–	–
Net debt at beginning of year—as restated	(negative 700,713)	(negative 708,609)	(negative 729,254)	(negative 752,887)	(negative 772,124)	(negative 812,891)	(negative 1,156,153)	(negative 1,247,307)	(negative 1,282,757)	(negative 1,352,754)
Change in net debt during the year
Annual operating deficit	(negative 2,861)	(negative 18,957)	(negative 18,961)	(negative 13,964)	(negative 39,392)	(negative 327,729)	(negative 90,315)	(negative 35,322)	(negative 61,876)	(negative 36,348)
Change due to tangible capital assets
Acquisition of tangible capital assets	(negative 8,015)	(negative 8,547)	(negative 9,793)	(negative 11,134)	(negative 10,286)	(negative 10,127)	(negative 9,588)	(negative 10,703)	(negative 13,585)	(negative 16,808)
Amortization of tangible capital assets	5,049	5,168	5,261	5,643	5,790	5,969	5,514	5,644	5,633	6,044
Proceeds from disposal of tangible capital assets	610	373	236	433	41	15	28	26	62	12
Net loss (gain) on disposal and write-offs of tangible capital assets, including adjustments	(negative 135)	(negative 832)	137	(negative 49)	(negative 285)	242	(negative 207)	481	675	213
Total change due to tangible capital assets	(negative 2,491)	(negative 3,838)	(negative 4,159)	(negative 5,107)	(negative 4,740)	(negative 3,901)	(negative 4,253)	(negative 4,552)	(negative 7,215)	(negative 10,539)
Change due to inventories	29	379	163	78	430	(negative 3,593)	738	(negative 379)	1,191	281
Change due to prepaid expenses and other	96	(negative 86)	77	(negative 12)	(negative 547)	(negative 2,054)	774	(negative 44)	(negative 835)	(negative 241)
Increase in net debt excluding remeasurement gains (losses)	(negative 5,227)	(negative 22,502)	(negative 22,880)	(negative 19,005)	(negative 44,249)	(negative 337,277)	(negative 93,056)	(negative 40,297)	(negative 68,735)	(negative 46,847)
Net remeasurement gains (losses)	–	–	–	–	–	–	–	4,847	(negative 1,262)	6,015
Other comprehensive income (loss)	(negative 2,669)	1,857	(negative 753)	(negative 232)	3,482	343	4,465	–	–	–
Net increase in net debt	(negative 7,896)	(negative 20,645)	(negative 23,633)	(negative 19,237)	(negative 40,767)	(negative 336,934)	(negative 88,591)	(negative 35,450)	(negative 69,997)	(negative 40,832)
Net debt at end of year	(negative 708,609)	(negative 729,254)	(negative 752,887)	(negative 772,124)	(negative 812,891)	(negative 1,149,825)	(negative 1,244,744)	(negative 1,282,757)	(negative 1,352,754)	(negative 1,393,586)
Table 1.4 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.4 Table note 4 Years prior to 2022 figures have not been restated following the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations in 2023. Return to table note 4 referrer in Table 1.4 Table note 5 The 2023 accumulated operating deficit at beginning of year has been adjusted to account for changes resulting from the introduction of the financial instrument suite of standards in 2023. Return to table note 5 referrer in Table 1.4 Table note 6 The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards. Other than the 2022 restated figures, the restatements in the prior years have not been audited. Return to table note 6 referrer in Table 1.4 Table note 7 The figures up to 2018 have been restated in the fiscal year 2019 to reflect the change in revenue recognition criteria for consolidated Crown corporations. Other than the 2018 restated figures, the restatements in the prior years have not been audited. Return to table note 7 referrer in Table 1.4 Table note 8 The figures up to 2017 have been restated in the fiscal year 2018 to reflect the impact of the change in methodology for the determination of the discount rate for unfunded pension benefits. Other than the 2017 restated figures, the restatements in the prior years have not been audited. Return to table note 8 referrer in Table 1.4

**Table 1.5**
Government of Canada
Consolidated Statement of Cash Flow—detailed^{Links to footnote * in Table 1.5}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023^{Links to footnote 4 in Table 1.5}^{Links to footnote 5 in Table 1.5}	2024^{Links to footnote 3 in Table 1.5}	2025
	Year ended March 31^{Links to footnote 6 in Table 1.5}^{Links to footnote 7 in Table 1.5}^{Links to footnote 8 in Table 1.5}
Operating activities
Annual operating deficit	(negative 2,861)	(negative 18,957)	(negative 18,961)	(negative 13,964)	(negative 39,392)	(negative 327,729)	(negative 90,315)	(negative 35,322)	(negative 61,876)	(negative 36,348)
Non-cash items
Share of annual (profit) loss in enterprise Crown corporations and other government business enterprises	(negative 7,316)	(negative 4,920)	(negative 6,959)	(negative 5,920)	(negative 3,588)	11,638	(negative 11,535)	(negative 3,878)	660	(negative 3,239)
Effective interest on debt	2,374	1,936	1,999	3,044	4,649	1,559	3,416	9,329	15,082	14,574
Provision for valuation on other loans, investments and advances	1,034	869	(negative 109)	2,080	425	17,175	2,563	6,688	3,431	2,871
Amortization of tangible capital assets	5,049	5,168	5,261	5,643	5,790	5,969	5,514	5,644	5,633	6,044
Net (gain) loss on disposal and write-offs of tangible capital assets, including adjustments	(negative 135)	(negative 832)	137	(negative 49)	(negative 285)	242	(negative 207)	481	675	213
Net exchange loss (gain) and accrued interest on derivatives	1,722	(negative 627)	71	(negative 561)	3,318	(negative 10,142)	(negative 2,696)	6,444	(negative 224)	7,829
Pensions and other future benefit and interest expenses	26,491	25,884	29,588	25,662	28,954	35,152	32,127	33,720	32,363	30,991
Provision for doubtful accounts	4,325	2,566	2,323	4,024	4,403	6,257	5,571	6,249	12,638	12,905
Net losses on write-offs and write-down of inventory and prepaid expenses	698	370	613	400	307	486	2,236	1,524	1,499	1,012
Net exchange gain (loss) on foreign exchange accounts and other foreign currency balances	(negative 2,471)	214	(negative 771)	(negative 589)	(negative 5,298)	7,199	3,450	(negative 5,969)	(negative 237)	(negative 7,629)
Foreign exchange accounts net (gain) loss on investments and non-cash interest	–	–	–	–	–	–	–	(negative 170)	(negative 1,350)	(negative 896)
Change in taxes receivable	(negative 11,182)	(negative 7,425)	(negative 15,846)	(negative 8,292)	2,198	(negative 26,049)	(negative 30,653)	(negative 18,162)	(negative 30,015)	(negative 18,974)
Pension and other future benefit payments	(negative 15,889)	(negative 17,492)	(negative 19,120)	(negative 19,007)	(negative 18,816)	(negative 18,901)	(negative 20,586)	(negative 20,510)	(negative 22,092)	(negative 23,892)
Transfer addressing non-permitted surplus	–	–	–	–	–	–	–	–	–	1,943
Net change in foreign exchange accounts assets	(negative 15,691)	(negative 5,200)	2,873	(negative 859)	610	5,564	(negative 13,569)	–	–	–
Net change in foreign exchange accounts liabilities	9,493	(negative 394)	882	(negative 1,400)	(negative 682)	(negative 1,526)	(negative 1,173)	–	–	–
Change in accounts payable and accrued liabilities	3,488	2,824	20,849	11,908	4,126	43,564	52,641	(negative 3,221)	4,242	(negative 4,194)
Net change in cash collateral	(negative 6,557)	(negative 349)	(negative 1,841)	1,622	(negative 2,825)	9,286	1,802	(negative 2,623)	(negative 249)	(negative 1,596)
Net change in other accounts	(negative 3,068)	(negative 720)	(negative 516)	1,118	1,036	(negative 9,517)	(negative 3,340)	(negative 4,577)	(negative 7,130)	(negative 4,572)
Cash (used) provided by operating activities	(negative 10,496)	(negative 17,085)	473	4,860	(negative 15,070)	(negative 249,773)	(negative 64,754)	(negative 24,353)	(negative 46,950)	(negative 22,958)
Capital investment activities
Acquisition of tangible capital assets	(negative 7,379)	(negative 7,834)	(negative 9,220)	(negative 10,010)	(negative 9,598)	(negative 10,030)	(negative 8,886)	(negative 10,891)	(negative 13,560)	(negative 17,169)
Proceeds from disposal of tangible capital assets	610	373	236	433	41	15	28	26	62	12
Cash used by capital investment activities	(negative 6,769)	(negative 7,461)	(negative 8,984)	(negative 9,577)	(negative 9,557)	(negative 10,015)	(negative 8,858)	(negative 10,865)	(negative 13,498)	(negative 17,157)
Investing activities
Enterprise Crown corporations and other government business enterprises
Dividends received and other equity adjustments	4,975	2,195	7,993	6,302	1,992	(negative 13,989)	13,187	11,505	1,515	839
Purchases of other investments	–	–	–	–	–	–	–	–	(negative 7,569)	(negative 28,245)
Issuance of loans and advances	(negative 54,542)	(negative 52,213)	(negative 42,756)	(negative 48,889)	(negative 54,334)	(negative 48,985)	(negative 67,331)	(negative 63,334)	(negative 65,098)	(negative 90,585)
Repayment of loans and advances	52,699	48,703	39,884	41,086	42,648	47,837	54,205	52,058	57,332	61,620
Issuance of other loans, investments and advances and foreign exchange accounts loans	(negative 7,601)	(negative 5,978)	(negative 7,483)	(negative 7,446)	(negative 8,158)	(negative 54,548)	(negative 14,316)	(negative 13,773)	(negative 12,971)	(negative 16,634)
Repayment of other loans, investments and advances and foreign exchange accounts loans	5,383	4,708	3,120	4,555	4,699	5,010	7,693	8,737	26,999	7,589
Issuance of advances to the Exchange Fund Account	–	–	–	–	–	–	–	(negative 47,464)	(negative 41,234)	(negative 39,108)
Repayment of advances to the Exchange Fund Account	–	–	–	–	–	–	–	33,331	30,548	30,454
Cash (used) provided by investing activities	914	(negative 2,585)	758	(negative 4,392)	(negative 13,153)	(negative 64,675)	(negative 6,562)	(negative 18,940)	(negative 10,478)	(negative 74,070)
Total cash (used) generated before financing activities	(negative 16,351)	(negative 27,131)	(negative 7,753)	(negative 9,109)	(negative 37,780)	(negative 324,463)	(negative 80,174)	(negative 54,158)	(negative 70,926)	(negative 114,185)
Financing activities
Issuance of Canadian currency borrowings	452,850	507,483	441,307	437,135	468,722	1,048,574	710,292	587,867	773,261	969,450
Repayment of Canadian currency borrowings	(negative 435,143)	(negative 477,549)	(negative 433,801)	(negative 424,926)	(negative 430,279)	(negative 698,130)	(negative 592,308)	(negative 584,412)	(negative 681,572)	(negative 883,059)
Issuance of foreign currency borrowings	26,817	21,702	15,847	19,631	17,821	34,185	31,377	23,825	24,573	26,652
Repayment of foreign currency borrowings	(negative 24,602)	(negative 26,575)	(negative 17,458)	(negative 19,738)	(negative 18,877)	(negative 33,307)	(negative 32,466)	(negative 23,900)	(negative 18,195)	(negative 19,602)
Receipt of Canadian currency under swap contracts	–	–	–	–	–	–	–	7,324	9,808	8,813
Payment of Canadian currency under swap contracts	–	–	–	–	–	–	–	(negative 22,893)	(negative 17,603)	(negative 10,760)
Receipt of foreign currency under swap contracts	–	–	–	–	–	–	–	22,879	17,603	10,767
Payment of foreign currency under swap contracts	–	–	–	–	–	–	–	(negative 8,348)	(negative 10,896)	(negative 9,026)
Cash provided (used) by financing activities	19,922	25,061	5,895	12,102	37,387	351,322	116,895	2,342	96,979	93,235
Net increase (decrease) in cash and cash equivalents	3,571	(negative 2,070)	(negative 1,858)	2,993	(negative 393)	26,859	36,721	(negative 51,816)	26,053	(negative 20,950)
Cash and cash equivalents at beginning of year	34,999	38,570	36,500	34,642	37,635	37,242	64,101	100,822	49,006	75,059
Cash and cash equivalents at end of year	38,570	36,500	34,642	37,635	37,242	64,101	100,822	49,006	75,059	54,109
Table 1.5 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.5 Table note 3 The 2023 figures have been restated for the change in accounting policy for classifying certain cash flows of the foreign exchange accounts and cross-currency swaps. Years prior to 2023 figures have not been restated. Return to table note 3 referrer in Table 1.5 Table note 4 Years prior to 2022 figures have not been restated following the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations in 2023. Return to table note 4 referrer in Table 1.5 Table note 5 The 2023 accumulated operating deficit at beginning of year has been adjusted to account for changes resulting from the introduction of the financial instrument suite of standards in 2023. Return to table note 5 referrer in Table 1.5 Table note 6 The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards. Other than the 2022 restated figures, the restatements in the prior years have not been audited. Return to table note 6 referrer in Table 1.5 Table note 7 The figures up to 2018 have been restated in the fiscal year 2019 to reflect the change in revenue recognition criteria for consolidated Crown corporations. Other than the 2018 restated figures, the restatements in the prior years have not been audited. Return to table note 7 referrer in Table 1.5 Table note 8 The figures up to 2017 have been restated in the fiscal year 2018 to reflect the impact of the change in methodology for the determination of the discount rate for unfunded pension benefits. Other than the 2017 restated figures, the restatements in the prior years have not been audited. Return to table note 8 referrer in Table 1.5

**Table 1.6**
**Government of Canada**
**Consolidated Statement of Non-Budgetary Transactions and of Non‑Financial Assets—detailed**^{Links to footnote * in Table 1.6}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023^{Links to footnote 4 in Table 1.6}^{Links to footnote 5 in Table 1.6}	2024	2025
	Year ended March 31^{Links to footnote 6 in Table 1.6}^{Links to footnote 7 in Table 1.6}^{Links to footnote 8 in Table 1.6}
Loans, investments and advances
Enterprise Crown corporations and other government business enterprises
Loans and advances
Canada Mortgage and Housing Corporation	177	720	1,124	592	(negative 6,282)	(negative 907)	(negative 2,024)	(negative 2,510)	(negative 2,310)	(negative 2,117)
Business Development Bank of Canada	(negative 1,266)	(negative 1,869)	(negative 1,659)	(negative 1,765)	(negative 1,170)	5,179	(negative 1,848)	(negative 6,793)	(negative 2,626)	(negative 4,311)
Farm Credit Canada	(negative 748)	(negative 2,245)	(negative 2,318)	(negative 1,850)	(negative 2,794)	(negative 1,699)	(negative 3,106)	(negative 2,821)	(negative 2,829)	(negative 4,406)
Canadian Development Investment Corporation	–	–	–	(negative 4,790)	(negative 1,465)	(negative 3,725)	(negative 6,290)	138	(negative 764)	(negative 18,707)
Other	(negative 11)	(negative 117)	(negative 18)	9	17	(negative 12)	154	(negative 26)	(negative 2)	(negative 79)
Subtotal	(negative 1,848)	(negative 3,511)	(negative 2,871)	(negative 7,804)	(negative 11,694)	(negative 1,164)	(negative 13,114)	(negative 12,012)	(negative 8,531)	(negative 29,620)
Investments
Share of annual loss (profit)	(negative 7,316)	(negative 4,920)	(negative 6,959)	(negative 5,920)	(negative 3,588)	11,638	(negative 11,535)	(negative 3,878)	660	(negative 3,239)
Other comprehensive (income) loss	2,669	(negative 1,857)	753	232	(negative 3,482)	(negative 343)	(negative 4,465)	(negative 1,628)	221	(negative 920)
Dividends	4,002	2,320	8,058	6,427	3,618	13,592	6,050	1,695	1,423	1,184
Capital	973	(negative 125)	(negative 65)	(negative 125)	(negative 1,816)	(negative 18,470)	(negative 435)	8,717	(negative 290)	(negative 356)
Equity adjustments and other	–	–	–	–	190	(negative 24)	2	(negative 27)	(negative 13)	11
Canada Mortgage Bonds	–	–	–	–	–	–	–	–	(negative 7,580)	(negative 36,557)
Subtotal	328	(negative 4,582)	1,787	614	(negative 5,078)	6,393	(negative 10,383)	4,879	(negative 5,579)	(negative 39,877)
Total	(negative 1,520)	(negative 8,093)	(negative 1,084)	(negative 7,190)	(negative 16,772)	5,229	(negative 23,497)	(negative 7,133)	(negative 14,110)	(negative 69,497)
Less:
Loans expected to be repaid from future appropriations	221	218	264	204	167	115	225	201	183	95
Total	(negative 1,741)	(negative 8,311)	(negative 1,348)	(negative 7,394)	(negative 16,939)	5,114	(negative 23,722)	(negative 7,334)	(negative 14,293)	(negative 69,592)
Other loans, investments and advances
Portfolio investments	351	286	1,235	(negative 616)	(negative 385)	(negative 165)	390	(negative 166)	(negative 247)	150
Capital subscriptions - International organizations	–	–	(negative 257)	257	–	–	–	–	–	–
Loans and advances
Canada Emergency Business Account	–	–	–	–	–	(negative 28,789)	344	3,864	21,016	1,161
Canada Student Loans and Canada Apprentice Loans	(negative 694)	(negative 504)	(negative 913)	(negative 1,156)	(negative 637)	(negative 1,120)	(negative 115)	(negative 510)	1,683	(negative 2,205)
Unconditionally repayable contributions	(negative 1,177)	47	(negative 139)	(negative 147)	(negative 389)	(negative 1,619)	(negative 1,098)	(negative 948)	(negative 622)	(negative 658)
Other loans and advances	985	433	(negative 943)	1,515	(negative 240)	(negative 197)	(negative 3,550)	(negative 984)	(negative 4,229)	(negative 5,154)
Total loans and advances	(negative 886)	(negative 24)	(negative 1,995)	212	(negative 1,266)	(negative 31,725)	(negative 4,419)	1,422	17,848	(negative 6,856)
Total	(negative 535)	262	(negative 1,017)	(negative 147)	(negative 1,651)	(negative 31,890)	(negative 4,029)	1,256	17,601	(negative 6,706)
Total loans, investments and advances	(negative 2,276)	(negative 8,049)	(negative 2,365)	(negative 7,541)	(negative 18,590)	(negative 26,776)	(negative 27,751)	(negative 6,078)	3,308	(negative 76,298)
Pensions and other future benefits
Public sector pensions	1,061	505	(negative 757)	(negative 2,414)	(negative 2,378)	(negative 1,557)	(negative 3,979)	(negative 5,034)	(negative 8,130)	(negative 8,275)
Other employee and veteran future benefits	9,541	7,887	11,225	9,069	12,516	17,808	15,519	18,244	18,401	17,317
Total pensions and other future benefits	10,602	8,392	10,468	6,655	10,138	16,251	11,540	13,210	10,271	9,042
Other liabilities
Canada Pension Plan Account	(negative 177)	71	(negative 74)	131	115	(negative 139)	(negative 38)	204	(negative 146)	306
Other liabilities	(negative 223)	16	55	104	31	800	1,034	(negative 573)	(negative 230)	(negative 238)
Total other liabilities	(negative 400)	87	(negative 19)	235	146	661	996	(negative 369)	(negative 376)	68
Non-financial assets
Tangible capital assets	(negative 2,491)	(negative 3,838)	(negative 4,159)	(negative 5,107)	(negative 4,740)	(negative 3,901)	(negative 5,202)	(negative 4,552)	(negative 7,214)	(negative 10,539)
Inventories	29	379	163	78	430	(negative 3,593)	738	(negative 379)	1,191	281
Prepaid expenses and other	96	(negative 86)	77	(negative 12)	(negative 547)	(negative 2,054)	774	(negative 44)	(negative 835)	(negative 241)
Total non-financial assets	(negative 2,366)	(negative 3,545)	(negative 3,919)	(negative 5,041)	(negative 4,857)	(negative 9,548)	(negative 3,690)	(negative 4,975)	(negative 6,858)	(negative 10,499)
Other transactions
Taxes receivable	(negative 7,349)	(negative 4,666)	(negative 12,521)	(negative 4,526)	6,463	(negative 20,925)	(negative 25,565)	(negative 13,394)	(negative 22,063)	(negative 10,612)
Other accounts receivable	(negative 7,108)	(negative 177)	(negative 4,064)	2,535	(negative 3,530)	(negative 2,697)	6,430	(negative 1,890)	(negative 467)	371
Derivative assets	406	(negative 885)	670	(negative 73)	242	(negative 2,257)	(negative 1,907)	1,714	332	1,176
Provincial, Territorial and Indigenous Tax Agreements Account	2,780	(negative 1,942)	5,034	(negative 351)	(negative 4,710)	7,691	16,140	(negative 20,942)	11,285	(negative 5,484)
Amounts payable related to tax	(negative 2,501)	1,380	6,799	3,324	(negative 5,014)	11,330	6,947	6,285	2,990	7,053
Derivative liabilities	1,516	187	(negative 633)	(negative 521)	3,066	(negative 8,086)	(negative 774)	2,218	(negative 558)	1,452
Other liabilities	3,262	3,607	8,941	8,888	13,863	24,419	35,845	11,568	(negative 9,659)	(negative 5,901)
Total other transactions	(negative 8,994)	(negative 2,496)	4,226	9,276	10,380	9,475	37,116	(negative 14,441)	(negative 18,140)	(negative 11,945)
Total non-budgetary transactions and non-financial assets	(negative 3,434)	(negative 5,611)	8,391	3,584	(negative 2,783)	(negative 9,937)	18,211	(negative 12,653)	(negative 11,795)	(negative 89,632)
Table 1.6 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.6 Table note 4 Years prior to 2022 figures have not been restated following the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations in 2023. Return to table note 4 referrer in Table 1.6 Table note 5 The 2023 accumulated operating deficit at beginning of year has been adjusted to account for changes resulting from the introduction of the financial instrument suite of standards in 2023. Return to table note 5 referrer in Table 1.6 Table note 6 The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards. Other than the 2022 restated figures, the restatements in the prior years have not been audited. Return to table note 6 referrer in Table 1.6 Table note 7 The figures up to 2018 have been restated in the fiscal year 2019 to reflect the change in revenue recognition criteria for consolidated Crown corporations. Other than the 2018 restated figures, the restatements in the prior years have not been audited. Return to table note 7 referrer in Table 1.6 Table note 8 The figures up to 2017 have been restated in the fiscal year 2018 to reflect the impact of the change in methodology for the determination of the discount rate for unfunded pension benefits. Other than the 2017 restated figures, the restatements in the prior years have not been audited. Return to table note 8 referrer in Table 1.6

**Table 1.7**
Government of Canada
Consolidated Statement of Foreign Exchange, Unmatured Debt and Cash Transactions—detailed^{Links to footnote * in Table 1.7}
(in millions of dollars)
	2016	2017	2018	2019	2020	2021	2022	2023^{Links to footnote 5 in Table 1.7}	2024	2025
	Year ended March 31^{Links to footnote 6 in Table 1.7}
Foreign exchange accounts
Assets
International reserves held in the Exchange Fund Account	(negative 9,418)	(negative 5,289)	1,238	(negative 1,770)	(negative 4,817)	14,427	(negative 29,510)	(negative 21,767)	(negative 10,549)	(negative 18,176)
International Monetary Fund—Subscriptions	(negative 9,041)	278	(negative 755)	198	(negative 729)	1,546	581	(negative 992)	286	(negative 1,313)
International Monetary Fund—Loans	75	153	350	229	178	171	65	65	67	–
International Monetary Fund—Poverty Reduction and Growth Trust	–	–	–	–	–	–	–	–	(negative 494)	(negative 1,417)
International Monetary Fund—Resilience and Sustainability Trust	–	–	–	–	–	–	–	(negative 414)	(negative 60)	(negative 316)
Subtotal	(negative 18,384)	(negative 4,858)	833	(negative 1,343)	(negative 5,368)	16,144	(negative 28,864)	(negative 23,108)	(negative 10,750)	(negative 21,222)
Liabilities
Exchange Fund Account liabilities
Due to broker	–	–	–	–	–	–	–	–	–	(negative 316)
International Monetary Fund
Special drawing rights allocations	(negative 493)	150	(negative 409)	107	(negative 396)	840	(negative 17,945)	(negative 1,489)	430	(negative 1,973)
Notes payable	(negative 9,370)	250	(negative 617)	1,300	243	3,023	490	(negative 411)	(negative 385)	(negative 1,303)
Subtotal	(negative 9,863)	400	(negative 1,026)	1,407	(negative 153)	3,863	(negative 17,455)	(negative 1,900)	45	(negative 3,592)
Total foreign exchange accounts	(negative 8,521)	(negative 5,258)	1,859	(negative 2,750)	(negative 5,215)	12,281	(negative 11,409)	(negative 21,208)	(negative 10,795)	(negative 17,630)
Unmatured debt
Payable in Canadian currency
Marketable bonds	16,553	32,366	37,119	(negative 6,373)	27,511	285,498	154,103	1,757	42,689	81,711
Treasury bills	2,533	(negative 1,430)	(negative 26,200)	23,291	17,730	67,379	(negative 31,787)	12,022	64,084	19,269
Retail debt	(negative 584)	(negative 543)	(negative 1,947)	(negative 1,349)	(negative 740)	(negative 198)	(negative 299)	–	–	–
Subtotal	18,502	30,393	8,972	15,569	44,501	352,679	122,017	13,779	106,773	100,980
Payable in foreign currencies	2,221	(negative 4,872)	(negative 1,537)	(negative 21)	(negative 86)	(negative 513)	(negative 996)	1,561	5,212	8,311
Obligation related to capital leases	(negative 233)	(negative 251)	(negative 23)	(negative 310)	20	(negative 205)	78	(negative 240)	(negative 180)	(negative 178)
Obligation under public-private partnerships	565	629	194	1,118	(negative 921)	(negative 59)	50	(negative 17)	(negative 23)	(negative 48)
Total unmatured debt	21,055	25,899	7,606	16,356	43,514	351,902	121,149	15,083	111,782	109,065
Cash and cash equivalents at end of year
In Canadian currency	36,022	35,353	34,110	36,840	36,400	63,685	100,166	47,891	73,809	52,423
In foreign currencies	2,548	1,147	532	795	842	416	656	1,115	1,250	1,686
Total cash and cash equivalents	38,570	36,500	34,642	37,635	37,242	64,101	100,822	49,006	75,059	54,109
Table 1.7 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 1.7 Table note 5 The 2023 accumulated operating deficit at beginning of year has been adjusted to account for changes resulting from the introduction of the financial instrument suite of standards in 2023. Return to table note 5 referrer in Table 1.7 Table note 6 The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards. Other than the 2022 restated figures, the restatements in the prior years have not been audited. Return to table note 6 referrer in Table 1.7

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Date modified:: 2025-11-07