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The Budgetary Balance. The government posted a budgetary deficit of $327.7 billion in 2020–21, compared to a deficit of $39.4 billion in 2019–20. The annual deficit before net actuarial losses represents the difference between the government's revenues and expenses excluding net actuarial losses.
- Net operating balance, provincial, territorial and local governments, by province and territory, 2019 and 2020. The net operating balance, also referred to as surplus or deficit, is calculated as revenues minus expenses over a given reference period.
- Grant revenue per capita by province for consolidated provincial and local governments, 2019 and 2020. Among all the provinces, Prince Edward Island received the highest grants per capita ($6,206) in 2020, followed by New Brunswick ($5,357) and Nova Scotia ($5,031).
- Ratio of interest expense to revenue, 2008 to 2020.
- Total liabilities, 2008 to 2020. Gross debt reaches highest level ever recorded, a consequence of historic pandemic. Gross debt of the CGG jumped to 129.2% of GDP in 2020 from 105.3% in 2019, the highest level ever recorded.
Jul 8, 2020 · Deficit for 2020-21 rises to $343.2 billion from $34.4 billion projected before pandemic. ... "The projected contraction in federal budgetary revenues is unprecedented since the Great Depression ...
- Revenues. Federal revenues can be broken down into five main categories: income tax revenues, other taxes and duties, Employment Insurance (EI) premium revenues, fuel charge proceeds and other revenues.
- Expenses. Federal expenses can be broken down into four main categories: transfer payments, which account for roughly two-thirds of all federal spending, net actuarial losses, other direct program expenses and public debt charges.
- Federal Debt. The federal debt (accumulated deficit) is the difference between the government's total liabilities and its total assets. With total liabilities of $1.2 trillion, financial assets of $435.7 billion and non-financial assets of $91.5 billion, the federal debt stood at $721.4 billion at March 31, 2020, up $35.9 billion from March 31, 2019.
- Financial Source/Requirement. The budgetary balance is the most comprehensive measure of the federal government's fiscal results. It is presented on an accrual basis of accounting, recording government expenses when they are incurred, regardless of when the cash payment is made, and recording tax revenues when earned, regardless of when the cash is received.
- Net operating balance, Canadian general government, federal government and provincial, territorial and local governments, 2008 to 2021. Revenue goes up as gross domestic product surges.
- Federal government expenses by main categories, 2008 to 2021. PTLG revenues went up by $65.8 billion (+10.6%) compared with 2020. Tax revenues grew by 16.8%, mainly driven by higher personal income taxes (+$19.2 billion or +16.6%), taxes on goods and services (+$17.2 billion or +15.2%) and corporate income taxes (+$16.7 billion or +48.0%).
- Net operating balance, provincial, territorial and local governments, by province and territory, 2020 and 2021. Among the provinces, Quebec ($3.9 billion or 0.8% of GDP) and Nova Scotia ($0.4 billion or 0.8% of GDP) posted a surplus in 2021, while other provinces remained in deficit.
- Grant revenue per capita by province for consolidated provincial and local governments, 2020 and 2021. In the territories, federal grants amounted to $57,273 per capita in Nunavut, $44,028 in the Northwest Territories and $35,847 in Yukon.
The federal government accounted for the majority ($274.4 billion) of the CGG deficit in 2020, while the consolidated provincial, territorial and local governments (PTLGs) recorded a deficit of $51.2 billion. Compared with 2019, the federal government deficit increased almost twelvefold (+1,095.8%), while the deficit of the PTLGs nearly tripled ...
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May 28, 2021 · OTTAWA, May 28 (Reuters) - Canada's budget deficit in fiscal 2020/21 swelled to C$314.00 billion ($260.15 billion) from a deficit of C$21.77 billion in the previous year, as Ottawa spent heavily ...
