Section 7: Public debt charges

Public Accounts of Canada 2025 Volume III—Top of the page Navigation

Public debt charges include effective interest calculated on market debt including amounts arising on the extinguishment of debt, as well as interest on obligations for public sector pensions and other employee and veteran future benefits.

The following statement presents details of the current year's public debt charges.

Table 1:Public debt charges
(in dollars)Links to footnote * in Table 1
Description Rate of interest (%) Amount of principal Amount charged in 2025
Unmatured Debt and cross-currency swaps
Interest on marketable bonds Links to footnote 1 in Table 1
Payable in Canadian currency
CA135087L690—Apr 2024 0.25 – 422,022
CA135087N423—May 2024 1.50 – 24,656,920
CA135087B451—June 2024 2.50 – 59,851,719
CA135087N910—Aug 2024 2.75 – 137,340,488
CA135087J967—Sept 2024 1.50 – 98,243,916
CA135087M508—Oct 2024 0.75 – 64,196,547
CA135087P402—Nov 2024 3.00 – 297,460,379
CA135087P659—Feb 2025 3.75 – 447,569,182
CA135087K528—March 2025 1.25 – 233,319,839
CA135087N340—Apr 2025 1.50 11,875,000,000 281,147,380
CA135087Q319—May 2025 3.75 14,700,000,000 566,266,194
CA135087D507—June 2025 2.25 12,950,000,000 249,647,348
CA135087VH40—June 2025 9.00 2,133,858,000 189,126,521
CA135087Q640—Aug 2025 3.50 11,597,000,000 593,927,321
CA135087K940—Sept 2025 0.50 47,492,000,000 203,647,188
CA135087P246—Oct 2025 3.00 10,000,000,000 356,823,188
CA135087Q806—Nov 2025 4.50 19,375,000,000 921,164,851
CA135087R226—Feb 2026 4.50 22,250,000,000 971,600,996
CA135087L518—March 2026 0.25 34,000,000,000 206,766,057
CA135087P816—Apr 2026 3.00 10,000,000,000 348,800,462
CA135087R556—May 2026 4.00 25,800,000,000 1,063,321,140
CA135087E679—June 2026 1.50 13,472,000,000 197,042,419
CA135087R978—Aug 2026 4.00 21,450,000,000 714,488,333
CA135087L930—Sept 2026 1.00 22,700,000,000 223,440,346
CA135087S398—Nov 2026 3.25 21,500,000,000 375,226,951
CA135087VS05—Dec 2026 4.25 9,641,940,000 591,776,582
CA135087S547—Feb 2027 3.00 27,500,000,000 241,662,268
CA135087M847—March 2027 1.25 17,000,000,000 259,648,935
CA135087S885—May 2027 2.75 16,500,000,000 26,704,660
CA135087F825—June 2027 1.00 14,740,000,000 211,977,701
CA135087VW17—June 2027 8.00 3,620,841,000 278,054,101
CA135087P733—Aug 2027 3.25 500,000,000 16,242,555
CA135087N837—Sept 2027 2.75 16,000,000,000 496,496,933
CA135087P576—March 2028 3.50 15,000,000,000 501,359,447
CA135087H235—June 2028 2.00 13,500,000,000 293,684,838
CA135087Q491—Sept 2028 3.25 20,000,000,000 707,948,531
CA135087Q988—March 2029 4.00 27,000,000,000 998,955,543
CA135087J397—June 2029 2.25 12,300,000,000 263,077,905
CA135087WL43—June 2029 5.75 10,598,959,000 606,829,611
CA135087R895—Sept 2029 3.50 30,000,000,000 784,377,746
CA135087N670—Dec 2029 2.25 5,000,000,000 115,052,036
CA135087S471—March 2030 2.75 33,000,000,000 235,290,056
CA135087K379—June 2030 1.25 44,200,000,000 385,598,926
CA135087L443—Dec 2030 0.50 40,000,000,000 359,565,231
CA135087M276—June 2031 1.50 42,000,000,000 594,381,281
CA135087N266—Dec 2031 1.50 32,000,000,000 546,015,843
CA135087WV25—Dec 2031 4.00 10,237,406,000 583,910,472
CA135087S968—March 2032 3.00 2,000,000,000 5,529,762
CA135087N597—June 2032 2.00 24,000,000,000 643,164,470
CA135087P329—Dec 2032 2.50 21,000,000,000 626,360,844
CA135087Q236—June 2033 2.75 19,000,000,000 557,854,061
CA135087XG49—June 2033 5.75 11,988,905,000 702,244,966
CA135087Q723—Dec 2033 3.25 21,000,000,000 757,263,287
CA135087R713—March 2034 3.50 6,000,000,000 171,959,233
CA135087R481—June 2034 3.00 34,000,000,000 1,061,839,354
CA135087S216—Dec 2034 3.25 30,000,000,000 470,174,596
CA135087S620—June 2035 3.25 18,000,000,000 82,189,757
CA135087XQ21—Dec 2036 3.00 9,161,802,000 405,542,268
CA135087XW98—June 2037 5.00 11,730,774,000 584,206,999
CA135087YQ12—June 2041 4.00 13,838,441,000 555,232,666
CA135087YK42—Dec 2041 2.00 9,499,268,500 364,384,354
CA135087ZH04—Dec 2044 1.50 10,743,810,000 328,843,192
CA135087ZS68—Dec 2045 3.50 16,300,000,000 525,217,053
CA135087B949—Dec 2047 1.25 10,073,679,000 288,960,012
CA135087D358—Dec 2048 2.75 14,900,000,000 385,709,618
CA135087G997—Dec 2050 0.50 9,432,056,000 220,226,633
CA135087H722—Dec 2051 2.00 51,816,529,000 917,447,768
CA135087M680—Dec 2053 1.75 32,000,000,000 648,701,530
CA135087M433—Dec 2054 0.25 2,425,164,000 52,753,346
CA135087P998—Dec 2055 2.75 28,750,000,000 714,120,709
CA135087S703—Dec 2057 3.50 5,000,000,000 22,933,067
CA135087C939—Dec 2064 2.75 8,750,000,000 230,083,781
Subtotal   1,163,044,432,500 29,247,052,234
Adjustment to amortized cost   6,215,280,536 –
Subtotal   1,169,259,713,036 29,247,052,234
Less: Government's holdings and consolidation adjustment   (negative 136,985,000) –
Total   1,169,396,698,036 29,247,052,234
Payable in foreign currencies
US135087K787—Jan 2025 1.625 – 59,107,025
US135087N757—Apr 2025 2.875 5,034,750,000 144,356,554
US427028AB18—May 2026 0.75 5,034,750,000 41,558,097
US135087Q560—Apr 2028 3.75 5,754,000,000 218,176,317
US43358BAA17—Apr 2029 4.625 4,315,500,000 183,549,474
US43358BAB99—March 2030 4.00 5,034,750,000 6,877,967
Subtotal   25,173,750,000 653,625,434
Adjustment to amortized cost   190,570,054 –
Subtotal   25,364,320,054 653,625,434
Less: Government's holdings   – –
Total   25,364,320,054 653,625,434
Total interest on marketable bonds   1,194,761,018,090 29,900,677,668
Treasury bills   285,200,000,000 11,807,091,756
Adjustment to amortized cost   (negative 2,688,114,042) –
Consolidation adjustments   (negative 259,663,000) –
Total   282,252,222,958 11,807,091,756
Canada bills   4,209,704,079 147,573,458
Adjustment to amortized cost   (negative 17,201,632) –
Total   4,192,502,448 147,573,458
Servicing costs and costs of issuing new borrowings various – 8,887,474
Total interest on market debt   1,481,205,743,496 41,864,230,357
Net interest on Cross-Currency Swap various – 321,055,412
Interest on capital lease obligations various 2,187,989,273 142,596,044
Interest on obligations under public-private partnerships various 2,492,740,170 127,044,086
Total public debt charges related to unmatured debt and cross-currency swaps   1,485,886,472,939 42,454,925,899
Pension and other future benefits (interest)
Public sector pensions
Canadian Forces Pension Fund Account Links to footnote 2 in Table 1 various – –
Canadian Forces Superannuation Account various 44,882,934,877 1,361,594,290
Members of Parliament Retirement Compensation Arrangements Account various 256,826,949 8,310,568
Members of Parliament Retiring Allowances Account various 652,735,160 19,988,658
Public Service Pension Fund Account Links to footnote 2 in Table 1 various – –
Public Service Superannuation Account various 91,257,200,266 2,590,533,469
Reserve Force Pension Fund Account Links to footnote 2 in Table 1 various – –
Retirement Compensation Arrangements Account
RCA No. 1—Canadian Forces various 559,464,261 16,435,440
RCA No. 1—Public Service various 1,522,868,918 43,976,102
RCA No. 1—Royal Canadian Mounted Police various 36,271,255 1,073,174
RCA No. 2—Public Service various 455,465,232 13,876,898
Royal Canadian Mounted Police Pension Fund Account various – –
Royal Canadian Mounted Police Superannuation Account various 13,140,023,651 399,192,867
Supplementary Retirement Benefits Account (Judges) various 334,303,251 9,772,444
Supplementary Retirement Benefits Account (Others) various 1,455,341 43,256
Total   153,099,549,161 4,464,797,166
Allowance for pension adjustments Links to footnote 3 in Table 1 various 9,523,000,000 (negative 2,297,000,000)
Consolidated Crown corporations and other entities Links to footnote 2 in Table 1Links to footnote 3 in Table 1 various 123,661,000 (negative 223,200,000)
Total   162,746,210,161 1,944,597,166
Other employee and veteran future benefits
Public Service Health Care Plan and Pensioners' Dental Service Plan   42,813,000,000 984,000,000
Royal Canadian Mounted Police disability and other future benefits   31,110,000,000 1,199,000,000
Severance and other benefits   1,904,000,000 66,000,000
Accumulated sick leave entitlements   2,389,000,000 69,000,000
Veterans' disability and other future benefits   132,706,000,000 5,276,000,000
Worker's compensation   2,441,000,000 76,000,000
Consolidated Crown corporations and other entities   304,450,000 8,293,000
Total various 213,667,450,000 7,678,293,000
Total public debt charges related to pension and other future benefits   376,413,660,161 9,622,890,166
Other liabilities
Canada Pension Plan (net of securities held by the Canada Pension Plan Investment Fund) various 464,979,869 21,350,994
Government Annuities Account various 53,487,176 3,289,718
Deposit accounts
Canada Development Investment Corporation
Holdback—Privatization various 7,187,252 –
Canada Hibernia Holding Corporation
Abandonment reserve fund various 113,640,275 –
Interest for railway accidents various – 3,235,746
Canada Labour Code—Wage Recovery Appeals various 1,135,551 36,952
Swap collateral guarantee deposits   254,657,000 25,610,455
Contractors' security deposits various 308,943 303,584
General security deposits various 8,240,735 –
Non-interest bearing accounts   611,897,089 –
Total   997,066,845 29,186,738
Trust accounts
Administered trust accounts various – –
Agri-Invest Kickstart   – 1,074,495
Canadian Security Intelligence Service
Scholastic awards various 27,984 1,012
Correctional Service of Canada
Inmates' trust fund various 35,185,202 2,377
Indian band funds various 586,627,746 18,856,767
Indian estate accounts various 56,487,362 1,821,270
Indian savings accounts various 22,929,687 818,805
Interest—Indian Residential Schools various 1,909,914 66,775
Royal Canadian Mounted Police
Benefit trust fund various 3,270,240 114,783
Veterans administration and welfare trust fund various 1,393,413 49,158
Non-interest bearing accounts   808,623 –
Total   708,640,171 22,805,441
Total deposit and trust accounts   1,705,707,016 51,992,178
Other specified purpose accounts
Insurance and death benefit accounts
Public Service death benefit account various 4,314,420,980 126,893,448
Regular forces death benefit account various 153,663,425 4,774,283
Non-interest bearing accounts   1,055,985 –
Total   4,469,140,390 131,667,731
Pension accounts
Locally engaged contributory pension account various 21,206 –
Royal Canadian Mounted Police Dependants' pension fund various 4,224,264 140,281
Total   4,245,470 140,281
Other accounts
AgriInvest Program various 7,711,364 –
AgriStability Program various 64,088,890 –
Canadian Dairy Commission various – –
Common school funds—Ontario and Quebec 5.00 2,677,771 133,889Links to footnote 4 in Table 1
Courts Administration Service Special account various 6,454,316 –
Federal Court special account various – 262,065
Hibernia Future Abandonment Funds various 120,827,528 4,267,040
Indian moneys suspense account various 70,396,586 1,873,504
Non-interest bearing accounts various 60,939,007 –
Special drawing rights allocations various – 1,116,958,024
Total   333,095,462 1,123,494,522
Deferred revenue specified purpose accounts Links to footnote 5 in Table 1
Social Sciences and Humanities Research Council—Trust fund various – 6,451
Total other specified purpose accounts   4,806,481,322 1,255,308,984
Other liabilities—Special drawing rights allocations various –Links to footnote 6 in Table 1 –
Total public debt charges related to other liabilities   7,030,655,383 1,331,941,874
Consolidated specified purpose accounts (interest)
The National Battlefields Commission—Trust fund various 1,725,238 138,061
Ship-Source Oil Pollution Fund various 435,619,820 12,825,430
Mackenzie King trust account various 225,000 7,493
Endowments for health research various 75,000 135,868
Social Sciences and Humanities Research Council Queen's Fellowship fund various 250,000 12,877
Non-interest bearing accounts   (negative 13,491,897,660) –
Total public debt charges related to consolidated specified purpose accounts   (negative 13,054,002,602) 13,119,729
Total public debt charges before consolidation adjustment   1,856,276,785,881 53,422,877,668
Accumulated consolidation adjustments (current year transactions are shown with the revenues and expenditures of the Government)   13,054,002,602 (negative 13,119,729)
Total public debt charges   1,869,330,788,483 53,409,757,939
Comprised of:
Total public debt charges under statutory authorities before accrual and other adjustments and consolidation adjustments     47,995,144,538
Accrual and other adjustments     5,427,733,130
Consolidation adjustments     (negative 13,119,729)
Total public debt charges     53,409,757,939

Table 1 notes

General notes:

  • A blank cell means there is no available data.
Table note *

The dash means that the amount is 0 or is rounded to 0.

Return to table note * referrer in Table 1

Table note 1

The months and years stated for each marketable bonds series correspond to the month and year of maturity.

Return to table note 1 referrer in Table 1

Table note 2

These pension plans, as well as some of the consolidation Crown corporations and other entities pension plans, were in a net asset position as at the date of the Statement of Financial Position.

Return to table note 2 referrer in Table 1

Table note 3

Amount charged includes public debt charges on pension plans that were in a net asset position.

Return to table note 3 referrer in Table 1

Table note 4

Interest is distributed to the provinces of Ontario and Quebec on the basis of population.

Return to table note 4 referrer in Table 1

Table note 5

Additional information on Deferred revenue specified purpose accounts is provided in Section 5 of Volume I.

Return to table note 5 referrer in Table 1

Table note 6

No amount of principal is shown since the closing balance of this liability account is reported with the Foreign exchange accounts in Section 8 of Volume I.

Return to table note 6 referrer in Table 1

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