Exhibit D
DESCRIPTION OF CANADA
Table of Contents
Page | ||||
General Information | 3 | |||
The Canadian Economy | 5 | |||
External Trade | 11 | |||
Balance of Payments | 13 | |||
Foreign Exchange and International Reserves | 15 | |||
Government Finances | 16 | |||
Debt Record | 25 | |||
Monetary and Banking System | 26 | |||
Claims and Other | 31 | |||
Tables and Supplementary Information | 32 |
Unless otherwise indicated, dollar amounts hereafter in this document are expressed in Canadian dollars. On December 1, 2023, the daily average rate of the Bank of Canada for conversion of Canadian dollars (“$”) to United States dollars (“U.S.$”) was USD 1.00 = CAD 1.3507.
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Certain information contained in the Exhibit has been extracted or compiled from public official documents of Canada, which include statistical data subject to revision. Canada is sometimes referred to as the “Government of Canada” or the “Government” in this Exhibit.
CANADA
GENERAL INFORMATION
Area and Population
Canada is the second largest country in the world, with an area of 9,984,670 square kilometers of which about 891,163 square kilometers are covered by fresh water. The occupied farm land is about 7% and the commercial forest land is about 30% of the total area. The population on July 1, 2023 was estimated to be 40.1 million. Over two thirds of Canada’s population lives in metropolitan areas of which Toronto, Montreal and Vancouver are the largest. Most of Canada’s population lives within 200 kilometers of the United States border.
Form of Government
Canada is a federal state composed of ten provinces and three territories. In 1867, the United Kingdom Parliament adopted the British North America Act, which established the Canadian federation comprised of, at that time, the Provinces of Ontario, Québec, Nova Scotia and New Brunswick. Since then, six additional provinces (Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta and Newfoundland and Labrador), along with the Yukon Territory, the Northwest Territories and the territory of Nunavut (which was carved out of the Northwest Territories on April 1, 1999), have become parts of Canada.
The British North America Act (which has been renamed the Constitution Act, 1867) gave the Parliament of Canada legislative power in relation to a number of matters including all matters not assigned exclusively to the legislatures of the provinces. These powers now include matters such as defense, the raising of money by any mode or system of taxation, the regulation of trade and commerce, the public debt, money and banking, interest, bills of exchange and promissory notes, navigation and shipping, extra-provincial transportation, aerial navigation and, with some exceptions, telecommunications. The provincial legislatures have exclusive jurisdiction in such areas as education, municipal institutions, property and civil rights, administration of justice, direct taxation for provincial purposes and other matters of purely provincial or local concern.
On September 8, 2022, on the passing of Queen Elizabeth II, His Majesty King Charles III automatically became the Sovereign of Canada. The accession of His Majesty was formally proclaimed by the Government of Canada on September 10, 2022 by way of SI/2022-42. The executive power of the federal Government is vested in the King, represented by the Governor General, whose powers are exercised on the advice of the federal Cabinet, which is responsible to the House of Commons. The legislative branch at the federal level, Parliament, consists of the Crown, the Senate and the House of Commons. The Senate has 105 seats. There are 24 seats each for the Maritime Provinces (Prince Edward Island, Nova Scotia and New Brunswick), Québec, Ontario and the Western Provinces (Manitoba, Saskatchewan, Alberta and British Columbia), six for Newfoundland and Labrador and one each for the three territories (Nunavut, Northwest Territories and Yukon). Senators are appointed by the Governor General on the advice of the federal Cabinet and hold office until age 75. The House of Commons has 338 members, elected by voters in single-member constituencies. The leader of the political party that gains the most seats in each general election is usually invited by the Governor General to be Prime Minister and to form the Government. The Prime Minister selects the members of the federal Cabinet from among the members of the House of Commons and the Senate (in practice almost entirely from the former). The House of Commons is elected for a period of five years. Since May 2007, the Canada Elections Act requires that a general election be held on a fixed date: the third Monday of October in the fourth calendar year following the previous general election. However, the law does not prevent the Governor General from dissolving Parliament at another date. The date of a general election is set by the Governor in Council.
The most recent general election was held on September 20, 2021. As a result of that election the Liberal Party of Canada formed the Government. As of November 30, 2023, the distribution of seats in the House of Commons is as follows: the Liberal Party of Canada has 158 seats, the Conservative Party of Canada has 117 seats, the Bloc Québécois has 32 seats, the New Democratic Party has 25 seats, and the Green Party of Canada has two seats. There are three independent seats and one vacant seat.
The executive power in each province is vested in the Lieutenant Governor, appointed by the Governor General on the advice of the federal Cabinet. The Lieutenant Governor’s powers are exercised on the advice of the provincial cabinet, which is responsible to the legislative assembly. Each provincial legislature is composed of a Lieutenant Governor and a legislative assembly and, depending on the province, members of provincial legislative assemblies are elected for four or five years. The practice of selecting the provincial premier and the provincial cabinet in each province follows that described for the federal level, as does dissolution of a legislature.
The judicial branch of government in Canada is composed of an integrated set of courts created by federal and provincial law. At the federal level there are two principal courts, the Supreme Court of Canada which is the highest appeal court in Canada and the Federal Court of Canada which, among other things, deals with federal revenue laws and claims involving the Government. Judges of the two federally constituted courts and those of the provincial superior and county courts are appointed by the Governor General on the advice of the federal Cabinet and hold office during good behavior until age 70 or 75. Judges of the magistrates courts (commonly known as provincial courts) are appointed by the provincial government and usually hold office until age 65 or 70.
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Constitutional Reform
In April 1982, Queen Elizabeth II proclaimed the Constitution Act, 1982, terminating British legislative jurisdiction over Canada’s Constitution. The Constitution Act, 1982 provides that Canada’s Constitution may be amended pursuant to an amending formula contained therein and contains the Canadian Charter of Rights and Freedoms, including the linguistic rights of Canada’s two major language groups.
The government of Québec did not sign the constitutional agreement which led to the repatriation of the Canadian Constitution and the proclamation of the Constitution Act, 1982. Although Québec is legally bound by the Constitution Act, 1982, the government of Québec set out five conditions for accepting the legal legitimacy of the Act. Discussions on those principles led on April 30, 1987 at Meech Lake to a unanimous agreement by First Ministers on principles respecting each of Québec’s conditions.
A constitutional resolution to give effect to the Meech Lake Accord was adopted by Parliament and eight provinces before the deadline for ratification on June 23, 1990. In the absence of ratification by Newfoundland and Manitoba, the amendment was not adopted. In the wake of this event, the most extensive series of public consultations on constitutional matters ever to occur in Canada began through the work of both provincial and federal commissions and committees, among other things. Recommendations produced by this process were then assessed by a series of multilateral negotiations involving the federal, provincial and territorial governments and four national Aboriginal organizations, held from April to July 1992. Agreement was reached on a wide range of constitutional issues through the multilateral process which led to a First Ministers’ Conference held in Charlottetown in August 1992.
The Charlottetown Accord was an extensive package of reforms agreed upon by the federal, provincial and territorial governments and the four Aboriginal organizations. On October 26, 1992, Canadians were asked in a referendum if they agreed that the Constitution of Canada should be renewed on the basis of the Charlottetown agreement. A majority of Canadians in a majority of the provinces, including a majority in Québec and a majority of Status Indians living on reserves, declined to provide such a mandate. Consequently, governments set aside the constitutional issue and announced their intention to concentrate on social and economic initiatives that do not require constitutional change.
Québec
In September 1994, the Parti Québécois was elected, and its platform called for Québec’s accession to independence. On October 30, 1995, the government of Québec held a consultative referendum under provincial law, seeking a mandate to secede from Canada and proclaim Québec’s independence, after having made a formal offer of a new economic and political partnership between Québec and the rest of Canada. The government’s proposal was rejected by a vote of 50.6% against and 49.4% in favour, with a participation rate of 93%. While all sides accepted the 1995 referendum results, the Parti Québécois has not abandoned the goal of achieving independence for Québec.
In September 1996, the Government of Canada referred a series of legal questions to the Supreme Court of Canada with a view to clarifying, at both domestic and international law, whether the government of Québec has the right to secede from Canada unilaterally. On August 20, 1998, the Supreme Court rendered judgment, ruling that the government of Québec cannot, under either the Constitution of Canada or international law, legally effect the unilateral secession of Québec from Canada. The Supreme Court also stated that, if a clear majority of Québecers were to clearly and unambiguously express their will to secede, the federal and provincial governments in Canada would then have a constitutional obligation to enter into negotiations to address the potential act of secession as well as its possible terms should, in fact, secession proceed.
On June 29, 2000, the Government of Canada enacted a law to give effect to the requirement for clarity set out in the opinion of the Supreme Court. That law requires the House of Commons to assess, prior to any future referendum on the secession of a province, whether the referendum question made clear that the province would cease to be part of Canada and become an independent country. The law further requires that, after the vote itself, the House of Commons also assess whether there appeared to be a clear majority in support of the question. Only if both these conditions were met would the Government of Canada be authorized to enter into negotiations which might lead to the constitutional amendments required to effect secession.
In the provincial election of October 3, 2022, the Coalition avenir Québec party was re-elected and formed a majority government having obtained 90 out of 125 seats in Quebec’s National Assembly (41.0% of the votes cast), as compared to 21 seats (14.4% of the votes cast) for the official opposition Quebec Liberal Party, 11 seats (15.4% of the votes cast) for the Québec solidaire party and three seats (14.6% of the votes cast) for the Parti Québécois.
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THE CANADIAN ECONOMY1
General
The key economic indicators for the Canadian economy and the Government of Canada consolidated statement of operations and accumulated deficit are presented in the following tables.
KEY ECONOMIC INDICATORS
For the 2023 quarter ended (year-over-year) |
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September | June | March | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Real GDP annual percentage change (1) | 0.5 | 1.2 | 1.8 | 3.8 | 5.3 | -5.0 | 1.9 | 2.7 | ||||||||||||||||||||||||
Nominal GDP annual percentage change (2) | 2.1 | 0.6 | 4.1 | 11.8 | 13.4 | -4.0 | 3.5 | 4.4 | ||||||||||||||||||||||||
GDP Implicit Price Index (2)(3) | 1.6 | -0.6 | 2.3 | 7.7 | 7.7 | 1.0 | 1.5 | 1.7 | ||||||||||||||||||||||||
Consumer Price Index (total items) (3)(4) | 3.7 | 3.5 | 5.1 | 6.8 | 3.4 | 0.7 | 1.9 | 2.3 | ||||||||||||||||||||||||
Industrial Product Price Index (3) | -0.9 | -4.9 | 1.3 | 12.8 | 13.9 | -0.4 | -0.1 | 3.9 | ||||||||||||||||||||||||
Unemployment Rate (percent) (2)(5) | 5.5 | 5.2 | 5.0 | 5.3 | 7.5 | 9.7 | 5.7 | 5.8 | ||||||||||||||||||||||||
Trade Balance (millions of dollars) (2) | -2,885 | -9,546 | -4,035 | 3,691 | 215 | -49,062 | -33,919 | -43,576 |
Source: Statistics Canada.
(1) | At market prices, chained 2017 dollars, and seasonally adjusted. |
(2) | Seasonally adjusted. |
(3) | Annual percentage changes. |
(4) | Year-over-year growth rates for CPI are not based on seasonally adjusted data. |
(5) | Unemployment levels are calculated using the difference between labor force and employment for the quarters. |
GOVERNMENTOF CANADA – CONSOLIDATED STATEMENTOF OPERATIONSAND ACCUMULATED OPERATING DEFICIT
(millions of dollars)
For the years ended March 31(3) | ||||||||||||||||||||
2023(1, 2) | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Total revenues | 447,815 | 413,277 | 316,446 | 334,131 | 332,218 | |||||||||||||||
Total program expenses, excluding net actuarial losses | 438,555 | 468,919 | 608,522 | 338,467 | 314,555 | |||||||||||||||
Public debt charges | 34,955 | 24,487 | 20,358 | 24,447 | 23,266 | |||||||||||||||
Annual operating surplus or deficit (-) before net actuarial losses | -25,695 | -80,129 | -312,434 | -28,783 | -5,603 | |||||||||||||||
Net actuarial losses | -9,627 | -10,186 | -15,295 | -10,609 | -8,361 | |||||||||||||||
Annual operating deficit | -35,322 | -90,315 | -327,729 | -39,392 | -13,964 | |||||||||||||||
Accumulated operating deficit at end of year | -1,183,618 | -1,139,975 | -1,048,746 | -721,360 | -685,450 |
Source: Public Accounts of Canada 2023 (Volume 1, Table 1.1).
(1) | Prior year comparatives have been restated to reflect the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations. Years prior to 2022 figures have not been restated. |
(2) | 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. |
(3) | 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. |
1 | Quarterly and semi-annual figures or changes are based upon seasonally adjusted data, except where otherwise indicated. All percentage changes are compounded at annual rates. For percentage changes over more than one year, the method of computation includes growth over the entire period indicated. Unless otherwise specified, all growth rates on page 6 are calculated using real GDP at basic prices, chained 2017 dollars. |
The chart below shows the distribution of real gross domestic product (“GDP”) at basic prices (chained 2017 dollars) in 2022, which is indicative of the structure of the economy.
Source: Statistics Canada, Gross Domestic Product by Industry.
Note: Total may not add to 100% due to rounding and rebasing.
(1) | GDP is a measure of production originating within the geographic boundaries of Canada, regardless of whether factors of production are Canadian or non-resident owned, whereas gross national product (“GNP”) measures the value of Canada’s total production of goods and services – that is, the earnings of all Canadian owned factors of production. Quantitatively, GDP is obtained from GNP by adding investment income paid to non-residents and deducting investment income received from non-residents. GDP at basic prices represents the value added by each of the factors of production and is equivalent to GDP at market prices less net taxes on products. These differences can cause discrepancies in levels and growth rates of GDP at basic prices on pages 5 and 6 and GDP at market prices on pages 7 and 8. |
** | The agriculture, forestry, fishing, and hunting; and mining and oil and gas extraction sectors both include support activities. |
The volume of industry and sector output in the following discussion provides “chained dollar” measures of the contribution of each industry to GDP at basic prices. The share of service-producing industries in real GDP was 73.2% in 2022 while the remaining 26.8% was attributed to goods-producing industries.
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The following table shows the composition of Canada’s real GDP at basic prices (2017 chained dollars) by sector in 2012 and over the 2017-2022 period.
REAL GROSS DOMESTIC PRODUCT AT BASIC PRICES BY INDUSTRY
(For the years ended December 31,) | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2022 | 2017 | 2012 | ||||||||||||||||||||||||||||
(millions of 2017 dollars) | (percentage distribution) | |||||||||||||||||||||||||||||||||||
Agriculture (1) | 36,753 | 31,794 | 35,783 | 34,972 | 33,351 | 33,539 | 1.7 | 1.7 | 1.5 | |||||||||||||||||||||||||||
Forestry, fishing and hunting | 5,717 | 6,091 | 5,741 | 6,363 | 6,935 | 6,920 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||||||||
Mining and oil and gas extraction | 111,997 | 106,757 | 99,944 | 108,512 | 109,496 | 104,850 | 5.1 | 5.3 | 4.9 | |||||||||||||||||||||||||||
Manufacturing | 214,537 | 206,934 | 195,385 | 213,615 | 213,656 | 207,312 | 9.9 | 10.4 | 11.0 | |||||||||||||||||||||||||||
Construction | 167,187 | 164,328 | 153,595 | 156,910 | 155,701 | 151,266 | 7.7 | 7.6 | 8.2 | |||||||||||||||||||||||||||
Utilities | 46,339 | 45,104 | 45,634 | 46,118 | 45,197 | 44,198 | 2.1 | 2.2 | 2.3 | |||||||||||||||||||||||||||
Transportation and warehousing | 85,667 | 75,804 | 74,098 | 97,356 | 94,345 | 92,585 | 3.9 | 4.6 | 4.3 | |||||||||||||||||||||||||||
Wholesale and retail trade | 232,819 | 230,775 | 215,883 | 220,001 | 213,995 | 207,792 | 10.7 | 10.4 | 10.5 | |||||||||||||||||||||||||||
Finance, insurance and real estate | 444,173 | 440,136 | 422,867 | 413,606 | 402,795 | 392,940 | 20.4 | 19.7 | 18.6 | |||||||||||||||||||||||||||
Public administration | 158,743 | 155,125 | 148,139 | 150,493 | 147,654 | 143,039 | 7.3 | 7.2 | 7.7 | |||||||||||||||||||||||||||
Health, social, educational, professional and other services | 671,188 | 631,231 | 591,136 | 642,046 | 625,680 | 607,093 | 30.9 | 30.5 | 30.8 | |||||||||||||||||||||||||||
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Total (2) | 2,175,120 | 2,094,079 | 1,988,205 | 2,089,992 | 2,048,805 | 1,991,534 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||||||||||
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Source: Statistics Canada, Industry Accounts Division.
(1) | Agriculture includes support activities for agriculture and forestry. |
(2) | Totals are not always equal to the sum of their components. |
Real GDP at market prices grew 3.8% in 2022, seeing a continuation of the post-COVID-19 rebound experienced in 2021 (+5.3%). The Canadian economy shrank by 5.0% in 2020, grew 1.9% in 2019, and 2.7% in 2018. GDP growth slowed in 2023, posting 1.8% year-over-year growth in the first quarter of 2023, followed by increases of 1.2% and 0.5% in the second and third quarters of 2023, respectively.
The share of service-producing industries in real GDP at basic prices grew between 2012 (72.0%) and 2022 (73.2%). The fastest growing industry in the services sector has been finance, insurance, and real estate, which grew at an average annual growth rate of 2.9% between 2012 and 2022, compared to an average annual growth rate of 2.1% for the overall service sector. The goods-producing sector constituted 26.8% of real GDP at basic prices in 2022, down from 28.0% in 2012. The largest decrease occurred in manufacturing, with its share falling from 11.0% in 2012 to 9.9% in 2022.
Manufacturing was the largest goods-producing industry in Canada by GDP (at basic prices) in 2022. Real output rose by 3.1% in 2018, 0.0% in 2019, and fell 8.5% in 2020. Output rebounded in 2021 and 2022, growing 5.9% and 3.7% respectively. Growth in manufacturing output from 2018 to 2022 was the highest in miscellaneous manufacturing (a 23.5% increase), computer and electronic product manufacturing (a 20.3% increase), and beverage and tobacco product manufacturing (a 19.3% increase). Losses were highest in printing and related support activities (a 28.4% decrease) and transportation equipment manufacturing (a 17.1% decrease). Year-over-year growth in manufacturing output fell by 0.9%, 0.5% and 1.0% in the first, second and third quarters of 2023, respectively.
The construction sector was the second largest goods-producing sector in Canada in 2022. Construction output grew by 2.9% in 2018 and 0.8% in 2019 but declined by 2.1% in 2020. Growth picked-up in 2021 to 7.0% and continued at 1.7% in 2022. Construction growth from 2018 to 2022 was led by repair construction, engineering and other construction activities, and residential building construction, which increased by 15.3%, 11.1% and 7.6%, respectively. Non-residential construction shrank by 9.4% over the same period. Overall construction output fell on a year-over-year basis by 0.7%, 1.1% and 0.6% in the first, second and third quarters of 2023, respectively.
Mining and oil and gas extraction was the third largest goods-producing industry by GDP in 2022. In 2018, real output from mining and oil and gas extraction rose 4.4%, followed by declines of 0.9% in 2019 and 7.9% in 2020. In 2021, the sector grew 6.8% as it recovered from the COVID-19 pandemic and grew by 4.9% in 2022. Over the 2018-2022 period, the sector’s real GDP increased by 2.3%, as oil and gas, which makes up more than 70% of the sector, grew by 5.6%. Mining and quarrying (except oil and gas) shrank by 3.8% over the 2018-22 period while support activities for mining and oil and gas extraction shrank by 3.5%. Year-over-year output in the mining and oil and gas extraction sector grew 6.1%, 1.8% and 1.5% in the first, second, and third quarters of 2023, respectively.
Although the share of agricultural output2 in total real GDP was only 1.7% in 2022, agriculture is a significant contributor to foreign exchange earnings. Wheat is Canada’s principal agricultural crop and one of its largest export products by value. The wheat crop was 32.4 million tonnes in 2018, 32.7 million tonnes in 2019, and 35.4 million tonnes in 2020. In 2021, drought conditions in Western Canada reduced wheat yields to 22.4 million tonnes, recovering to 34.3 million tonnes in 2022 and 32.0 million tonnes in 2023.
2 | Agriculture includes support activities for agriculture and forestry. |
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Gross Domestic Income and Expenditure3
Nominal GDP at market prices was $2.8 trillion in 2022. Nominal GDP grew by 4.4% in 2018, and 3.5% in 2019, before dropping 4.0% in 2020 and rebounding 13.4% in 2021 and 11.8% in 2022. On a year-over-year basis, nominal GDP increased by 4.1% in the first quarter, 0.6% in the second quarter and 2.1% in the third quarter of 2023, respectively.
GROSS DOMESTIC INCOME AND EXPENDITURE
First 3 quarters (1) | For the years ended December 31, | |||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||
Compensation of employees | 1,466,617 | 1,377,325 | 1,385,827 | 1,269,424 | 1,161,007 | 1,174,784 | 1,126,948 | |||||||||||||||||||||
Gross operating surplus | 752,257 | 824,225 | 820,134 | 729,411 | 618,188 | 608,415 | 595,791 | |||||||||||||||||||||
Gross mixed income | 347,039 | 319,141 | 323,127 | 292,166 | 277,762 | 275,839 | 261,378 | |||||||||||||||||||||
Taxes less subsidies and statistical discrepancy | 301,147 | 283,841 | 284,201 | 226,122 | 163,570 | 254,525 | 251,558 | |||||||||||||||||||||
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Gross Domestic Income | 2,867,060 | 2,804,533 | 2,813,289 | 2,517,123 | 2,220,527 | 2,313,563 | 2,235,675 | |||||||||||||||||||||
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Expenditure | ||||||||||||||||||||||||||||
Final consumption expenditure | 2,200,763 | 2,080,361 | 2,095,366 | 1,904,459 | 1,765,871 | 1,814,251 | 1,756,531 | |||||||||||||||||||||
Household final consumption | 1,550,760 | 1,461,967 | 1,473,588 | 1,327,587 | 1,225,996 | 1,300,816 | 1,260,446 | |||||||||||||||||||||
General governments final consumption | 607,716 | 578,908 | 582,117 | 539,730 | 504,084 | 478,063 | 462,369 | |||||||||||||||||||||
Non-profit institutions serving households’ final consumption | 42,287 | 39,487 | 39,661 | 37,142 | 35,791 | 35,372 | 33,716 | |||||||||||||||||||||
Gross fixed capital formation | 660,288 | 656,431 | 655,217 | 608,580 | 514,812 | 522,402 | 506,963 | |||||||||||||||||||||
Business gross fixed capital formation | 545,488 | 550,175 | 547,655 | 512,934 | 424,035 | 433,936 | 417,469 | |||||||||||||||||||||
Residential structures | 221,707 | 246,493 | 241,638 | 242,371 | 183,854 | 168,749 | 166,994 | |||||||||||||||||||||
Non-residential structures, machinery and equipment | 260,625 | 244,239 | 246,223 | 216,422 | 192,393 | 217,322 | 205,583 | |||||||||||||||||||||
Intellectual property product | 63,156 | 59,443 | 59,794 | 54,141 | 47,788 | 47,865 | 44,892 | |||||||||||||||||||||
General governments gross fixed capital formation | 111,809 | 103,359 | 104,664 | 92,919 | 88,425 | 86,315 | 87,133 | |||||||||||||||||||||
Non-profit institution serving households’ gross fixed capital formation | 2,991 | 2,897 | 2,898 | 2,727 | 2,352 | 2,151 | 2,361 | |||||||||||||||||||||
Investment in inventories | 26,143 | 58,505 | 58,343 | 3,444 | (11,314 | ) | 10,699 | 15,677 | ||||||||||||||||||||
Exports (goods and services) | 956,399 | 948,700 | 952,159 | 785,754 | 654,470 | 748,500 | 722,690 | |||||||||||||||||||||
Imports (goods and services) | 978,353 | 940,195 | 948,468 | 785,539 | 703,532 | 782,419 | 766,265 | |||||||||||||||||||||
Statistical discrepancy | 1,821 | 731 | 672 | 425 | 220 | 130 | 79 | |||||||||||||||||||||
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Gross Domestic Expenditure | 2,867,060 | 2,804,533 | 2,813,289 | 2,517,123 | 2,220,527 | 2,313,563 | 2,235,675 | |||||||||||||||||||||
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Gross Domestic Expenditure in Chained 2017 Dollars | 2,350,954 | 2,324,213 | 2,326,537 | 2,240,936 | 2,128,408 | 2,241,331 | 2,199,358 | |||||||||||||||||||||
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Source: Statistics Canada, Gross domestic product, income- and expenditure-based.
(1) | Seasonally adjusted at annual rates. |
3 | Year-over-year growth rates for nominal GDP at market prices are based on seasonally adjusted data. |
7
Economic Developments and Main Risks to the Economy4
Real GDP grew by 2.7% in 2018 and 1.9% in 2019, before dropping 5.0% in 2020 and rebounding by 5.3% in 2021 and 3.8% in 2022. Canada’s real GDP grew year-over-year by 1.8%, 1.2%, and 0.5% in the first, second and third quarters of 2023, respectively.
Real household final consumption expenditure rose 2.6% in 2018 and 1.5% in 2019, before dropping 6.4% in 2020 and returning to growth of 5.2% in 2021 and 5.1% in 2022. Year-over-year growth in household spending grew 3.8%, 1.6% and 1.5% in the first, second and third quarters of 2023, respectively.
Household savings as a percentage of personal disposable income was 0.6% in 2018, 2.1% in 2019, 14.2% in 2020, 10.5% in 2021 and 5.4% in 2022. The household savings rate was 4.4%, 4.7% and 5.1% (annual rates) in the first three quarters of 2023, respectively.
Real investment in non-residential structures, machinery and equipment grew 3.3% in 2018 and 3.2% in 2019, before dropping 12.3% in 2020, and then growing 8.7% in 2021 and 4.0% in 2022. On a year-over-year basis, non-residential structures, machinery and equipment investment grew 0.9%, 2.5% and -0.1% in the first, second and third quarters of 2023, respectively. In 2018 and 2019, real intellectual property products investment rose 12.5% and 3.7%, respectively, before declining 0.4% in 2020, and recovering 10.8% in 2021 and 6.0% in 2022. On a year-over-year basis, intellectual property products investment grew 4.0%, 0.8% and -0.1% in the first three quarters of 2023.
Housing starts were 212.8 thousand units in 2018, 208.7 thousand units in 2019, 216.7 thousand units in 2020, 271.2 thousand units in 2021, and 261.8 thousand units in 2022. Over the first three quarters of 2023, housing starts averaged an annual level of 239.9 thousand units.
Real government final consumption grew 3.1% in 2018, 1.1% in 2019, 1.3% in 2020, 5.4% in 2021, and 3.2% in 2022. The year-over-year growth in government spending on goods and services was 1.2%, 1.3% and 1.8% in the first three quarters of 2023, respectively.
In current dollar terms, the trade balance in goods and services (on a balance of payments basis) was a deficit of $43.6 billion in 2018, $33.9 billion in 2019, and $49.1 billion in 2020. In 2021 and 2022, Canada posted surpluses of $0.2 and $3.7 billion, respectively. In the first three quarters of 2022, the average trade balance in goods and services was a deficit of $22.0 billion at annual rates.
Canada’s economic recovery from the pandemic recession has been strong, with real GDP and employment having returned to pre-pandemic levels by the fourth quarter of 2021—the fastest recovery of the last three recessions. Nevertheless, the economy is now showing signs of slowing as higher interest rates around the world are a drag on global growth. Moreover, elevated domestic inflation and interest rates, combined with the labour market softening, are weighing on household finances and are likely to slow household spending going forward. However, Canadian households’ savings are still healthy, and labor market tightness has allowed wages to catch-up with inflation, which is helping to lessen the impacts on domestic consumption. At the same time, weakening of the global economy may weigh on commodity prices which could have an impact on demand for Canadian exports.
4 | In this section all figures, except the savings rates and the trade balance, are reported in real terms and growth rates are calculated from GDP at market prices, chained 2017 dollars, seasonally adjusted at annual rates unless otherwise noted. |
8
Prices and Costs
The GDP implicit price deflator increased 1.7% in 2018, 1.5% in 2019, 1.0% in 2020, 7.7% in 2021 and 7.7% in 2022. The year-over-year change in the implicit price deflator grew 2.3%, -0.6% and 1.6% in the first three quarters of 2023, respectively.
Since the introduction of inflation-targeting into monetary policy in 1991, annual increases in the consumer price index (“CPI”) remained almost entirely within the 1% to 3% target range until the start of the COVID-19 pandemic. Total CPI rose 2.3% in 2018, 1.9% in 2019, 0.7% in 2020, 3.4% in 2021 and 6.8% in 2022. On a year-over-year basis, total CPI increased 5.1%, 3.5% and 3.7% in the first three quarters of 2023, respectively5. The high level of inflation was initially in large part a symptom of high demand for goods and supply chain disruptions caused by the pandemic. Russia’s illegal invasion of Ukraine spurred additional energy and food inflation, and consequently, prices for goods in these categories have increased significantly in 2022. More recently, elevated inflation has reflected excess demand in the domestic economy, including in the labor market, as well as the long lag-time associated with the pass-through of monetary policy tightening.
PRICE DEVELOPMENTS
GDP Implicit Price Index (1) | Consumer Price Index | Industrial Product Price Index | ||||||||||||||||||||||||||||||
For the years ended December 31, | Total | Food | Total excluding Food | Energy | Total excluding Food and Energy | Shelter | ||||||||||||||||||||||||||
(annual percentage changes) | ||||||||||||||||||||||||||||||||
2018 | 1.7 | 2.3 | 1.9 | 2.3 | 6.7 | 1.9 | 2.1 | 3.9 | ||||||||||||||||||||||||
2019 | 1.5 | 1.9 | 3.4 | 1.7 | -2.2 | 2.1 | 2.5 | -0.1 | ||||||||||||||||||||||||
2020 | 1.0 | 0.7 | 2.3 | 0.4 | -7.6 | 1.1 | 1.7 | -0.4 | ||||||||||||||||||||||||
2021 | 7.7 | 3.4 | 2.5 | 3.6 | 18.8 | 2.4 | 3.9 | 13.9 | ||||||||||||||||||||||||
2022 | 7.7 | 6.8 | 8.9 | 6.4 | 22.6 | 5.0 | 6.9 | 12.8 | ||||||||||||||||||||||||
2022Q4 | 5.4 | 6.7 | 10.2 | 6.0 | 12.5 | 5.4 | 7.1 | 8.8 | ||||||||||||||||||||||||
2023Q1 | 2.3 | 5.1 | 9.7 | 4.3 | -0.9 | 4.8 | 6.0 | 1.3 | ||||||||||||||||||||||||
2023Q2 | -0.6 | 3.5 | 8.3 | 2.6 | -10.6 | 4.0 | 4.8 | -4.9 | ||||||||||||||||||||||||
2023Q3 | 1.6 | 3.7 | 6.8 | 3.1 | -0.6 | 3.4 | 5.7 | -0.9 |
Source: Statistics Canada.
(1) | This implicit price index is based on seasonally adjusted data. |
5 | Year-over-year growth rates for CPI are based on non-seasonally adjusted data. |
9
Labor Market
The following table shows labor market characteristics for the periods indicated.
LABOR MARKET CHARACTERISTICS(1) (2)
(thousands of persons)
Canada | Atlantic Provinces | Quebec | ||||||||||||||||||||||||||||||||||
For the years ended December 31, | Labor Force | Employ- ment | Unemploy- ment Rate | Labor Force | Employ- ment | Unemploy- ment Rate | Labor Force | Employ- ment | Unemploy- ment Rate | |||||||||||||||||||||||||||
(thousands) | (percent) | (thousands) | (percent) | (thousands) | (percent) | |||||||||||||||||||||||||||||||
2018 | 19,884 | 18,723 | 5.8 | 1,233 | 1,117 | 9.4 | 4,500 | 4,253 | 5.5 | |||||||||||||||||||||||||||
2019 | 20,275 | 19,121 | 5.7 | 1,247 | 1,138 | 8.8 | 4,562 | 4,331 | 5.1 | |||||||||||||||||||||||||||
2020 | 19,973 | 18,044 | 9.7 | 1,222 | 1,088 | 11.0 | 4,498 | 4,097 | 8.9 | |||||||||||||||||||||||||||
2021 | 20,484 | 18,942 | 7.5 | 1,257 | 1,134 | 9.8 | 4,553 | 4,273 | 6.1 | |||||||||||||||||||||||||||
2022 | 20,791 | 19,693 | 5.3 | 1,274 | 1,175 | 7.8 | 4,602 | 4,403 | 4.3 | |||||||||||||||||||||||||||
2022Q4 | 20,893 | 19,827 | 5.1 | 1,284 | 1,188 | 7.5 | 4,638 | 4,453 | 4.0 | |||||||||||||||||||||||||||
2023Q1 | 21,114 | 20,058 | 5.0 | 1,294 | 1,203 | 7.0 | 4,694 | 4,501 | 4.1 | |||||||||||||||||||||||||||
2023Q2 | 21,238 | 20,139 | 5.2 | 1,294 | 1,203 | 7.0 | 4,698 | 4,503 | 4.2 | |||||||||||||||||||||||||||
2023Q3 | 21,393 | 20,214 | 5.5 | 1,307 | 1,209 | 7.5 | 4,720 | 4,512 | 4.4 |
Ontario | Prairie Provinces | British Columbia | ||||||||||||||||||||||||||||||||||
For the years ended December 31, | Labor Force | Employ- ment | Unemploy- ment Rate | Labor Force | Employ- ment | Unemploy- ment Rate | Labor Force | Employ- ment | Unemploy- ment Rate | |||||||||||||||||||||||||||
(thousands) | (percent) | (thousands) | (percent) | (thousands) | (percent) | |||||||||||||||||||||||||||||||
2018 | 7,679 | 7,246 | 5.6 | 3,739 | 3,501 | 6.4 | 2,733 | 2,606 | 4.6 | |||||||||||||||||||||||||||
2019 | 7,867 | 7,429 | 5.6 | 3,787 | 3,546 | 6.4 | 2,813 | 2,678 | 4.8 | |||||||||||||||||||||||||||
2020 | 7,788 | 7,026 | 9.8 | 3,704 | 3,324 | 10.3 | 2,761 | 2,509 | 9.1 | |||||||||||||||||||||||||||
2021 | 8,049 | 7,393 | 8.1 | 3,774 | 3,478 | 7.8 | 2,852 | 2,664 | 6.6 | |||||||||||||||||||||||||||
2022 | 8,190 | 7,732 | 5.6 | 3,843 | 3,635 | 5.4 | 2,881 | 2,748 | 4.6 | |||||||||||||||||||||||||||
2022Q4 | 8,219 | 7,761 | 5.6 | 3,868 | 3,667 | 5.2 | 2,885 | 2,759 | 4.4 | |||||||||||||||||||||||||||
2023Q1 | 8,292 | 7,867 | 5.1 | 3,924 | 3,712 | 5.4 | 2,911 | 2,775 | 4.7 | |||||||||||||||||||||||||||
2023Q2 | 8,372 | 7,922 | 5.4 | 3,942 | 3,731 | 5.4 | 2,931 | 2,779 | 5.2 | |||||||||||||||||||||||||||
2023Q3 | 8,443 | 7,950 | 5.8 | 3,972 | 3,750 | 5.6 | 2,951 | 2,793 | 5.3 |
Source: Statistics Canada, The Labour Force Survey.
(1) | Annual employment levels are not based on seasonally adjusted data, while quarterly employment levels are based on seasonally adjusted data. |
(2) | Unemployment levels are calculated using the difference between labor force and employment for the quarters. |
Employment increased by 1.6% in 2018 and 2.1% in 2019, before declining 5.6% in 2020, and then growing 5.0% in 2021 and 4.0% in 2022. Over Q1-Q3 of 2023, employment grew by 2.7%, 2.1% and 2.5%, respectively. Meanwhile, the labor force grew 1.1% in 2018, 2.0% in 2019, -1.5% in 2020, 2.6% in 2021, and 1.5% in 2022. Over Q1-Q3 of 2023, the labor force has grown by 1.9%, 2.2%, and 2.9%, respectively, on an annualized basis.
Before COVID-19, all provinces saw significant decreases in unemployment rates between 2018 and 2020. The unemployment rate was 5.8% in 2018 and 5.7% in 2019, before increasing to 9.7% in 2020 and falling back to 7.5% in 2021 and 5.3% in 2022. Canada’s unemployment rate has risen since mid-2023, reflecting the impact of higher interest rates. In 2023, the unemployment rate rose from a low of 5.0% in the first quarter to 5.5% in the third quarter—still low relative to pre-pandemic levels.
Over the first three quarters of 2023, employment in the service sector accounted for 79.5% of total employment, slightly more than in 2022. Within the service sector, the largest employment subsectors are health care and social assistance and retail trade. Employment in the goods sector, which makes up 20.5% of Canadian employment, is led by the manufacturing and construction subsectors. The subsector that grew the most in terms of employment share from 2018 to 2022 was professional, scientific and technical services. Meanwhile, the subsector that contracted the most was accommodation and food services.
SHAREOF TOTAL EMPLOYMENTBY SECTOR
(in percentages)
For the years ended December 31, | ||||||||||||||||||||
2023(1) | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Total, all industries | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||
Goods-producing sector | 20.5 | 20.7 | 20.7 | 21.0 | 20.8 | |||||||||||||||
Agriculture | 1.3 | 1.3 | 1.4 | 1.6 | 1.5 | |||||||||||||||
Forestry and logging with support activities | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | |||||||||||||||
Fishing, hunting and trapping | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||
Mining, quarrying, and oil and gas extraction | 1.4 | 1.4 | 1.4 | 1.3 | 1.4 | |||||||||||||||
Utilities | 0.8 | 0.8 | 0.7 | 0.7 | 0.7 | |||||||||||||||
Construction | 7.8 | 7.9 | 7.7 | 7.8 | 7.7 | |||||||||||||||
Manufacturing | 9.0 | 9.1 | 9.2 | 9.3 | 9.2 | |||||||||||||||
Services-producing sector | 79.5 | 79.3 | 79.3 | 79.0 | 79.2 | |||||||||||||||
Wholesale trade | 3.4 | 3.5 | 3.4 | 3.5 | 3.5 | |||||||||||||||
Retail trade | 11.3 | 11.7 | 11.8 | 11.8 | 11.9 | |||||||||||||||
Transportation and warehousing | 5.0 | 5.0 | 5.2 | 5.2 | 5.4 | |||||||||||||||
Finance, insurance, real estate and leasing | 6.9 | 6.9 | 7.0 | 6.9 | 6.5 | |||||||||||||||
Professional, scientific and technical services | 9.3 | 9.2 | 8.9 | 8.7 | 8.1 | |||||||||||||||
Business, building and other support services | 3.5 | 3.5 | 3.6 | 3.8 | 4.0 | |||||||||||||||
Educational services | 7.3 | 7.5 | 7.6 | 7.3 | 7.0 | |||||||||||||||
Health care and social assistance | 13.2 | 13.2 | 13.3 | 13.3 | 13.0 | |||||||||||||||
Information, culture and recreation | 4.2 | 4.1 | 3.8 | 3.8 | 4.1 | |||||||||||||||
Accommodation and food services | 5.6 | 5.3 | 5.1 | 5.2 | 6.4 | |||||||||||||||
Other services | 3.8 | 3.6 | 3.8 | 3.9 | 4.1 | |||||||||||||||
Public administration | 5.9 | 5.8 | 5.7 | 5.6 | 5.3 |
Source: Statistics Canada, The Labour Force Survey.
(1) | First three quarters. |
10
EXTERNAL TRADE
Canada has continued to work towards implementing its goals of achieving freer trade and more open markets based on internationally agreed rules and practices at the multilateral, regional and bilateral levels, and is the only G7 country to have concluded trade agreements with all other G7 countries. At the multilateral level, Canada continues to be an active member of the World Trade Organization (“WTO”) and to fully participate in multilateral trade negotiations as well as ongoing discussions related to potential WTO reform initiatives, including through the Ottawa Group.
At the regional level, the Canada-United States-Mexico Agreement (“CUSMA”) entered into force between Canada, the U.S. and Mexico on July 1, 2020. The CUSMA preserves the essential trade benefits of the North American Free Trade Agreement including existing tariff commitments, and incorporates new and updated provisions that seek to address 21st century trade issues. The three parties continue to collaborate in ensuring the full implementation of commitments under the Agreement, especially through regular engagement in the CUSMA Free Trade Commission and related committees. The CUSMA is also serving to support the management of regional trade issues, including the trade-related disputes over U.S. duties on Canadian softwood lumber.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) is a free trade agreement among Canada and Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The CPTPP entered into force on December 30, 2018 for the first six countries to ratify the agreement, including Canada, and has since become effective with respect to the remaining members. As a result, Canada now benefits from expanded preferential market access to the CPTPP countries. The Agreement also provides for potential expansion to include new economies, provided they have the ability to meet its high standards. Following the conclusion of negotiations that started in 2021, on July 16, 2023, CPTPP members and the United Kingdom (“U.K.”) signed a protocol establishing the terms and commitments of the U.K.’s accession to the Agreement. This protocol is now undergoing domestic ratification and implementation processes in each of the respective countries.
At the bilateral level, Canada has implemented free trade agreements (“FTAs”) with the following countries: Chile, Colombia, Costa Rica, Honduras, Israel, Jordan, South Korea, Panama, Peru, Ukraine, and the European Free Trade Association (Norway, Switzerland, Iceland and Liechtenstein). In addition, provisional application of the Comprehensive Economic and Trade Agreement (“CETA”) between Canada and the European Union (“EU”), with its Member States, began in September 2017. The CETA will enter definitively into force once all Member States of the EU ratify the text according to their respective domestic constitutional requirements. However, the U.K. ceased to be a party to the CETA after December 31, 2020, and the Canada-U.K. Trade Continuity Agreement entered into force on April 1, 2021, substantively replicating the CETA on a bilateral basis. On March 24, 2022, Canada and the U.K. announced the launch of negotiations toward a Canada-U.K. free trade agreement that would best reflect the two countries’ bilateral trading relationship. These negotiations are ongoing. On September 22, 2023, Canada and Ukraine signed an agreement to modernize the 2017 Canada-Ukraine Free Trade Agreement (CUFTA). The modernized CUFTA includes new chapters and provisions on trade in services (including financial), investment, temporary entry for business persons, telecommunications, digital trade, labour, and the environment, among other areas. The modernized agreement is now undergoing domestic ratification and implementation processes in both countries.
Canada is also committed to expanding and diversifying trade with large, fast-growing markets and regional groupings. In this respect, a focus of Canada’s Indo-Pacific Strategy (“IPS”) launched in November 2022 is to expand trade, investment and supply chain resilience in the Indo-Pacific region. The IPS seeks to increase export diversification and free trade access, including by joining the Indo-Pacific Economic Framework for Prosperity and the Digital Economic Partnership Agreement, as well as to improve market access through new FTAs, including those already under negotiation. Canada launched bilateral negotiations with Indonesia in June 2021, and with the 10 countries of the Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) in November 2021.
In response to the invasion of Ukraine, on March 2, 2022, Canada withdrew eligibility for Most-Favoured-Nation (“MFN”) tariff treatment for virtually all goods originating in Russia and Belarus, resulting in the application of the General Tariff of 35% to these imports. This trade measure, in force indefinitely, is accompanied by Canada’s import prohibition on Russian petroleum products implemented on March 10, 2022. To address the exceptional circumstances of the illegal war and its impact on the Ukrainian economy, on June 9, 2022, Canada also implemented a temporary waiver of tariffs and trade remedy duties on imports originating in Ukraine, which currently extends to June 9, 2024.
Merchandise and Service Trade
The following table sets forth the composition of Canadian trade for the periods indicated.
THE COMPOSITIONOF CANADIAN MERCHANDISE TRADE
(Balance of Payments Basis)
First 3 quarters (1) | For the years ended December 31, | |||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||
Value of Exports | ||||||||||||||||||||||||||||
Farm, fishing & intermediate food products | 44,974 | 37,565 | 54,462 | 47,487 | 43,653 | 37,818 | 39,728 | |||||||||||||||||||||
Energy products | 125,065 | 163,532 | 211,764 | 134,824 | 74,341 | 117,085 | 113,597 | |||||||||||||||||||||
Metal ores & non-metallic minerals | 20,733 | 24,632 | 32,884 | 25,665 | 20,843 | 20,775 | 19,096 | |||||||||||||||||||||
Metal & non-metallic mineral products | 68,165 | 64,881 | 85,572 | 76,602 | 66,340 | 64,423 | 64,371 | |||||||||||||||||||||
Basic & industrial chemical, plastic & rubber products | 31,837 | 33,677 | 44,640 | 38,960 | 30,057 | 33,633 | 34,992 | |||||||||||||||||||||
Forestry products & building & packaging materials | 36,653 | 44,940 | 58,689 | 54,825 | 41,619 | 41,717 | 47,102 | |||||||||||||||||||||
Industrial machinery, equipment & parts | 38,131 | 33,073 | 45,171 | 37,940 | 35,906 | 42,008 | 39,330 | |||||||||||||||||||||
Electronic & electrical equipment & parts | 25,835 | 23,396 | 31,750 | 26,967 | 25,693 | 29,318 | 29,045 | |||||||||||||||||||||
Motor vehicles & parts | 76,311 | 60,349 | 80,978 | 72,003 | 75,198 | 94,224 | 90,310 | |||||||||||||||||||||
Aircraft & other transportation equipment & parts | 22,463 | 17,453 | 24,555 | 24,157 | 22,582 | 27,938 | 25,817 | |||||||||||||||||||||
Consumer goods | 67,253 | 66,169 | 88,620 | 79,220 | 69,536 | 69,350 | 65,927 | |||||||||||||||||||||
Other (2) | 15,656 | 14,896 | 20,132 | 17,634 | 16,627 | 17,312 | 16,851 | |||||||||||||||||||||
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Total Exports (3) | 573,075 | 584,562 | 779,217 | 636,284 | 522,394 | 595,599 | 586,165 | |||||||||||||||||||||
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Value of Imports | ||||||||||||||||||||||||||||
Farm, fishing & intermediate food products | 20,906 | 20,974 | 27,866 | 23,727 | 21,434 | 21,251 | 20,292 | |||||||||||||||||||||
Energy products | 33,521 | 38,013 | 51,450 | 32,113 | 23,024 | 37,656 | 38,660 | |||||||||||||||||||||
Metal ores & non-metallic minerals | 14,227 | 14,496 | 19,272 | 15,394 | 16,472 | 14,161 | 14,369 | |||||||||||||||||||||
Metal & non-metallic mineral products | 48,515 | 48,418 | 64,146 | 58,792 | 49,681 | 39,581 | 41,466 | |||||||||||||||||||||
Basic & industrial chemical, plastic & rubber products | 44,016 | 50,901 | 67,076 | 51,797 | 41,219 | 45,013 | 47,309 | |||||||||||||||||||||
Forestry products & building & packaging materials | 25,289 | 26,633 | 35,655 | 30,213 | 25,988 | 26,886 | 26,870 | |||||||||||||||||||||
Industrial machinery, equipment & parts | 69,012 | 61,998 | 84,567 | 68,815 | 60,508 | 69,345 | 68,220 | |||||||||||||||||||||
Electronic & electrical equipment & parts | 64,382 | 63,419 | 84,622 | 74,183 | 67,973 | 71,955 | 71,279 | |||||||||||||||||||||
Motor vehicles & parts | 103,956 | 83,838 | 114,769 | 95,078 | 88,382 | 115,262 | 113,778 | |||||||||||||||||||||
Aircraft & other transportation equipment & parts | 19,842 | 17,594 | 23,761 | 19,859 | 19,388 | 26,638 | 23,898 | |||||||||||||||||||||
Consumer goods | 112,299 | 117,541 | 156,291 | 136,358 | 127,290 | 125,610 | 121,422 | |||||||||||||||||||||
Other (2) | 21,295 | 20,931 | 27,859 | 25,375 | 21,293 | 21,040 | 20,406 | |||||||||||||||||||||
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Total Imports (3) | 577,259 | 564,755 | 757,332 | 631,703 | 562,652 | 614,398 | 607,970 | |||||||||||||||||||||
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Source: Statistics Canada, Table 12-10-0121-01 International merchandise trade by commodity.
(1) | Seasonally adjusted. |
(2) | Other includes special transactions trade and other balance of payments adjustments |
(3) | May not add due to rounding. |
Canada is one of the world’s leading trading nations. Canada’s exports have always reflected the country’s high endowment in natural resources. While Canada’s exports have diversified over time, commodities remain an important part of Canada’s exports. In 2022, surging energy prices drove exports of energy products to account for 27.2% of Canada’s merchandise exports, followed by consumer goods (11.4%) and metal and non-metallic mineral products (11.0%). Together, these three components represented 48.9% of total merchandise exports in 2022.
Canada and the United States are each other’s most important trading partners, reflecting the physical proximity of the two countries and their close economic and financial relationship. In the first three quarters of 2023, trade with the United States accounted for 77.1% of the value of Canada’s merchandise exports and 63.0% of the value of Canada’s merchandise imports. According to the United States Census Bureau, trade with Canada accounted for 17.3% of the United States’ exports and 13.5% of its imports in 2022. The United States’ share of imports from Canada has risen slightly on a year-to-date basis up to September 2023, likely due to higher energy prices.
11
The following table presents the geographical distribution of Canadian merchandise exports and merchandise imports for the periods indicated.
GEOGRAPHICAL DISTRIBUTIONOF CANADIAN MERCHANDISE TRADE
(Balance of Payments Basis)
(in percentages)
First 3 quarters | For the years ended December 31, | |||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
Exports(1) | ||||||||||||||||||||||||||||
United States | 77.1 | 76.8 | 76.4 | 74.9 | 71.9 | 74.9 | 74.1 | |||||||||||||||||||||
European Union(2) | 4.5 | 4.6 | 4.7 | 4.9 | 5.5 | 4.9 | 5.0 | |||||||||||||||||||||
China | 4.1 | 3.3 | 3.8 | 4.5 | 5.0 | 4.1 | 4.9 | |||||||||||||||||||||
United Kingdom | 1.9 | 2.7 | 2.6 | 2.9 | 4.1 | 3.4 | 2.9 | |||||||||||||||||||||
Japan | 2.1 | 2.4 | 2.3 | 2.3 | 2.4 | 2.2 | 2.2 | |||||||||||||||||||||
Mexico | 1.3 | 1.2 | 1.3 | 1.4 | 1.3 | 1.3 | 1.6 | |||||||||||||||||||||
South Korea | 0.9 | 1.2 | 1.1 | 1.0 | 0.9 | 1.0 | 1.0 | |||||||||||||||||||||
Other | 8.1 | 7.7 | 7.9 | 8.2 | 9.0 | 8.4 | 8.2 | |||||||||||||||||||||
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Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||||
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Imports(1) | ||||||||||||||||||||||||||||
United States | 63.0 | 62.1 | 62.2 | 62.2 | 62.3 | 63.9 | 64.4 | |||||||||||||||||||||
European Union(2) | 9.7 | 9.1 | 9.1 | 9.1 | 9.1 | 9.5 | 9.1 | |||||||||||||||||||||
China | 7.8 | 9.4 | 9.2 | 9.1 | 8.8 | 7.6 | 7.6 | |||||||||||||||||||||
United Kingdom | 1.5 | 1.3 | 1.3 | 1.6 | 1.7 | 1.4 | 1.4 | |||||||||||||||||||||
Japan | 1.9 | 1.6 | 1.6 | 1.8 | 1.8 | 2.0 | 2.1 | |||||||||||||||||||||
Mexico | 3.7 | 3.2 | 3.2 | 3.1 | 3.0 | 3.3 | 3.4 | |||||||||||||||||||||
South Korea | 1.4 | 1.5 | 1.4 | 1.4 | 1.3 | 1.4 | 1.4 | |||||||||||||||||||||
Other | 11.0 | 11.9 | 11.9 | 11.9 | 12.0 | 11.0 | 10.6 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Statistics Canada, Table 12-10-0011-01 International merchandise trade by principal trading partners.
(1) | May not add to total due to rounding. |
(2) | Does not include the United Kingdom. |
The following table presents volume and price indices of Canada’s merchandise trade for the periods indicated.
MERCHANDISE TRADE INDICES
(Balance of Payments Basis)
First 3 quarters | For the years ended December 31, | |||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
( 2017 = 100 ) | ||||||||||||||||||||||||||||
Indices of physical volume | ||||||||||||||||||||||||||||
Exports | 122.8 | 117.1 | 117.9 | 115.1 | 113.4 | 121.6 | 120.3 | |||||||||||||||||||||
Imports | 120.7 | 121.7 | 121.6 | 114.0 | 105.1 | 114.1 | 113.8 | |||||||||||||||||||||
Indices of prices | ||||||||||||||||||||||||||||
Exports | 143.4 | 151.2 | 150.7 | 126.3 | 107.7 | 111.3 | 110.8 | |||||||||||||||||||||
Imports | 149.4 | 142.2 | 144.6 | 127.6 | 122.6 | 121.4 | 118.5 | |||||||||||||||||||||
Terms of trade (1) | 96.0 | 106.3 | 104.2 | 99.0 | 87.9 | 91.7 | 93.6 |
Source: Statistics Canada, Table 12-10-0168-01 International merchandise trade.
(1) | Index of price of exports divided by index of price of imports multiplied by 100. |
Over the first three quarters of 2023, the service sector accounted for 22.0% of total exports and 21.4% of total imports (seasonally adjusted). Service exports are comprised of commercial services (65.8%), travel services (22.3%), transportation services (11.0%) and general government services (0.9%). On the import side, commercial services, travel services, transportation services, and general government services accounted for 59.2%, 22.0%, 17.8% and 0.9% of total service imports, respectively. In 2022, the United States was Canada’s largest services trading partner, accounting for 53.9% and 58.8% of total service exports and imports, respectively.
The following tables present respectively the shares of total service exports and imports by sector and by country for the periods indicated.
SHAREOF TOTAL SERVICE EXPORTSAND IMPORTSBY SECTOR (1)
(in percentages)
First 3 quarters | �� | For the years ended December 31 | ||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
Exports | ||||||||||||||||||||||||||||
Travel services | 22.3 | 18.8 | 19.7 | 13.0 | 13.6 | 25.9 | 25.9 | |||||||||||||||||||||
Transportation services | 11.0 | 11.8 | 11.8 | 10.6 | 10.3 | 12.2 | 13.2 | |||||||||||||||||||||
Commercial services | 65.8 | 68.5 | 67.7 | 75.3 | 75.1 | 60.8 | 59.6 | |||||||||||||||||||||
General government services | 0.9 | 0.9 | 0.9 | 1.0 | 1.0 | 1.2 | 1.2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | | 100.0 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Imports | ||||||||||||||||||||||||||||
Travel services | 22.0 | 17.0 | 18.0 | 6.8 | 11.4 | 27.9 | 28.3 | |||||||||||||||||||||
Transportation services | 17.8 | 20.5 | 20.2 | 18.6 | 16.5 | 19.4 | 20.2 | |||||||||||||||||||||
Commercial services | 59.2 | 61.5 | 60.8 | 73.4 | 71.1 | 51.8 | 50.5 | |||||||||||||||||||||
General government services | 0.9 | 1.0 | 1.0 | 1.2 | 1.1 | 0.9 | 1.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | | 100.0 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Statistics Canada, Table 12-10-0144-01.
(1) | In current prices, seasonally adjusted at annual rates. May not add to total due to rounding. |
SHAREOF TOTAL SERVICE EXPORTSAND IMPORTSBY COUNTRY (1)
(in percentages)
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Exports | ||||||||||||||||||||
United States | 53.9 | 56.6 | 54.6 | 53.4 | 54.3 | |||||||||||||||
Japan | 1.1 | 1.0 | 1.2 | 1.4 | 1.4 | |||||||||||||||
Europe (2) | 10.8 | 10.9 | 11.2 | 11.7 | 11.7 | |||||||||||||||
United Kingdom | 4.7 | 4.7 | 4.9 | 4.9 | 5.4 | |||||||||||||||
Others | 29.6 | 26.7 | 28.1 | 28.5 | 27.2 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Imports | ||||||||||||||||||||
United States | 58.8 | 58.2 | 57.8 | 54.9 | 54.3 | |||||||||||||||
Japan | 1.3 | 1.5 | 1.8 | 2.0 | 1.8 | |||||||||||||||
Europe (2) | 11.9 | 12.1 | 11.9 | 12.7 | 13.0 | |||||||||||||||
United Kingdom | 5.2 | 5.6 | 6.1 | 5.3 | 5.2 | |||||||||||||||
Others | 22.8 | 22.7 | 22.5 | 25.2 | 25.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Source: Statistics Canada, Table 12-10-0157.
(1) | In current prices. May not add to total due to rounding. |
(2) | Excludes United Kingdom. Includes Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and Other Europe in and not in the Organisation for Economic Co-operation and Development (OECD). |
12
BALANCE OF PAYMENTS
The following table presents the balance of international payments for the periods indicated.
CANADIAN BALANCEOF INTERNATIONAL PAYMENTS
First 3 quarters (1) | For the years ended December 31 | |||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||
Current and Capital Account | ||||||||||||||||||||||||||||
Current account receipts | ||||||||||||||||||||||||||||
Goods and services | 717,298 | 711,525 | 952,159 | 785,756 | 654,469 | 748,502 | 722,691 | |||||||||||||||||||||
Goods | 572,317 | 585,160 | 779,189 | 636,757 | 522,477 | 595,599 | 586,165 | |||||||||||||||||||||
Services | 144,982 | 126,365 | 172,970 | 148,997 | 131,993 | 152,902 | 136,525 | |||||||||||||||||||||
Primary income | 167,830 | 126,238 | 172,944 | 147,840 | 132,330 | 147,385 | 136,826 | |||||||||||||||||||||
Secondary Income | 14,365 | 13,363 | 18,180 | 15,516 | 12,495 | 15,297 | 13,902 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total receipts | 899,494 | 851,126 | 1,143,283 | 949,110 | 799,295 | 911,183 | 873,416 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Current account payments | ||||||||||||||||||||||||||||
Goods and services | 733,765 | 705,148 | 948,468 | 785,539 | 703,531 | 782,421 | 766,266 | |||||||||||||||||||||
Goods | 577,284 | 565,908 | 759,482 | 634,298 | 563,123 | 614,397 | 607,970 | |||||||||||||||||||||
Services | 156,481 | 139,240 | 188,986 | 151,241 | 140,409 | 168,022 | 158,296 | |||||||||||||||||||||
Primary income | 163,477 | 131,643 | 182,967 | 142,906 | 121,663 | 155,672 | 143,101 | |||||||||||||||||||||
Secondary Income | 19,563 | 16,119 | 22,160 | 20,293 | 18,889 | 18,275 | 17,194 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total payments | 916,805 | 852,910 | 1,153,595 | 948,738 | 844,084 | 956,366 | 926,561 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Current account balance | ||||||||||||||||||||||||||||
Goods and services | -16,466 | 6,377 | 3,691 | 215 | -49,062 | -33,919 | -43,576 | |||||||||||||||||||||
Goods | -4,970 | 19,252 | 19,708 | 2,460 | -40,648 | -18,798 | -21,806 | |||||||||||||||||||||
Services | -11,499 | -12,874 | -16,016 | -2,245 | 8,415 | -15,122 | -21,769 | |||||||||||||||||||||
Primary income | 4,354 | -5,405 | -10,022 | 4,933 | 10,667 | -8,286 | -6,273 | |||||||||||||||||||||
Secondary Income | -5,199 | -2,756 | -3,980 | -4,777 | 6,394 | -2,977 | -3,292 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total payments | -17,314 | -1,783 | -10,310 | 371 | -44,790 | -45,183 | -53,140 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Capital account balance | 172 | -53 | -53 | -38 | -48 | -89 | -76 | |||||||||||||||||||||
Financial Account (2) | ||||||||||||||||||||||||||||
Net lending/net borrowing, from financial account | -12,025 | -391 | -3,154 | 10,357 | -46,040 | -50,324 | -46,388 | |||||||||||||||||||||
Net acquisition of financial assets | 192,253 | 143,975 | 278,939 | 426,276 | 216,871 | 271,730 | 169,602 | |||||||||||||||||||||
Canadian direct investment abroad | 98,639 | 97,402 | 112,772 | 130,049 | 63,490 | 100,786 | 81,654 | |||||||||||||||||||||
Canadian portfolio investment | 22,444 | -22,128 | -11,485 | 161,467 | 44,023 | 33,404 | 57,639 | |||||||||||||||||||||
Foreign debt securities | 26,467 | 36,800 | 50,867 | 48,828 | 1,749 | 27,716 | 50,159 | |||||||||||||||||||||
Foreign equity and investment fund shares | -4,022 | -58,926 | -62,350 | 112,637 | 42,273 | 5,688 | 7,480 | |||||||||||||||||||||
Official international reserves | 8,671 | 12,630 | 13,817 | 25,319 | 1,772 | 127 | -1,887 | |||||||||||||||||||||
Other Canadian investment | 62,498 | 56,071 | 163,835 | 109,441 | 107,588 | 137,413 | 32,196 | |||||||||||||||||||||
Net incurrence of liabilities | 204,277 | 144,367 | 282,093 | 415,919 | 262,909 | 322,053 | 215,989 | |||||||||||||||||||||
Foreign direct investment in Canada | 49,696 | 50,100 | 64,825 | 74,257 | 39,252 | 65,030 | 55,236 | |||||||||||||||||||||
Foreign portfolio investment | 20,455 | 95,213 | 137,613 | 217,465 | 134,862 | 35,569 | 53,186 | |||||||||||||||||||||
Canadian debt securities | 61,107 | 107,723 | 149,634 | 171,634 | 148,861 | 37,965 | 27,793 | |||||||||||||||||||||
Canadian equity and investment fund shares | -40,653 | -12,510 | -12,021 | 45,832 | -13,998 | -2,396 | 25,394 | |||||||||||||||||||||
Other foreign investment | 134,127 | -945 | 79,656 | 124,194 | 88,794 | 221,454 | 107,567 | |||||||||||||||||||||
Discrepancy (net errors and omissions) | 11,311 | 6,391 | 7,211 | 10,023 | -1,201 | -5,052 | 6,829 |
Source: Statistics Canada, Tables 36-10-0016 and 36-10-0472.
(1) | Year-to-date (not annualized). Current and capital account data are seasonally adjusted. Financial account data are not seasonally adjusted. |
(2) | For the Financial Account, transactions are recorded on a net basis. A positive value denotes an increase in investment and a negative value denotes a decrease in investment. |
The current account deficit was $23.1 billion (seasonally adjusted, annualized level) in the first three quarters of 2023. Over the last five years, the three main components of the current account have evolved as follows:
(1) | Merchandise trade registered a deficit of $21.8 billion in 2018, $18.8 billion in 2019 and $40.6 billion in 2020, followed by a surplus of $2.5 billion in 2021 and $19.7 billion in 2022. In the first three quarters of 2023, merchandise trade showed an average deficit of $6.6 billion (annualized level). |
(2) | The service account deficit narrowed from $21.8 billion in 2018 to $16.0 billion in 2022. The services deficit was $15.3 billion (annualized level) in the first three quarters of 2023. |
(3) | The balance on primary income declined from a deficit of $6.2 billion in 2018 to a deficit of $10.0 billion in 2022. Primary income showed an average surplus of $5.8 billion (annualized level) in the first three quarters of 2023. |
Canada registered net financial account outflows (net lending) of $10.4 billion in 2021 and net inflows (borrowing) of $3.2 billion in 2022. The net inflow was $16.0 billion in the first three quarters of 2023 (annualized level).
Foreign portfolio investment in Canada sat at $53.2 billion in 2018, rising to $137.6 billion in 2022. In the first three quarters of 2023, portfolio investment from abroad decreased significantly to $27.3 billion (annualized level). Foreign direct investment was $55.2 billion in 2018, $65.0 billion in 2019, $39.3 billion in 2020, $74.3 billion in 2021, and $64.8 billion in 2022.
Foreign direct investment in 2022 was led by management of companies and enterprises, energy and mining, and manufacturing. In the first three quarters of 2023, foreign direct investment was $66.3 billion (annualized level).
6 | Canadian securities include Canadian bonds, money market instruments, equity and investment fund shares. |
13
The table below provides a breakdown of foreign direct investment in Canada for the periods indicated.
FOREIGN DIRECT INVESTMENTIN CANADA
First 3 quarters (1) | For the years ended December 31 | |||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||
All countries | 56,457 | 46,596 | 60,099 | 75,712 | 34,326 | 67,062 | 48,803 | |||||||||||||||||||||
United States | 29,124 | 19,055 | 26,291 | 31,770 | 14,546 | 23,853 | 21,227 | |||||||||||||||||||||
All other countries | 27,333 | 27,541 | 33,808 | 43,942 | 19,780 | 43,209 | 27,576 | |||||||||||||||||||||
All industries | 56,457 | 46,596 | 60,099 | 75,712 | 34,326 | 67,062 | 48,803 | |||||||||||||||||||||
Energy and mining (2) | 7,552 | 10,107 | 13,568 | 14,534 | (9,287 | ) | 25,632 | 5,651 | ||||||||||||||||||||
Manufacturing | 17,552 | 10,193 | 11,888 | 22,059 | 7,934 | 18,476 | 15,745 | |||||||||||||||||||||
Trade and transportation (3) | 6,529 | 5,663 | 8,201 | 10,362 | 10,367 | (1,008 | ) | 3,712 | ||||||||||||||||||||
Finance and Insurance | 4,559 | 4,180 | 8,178 | 7,728 | 5,525 | 7,947 | 2,544 | |||||||||||||||||||||
Management of companies and enterprises | 8,127 | 13,473 | 14,221 | 6,150 | 7,425 | 7,159 | 5,431 | |||||||||||||||||||||
Other industries (4) | 12,136 | 2,977 | 4,040 | 14,878 | 12,363 | 8,855 | 15,720 |
Source: Statistics Canada, Table 36-10-0025 and 36-10-0026.
Totals may not add up due to rounding.
(1) | Year-to-date (not annualized). |
(2) | This combines the North American Industry Classification System (NAICS) codes 21 and 22. |
(3) | This combines the North American Industry Classification System (NAICS) codes 41, 44, 45, 48 and 49. |
(4) | This combines the North American Industry Classification System (NAICS) codes 11, 23, 51, 53, 54, 56, 61, 62, 71, 72, 81 and 91. |
14
FOREIGN EXCHANGE AND INTERNATIONAL RESERVES
Since May 31, 1970, the Canadian dollar has been allowed to float so that the rate of exchange is determined by conditions of supply and demand in the market. Since then, the Canadian dollar has floated between a low of 61.79 U.S. cents in January 2002 and a high of 110.30 U.S. cents in November 2007. The Canadian dollar closed 2022 at an average rate price of 73.83 U.S. cents. From the beginning of 2023 through to September 29, the Canadian dollar average rate price ranged between 72.43 and 76.17 U.S. cents. The Canadian dollar average rate price on September 29, 2023 was 73.96 U.S. cents.
EXCHANGE RATE FOR THE CANADIAN DOLLAR
2023 through September 29 | For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in U.S. cents) | ||||||||||||||||||||||||||||||||||||||||||||||||
High | 76.17 | 80.31 | 83.06 | 78.63 | 76.99 | 81.38 | 82.45 | 80.19 | 85.62 | 94.44 | 101.88 | 103.71 | ||||||||||||||||||||||||||||||||||||
Low | 72.43 | 72.17 | 77.27 | 68.98 | 73.53 | 73.30 | 72.76 | 68.21 | 71.41 | 85.68 | 93.14 | 95.76 |
Source: Bank of Canada.
Canada does not have foreign exchange controls. Foreign exchange operations conducted by the Bank of Canada on behalf of the Minister of Finance are directed toward the maintenance of orderly conditions in the foreign exchange market in Canada through the purchase or sale of United States dollars for Canadian dollars. The following table shows Canada’s official international reserves on the dates indicated.
CANADA’S OFFICIAL INTERNATIONAL RESERVES
At | At December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(millions of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 112,446 | 107,255 | 106,615 | 90,428 | 85,297 | 83,926 | 86,625 | 82,718 | 79,753 | 74,700 | 71,937 | 68,546 |
Source: Department of Finance.
As of September 29, 2023, Canada’s official international reserves stood at U.S.$112,446 million equivalent. The total was composed of U.S.$59,781 million held in U.S. dollar denominated assets, U.S.$10,931 million equivalent in euro denominated assets, U.S.$8,046 million equivalent in pound sterling assets, U.S.$5,868 million equivalent in yen denominated assets, U.S.$23,103 million in Special Drawing Rights (“SDRs”) and U.S.$4,210 million in the form of the reserve position in the International Monetary Fund (“IMF”).
Beginning in 1978, transactions relating to foreign currency debt undertaken for reserve management purposes have had an important effect on the level of official reserves. The “Canada Bills” program was launched in October 1986. Under this program, U.S. dollar-denominated short-term notes are issued in the United States money market. There were U.S.$1,877 million of Canada Bills outstanding on September 30, 2023. The “Canada Notes” program was launched in June 2010. Canada Notes are interest-bearing marketable notes that mature not less than nine months from their date of issue. As of September 30, 2023, there were no Canada Notes outstanding. A Euro Medium-Term Notes (EMTN) program was launched in October 2011. EMTNs are interest bearing, foreign currency medium-term notes issued outside the United States and Canada and maturities can range from short-term to long-term. As of September 30, 2023, there were no EMTNs outstanding. As of September 30, 2023, U.S.$14,000 million in foreign currency denominated bonds remained outstanding comprised of four U.S. dollar global bond issues.
15
GOVERNMENT FINANCES
Introduction
The financial structure of the Government of Canada rests on a constitutional and statutory framework dating back to the British North America Act, 1867. That Act, which has been renamed the Constitution Act, 1867, gave constitutional foundation to the principles of financing that are basic to responsible government, while other necessary financial administrative machinery and procedures were established by subsequent legislation, most notably the Financial Administration Act. The proclamation in 1982 of the Constitution Act, 1982 terminated British legislative jurisdiction over Canada’s Constitution in accordance with an amending formula that permits amendment of the Constitution without resorting to the Parliament of the United Kingdom.
Within the confines of the Constitution, the authority of Parliament is supreme. Ultimate control of the public purse and the financial structure of the Government rests with Parliament. This is reflected in the fundamental principles that no tax shall be imposed and no money shall be spent without the authority of Parliament, and that expenditures shall be made only for the purposes authorized by Parliament.
Public money received by the Government is deposited in the Consolidated Revenue Fund of Canada. Withdrawals of public money out of the Consolidated Revenue Fund may not be made without the authority of Parliament.
The Government has two major sources of money: budgetary revenues and borrowing. The main sources of revenue are personal and corporate income taxes, employment insurance premiums and excise taxes and duties. These revenues are authorized by specific acts passed by Parliament. The Government’s revenues also include those of consolidated Crown corporations and other entities, net income/loss from enterprise Crown corporations (such as the Bank of Canada, Export Development Canada and the Canada Mortgage and Housing Corporation), proceeds from the pollution pricing framework, foreign exchange revenues and other revenues (primarily revenues from the sales of goods and services). The other major source of money to finance Government operations is borrowing. Borrowing authority is established by acts of Parliament and borrowing limits are established by acts of Parliament and by Orders in Council. The Borrowing Authority Act, which entered into force by order of the Governor in Council on November 23, 2017, provides authorization for the borrowing of money on behalf of His Majesty in right of Canada, by way of the issue and sale of securities. Such borrowings under the Borrowing Authority Act are not to exceed $1,831 billion, provided that any amounts borrowed by the Government for the purpose of refinancing existing debt and addressing contingent liabilities or in extraordinary circumstances, including in the event of a natural disaster or to promote the stability or maintain the efficiency of the financial system in Canada, are not limited by this maximum amount. The main sources of borrowing are marketable bonds and treasury bills.
Parliament authorizes the disbursement of moneys out of the Consolidated Revenue Fund by means of Appropriation Acts passed on an annual basis by Parliament and based on the Main Estimates submitted by the various departments. In addition to the Appropriation Acts, authority for payments may also be found in certain statutes which authorize certain payments out of the Consolidated Revenue Fund. Expenditures for public debt charges, social security payments and some transfers to other levels of government are authorized in this way. Appropriations may also be made by the Governor in Council for urgent payments. Such appropriations may be made only when Parliament is not in session and must be laid before Parliament during the subsequent session.
Information on the Government’s planned revenues and expenditures is presented to Parliament primarily in two documents: the Budget and the Main Estimates, which are both presented in the House of Commons. The Budget, which may be delivered at any time during the fiscal year, provides the occasion on which the Minister of Finance generally brings under review the whole financial position of the Government, present and prospective, and announces the Government’s plans and proposals. The Main Estimates are tabled (i.e., introduced) once each year and outline the Parliamentary authority, either existing or required, for disbursements. Supplementary Estimates may also be tabled during the year to provide authority for spending as the need arises.
The considerations for overall resource availability and demands for new policies and programs are reconciled through the establishment of five year economic and fiscal projections reflecting Government priorities. The projections are released in an Economic and Fiscal Update (or Fall Economic Statement) in the fall to update Canadians on the government’s economic and fiscal position in the lead-up to the annual budget. To incorporate objective economic assumptions, the fiscal projection is based on the average of private sector economic forecasts.
For financial reporting purposes, the Government of Canada includes all departments, agencies, corporations, organizations and funds which are controlled by the Government. For financial reporting purposes, control is defined as the power to govern the financial and operating policies of an organization with benefits from the organization’s activities being expected, or the risk of loss being assumed by the Government. All organizations that are listed as departments and as Crown corporations in the Financial Administration Act are included for financial reporting purposes. Other organizations not listed in the Financial Administration Act may also meet the definition of control and they are included in the Government’s reporting entity if their revenues, expenses, assets or liabilities are significant. The financial activities of all these entities are consolidated in the Government’s financial statements, except for enterprise Crown corporations and other government business enterprises, which are reported under the modified equity basis of accounting. Enterprise Crown corporations and other government business enterprises are defined as those entities that are not dependent on parliamentary appropriations and whose principal activity and source of revenue is the sale of goods and services to outside parties. The remaining Crown corporations, which rely on the Government for most of their financing, are classified as consolidated Crown corporations.
The primary source of information on all actual financial transactions of the Government is the Public Accounts of Canada, which is required by the Financial Administration Act to be tabled in Parliament each year. The other chief accountability reports are the statements of budgetary and non-budgetary financial transactions and of the Government’s cash position published monthly in The Fiscal Monitor and in the Annual Financial Report.
The financial statements of the Government of Canada are presented on an accrual basis of accounting, recording government revenues and expenses when they are earned or incurred, regardless of when the cash is received or paid. The Government’s main measure of financial performance is the budgetary balance, or annual operating surplus/deficit, which provides the most comprehensive and up-to-date picture of the financial situation. In 2019-20, the Government introduced an additional measure of financial performance in its financial reporting framework – the budgetary balance before net actuarial losses. This new measure is intended to enhance financial reporting and decision-making for users by isolating the impacts of re-measurements of public sector pension and other employee and veteran future benefit obligations, which are often significant and can potentially mask underlying events and trends in current government spending. The accumulated deficit, or federal debt, is equal to total liabilities less total assets – both financial and non-financial. Financial assets include cash and cash equivalents, accounts receivable, foreign exchange accounts assets, derivatives, loans, investments and advances and public sector pension assets. Non-financial assets include tangible capital assets, such as land and buildings, inventories and prepaid expenses. The accumulated deficit comprises accumulated operating deficit and accumulated remeasurement gains and losses. Net debt, which is a different measure of the Government’s financial position, represents total liabilities less financial assets.
16
Fiscal Policy
In fiscal 2022-23, the Government posted an annual operating deficit of $35.3 billion, compared to an annual operating deficit of $90.3 billion in fiscal 2021-22. The year-over-year improvement in the budgetary balance reflects the strong recovery of the Canadian economy from the effects of the pandemic along with the wind-down of temporary COVID-19 support measures. The annual operating deficit before net actuarial losses was $25.7 billion in fiscal 2022-23, compared to a deficit of $80.1 billion in fiscal 2021-22. Federal debt was 42.2% of GDP in fiscal 2022-23, down from 45.4% in the previous year and remaining well below its peak of 66.6% in fiscal 1995-96. Program expenses, excluding net actuarial losses, decreased by $30.4 billion, or 6.5%, over the prior year, largely reflecting lower transfers to individuals and businesses due to expiring temporary COVID-19 measures. As a percentage of GDP, program expenses excluding net actuarial losses decreased to 15.8% in fiscal 2022-23, down from 18.7% in fiscal 2021-22. As a percentage of GDP, public debt charges were 1.3%, while net actuarial losses were 0.3% of GDP in fiscal 2022-23.
The financial requirement/source measures the difference between cash coming in to the Government and cash going out. It differs from the budgetary balance in that it includes cash transactions in loans, investments and advances, pensions and other employee and veteran future benefits, other specified purpose accounts, foreign exchange activities, and changes in other financial assets, liabilities and non-financial assets. These activities are included as part of non-budgetary transactions. Adjustments for the effects of non-cash items included in the budgetary balance are also reflected in non-budgetary transactions.
There was a total financial requirement of $66.2 billion in fiscal 2022-23, compared to a financial requirement of $84.4 billion in fiscal 2021-22. The Government financed this financial requirement of $66.2 billion by reducing its cash balances by $51.8 billion and by increasing unmatured debt by $14.3 billion.
Unmatured debt as a percentage of GDP stood at 45.5% in fiscal 2022-23, down from 49.8% in fiscal 2021-22.
Budgetary Revenue
The Government reports revenue on an accrual basis in the period in which the event that gave rise to the revenue took place. Income tax revenue is recognized when the taxpayer has earned the income subject to tax. Personal income taxes accounted for 46.4% of Government revenue in fiscal 2022-23 while corporate income taxes accounted for 21.0% of Government revenue.
There are currently five federal income tax brackets for individuals: 15%, 20.5%, 26%, 29% and 33%. For 2023, the taxable income thresholds at which the brackets apply, indexed annually to account for inflation, are as follows: 15% on taxable income up to $53,359, 20.5% on taxable income over $53,359 and up to $106,717, 26% on taxable income over $106,717 and up to $165,430, 29% on taxable income over $165,430 and up to $235,675 and 33% on taxable income above $235,675.
The general federal corporate income tax rate in 2023 is 15%. The small business deduction reduces the federal corporate income tax rate applied to the first $500,000 of qualifying active business income in a taxation year of a Canadian-controlled private corporation (with taxable capital and investment income certain thresholds) to 9%.
Capital gains are taxed at a preferred income tax rate under which only one-half of a realized gain is included in income, and then subject to tax at the applicable personal or corporate income tax rate.
The federal Goods and Services Tax (“GST”) is a broad-based value-added tax, which is applied to the sale of most goods and services at a rate of 5%. Basic groceries, prescription drugs, residential rents, sales of existing houses and educational and healthcare services are generally not subject to tax.
Federal excise taxes and duties are imposed on selected goods, including certain fuel, tobacco, cannabis, alcohol and vaping products. Customs duties are imposed on a wide range of goods.
In addition, the Government obtains non-tax revenues in the form of revenues from consolidated Crown corporations and other entities, net income/loss from enterprise Crown corporations (such as the Bank of Canada, Export Development Canada and the Canada Mortgage and Housing Corporation), net foreign exchange revenues, employment insurance premium revenues, proceeds from the pollution pricing framework and other revenues (primarily from the sale of goods and services).
Budgetary Expenses
Budgetary expenses encompass the cost of servicing the public debt, the operating expenses of Government departments and agencies, net actuarial losses, and transfer payments to other levels of government, organizations and individuals.
Transfer payments, which generally make up about two-thirds of the Government’s total spending, include a range of federal social spending programs designed to enhance the quality of life of Canadians, particularly those who have modest incomes or who are disadvantaged. Transfer payments include income support — most notably for the elderly and unemployed; transfers to the provinces for health, education and social assistance; and programs for Indigenous Canadians.
17
The following table sets forth budgetary revenues, budgetary expenses, the annual surplus/deficit before net actuarial losses, the annual surplus/deficit and the accumulated deficit for the years shown.
GOVERNMENTOF CANADA – DETAILED CONSOLIDATED STATEMENTOF OPERATIONSAND ACCUMULATED OPERATING DEFICIT
(millions of dollars)
Year ended March 31(3) | ||||||||||||||||||||
2023(1,2) | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Revenues | ||||||||||||||||||||
Tax revenues | ||||||||||||||||||||
Income tax revenues | ||||||||||||||||||||
Personal | 207,872 | 198,385 | 174,755 | 167,576 | 163,881 | |||||||||||||||
Corporate | 93,945 | 78,815 | 54,112 | 50,060 | 50,368 | |||||||||||||||
Non-resident | 13,187 | 10,789 | 8,107 | 9,476 | 9,370 | |||||||||||||||
315,004 | 287,989 | 236,974 | 227,112 | 223,619 | ||||||||||||||||
Other taxes and duties | ||||||||||||||||||||
Goods and services tax | 45,962 | 46,165 | 32,415 | 37,386 | 38,221 | |||||||||||||||
Energy taxes | 5,657 | 5,355 | 4,894 | 5,683 | 5,802 | |||||||||||||||
Customs import duties | 6,057 | 5,237 | 4,254 | 4,853 | 6,881 | |||||||||||||||
Other excise taxes and duties | 6,548 | 5,923 | 5,391 | 5,958 | 6,323 | |||||||||||||||
64,224 | 62,680 | 46,954 | 53,880 | 57,227 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total tax revenues | 379,228 | 350,669 | 283,928 | 280,992 | 280,846 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Employment insurance premiums | 26,914 | 23,856 | 22,392 | 22,219 | 22,295 | |||||||||||||||
Proceeds from the pollution pricing framework | 8,041 | 6,341 | 4,380 | 2,655 | – | |||||||||||||||
Other revenues | ||||||||||||||||||||
Enterprise Crown corporations and other government business enterprises | 6,452 | 12,804 | -10,542 | 5,059 | 7,101 | |||||||||||||||
Net foreign exchange revenues | 1,261 | 873 | 2,173 | 2,410 | 1,667 | |||||||||||||||
Other | 25,919 | 18,734 | 14,115 | 20,796 | 20,309 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total other revenues | 33,632 | 32,411 | 5,746 | 28,265 | 29,077 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total revenues | 447,815 | 413,277 | 316,446 | 334,131 | 332,218 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses | ||||||||||||||||||||
Program expenses | ||||||||||||||||||||
Transfer payments | ||||||||||||||||||||
Old age security benefits, guaranteed income supplement and spouse’s allowance | 69,392 | 60,774 | 58,529 | 56,227 | 53,366 | |||||||||||||||
Major transfer payments to other levels of government | ||||||||||||||||||||
Canada Health Transfer | 47,141 | 45,133 | 45,880 | 40,872 | 38,568 | |||||||||||||||
Canada Social Transfer | 15,938 | 15,474 | 15,023 | 14,585 | 14,161 | |||||||||||||||
Canada-Wide Early Learning and Child Care | 4,489 | 2,948 | – | – | – | |||||||||||||||
Fiscal arrangements | 19,731 | 19,121 | 19,299 | 18,030 | 17,929 | |||||||||||||||
Other major transfers | 3,485 | 5,710 | 26,451 | 5,688 | 5,267 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
90,784 | 88,386 | 106,653 | 79,175 | 75,925 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Employment insurance and support measures | 21,836 | 38,923 | 58,356 | 21,750 | 18,888 | |||||||||||||||
Children’s benefits | 24,553 | 26,226 | 27,370 | 24,344 | 23,882 | |||||||||||||||
COVID-19 income support for workers | -3,544 | 15,582 | 55,832 | 4,739 | – | |||||||||||||||
Canada emergency wage subsidy | -257 | 22,291 | 80,166 | – | – | |||||||||||||||
Proceeds from the pollution pricing framework returned | 6,996 | 3,814 | 4,566 | 2,636 | 664 | |||||||||||||||
Other transfer payments | 99,199 | 88,478 | 97,961 | 54,405 | 51,753 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total transfer payments | 308,959 | 344,474 | 489,433 | 243,276 | 224,478 | |||||||||||||||
Other expenses, excluding net actuarial losses | 129,596 | 124,445 | 119,089 | 95,191 | 90,077 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total program expenses, excluding net actuarial losses | 438,555 | 468,919 | 608,522 | 338,467 | 314,555 | |||||||||||||||
Public debt charges | 34,955 | 24,487 | 20,358 | 24,447 | 23,266 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses, excluding net actuarial losses | 473,510 | 493,406 | 628,880 | 362,914 | 337,821 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Annual operating surplus or deficit (–) before net actuarial losses | -25,695 | -80,129 | -312,434 | -28,783 | -5,603 | |||||||||||||||
Net actuarial losses | -9,627 | -10,186 | -15,295 | -10,609 | -8,361 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Annual operating surplus or deficit (–) | -35,322 | -90,315 | -327,729 | -39,392 | -13,964 | |||||||||||||||
Accumulated operating deficit at beginning of year – as previously (adjusted) | -1,148,296 | -1,048,746 | -721,360 | -685,450 | -671,254 | |||||||||||||||
Accounting change and restatement | ||||||||||||||||||||
Asset retirement obligations | – | -5,379 | – | – | – | |||||||||||||||
Other comprehensive income or loss (–) | – | 4,465 | 343 | 3,482 | -232 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Accumulated operating deficit at end of year | -1,183,618 | -1,139,975 | -1,048,746 | -721,360 | -685,450 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Source: Public Accounts of Canada 2023 (Volume 1, Table 1.1).
(1) | Prior year comparatives have been restated to reflect the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations. Years prior to 2022 figures have not been restated. |
(2) | 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. |
(3) | 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. |
18
Loans, Investments and Advances
The Government’s financial assets include loans and advances to, or investments in, its enterprise Crown corporations, other governments and other individuals and organizations. Loans, investments and advances by the Government resulted in a net financial requirement of $4.5 billion in fiscal 2022-23.
Pension and Other Future Benefits
Public Sector Pensions. The Government is responsible for defined benefit pension plans covering substantially all of its employees (including the Public Service, Canadian Forces, Royal Canadian Mounted Police and certain Crown corporations) as well as federally appointed judges and Members of Parliament. Pension benefits are generally calculated by reference to the highest earnings for a specific period of time. They are related to years of service and are indexed to inflation. Until March 31, 2000, separate market invested funds were not set aside to provide for payment of these pension benefits. Beginning on April 1, 2000, new employer and employee contributions to the pension plans, less benefit payments and other charges, are transferred to the Public Sector Pension Investment Board. The Board’s goal is to achieve maximum rates of return on investments without undue risk, while respecting the requirements and financial obligations of each of the public sector pension plans. At March 31, 2023, the Government’s liability in respect of pensions net of public sector pension assets, totaled $153.4 billion. This net liability is mainly comprised of the accrued benefit obligation determined as of March 31, 2023, which amounted to $366.6 billion, less pension assets of $241.8 billion and plus unrecognized net actuarial gains of $27.0 billion. In fiscal 2022-23, the net pension liability decreased by $5.0 billion.
Other Employee and Veteran Future Benefits. The Government also sponsors a variety of other future benefit plans from which employees and former employees can benefit, during or after employment or upon retirement. The cost of these benefits can accrue either during the service life of employees or upon occurrence of an event giving rise to the liability under the terms of the plans. The Government is liable for future payments for disability and other benefits paid to war veterans, as well as Canadian Forces retired veterans and still-serving members, their beneficiaries and dependants. Other significant benefits for which the Government is liable include the health care and dental plans available to retired employees and their dependants, severance benefits, accumulated sick leave entitlements, and workers’ compensation benefits. All these plans are unfunded. The health care and dental plans are contributory plans.
Other Liabilities
Canada Pension Plan Liability. The Canada Pension Plan (the “Plan”) was established in 1965 and is a federal-provincial program for compulsory and contributory social insurance. It operates in all parts of Canada, except for Quebec which has a comparable program. The Plan is excluded from the Government’s reporting entity because changes to the Plan require the agreement of two thirds of participating provinces and it is therefore not controlled by the Government. The Government administers the Plan under joint control with the provinces. Until 1997, the Plan was financed on an essentially pay-as-you-go basis, which means that pensions and benefits were paid out of current contributions (with some interest earned by the Canada Pension Plan Investment Fund). In December 1997, the Government passed legislation to ensure that the Plan remains sustainable over the long term and to allow fuller funding. Changes included a more rapid increase in contribution rates, a new investment policy, as well as changes to calculations of, and eligibility criteria to, some benefits. Under the new investment policy which came into effect April 1, 1998, the Plan’s funds are prudently invested by an independent Canada Pension Plan Investment Board in a diversified portfolio that includes equities, under generally the same rules that apply to other private and public pension funds. Following federal and provincial approval to enhance the Plan, legislation was enacted in March of 2017 to increase the income replacement rate from one-quarter to one-third of pensionable earnings and increase the amount of maximum pensionable earnings by 14%.
Contributions are paid equally by employers and employees, and self-employed workers pay the full amount. To fund the enhanced benefits, annual Canada Pension Plan contributions will increase modestly over 7 years, starting in 2019, from 9.9% to 11.9% up to the current yearly maximum pensionable earnings limit and 8% on earnings between 100% and 114% of this limit.
As administrator, the Government’s authority to spend is limited to the Plan’s net assets of $573.9 billion at March 31, 2023 ($548.1 billion at March 31, 2022). Of these net assets, $184.1 billion was transferred to the Canada Pension Plan Investment Board and $0.3 billion was a direct liability of the Government. The balance of $389.5 billion represents accumulated net income from Canada Pension Plan Investment Board’s operations and net receivables. The Government’s liability to the Canada Pension Plan Account represents the Plan’s deposit with the Receiver General of Canada.
Other Liabilities. The Government acts as an insurer and/or administrator of a number of annuities and deposit and trust accounts, as well as specified purpose accounts. The balance outstanding of these accounts amounted to $7.0 billion at March 31, 2023.
Non-Financial Assets
Non-financial assets include the net book value of the Government’s tangible capital assets. Tangible capital assets include land, buildings, works and infrastructure such as roads and bridges, machinery and equipment, ships, aircraft and other vehicles. Non-financial assets also include inventories and prepaid expenses. Non-financial assets increased to $109.7 billion in fiscal 2022-23, up $5.0 billion from fiscal 2021-22.
Other Transactions
This category includes taxes receivable, other accounts receivable, the provincial, territorial and Aboriginal tax collection agreements account, amounts payable to taxpayers and other liabilities. These transactions, due to their nature, are subject to wide fluctuations. They resulted in a financial requirement of $18.4 billion in fiscal 2022-23, compared to a financial source of $33.5 billion in fiscal 2021-22.
Foreign Exchange Accounts
Foreign exchange accounts assets and liabilities include all transactions in international reserves held in the Exchange Fund Account (“EFA”) and balances with the International Monetary Fund. The objectives of the EFA are to provide general foreign currency liquidity for the Government and promote orderly conditions in the foreign exchange market. The EFA includes foreign currency investments, and assets related to Canada’s commitment to the International Monetary Fund. Foreign exchange accounts assets increased by $23.1 billion in fiscal 2022-23, totalling $169.4 billion at March 31, 2023, due mainly to an increase in net advances to the EFA and foreign exchange rate movements. Foreign exchange accounts liabilities, related to Canada’s commitments to the International Monetary Fund, increased by $1.9 billion in fiscal 2022-23, totalling $44.2 billion at March 31, 2023, primarily due to foreign exchange rate movements.
Derivatives
Derivatives represent financial contracts whose value is derived by reference to a rate, index, or underlying asset. The Government uses derivatives for hedging purposes to manage various types of financial risk. With the adoption of new accounting standards on financial instruments in fiscal 2022-23, derivatives are presented separately from other types of assets and liabilities and are recorded at fair value. Derivatives estimated to result in a net inflow of resources if terminated on March 31 are presented as assets, while derivatives estimated to require a net outflow of resources if terminated on March 31 are presented as liabilities. Derivative assets decreased $1.7 billion in fiscal 2022-23 to $3.3 billion at March 31, 2023, while derivative liabilities increased $2.2 billion in fiscal 2022-23 to $4.7 billion at March 31, 2023. These movements largely reflected the transition to a fair value measurement basis and changes in foreign exchange rates during the fiscal year.
19
DETAILED CONSOLIDATED STATEMENTOF NON-BUDGETARY TRANSACTIONS, NON-FINANCIAL ASSETSAND
FOREIGN EXCHANGE TRANSACTIONS
(millions of dollars)
Year ended March 31(2) | ||||||||||||||||||||
2023(1) | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Loans, Investments and Advances | ||||||||||||||||||||
Enterprise Crown corporations and other government business enterprises | ||||||||||||||||||||
Loans and advances | ||||||||||||||||||||
Canada Mortgage and Housing Corporation | –2,510 | –2,024 | –907 | –6,282 | 592 | |||||||||||||||
Business Development Bank of Canada | –6,793 | –1,848 | 5,179 | –1,170 | –1,765 | |||||||||||||||
Farm Credit Canada | –2,821 | –3,106 | –1,699 | –2,794 | –1,850 | |||||||||||||||
Canadian Development Investment Corporation | 138 | –6,290 | –3,725 | –1,465 | –4,790 | |||||||||||||||
Other | –26 | 154 | –12 | 17 | 9 | |||||||||||||||
–12,012 | –13,114 | –1,164 | –11,694 | –7,804 | ||||||||||||||||
Investments | ||||||||||||||||||||
Share of annual loss or profit (–) | –3,878 | –11,535 | 11,638 | –3,588 | –5,920 | |||||||||||||||
Other comprehensive loss or income (–) | –1,628 | –4,465 | –343 | –3,482 | 232 | |||||||||||||||
Dividends | 1,695 | 6,050 | 13,592 | 3,618 | 6,427 | |||||||||||||||
Capital | 8,717 | –435 | –18,470 | –1,816 | –125 | |||||||||||||||
Transition adjustment and other | –27 | 2 | –24 | 190 | – | |||||||||||||||
4,879 | –10,383 | 6,393 | –5,078 | 614 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | –7,133 | –23,497 | 5,229 | –16,772 | –7,190 | |||||||||||||||
Less: | ||||||||||||||||||||
Loans expected to be repaid from future appropriations | 201 | 225 | 115 | 167 | 204 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | –7,334 | –23,722 | 5,114 | –16,939 | –7,394 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other loans, investments and advances | ||||||||||||||||||||
Portfolio investments | –166 | 390 | –165 | –385 | –616 | |||||||||||||||
Capital subscriptions - International organizations | – | – | – | – | 257 | |||||||||||||||
Loans and advances | ||||||||||||||||||||
Canada Emergency Business Account | 3,864 | 344 | -28,789 | – | – | |||||||||||||||
Canada Student Loans and Canada Apprentice Loans | –510 | –115 | –1,120 | –637 | –1,156 | |||||||||||||||
Unconditionally repayable contributions | –948 | –1,098 | –1,619 | –389 | –147 | |||||||||||||||
Other loans and advances | –984 | –3,550 | –197 | –240 | 1,515 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans and advances | 1,422 | –4,419 | –31,725 | –1,266 | 212 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | 1,256 | –4,029 | –31,890 | –1,651 | –147 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans, investments & advances | –6,078 | –27,751 | –26,776 | –18,590 | –7,541 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Pensions and other future benefits | ||||||||||||||||||||
Public sector pensions | –5,034 | –3,979 | –1,557 | –2,378 | –2,414 | |||||||||||||||
Other employee and veteran future benefits | 18,244 | 15,519 | 17,808 | 12,516 | 9,069 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total pensions and other future benefits | 13,210 | 11,540 | 16,251 | 10,138 | 6,655 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other Liabilities | ||||||||||||||||||||
Canada Pension Plan Account | 204 | –38 | –139 | 115 | 131 | |||||||||||||||
Other liabilities | –573 | 1,034 | 800 | 31 | 104 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total other liabilities | –369 | 996 | 661 | 146 | 235 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Non-Financial Assets | ||||||||||||||||||||
Tangible capital assets | –4,552 | –5,202 | –3,901 | –4,740 | –5,107 | |||||||||||||||
Inventories | –379 | 738 | –3,593 | 430 | 78 | |||||||||||||||
Prepaid expenses | –44 | 774 | –2,054 | –547 | –12 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-financial assets | –4,975 | –3,690 | –9,548 | –4,857 | –5,041 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other Transactions | ||||||||||||||||||||
Taxes receivable | –13,394 | –25,565 | –20,925 | 6,463 | –4,526 | |||||||||||||||
Other accounts receivable | –1,890 | 6,430 | –2,697 | –3,530 | 2,535 | |||||||||||||||
Provincial, Territorial and Indigenous Tax Agreements Account | –20,942 | 16,140 | 7,691 | –4,710 | –351 | |||||||||||||||
Amounts payable related to tax | 6,285 | 6,947 | 11,330 | –5,014 | 3,324 | |||||||||||||||
Other liabilities | 11,568 | 35,845 | 24,419 | 13,863 | 8,888 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total other transactions | –18,373 | 39,797 | 19,818 | 7,072 | 9,870 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Foreign exchange accounts | ||||||||||||||||||||
Assets | ||||||||||||||||||||
International reserves held in the Exchange Fund Account | –21,767 | –29,510 | 14,427 | –4,817 | –1,770 | |||||||||||||||
International Monetary Fund — Subscriptions | –992 | 581 | 1,546 | –729 | 198 | |||||||||||||||
International Monetary Fund — Loans | 65 | 65 | 171 | 178 | 229 | |||||||||||||||
International Monetary Fund — Resilience and Sustainability Trust | –414 | – | – | – | – | |||||||||||||||
–23,108 | –28,864 | 16,144 | –5,368 | –1,343 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
International Monetary Fund | ||||||||||||||||||||
Special drawing rights allocations | –1,489 | –17,945 | 840 | –396 | 107 | |||||||||||||||
Notes payable | –411 | 490 | 3,023 | 243 | 1,300 | |||||||||||||||
–1,900 | –17,455 | 3,863 | –153 | 1,407 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total foreign exchange accounts | –21,208 | –11,409 | 12,281 | –5,215 | –2,750 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Source: Public Accounts of Canada 2023 (Volume 1, Tables 1.5, 1.6).
(1) | Prior year comparatives have been restated to reflect the adoption of Public Sector Accounting Standard PS 3280 Asset Retirement Obligations. Years prior to 2022 figures have not been restated. |
(2) | The figures up to 2022 have been reclassified in the fiscal year 2023 to reflect the change in the financial instrument suite of standards and change in presentation of the foreign exchange accounts. Other than the 2022 restated figures, the restatements in the prior years have not been audited. |
20
Unmatured Market Debt
The Government’s unmatured market debt represents financial obligations resulting from the sale of marketable bonds, treasury bills, Canada Savings Bonds, Canada Premium Bonds, Canada Bills, Canada Notes, Euro-Medium Term Notes and global foreign currency marketable bonds.
Borrowing is one of the two major sources of money available to the Government to finance its operations. The changes in unmatured market debt payable in Canadian currency have been broadly consistent with changes in financial requirements. The changes in unmatured market debt payable in foreign currency have been associated with developments in foreign exchange markets and related requirements to supplement foreign exchange reserves through foreign borrowing.
UNMATURED MARKET DEBT
(Principal Amount Outstanding)
At Sept. 30, 2023 | At March 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Canadian Currency: | ||||||||||||||||||||||||
Marketable bonds | $ | 1,022,984 | $ | 1,037,890 | $ | 1,030,634 | $ | 875,023 | $ | 596,540 | $ | 569,169 | ||||||||||||
Treasury bills | 257,400 | 201,800 | 187,400 | 218,800 | 151,867 | 134,300 | ||||||||||||||||||
Canada Savings Bonds | 0 | 0 | 0 | 163 | 275 | 749 | ||||||||||||||||||
Canada Premium Bonds | 0 | 0 | 0 | 136 | 222 | 487 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Canadian currency | 1,280,384 | 1,239,690 | 1,218,034 | 1,094,122 | 749,904 | 704,706 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Foreign Currency:(1) | ||||||||||||||||||||||||
Canada Bills | 2,550 | 2,473 | 2,575 | 4,054 | 2,160 | 2,699 | ||||||||||||||||||
Canada Notes | – | – | – | 63 | 704 | 1,737 | ||||||||||||||||||
Euro Medium-Term Notes | – | – | – | – | 409 | 559 | ||||||||||||||||||
Other marketable bonds(2) | 19,013 | 13,516 | 11,877 | 11,310 | 12,668 | 11,020 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total foreign currency | 21,563 | 15,989 | 14,452 | 15,427 | 15,941 | 16,015 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Unmatured Market Debt | $ | 1,301,947 | $ | 1,255,679 | $ | 1,232,486 | $ | 1,109,549 | $ | 764,845 | $ | 720,721 | ||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
Source: Bank of Canada, Department of Finance.
Note: Amounts may not add due to rounding.
(1) | Foreign currency debt is converted to Canadian dollars using the following closing exchange rate levels: |
At Sept. 29, 2023 | At March 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
United States Dollar | 1.3581 | 1.3516 | 1.2502 | 1.2567 | 1.4076 | 1.3362 | ||||||||||||||||||
Euro | 1.4359 | 1.4657 | 1.3831 | 1.4736 | 1.5522 | 1.4989 |
(2) | Excludes Canada Notes and Euro Medium-Term Notes. Other global foreign currency marketable bonds are comprised of the following amounts (before conversion to Canadian dollars): |
At Sept. 30, 2023 | At March 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
United States Dollars | 14,000 | 10,000 | 9,500 | 9,000 | 9,000 | 6,004 | ||||||||||||||||||
Euro | – | – | – | – | 2,000 | 2,000 |
21
Total Canadian currency unmatured market debt was $1,280 billion on September 30, 2023, an increase of $40,694 million from March 31, 2023. The increase resulted from an increase in outstanding treasury bills.
Marketable bonds are interest-bearing obligations generally available to all investors. In the period April 1, 2023 to September 30, 2023, the Government issued an aggregate of $90,500 million of marketable bonds in Canadian currency and redeemed $107,259 million ($1,550 million in bonds were repurchased and cancelled during the period), for a net decrease of $16,759 million. This was offset by an increase of $1,853 million for the inflation compensation on Real Return Bonds, which resulted in an overall net decrease of $14,906 million in marketable bonds.
Treasury bills are obligations issued at a discount with maturities generally of three months, six months and one year. In the period April 1, 2023 to September 30, 2023, the amount of treasury bills outstanding increased by $55,600 million.
In Budget 2017, released on March 22, 2017, the Government announced its decision to discontinue the sales of new Canada Savings Bonds and Canada Premium Bonds. All outstanding bonds will continue to be honoured. As of December 1, 2021, all Canada Savings Bonds and Canada Premium Bonds have matured. The outstanding balance of matured but unredeemed bonds is $468 million as of September 30, 2023.
Total foreign currency unmatured market debt was $21,563 million on September 30, 2023, an increase of $5,574 million from March 31, 2023. Canada Bills are short-term U.S. dollar-denominated unsecured obligations issued in the U.S. money market with a term to maturity of not more than 270 days. Canada Notes are usually U.S. dollar-denominated interest-bearing marketable notes that mature not less than nine months from their date of issue. Euro Medium Term Notes are medium-term notes issued outside the United States and Canada. Notes issued under this program can be denominated in a range of currencies and structured to meet investor demand. The other marketable bonds are comprised of four global bond issues denominated in U.S. dollars.
In 1996, Canada implemented the EFA foreign currency swap program. Under these foreign exchange swaps, Canadian dollar liabilities are swapped into liabilities in foreign currencies, allowing Canada to raise foreign exchange reserves cost effectively. As of September 30, 2023, $71,620 million of Canadian dollars have been swapped for USD $55,518 million, $17,583 million of Canadian dollars have been swapped for EUR 11,972 million, $12,355 million of Canadian dollars have been swapped for GBP 6,924 million and $9,925 million Canadian dollars have been swapped for JPY 879,950 million. As of September 30, 2023, on a net basis $368 million Canadian dollars have been swapped for USD 277 million through foreign exchange swaps which mature in less than one year.
The average rates of interest paid on the unmatured debt outstanding by instrument are set out below.
AVERAGE RATESOF INTEREST (%)
At March 31 | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Marketable bonds(1) | 1.90 | 1.49 | 1.63 | 2.19 | 2.28 | |||||||||||||||
Treasury bills | 4.28 | 0.60 | 0.21 | 1.39 | 1.79 | |||||||||||||||
Canada bills | 4.64 | 0.33 | 0.07 | 1.56 | 2.44 | |||||||||||||||
Total market debt | 2.28 | 1.37 | 1.35 | 2.03 | 2.18 |
Source: Public Accounts of Canada 2023 (Volume 1, Table 6.5).
(1) | Includes foreign currency marketable bonds. |
22
The following table shows the scheduled repayments in respect of principal and interest on the marketable bonds and notes outstanding at September 30, 2023.
SCHEDULEOF MARKETABLE BONDAND NOTE REPAYMENTS
(millions of dollars)
Total Principal and Interest(1) | ||||||||
For years ended December 31, | Canadian Currency Debt(2) | Foreign Currency Debt(3) | ||||||
2023 | 23,509 | 188 | ||||||
2024 | 176,615 | 442 | ||||||
2025 | 181,432 | 9,168 | ||||||
2026 | 93,224 | 4,975 | ||||||
2027-2031 | 334,338 | 5,738 | ||||||
2032-2036 | 113,303 | — | ||||||
2037-2041 | 43,539 | — | ||||||
2042-2046 | 30,916 | — | ||||||
2047-2051 | 77,821 | — | ||||||
2052-2056 | 43,203 | — | ||||||
2057-2061 | 1,203 | — | ||||||
2062-2066 | 9,472 | — |
Source: Bank of Canada.
(1) | Does not include Canada Bills and excludes the effect of interest rate swaps and cross currency swaps. |
(2) | Only includes domestic marketable bonds, excluding inflation compensation component on Real Return Bonds. |
(3) | Converted at USD 1.00 = CAD 1.3581, EUR 1.00 = CAD 1.4359; the closing rates on September 29, 2023. |
23
Crown Corporations
Except for enterprise Crown corporations and other government business enterprises, which are reported under the modified equity basis of accounting, all Government organizations are consolidated in the Government’s financial statements.
The payment of all money borrowed by agent enterprise Crown corporations is a charge on and payable out of the Consolidated Revenue Fund. Such borrowings constitute unconditional obligations of the Government and are recorded as such in the accounts of Canada, net of borrowings expected to be repaid directly by these corporations. Borrowings expected to be repaid by agent enterprise Crown corporations amounted to $317,834 million as at March 31, 2023. Since fiscal 2007-08, the Government has met all of the borrowing needs of the Business Development Bank of Canada, Canada Mortgage and Housing Corporation and Farm Credit Canada through direct lending. The following table summarizes the unaudited financial information of consolidated Crown corporations, other entities and enterprise Crown corporations as at March 31, 2023.
FINANCIAL INFORMATION REGARDING CROWN CORPORATIONSAND OTHER ENTITIES
(millions of dollars)
Consolidated Crown corporations | Other entities | Enterprise Crown corporations | Total | |||||||||||||
Assets | ||||||||||||||||
Total assets | 21,716 | 834 | | 895,705 | | 918,255 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Liabilities to other than Government | ||||||||||||||||
Borrowings | 229 | — | 328,099 | 328,328 | ||||||||||||
Other | 14,272 | 182 | 374,370 | 388,824 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
14,502 | 182 | 702,469 | 717,153 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets | 7,214 | 652 | 193,236 | 201,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Financial interest of the Government | ||||||||||||||||
Obligations to the Government | 3,302 | 2 | 143,384 | 146,688 | ||||||||||||
Net equity of the Government | 3,912 | 650 | 49,851 | 54,414 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total financial interest | 7,214 | 652 | 193,236 | 201,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Contingent liabilities | (1) | (1) | 8,134 | 8,134 | ||||||||||||
|
|
|
|
|
|
|
|
Source: Public Accounts of Canada 2023 (Volume 1, Tables 4.1, 4.4, 9.3, 9.7).
(1) | Contingent liabilities of consolidated Crown corporations and other entities are included in the Government’s financial statements as follows: Pending and threatened litigation and other claims - provision accrued: $20.8 million; disclosure only: $1.5 million. |
Note: Amounts may not add due to rounding.
Contingent Liabilities (with respect to Guarantees provided by the Government)
The contingent liabilities of the Government with respect to guarantees provided by the Government as at March 31, 2023 are summarized as follows.
CONTINGENT LIABILITIES (WITH RESPECT TO NET EXPOSURE UNDER GUARANTEES)
(millions of dollars)
Guarantees provided by the Government | ||||
Guaranteed borrowings of enterprise Crown corporations and other government business enterprises | $ | 317,834 | ||
Loan guarantees | 23,343 | |||
Insurance programs managed by the Government | 261,211 | |||
Other explicit guarantees | — | |||
|
| |||
Total gross guarantees | 602,388 | |||
Less: allowance for guarantees | 473 | |||
|
| |||
Net exposure under guarantees | $ | 601,915 | ||
|
|
Source: Public Accounts of Canada 2023 (Volume 1, Table 11.6).
Note: Amounts may not add due to rounding.
24
Insurance Programs
Certain agent enterprise Crown corporations operate insurance programs. In the event that such corporations have insufficient funds to meet their obligations, the Government would provide the required financing through appropriations, either budgetary or non-budgetary.
The following table summarizes the unaudited information regarding such insurance programs as at March 31, 2023.
AGENT ENTERPRISE CROWN CORPORATION INSURANCE PROGRAMS
(millions of dollars)
Insurance in force | Net claims(1) | 5-year average of net claims paid | Closing balance of Fund | |||||||||||||
Canada Deposit Insurance Corporation | 1,081,987 | — | — | 6,031 | ||||||||||||
Canada Mortgage and Housing Corporation: | ||||||||||||||||
Mortgage Insurance Fund | 400,000 | 71 | 155 | 11,240 | ||||||||||||
Mortgage-Backed Securities Guarantee Fund | 481,000 | — | — | 1,502 | ||||||||||||
Export Development Canada: | ||||||||||||||||
Export insurance contracts entered into on its own behalf | 33,572 | 118 | 149 | — | ||||||||||||
Farm Credit Canada | 5,041 | 8 | 7 | 15 |
Source: Public Accounts of Canada 2023 (Volume 1, Table 11.8).
(1) | Refers to the difference between claims and amounts received from sales of related assets and other recoveries. |
DEBT RECORD
Canada has always paid the full face amount of the principal and interest on every direct obligation issued by it and every indirect obligation on which it has been required to implement its guarantee, promptly when due. During war, where such payment would have violated laws or regulations forbidding trading with the enemy, payment was made to a custodian of enemy property.
25
MONETARY AND BANKING SYSTEM
Bank of Canada
The Bank of Canada (the “Bank”) was incorporated in 1934 under the Bank of Canada Act (in this section referred to as the “Act”) as Canada’s central bank. All of the capital stock of the Bank is owned by the Government. The Act gives the Bank the responsibility for the conduct of monetary policy and confers specific powers for discharging that responsibility.
The Bank has the sole right to issue notes for circulation in Canada. The Bank acts as the fiscal agent of the Government of Canada and, in this role, the Bank participates in the management of the public debt. Specifically, the Bank is responsible for handling the Government’s new market debt borrowings, administering its outstanding market debt and making payments for interest and market debt redemption on its behalf.
The Bank may buy or sell various types of assets and securities, which include: gold, silver, nickel and other coins; gold and silver bullion; foreign currencies; SDRs issued by the IMF; and securities issued or guaranteed by Canada or any province, and securities issued or guaranteed by the Government of the United States of America, of Japan, of the United Kingdom or of a member state of the European Union. For purposes of conducting monetary policy or promoting the stability of the Canadian financial system, the Bank may buy or sell from or to any person securities and any other financial instruments other than instruments that evidence an ownership interest or right in or to an entity, that comply with the policy established by the Governor and published in the Canada Gazette. Also, for the purposes of conducting monetary policy or promoting financial stability, if the Governor is of the opinion that there is a severe and unusual stress on a financial market or the financial system, the Bank may buy and sell from or to any person any securities and any other financial instruments, to the extent determined necessary by the Governor. The Bank may open accounts with other central banks, or in the Bank for International Settlements (“BIS”). The Bank may accept deposits from: the Government or any of its corporations or agencies; any province; any bank; any authorized foreign bank that is not subject to certain restrictions and requirements or any other member of Payments Canada, as well as financial market infrastructures. The Bank may pay interest to the Government on deposits held at the Bank and may pay interest to member institutions of Payments Canada on deposits accepted for certain specified purposes. Since May 16, 2022, Government of Canada deposits have ceased accruing interest. It may also accept deposits from other central banks and official international financial organizations and may pay interest on such deposits. The Bank does not accept deposits from individuals, nor offer commercial banking services.
The Bank is not required to maintain gold or foreign exchange reserves against its liabilities. The Bank may, on the pledge of certain classes of securities or property, make loans or advances for periods not exceeding six months to any member of Payments Canada. The Bank shall at all times make public the minimum rate at which it is prepared to make loans or advances. Although the Bank has the power to make loans or advances under certain conditions and for limited periods to the Government or any province, such loans are extremely rare and no such loans have been made in over 50 years.
The framework for the implementation of monetary policy by the Bank was changed considerably on two occasions during the 1990s, first as a result of the phased elimination of reserve requirements between June 1992 and July 1994, and second, with the introduction of a large-value settlement system (the “Large Value Transfer System” or “LVTS”) in February 1999. In 2021, the Lynx payment system replaced the LVTS system and is Canada’s real-time gross settlement system.
The Bank can implement monetary policy through two different frameworks, depending on how the Bank manages the balance sheet and supplies liquidity to the payment system. The interest rate corridor system is one where the Bank supplies limited settlement balances and actively manages its balance sheet to maintain a targeted level of settlement balances on a daily basis through the auctioning of Government of Canada cash balances. The Bank implemented this approach between 1999 and March 23, 2020. Alternatively, the Bank can operate in the floor system where the Bank does not target a specific level of settlement balances but ensures that the level is more than enough to meet demand from financial institutions. In the floor system, the Bank sets the deposit rate equal to the target rate. This system was implemented in March 2020 to reinforce the overnight target rate, and on April 13, 2022, the Bank announced that the floor system would remain in place. The following paragraph describes the floor system more fully.
The floor system has a simpler operational framework and can function effectively in both normal and exceptional circumstances (e.g., market-wide demand for liquidity). To do so, the Bank may allow settlement balances to reach a higher level than usual or cease targeting a specific level of settlement balances altogether. When the Bank provides an ample amount of settlement balances, the overnight rate is less sensitive to the overall level of settlement balances. Because of this, there is less need for intraday liquidity operations or afternoon Receiver General of Canada auctions that the Bank typically uses to achieve its target level of settlement balances. In such circumstances, the Bank may also narrow its operating band for implementing monetary policy, setting the deposit rate equal to the target for the overnight rate, while maintaining the Bank rate at 25 basis points above the target rate. Along with higher settlement balances, this helps motivate trading in the general collateral overnight market at or close to the deposit rate during the day and supports the Bank’s ability to achieve its overnight rate target.
The Act provides for regular consultation between the Governor of the Bank and the Minister of Finance as well as for a formal procedure whereby, in the event of a disagreement between the Government and the Bank which cannot be resolved, the Government may issue a directive to the Bank concerning the monetary policy to be followed. The directive must be in writing, in specific terms, applicable for a specified period and published forthwith. This provision in the Act makes it clear that the Government must take the ultimate responsibility for monetary policy, but the Bank is in no way relieved of its responsibility for monetary policy and its execution so long as a directive is not in effect. No directive has ever been issued.
The Payment Clearing and Settlement Act gives the Bank formal responsibility for the regulatory oversight of major clearing and settlement systems. Specifically, the Bank will review all eligible systems and identify their potential to cause systemic or payment system risk. If the Governor of the Bank is of the opinion that a clearing and settlement system could be operated in a manner that poses a systemic risk or payments system risk and the Minister is of the opinion that it is in the public interest to do so, the Governor may designate the clearing and settlement system as a clearing and settlement system that is subject to the Bank’s oversight. Designated systems will have to satisfy the Bank that they have appropriate risk-control mechanisms in place. The Bank may carry out examinations and, in situations where it is judged that systemic or payment risk is being inadequately controlled, the Governor of the Bank may issue directives to a designated system to remedy the situation.
The Payment Clearing and Settlement Act also gives the Bank powers to provide certain services. In particular, the Bank can provide a guarantee of settlement to the participants of designated systems and act as central counterparty to the participants. More generally, the Bank has the power to participate in any eligible clearing and settlement system – participating in its loss sharing mechanism, act as custodian and/or settlement agent for a clearing house and accept and pay interest on deposits from the systems and their participants. Furthermore, the Payment Clearing and Settlement Act establishes the Bank’s role as the resolution authority for Canadian designated systems. This new role came into force in 2019. The resolution regime’s main objectives are to promote financial stability, maintain the availability of critical financial services and minimize the potential exposure of public funds to a loss. To achieve this, the Bank is developing plans on how to respond to the unlikely event of a designated system in resolution, in Canada. The Bank also has the power to lend to the clearing house of a system in resolution on an uncollateralized basis, and also the power to take temporary control of the system.
Under the Retail Payment Activities Act (“RPAA”), the Bank will also be responsible for registering and supervising payment service providers (“PSPs”). In November 2023, the Department of Finance published final regulations to support the RPAA. The registration portion of the mandate comes into force on November 1, 2024, with other parts coming into force in 2025. This framework will give the Bank responsibility to supervise PSPs to determine if they comply with the RPAA, promote compliance, monitor, and evaluate trends and issues in the payment system.
26
Other Government Financial Institutions
Export Development Canada (“EDC”) was established on October 1, 1969 for the purpose of facilitating and developing trade between Canada and other countries. EDC is the successor to the Export Credits Insurance Corporation which commenced operations in 1944. Activities were originally limited to insuring Canadian exporters against non-payment of credits extended to foreign buyers. To further enhance Canada’s growing export trade, EDC has introduced an export loans program, a foreign investment guarantees program and a surety risk protection insurance program. The Federal Business Development Bank was established in 1975 as the successor to the Industrial Development Bank which was established in 1944 as a subsidiary of the Bank of Canada. In 1995, the Federal Business Development Bank was continued as the Business Development Bank of Canada (“BDC”). The purpose of the BDC is to provide financial and management services to Canadian businesses, with a focus on small and medium-sized enterprises in Canada. The Canada Deposit Insurance Corporation, established in 1967, insures deposits payable in Canada and in Canadian currency at banks and other financial institutions up to $100,000 per depositor. Farm Credit Canada, established in 1959, provides financial and management services to farms and agrifood businesses. The Canada Mortgage and Housing Corporation (formerly the Central Mortgage and Housing Corporation, or “CMHC”) was incorporated in 1945 to insure mortgage loans made by approved lenders and to make direct mortgage loans. Since then, CMHC’s role in the housing market has expanded beyond mortgage loan insurance to include the provision of mortgage-backed securities and related guarantees, housing policy and advice, and housing research.
Chartered Banks
Canada’s banks are all federally incorporated and are regulated under the Bank Act. The Bank Act sets out the rules for the structure and operation of these institutions. The Office of the Superintendent of Financial Institutions (“OSFI”) is the federal agency responsible for supervising banks.
Under the Bank Act, foreign banks are permitted to incorporate Canadian bank subsidiaries. In June 1999, legislation was passed to allow foreign banks to establish branches in Canada. Foreign banks can operate full-service branches or lending branches. As at November 30, 2023, the banking system consisted of 35 domestic banks, 15 foreign bank subsidiaries, 27 full-service foreign bank branches, and 4 foreign bank lending branches. Foreign bank lending branches are prohibited from accepting deposits or otherwise borrowing money except from financial institutions. Generally, foreign bank full-service branches may not in Canada accept deposits of less than $150,000. Deposits at foreign bank branches are not insured by the Canada Deposit Insurance Corporation (“CDIC”). Moreover, foreign branches are not subject to the capital requirements of domestic banks. Foreign bank branches are required to deposit and maintain a minimum amount of unencumbered assets with a an approved financial institution in Canada.
To strengthen Canada’s bank resolution toolkit, the Government implemented a bail-in regime for Canada’s systemically important banks. The objectives of the bail-in regime are to: preserve financial stability by empowering the Governor in Council and CDIC to quickly restore a failed systemically important bank to viability and allow it to remain open and operating, even where the bank has experienced severe losses; reduce government and taxpayer exposure in the unlikely event of a failure of a systemically important bank; and reduce the likelihood of a failure of a systemically important bank and increase market discipline by reinforcing that bank shareholders and creditors are responsible for the bank’s risks – not taxpayers. As part of the implementation of the statutory bail-in regime, the Superintendent of Financial Institutions was given responsibility for the designation of domestic systemically important banks (“D-SIBs”). The Superintendent has legally designated Canada’s six largest banks (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank) as D-SIBs. The bail-in power allows the Canada Deposit Insurance Corporation (Canada’s bank resolution authority), if directed to do so by the Governor in Council, to convert some of a failing systemically important bank’s debt into common shares in order to recapitalize the bank.
Financial Sector Initiatives
The Government of Canada is responsible for ensuring the federal financial sector regulatory framework operates efficiently and effectively for consumers and businesses while maintaining the safety of institutions and soundness and integrity of the sector. The sunset clause in the financial institutions statutes, which include the Bank Act, the Insurance Companies Act and the Trust and Loan Companies Act, encourages regular review of the federal financial sector framework to ensure that it continues to meet the changing needs of its users. In the most recent review, conducted through 2016 and 2017, the Department of Finance consulted stakeholders regarding initiatives to improve the stability, efficiency and utility of the framework in the context of current trends and emerging risks. Stakeholders indicated that the financial sector legislative framework is functioning well but called for targeted updates to adapt to innovations and sectoral developments.
Priority amendments were adopted in 2018 to implement targeted proposals from the review. These included: providing greater flexibility for financial institutions to undertake and leverage broader fintech activities that enable the delivery of financial services in new and innovative ways; permitting life and health insurance companies to make long-term equity investments in public infrastructure; and renewing the sunset date in the federal financial institutions statutes. A second phase of measures introduced a number of targeted and technical amendments to enhance the stability, efficiency, and utility of the financial sector. A third phase of measures was adopted in 2019 and introduced amendments to provide members of federal credit unions with more options for voting prior to and at annual general meetings.
In early 2021, the Government extended the sunset dates in the financial institutions statutes by two years to 2025, in order to enable full consideration of the impacts of the pandemic on the financial sector as part of the next legislative review. Budget 2022 announced the Government’s intention to launch a financial sector legislative review. As part of this review, the Government launched public consultations on the federally regulated financial institution statutes, on October 5, 2023. The consultation is entitled “Consultation on Upholding the Integrity of Canada’s Financial Sector” and will remain open until December 4, 2023.
27
The Government has acted repeatedly since 2008 to protect the financial security of borrowers and increase discipline in mortgage funding markets. Successive rounds of macroprudential policy tightening were implemented to ensure that government-backed programs support safer forms of lending. Notably, in October 2016, the Government required lenders to test a borrower’s ability to make their mortgage payments at a higher interest rate for all insured mortgages. The Government has also prohibited the use of insured mortgages in securitization vehicles not sponsored by the Canada Mortgage and Housing Corporation, and restricted the use of optional portfolio insurance to government-sponsored securitization. In January 2018, OSFI implemented changes to its underwriting guidelines (Guideline B-20), affecting all mortgages underwritten by Federally Regulated Financial Institutions (“FRFIs”), which include a mortgage rate stress test for uninsured mortgage borrowers. In June 2021, OSFI issued a revised draft Mortgage Insurer Capital Adequacy Test (“MICAT”) 2023 guideline, reporting forms, and instructions for consultation. Key revisions to the MICAT 2023 guideline aim to adapt the MICAT for International Financial Reporting Standards (“IFRS”) 17 Insurance Contracts, introduce a capital requirement on the loss components of liabilities for remaining coverage, and specify credit risk requirements in a manner consistent with IFRS 9 Financial Instruments terminology. In June 2021, OSFI implemented changes to its minimum qualifying rate for uninsured mortgages, concurrent with the Minister of Finance adjusting the framework for insured mortgages. Subject to review, all borrowers are now required to qualify for a residential mortgage at the greater of the borrower’s mortgage contract rate plus 2 per cent, or a "floor", initially set at 5.25 per cent. In June 2022, OSFI issued a supplementary advisory to Guideline B-20 that clarified treatment of certain innovative real estate secured lending products. For combined loan plans, OSFI expects that any and all lending above the 65% Loan-to-Value (“LTV”) limit, which cannot exceed 80% LTV, will be both amortizing and non-readvanceable. In September 2023, OSFI issued a regulatory notice on commercial real estate risk management in response to heightened risks.
Monetary Policy and Interest Rate Developments
The ultimate objective of Canadian monetary policy is to promote good overall economic performance, namely by keeping inflation low, stable and predictable.
In February 1991, the Government and the Bank of Canada (the “Bank”) jointly announced a series of targets for reducing total CPI inflation to the mid-point of a range of 1% to 3% by the end of 1995. This inflation-control target range has been extended a number of times. In 2021, the Government and the Bank renewed the flexible inflation-targeting framework for 2022 to 2026. The Government of Canada and the Bank of Canada believe that the best contribution of monetary policy to the well-being of Canadians is to continue to focus on price stability. The Government and the Bank also agree that monetary policy should continue to support maximum sustainable employment, recognizing that maximum sustainable employment is not directly measurable and is determined largely by non-monetary factors that can change through time. Further, the Government and the Bank agree that because well-anchored inflation expectations are critical to achieving both price stability and maximum sustainable employment, the primary objective of monetary policy is to maintain low, stable inflation over time. The next review of the inflation-control framework will be in 2026.
The policy instrument the Bank uses to influence monetary conditions is the target overnight rate, which is the mid-point of the Bank’s operating band for overnight financing. The Bank constantly reassesses the level of the target overnight rate necessary to achieve the inflation-control targets.
Since November 2000, the Bank has moved to eight fixed announcement dates for the target overnight rate to make monetary policy more effective. Fixed dates have reduced the uncertainty in financial markets associated with not knowing exactly when changes in the overnight rate target may be announced and contributed to the improved functioning of financial markets. Fixed dates have provided a regular opportunity to emphasize the medium-term perspective of monetary policy and increased the Bank’s transparency, accountability and dialogue with the public.
The necessary efforts to contain the COVID-19 pandemic have caused a sudden and deep contraction in economic activity and employment worldwide. As a result, in March 2020, the Bank lowered its target for the overnight rate by 150 basis points to its effective lower bound of 25 basis points. The Bank also initiated extraordinary measures to support liquidity and market-functioning in the financial system. In October 2020, the Bank began to gradually reduce the pace of the quantitative easing (“QE”) purchases, and the program shifted to supporting economic growth. Given the continued progress in the economic recovery, the Bank ended its QE program in October 2021, by moving into the reinvestment phase.
In 2022, as the economy moved into excess demand and inflation increased, the Bank has departed from the effective lower bound and gradually increased its target for the overnight rate, reaching 5.00% in July 2023. The Bank continued to pursue quantitative tightening as a complement to the increases in the policy interest rate.
In the October 2023 Monetary Policy Report, the Bank expects economic growth to slow from 1.2% in 2023 to 0.9% in 2024 and then pick up to 2.5% in 2025. Inflation is projected to slow in 2024 and approach the 2% target in 2025. Higher interest rates, lower food costs, and decreased demand for goods excluding energy and food are expected to bring CPI inflation down to 3.3% by the end of 2023.
The Bank is concerned that inflationary risks have increased and is prepared to raise the policy rate further if needed to return inflation to the 2% target. The Bank Remains resolute in its commitment to restoring price stability for Canadians.
28
Selected Interest Rates
29
Membership in International Economic Organizations
As of September 30, 2023, Canada’s paid-up quota in the IMF was SDR 11,024 million. On September 29, 2023, one SDR equaled $1.78. Canada also participates in the New Arrangements to Borrow (the “NAB”), which provides special financial resources to the IMF. The NAB is subject to periodic review and renewal by the IMF’s Board of Governors. On January 1, 2021, a NAB reform became effective, doubling the NAB credit arrangements and establishing a new NAB period through end-2025. As of September 30, 2023, Canada’s NAB commitment was SDR 7,747 million, with SDR 22 million drawn.
Alongside a number of G7, G20 and other partner countries, Canada also participates in the global undertaking to extend the IMF’s access to bilateral resources (also known as Bilateral Borrowing Agreements (“BBAs”). The previous 2016 agreement under which Canada provided a credit line of SDR 8,200 million ended on December 31, 2020. With the doubling of the NAB, the BBAs were roughly halved, keeping overall borrowed resources unchanged. A new BBA agreement became effective on January 1, 2021 for a term of three years through end-2023, extendable by one year. In May 2023, the IMF Executive Board agreed to extend the 2020 BBAs to end-2024, which is subject to the consent of individual creditor countries. Canada provided its consent to the IMF in June 2023. As of September 30, 2023, Canada’s bilateral credit line to the IMF was SDR 3,532 million.
Canada is also a member of the Organization for Economic Cooperation and Development, a party to the WTO and a shareholder (through the Bank) of the BIS. Canada’s participation in other international development institutions is summarized in the table below.
PARTICIPATION IN OTHER INTERNATIONAL DEVELOPMENT INSTITUTIONS
At September 30, 2023 | ||||||||
Subscription | ||||||||
Total | Paid-in(1) | |||||||
(millions of U.S. dollars) | ||||||||
International Bank for Reconstruction and Development | $ | 8,499 | $ | 620 | ||||
International Finance Corporation | 620 | 620 | ||||||
Multilateral Investment Guarantee Agency | 57 | 11 | ||||||
Asian Development Bank | 7,771 | 389 | ||||||
Inter-American Development Bank | 7,026 | 242 | ||||||
Caribbean Development Bank | 157 | 34 | ||||||
African Development Bank | 8,087 | 369 | ||||||
European Bank for Reconstruction and Development | 1,080 | 225 | ||||||
Asian Infrastructure Investment Bank(2) | 995 | 199 |
Source: Department of Finance. Data derived from the annual statements/reports of the above-mentioned institutions. Where applicable, subscription amounts were converted to U.S. dollar amounts using closing exchange rates as of September 29, 2023.
(1) | Balance of subscription payable only in the unlikely event that there is a call on the institution’s capital. |
(2) | On June 14, 2023, the Government of Canada halted all government-led activity at the Asian Infrastructure Investment Bank (AIIB) until further notice. |
30
CLAIMS AND OTHER
Contingent liabilities arise in the normal course of operations and their ultimate disposition is unknown. Contingent liabilities are potential liabilities which may become actual liabilities when one or more future events not wholly within the Government’s control occur or fail to occur. The following table presents the different components of the Government’s provision for contingent liabilities as at March 31, 2023.
2023 (millions of dollars) | ||||
Claims | ||||
Pending and threatened litigation and other claims | 42,702 | |||
Specific claims | 23,559 | |||
Comprehensive land claims | 9,265 | |||
Provision for guarantees provided by the Government | 473 | |||
|
| |||
Total provision recorded | 75,999 |
Source: Public Accounts of Canada 2023 (Volume 1, Section 2).
Claims
Where the Government has assessed a claim as likely and measurable, an estimated provision is determined using relevant historical experience, facts and circumstances. In situations where the estimate of loss is based on a range of amounts, the amount accrued within the range is the Government’s best estimate of the potential loss which may be at an amount lesser than the maximum of the range. Significant exposure to a liability could exist in excess of what has been accrued.
The Government has claims for which the outcome is likely to result in a liability, but the Government cannot reasonably measure the amount as at March 31, 2023, the financial statement date. These claims are continually reassessed as they progress through the legal process. Until more information becomes available which would allow for a reasonable estimate of the liability or the extent, no amount is accrued or disclosed.
As of March 31, 2023, claims for which the outcome was not determinable and for which an amount had not been accrued were estimated at $3,375 million ($4,186 million in fiscal year 2022). The resolution of these claims may result in a liability, if any, that differs from the estimated amount.
Pending and threatened litigation and other claims: There are thousands of pending and threatened litigation cases as well as claims outstanding against the Government. These claims include items with pleading amounts and items where an amount is not specified. While the total amount claimed in these actions is significant, their outcomes are not known in all cases. As a result, provisions that are recorded are based on the Government’s best estimate of the potential loss.
Specific claims: Specific claims deal with the past grievances of First Nations related to Canada’s obligations under historic treaties or the way it managed First Nations’ funds or other assets. The past grievances may be proceeding via the legal system or via the specific claims program. The Government of Canada will pursue a settlement agreement with the First Nation when a claim demonstrates an outstanding lawful obligation. As of March 31, 2023, there were 698 (677 in 2022) specific claims under negotiation, accepted for negotiation or under review. A liability is estimated and recorded for claims that have progressed to a point where quantification is possible. This estimate also includes projections based on historical rates and costs of settlement for similar claims and includes an estimate for claims that have been filed but not yet assessed.
Comprehensive land claims: Comprehensive land claims arise in areas of the country where Aboriginal rights and title have not been resolved by treaty or by other legal means. As of March 31, 2023, there were 83 (84 in 2022) comprehensive land claims under negotiation, accepted for negotiation or under review. A liability is estimated and recorded for claims that have progressed to a point where quantification is possible. This estimate also includes projections based on historical rates and costs of settlement for similar claims.
Other
Assessed taxes under appeal: Contingent liabilities include previously assessed federal taxes where amounts are being appealed to the Tax Court of Canada, the Federal Court of Appeal, or the Supreme Court of Canada. As of March 31, 2023, an amount of $6,753 million ($5,634 million in 2022) was being appealed to the courts, for which the likelihood of an adverse outcome was not determinable or for which an amount could not be reasonably estimated. The Government has recorded, in the amounts payable related to tax or in reduction of the amounts receivable from taxpayers, as applicable, the estimated amount of appeals that are considered likely to be lost and that can be reasonably estimated.
31
TABLES AND SUPPLEMENTARY INFORMATION
The tables and supplementary information under the headings Unmatured Market Debt, Other Obligations (with Respect to Money Borrowed) and Supplementary Information have been provided by the Department of Finance and the Bank of Canada.
Unmatured Market Debt
All debt obligations listed below are direct obligations of the Government of Canada and constitute a charge on the Consolidated Revenue Fund of Canada.
(A) | PAYABLEIN CANADAIN CANADIAN DOLLARS |
MARKETABLE BONDS(1)
Maturity date | Coupon% | Issue date(s) | Series | Outstanding at September 30, 2023 | ||||||||
2023 — Nov. 1 | 0.50 | 2021: Aug. 9, Aug. 23, Sep. 17, Oct. 8 | M763 | 16,500,000,000 | ||||||||
2024 — Feb. 1 | 0.75 | 2021: Oct. 22, Nov. 19, Dec. 15; 2022: Jan. 17, Feb. 4 | M920 | 17,450,000,000 | ||||||||
2024 — Mar. 1 | 2.25 | 2018: Oct. 5, Nov. 16; 2019: Jan. 18, Feb. 15 | J546 | 11,907,680,000 | ||||||||
2024 — Apr. 1 | 0.25 | 2020: Oct. 16, Oct. 28, Dec. 7; 2021: Feb. 26, Mar. 24, Apr.12, May 21 | L690 | 36,980,000,000 | ||||||||
2024 — May 1 | 1.50 | 2022: Feb. 22, Mar. 14, Apr. 19, May 11 | N423 | 15,600,000,000 | ||||||||
2024 — Jun. 1 | 2.50 | 2013: Jul. 2, Aug. 19, Oct. 7; 2014: Feb. 10, Apr. 28 | B451 | 13,700,000,000 | ||||||||
2024 — Aug. 1 | 2.75 | 2022: May 24, Jun. 8, Jul. 5, Jul. 18 | N910 | 16,200,000,000 | ||||||||
2024 — Sep. 1 | 1.50 | 2019: Apr. 5, May 10, Jul. 5, Aug. 23 | J967 | 16,065,381,000 | ||||||||
2024 — Oct. 1 | 0.75 | 2021: Jul. 12, Aug. 27, Oct. 27, Nov. 24 | M508 | 14,000,000,000 | ||||||||
2024 — Nov. 1 | 3.00 | 2022: Aug. 15, Aug. 31, Sep. 19, Oct. 17 | P402 | 16,000,000,000 | ||||||||
2025 — Feb. 1 | 3.75 | 2022: Nov. 2, Dec. 2, Dec. 19; 2023: Jan. 16 | P659 | 15,000,000,000 | ||||||||
2025 — Mar. 1 | 1.25 | 2019: Oct. 11, Nov 8; 2020: Feb. 3, Feb. 21, Mar. 25 | K528 | 17,300,000,000 | ||||||||
2025 — Apr. 1 | 1.50 | 2022: Jan. 24, Mar. 21, Apr. 22, Jun. 24 | N340 | 12,000,000,000 | ||||||||
2025 — May 1 | 3.75 | 2023: Feb. 10, Mar. 3, Mar. 20, Apr. 17 | Q319 | 15,250,000,000 | ||||||||
2025 — Jun. 1 | 2.25 | 2014: Jun. 30, Jul. 28, Oct. 20; 2015: Jan. 27, Apr. 21 | D507 | 13,100,000,000 | ||||||||
2025 — Jun. 1 | 9.00 | 1994: Aug. 2, Nov. 1; 1995: Feb. 1, May 1, Aug. 1, Nov. 1; 1996: Feb. 1 | A76 | 2,133,858,000 | ||||||||
2025 — Aug. 1 | 3.50 | 2023: May 12, Jun. 2, Jun. 19, Jul. 21 | Q640 | 19,000,000,000 | ||||||||
2025 — Sep. 1 | 0.50 | 2020: Apr. 3, Apr. 14, May 15, Jun. 1, Jun. 29, Jul. 20, Aug. 7, Aug. 21, Sep. 8 | K940 | 47,500,000,000 | ||||||||
2025 — Oct. 1 | 3.00 | 2022: Jul. 25, Aug. 22, Oct. 24, Nov. 21 | P246 | 10,000,000,000 | ||||||||
2025 — Nov. 1 | 4.50 | 2023: Aug. 4, Aug. 21, Sep. 15 | Q806 | 14,250,000,000 | ||||||||
2026 — Mar. 1 | 0.25 | 2020: Oct. 9, Oct. 23, Nov. 12, Dec. 9; 2021: Jan. 18, Feb. 16, Mar. 11, Apr. 5 | L518 | 34,000,000,000 | ||||||||
2026 — Apr. 1 | 3.00 | 2023: Jan. 20, Feb. 17, Apr. 26, May 19 | P816 | 10,000,000,000 | ||||||||
2026 — Jun. 1 | 1.50 | 2015: Jul. 21, Oct. 27; 2016: Jan. 26, Apr. 25, Jun. 27 | E679 | 13,472,000,000 | ||||||||
2026 — Sep. 1 | 1.00 | 2021: Apr. 16, May 7, Jun. 7, Jul. 9, Aug. 13, Sep. 23 | L930 | 23,000,000,000 | ||||||||
2026 — Dec. 1 | 4.25 | 1995: Dec. 7; 1996: Mar. 6, Jun. 6, Sep. 6, Dec. 6; 1997: Mar. 12, Jun. 9, Sep. 8, Dec. 8; 1998: Mar. 9, Jun. 8, Sep. 8, Dec. 7 | VS05 | 9,449,002,500 | (2) | |||||||
2027 — Mar. 1 | 1.25 | 2021: Oct. 15, Nov. 15; 2022: Jan. 14, Feb. 24 | M847 | 17,000,000,000 | ||||||||
2027 — Jun. 1 | 1.00 | 2016: Aug. 3, Oct. 31; 2017: Mar. 7, May 1, Jun. 26 | F825 | 14,740,000,000 | ||||||||
2027 — Jun. 1 | 8.00 | 1996: May 1, Aug. 1, Nov. 1; 1997: Feb. 3, May 1, Aug. 1, Nov. 3 | VW17 | 3,620,841,000 | ||||||||
2027 — Aug. 24 | 3.245 | 2022: Dec. 2 | P733 | 500,000,000 | ||||||||
2027 — Sep. 1 | 2.75 | 2022: May 13, Jun. 10, Jul. 22, Sep. 28 | N837 | 16,000,000,000 | ||||||||
2028 — Mar. 1 | 3.50 | 2022: Oct. 21, Nov. 14; 2023: Jan. 13, Mar. 22 | P576 | 15,000,000,000 | ||||||||
2028 — Jun. 1 | 2.00 | 2017: Aug. 1, Oct. 30; 2018: Feb. 23, Apr. 27, Jun. 22 | H235 | 13,500,000,000 | ||||||||
2028 — Sep. 1 | 3.25 | 2023: Apr. 21, Jun. 5, Jul. 7, Aug. 28 | Q491 | 20,000,000,000 | ||||||||
2029 — Jun. 1 | 2.25 | 2018: Jul. 27, Oct. 19; 2019: Jan. 25, Apr. 22 | J397 | 12,300,000,000 | ||||||||
2029 — Jun. 1 | 5.75 | 1998: Feb. 2, May 1, Nov. 2; 1999: May 3, Oct. 15; 2000: Apr. 24, Oct. 16; 2001: Apr. 23 | WL43 | 10,598,959,000 | ||||||||
2029 — Dec. 1 | 2.25 | 2022: Mar. 29 | N670 | 5,000,000,000 | ||||||||
2030 — Jun. 1 | 1.25 | 2019: Jul. 26, Oct. 4; 2020: Jan. 17, Mar. 23, Apr. 1, Apr. 6, May 8, Jun. 22, Jul. 13, Aug. 10, Aug. 28, Sep. 28 | K379 | 44,200,000,000 | ||||||||
2030 — Dec. 1 | 0.50 | 2020: Oct. 5, Oct. 21, Nov. 16, Dec. 23; 2021: Jan. 11, Feb. 1, Mar. 8, Mar. 29 | L443 | 40,000,000,000 | ||||||||
2031 — Jun. 1 | 1.50 | 2021: Apr. 26, May 10, Jun. 16, Jul. 5, Jul. 23, Aug. 6, Sep. 7, Sep. 29 | M276 | 42,000,000,000 | ||||||||
2031 — Dec. 1 | 1.50 | 2021: Oct. 25, Nov. 3, Dec. 1, Dec. 22; 2022: Jan. 10, Feb. 7, Mar. 2 | N266 | 32,000,000,000 | ||||||||
2031 — Dec. 1 | 4.00 | 1999: Mar. 8, Jun. 8, Sep. 7, Dec. 6; 2000: Mar. 6, Jun. 5, Sep. 5, Dec. 11; 2001: Mar. 5, Jun. 11, Sep. 24, Dec. 10; 2002: Mar. 18, Jun. 10, Sep. 16, Dec. 9; 2003: Mar. 17 | WV25 | 10,032,608,000 | (2) | |||||||
2032 — Jun. 1 | 2.00 | 2022: Mar. 16, Apr. 25, May 4, May 27, Jun. 27, Jul. 11 | N597 | 24,000,000,000 | ||||||||
2032 — Dec. 1 | 2.50 | 2022: Aug. 8, Aug. 29, Sep. 26, Oct.7, Nov. 7, Dec. 28 | P329 | 21,000,000,000 | ||||||||
2033 — Jun. 1 | 2.75 | 2023: Feb. 6, Feb. 27, Mar. 17, Apr. 10, May 26 | Q236 | 19,000,000,000 | ||||||||
2033 — Jun. 1 | 5.75 | 2001: Oct. 15; 2002: Jan. 21, Mar. 4, May 6, Jul. 15, Nov. 25; 2003: Jan. 20, Mar. 3, Apr. 14, Jul. 14, Aug. 25, Nov. 10; 2004: Jan. 19, Mar. 1 | XG49 | 11,988,905,000 | ||||||||
2033 — Dec. 1 | 3.25 | 2023: Jun. 26, Aug. 8, Sep. 1, Sep. 29 | Q723 | 13,000,000,000 | ||||||||
2036 — Dec. 1 | 3.00 | 2003: Jun. 9, Sep. 15, Dec. 8; 2004: Mar. 8, Jun. 7, Sep. 7, Dec. 6; 2005: Mar. 7, Jun. 6, Sep. 6, Dec. 5; 2006: Mar. 06, Jun. 5, Oct. 2, Dec. 4; 2007: Mar. 5 | XQ21 | 8,978,521,500 | (2) | |||||||
2037 — Jun. 1 | 5.00 | 2004: Jul. 19, Sep. 14, Nov. 8; 2005: Jan. 17, Apr. 11, Jul. 11, Oct. 18; 2006: Jan. 16, May 1, Jul. 24, Oct. 31; 2007: Jan. 15, Jun. 11, Jul. 23, Oct. 9; 2008: Jan. 21; 2009: Jan. 12 | XW98 | 11,730,774,000 | ||||||||
2041 — Jun. 1 | 4.00 | 2008: Jun. 9, Sep. 15, Dec. 15; 2009: Mar. 23, May 19, Jul. 14, Aug. 5, Oct. 20; 2010: Feb. 22, Mar. 22, May 25, Sep. 7, Nov. 22; 2011: Mar. 21 | YQ12 | 13,838,441,000 | ||||||||
2041 — Dec. 1 | 2.00 | 2007: Jun. 4, Sep. 4, Dec. 10; 2008: Mar. 3, Jun. 2, Sep. 2, Dec. 8; 2009: Mar. 9, Jun. 2, Aug. 31, Dec. 7; 2010: Mar. 1 | YK42 | 9,309,253,000 | (2) | |||||||
2044 — Dec. 1 | 1.50 | 2010: May 31, Aug. 30, Dec. 6; 2011: Feb. 28, Jun. 6, Sep. 6, Dec. 5; 2012: Feb. 27, Jun. 4, Sep. 17, Dec. 10, 2013: Feb. 25, Jun. 10, Sep. 16 | ZH04 | 10,528,903,000 | (2) | |||||||
2045 — Dec. 1 | 3.50 | 2011: Jun. 13, Aug. 29, Nov. 21; 2012: Mar. 26, May 28, Jul. 24, Sep. 24, Dec. 3; 2013: Feb. 5, Mar. 18, May 27, Aug. 6, Nov. 18; 2014: Feb. 18, Mar. 11 | ZS68 | 16,300,000,000 | ||||||||
2047 — Dec. 1 | 1.25 | 2013: Dec. 2; 2014: Mar. 3, Jun. 16, Aug. 25, Dec. 15; 2015: Mar. 16, Jun. 8, Sep. 8, Dec. 8; 2016: Mar. 7, Jun. 6, Sep. 19, Dec. 13; 2017: Feb. 13 | B949 | 9,872,170,000 | (2) | |||||||
2048 — Dec. 1 | 2.75 | 2014: Jun. 2, Sep. 3, Nov. 17; 2015: Feb. 9, May 25, Aug. 24, Nov. 30; 2016: May 24, Oct. 3, Nov. 28; 2017: Jan. 31, May 23, Aug. 21, Oct. 2 | D358 | 14,900,000,000 | ||||||||
2050 — Dec. 1 | 0.50 | 2017: Jun. 5, Sep. 15, Dec. 1; 2018: Mar. 5, Jun. 18, Sep. 14, Nov. 30; 2019: Feb. 22, May 24, Sep. 13, Nov. 29; 2020: May 29, Sep. 4, Dec. 4; 2021: Feb. 12 | G997 | 9,243,348,000 | (2) | |||||||
2051 — Dec. 1 | 2.00 | 2017: Dec. 22; 2018: Jan. 29, May 25, Aug. 17, Sep. 24, Nov. 2; 2019: Jan. 21, Apr. 29, Aug. 16, Sep. 30, Nov. 18; 2020: Mar. 18, Mar. 27, Apr. 24, Jun. 8, Jul. 27, Aug. 14, Sep. 21, Oct. 19, Nov. 2, Dec. 21; 2021: Jan. 25, Mar. 1, Mar. 22, May 3, May 28, Jun. 25 | H722 | 51,816,529,000 | ||||||||
2053 — Dec. 1 | 1.75 | 2021: Aug. 3, Aug. 30, Sep. 20, Nov. 1, Nov. 26, Dec. 20; 2022: Jan. 31, Feb. 28, Apr. 4, May 2, Jul. 4, Aug. 2, Oct. 10, Oct. 31, Nov. 25 | M680 | 32,000,000,000 | ||||||||
2054 — Dec. 1 | 0.25 | 2021: Jun. 4, Sep. 3, Dec. 3; 2022: Mar. 11, May 30, Sep. 6 | M433 | 2,376,654,000 | (2) | |||||||
2055 — Dec. 1 | 2.75 | 2023: Jan. 30, Apr. 3, Apr. 28, Jul. 4, Jul. 31, Sep. 25 | P998 | 8,000,000,000 | ||||||||
2064 — Dec. 1 | 2.75 | 2014: May 1, Jul. 15, Nov. 25; 2017: Sep. 1, Nov. 20; 2021: May 20, Sep. 27, Nov. 8; 2022: Mar. 25 | C939 | 8,750,000,000 | ||||||||
|
| |||||||||||
Total Unmatured Marketable Bonds Payable in Canadian Dollars: | 1,022,983,828,000 | |||||||||||
|
|
32
Unmatured Market Debt (Continued)
TREASURY BILLS
Maturity date(s) | Yield % | Issue dates | Outstanding at September 30, 2023 | |||||||
Various maturity dates from Oct. 12, 2023 to Sept. 12, 2024 | 4.314 to 5.352 |
| Various issue dates from Oct. 13, 2022 to Sept. 28, 2023 | $ | 257,400,000,000 | |||||
|
| |||||||||
Total Unmatured Market Debt Payable in Canadian Dollars | $ | 1,232,215,043,000 | | |||||||
|
| |||||||||
|
|
(B) PAYABLE IN FOREIGN CURRENCY (1) (3)
CANADA BILLS
Maturity date(s) | Yield(s) % | Original issue amount | Issue date(s) | Outstanding at September 30, 2023 | ||||||
Various maturity dates from | 5.00 to 5.33 | USD 1,877,362,000 | Various issue dates from May 11, 2023 to Sept. 29, 2023 | $ | 2,549,645,332 | |||||
|
|
OTHER MARKETABLE BONDS PAYABLE IN FOREIGN CURRENCIES
Maturity date | Coupon % | Original issue amount | Issue date | Outstanding at September 30, 2023 | ||||||
2025 — Jan. 22 | 1.625 | USD 3,000,000,000 | 2020 — Jan. 22 | $ | 4,074,300,000 | |||||
2026 — May 19 | 0.75 | USD 3,500,000,000 | 2021 — May 19 | 4,753,350,000 | ||||||
2025 — Apr. 28 | 2.875 | USD 3,500,000,000 | 2022 — April 28 | | 4,753,350,000 | | ||||
2028 — Apr. 26 | 3.750 | USD 4,000,000,000 | 2023 — April 26 | 4,753,350,000 | ||||||
|
| |||||||||
Total | $ | 19,013,400,000 | ||||||||
|
| |||||||||
Total Unmatured Market Debt Payable in Foreign Currency | $ | 21,563,045,332 | ||||||||
|
| |||||||||
Total Unmatured Market Debt | $ | 1,301,946,873,332 | ||||||||
|
|
33
Unmatured Market Debt (Continued)
(C) CROSS CURRENCY SWAPS
For the cross currency swaps listed below (outstanding as of September 30, 2023), the Government’s Canadian dollar liability has been swapped into a U.S. dollar liability.
Canadian dollar liability | U.S. dollar liability | |||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||
2023 — Oct. 20 | 2.74130 | $ 207,880,000 | SOFR | USD 200,000,000 | ||||
Oct. 20 | 2.61040 | 103,000,000 | SOFR | 100,000,000 | ||||
Oct. 20 | 2.61040 | 51,500,000 | SOFR | 50,000,000 | ||||
Oct. 20 | 2.61040 | 25,750,000 | SOFR | 25,000,000 | ||||
Oct. 20 | 2.61040 | 25,750,000 | SOFR | 25,000,000 | ||||
Dec. 13 | 1.3323 | 197,550,000 | Fixed | 150,000,000 | ||||
2024 — Jan. 20 | 2.53160 | 78,345,000 | SOFR | 75,000,000 | ||||
Jan. 20 | 2.58780 | 105,250,000 | SOFR | 100,000,000 | ||||
Jan. 20 | 2.63700 | 104,850,000 | SOFR | 100,000,000 | ||||
Jan. 20 | 2.64000 | 104,900,000 | SOFR | 100,000,000 | ||||
Feb. 20 | 2.44240 | 78,120,000 | SOFR | 70,000,000 | ||||
Feb. 20 | 2.57680 | 117,390,000 | SOFR | 107,500,000 | ||||
Feb. 20 | 2.61220 | 109,600,000 | SOFR | 100,000,000 | ||||
Mar. 20 | 2.36450 | 111,100,000 | SOFR | 100,000,000 | ||||
Mar. 20 | 2.40440 | 111,350,000 | SOFR | 100,000,000 | ||||
Apr. 20 | 2.49320 | 84,000,000 | SOFR | 75,000,000 | ||||
May 20 | 2.38680 | 65,899,650 | SOFR | 60,100,000 | ||||
May 20 | 2.44830 | 137,212,500 | SOFR | 125,000,000 | ||||
May 20 | 2.47500 | 50,458,500 | SOFR | 45,000,000 | ||||
Jun. 20 | 2.34430 | 109,740,000 | Fixed | 100,000,000 | ||||
Jun. 20 | 2.36750 | 81,757,500 | Fixed | 75,000,000 | ||||
Jun. 20 | 2.40570 | 109,640,000 | Fixed | 100,000,000 | ||||
Aug. 20 | 2.11200 | 135,137,500 | Fixed | 125,000,000 | ||||
Aug. 20 | 2.11420 | 136,813,205 | SOFR | 126,550,000 | ||||
Aug. 20 | 2.11440 | 107,360,000 | Fixed | 100,000,000 | ||||
Aug. 20 | 2.14130 | 107,370,000 | SOFR | 100,000,000 | ||||
Aug. 20 | 2.21890 | 107,320,000 | Fixed | 100,000,000 | ||||
Aug. 20 | 2.25360 | 106,750,000 | Fixed | 100,000,000 | ||||
Aug. 20 | 2.25940 | 106,730,000 | Fixed | 100,000,000 | ||||
Sep. 20 | 2.07730 | 109,370,000 | SOFR | 100,000,000 | ||||
Sep. 20 | 2.08840 | 109,380,000 | SOFR | 100,000,000 | ||||
Sep. 20 | 2.10840 | 109,150,000 | SOFR | 100,000,000 | ||||
Oct. 20 | 2.08440 | 54,375,000 | SOFR | 50,000,000 | ||||
Nov. 20 | 2.02720 | 111,800,000 | SOFR | 100,000,000 | ||||
Nov. 20 | 1.95800 | 112,300,000 | SOFR | 100,000,000 | ||||
Nov. 20 | 1.88120 | 113,080,000 | Fixed | 100,000,000 | ||||
Nov. 20 | 1.98340 | 112,240,000 | Fixed | 100,000,000 | ||||
Nov. 20 | 2.00210 | 113,040,000 | Fixed | 100,000,000 | ||||
Dec. 2 | 1.90520 | 113,790,000 | SOFR | 100,000,000 | ||||
Dec. 3 | 1.85390 | 113,780,000 | SOFR | 100,000,000 | ||||
Dec. 11 | 1.87030 | 114,180,000 | SOFR | 100,000,000 | ||||
Dec. 15 | 2.01060 | 13,745,295 | SOFR | 12,150,000 | ||||
2025 — Jan. 16 | 1.5504 | 119,390,000 | SOFR | 100,000,000 | ||||
Jan. 20 | 2.04600 | 114,150,000 | Fixed | 100,000,000 | ||||
Jan. 22 | 1.4957 | 121,050,000 | SOFR | 100,000,000 | ||||
Jan. 22 | 1.6175 | 59,780,000 | Fixed | 50,000,000 | ||||
Jan. 30 | 1.3553 | 124,490,000 | SOFR | 100,000,000 | ||||
Feb. 5 | 1.2298 | 125,240,000 | Fixed | 100,000,000 | ||||
May 11 | 1.20510 | 64,925,000 | Fixed | 50,000,000 | ||||
May 31 | 1.23740 | 258,800,000 | Fixed | 200,000,000 | ||||
Jun. 2 | 1.20030 | 262,000,000 | Fixed | 200,000,000 | ||||
Jun. 3 | 1.18618 | 196,275,000 | Fixed | 150,000,000 | ||||
Jun. 6 | 1.17250 | 196,710,000 | Fixed | 150,000,000 | ||||
Jun. 7 | 1.07010 | 64,745,000 | Fixed | 50,000,000 | ||||
Jun. 13 | 1.03840 | 127,300,000 | Fixed | 100,000,000 | ||||
Jun. 14 | 1.02860 | 127,110,000 | Fixed | 100,000,000 | ||||
Jun. 14 | 1.03916 | 127,400,000 | Fixed | 100,000,000 | ||||
Dec. 8 | 1.61800 | 133,730,000 | Fixed | 100,000,000 | ||||
Dec. 10 | 1.54170 | 271,120,000 | Fixed | 200,000,000 | ||||
Dec. 14 | 1.50160 | 271,800,000 | Fixed | 200,000,000 | ||||
Dec. 17 | 1.48580 | 274,800,000 | Fixed | 200,000,000 | ||||
Dec. 18 | 1.52620 | 275,720,000 | Fixed | 200,000,000 | ||||
2026 — Feb. 4 | 1.15570 | 140,450,000 | Fixed | 100,000,000 | ||||
Mar. 3 | 1.18280 | 202,290,000 | Fixed | 150,000,000 | ||||
Apr. 18 | 1.28570 | 128,420,000 | Fixed | 100,000,000 | ||||
Apr. 18 | 1.30940 | 128,400,000 | Fixed | 100,000,000 | ||||
Apr. 19 | 1.28480 | 160,662,500 | Fixed | 125,000,000 | ||||
Apr. 21 | 1.31760 | 127,180,000 | Fixed | 100,000,000 | ||||
Apr. 22 | 1.31360 | 633,750,000 | Fixed | 500,000,000 | ||||
Jul. 18 | 1.03600 | 258,440,000 | Fixed | 200,000,000 | ||||
Jul. 18 | 1.03940 | 129,310,000 | Fixed | 100,000,000 | ||||
Jul. 21 | 1.08950 | 195,555,000 | Fixed | 150,000,000 | ||||
Aug. 5 | 1.07810 | 262,000,000 | Fixed | 200,000,000 | ||||
Aug. 11 | 1.00290 | 262,340,000 | Fixed | 200,000,000 | ||||
Aug. 12 | 0.99620 | 260,960,000 | Fixed | 200,000,000 | ||||
Aug. 22 | 1.04870 | 255,320,000 | Fixed | 200,000,000 | ||||
Aug. 23 | 0.83100 | 128,080,000 | SOFR | 100,000,000 | ||||
Sep. 1 | 1.02180 | 130,620,000 | Fixed | 100,000,000 | ||||
Sep. 1 | 1.02170 | 156,960,000 | Fixed | 120,000,000 |
34
Unmatured Market Debt (Continued)
Canadian dollar liability | U.S. dollar liability | |||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||
Sep. 7 | 1.06050 | $ 162,687,500 | Fixed | USD 125,000,000 | ||||
Sep. 19 | 1.21390 | 198,045,000 | Fixed | 150,000,000 | ||||
Sep. 21 | 1.19880 | 131,690,000 | Fixed | 100,000,000 | ||||
Sep. 30 | 0.97050 | 132,190,000 | Fixed | 100,000,000 | ||||
Sep. 30 | 0.96630 | 66,290,000 | Fixed | 50,000,000 | ||||
Sep. 30 | 0.95990 | 132,470,000 | Fixed | 100,000,000 | ||||
Oct. 3 | 0.97690 | 196,485,000 | Fixed | 150,000,000 | ||||
Oct. 4 | 0.99950 | 131,250,000 | Fixed | 100,000,000 | ||||
Oct. 5 | 0.99060 | 164,000,000 | Fixed | 125,000,000 | ||||
Oct. 17 | 1.18900 | 131,930,000 | Fixed | 100,000,000 | ||||
Oct. 24 | 1.17710 | 230,982,500 | Fixed | 175,000,000 | ||||
Oct. 25 | 1.13570 | 99,922,500 | Fixed | 75,000,000 | ||||
Oct. 26 | 1.13800 | 133,480,000 | Fixed | 100,000,000 | ||||
Oct. 26 | 1.15210 | 133,870,000 | Fixed | 100,000,000 | ||||
Oct. 28 | 1.16070 | 133,660,000 | Fixed | 100,000,000 | ||||
Nov. 1 | 1.23170 | 334,900,000 | Fixed | 250,000,000 | ||||
Nov. 2 | 1.21510 | 200,955,000 | Fixed | 150,000,000 | ||||
Nov. 3 | 1.24200 | 267,740,000 | Fixed | 200,000,000 | ||||
Nov. 8 | 1.18440 | 147,664,000 | Fixed | 110,000,000 | ||||
Nov. 8 | 1.17350 | 100,822,500 | Fixed | 75,000,000 | ||||
Nov. 21 | 1.52660 | 201,195,000 | Fixed | 150,000,000 | ||||
Nov. 25 | 1.55800 | 200,925,000 | Fixed | 150,000,000 | ||||
2027 — Jan. 6 | 1.74140 | 133,350,000 | Fixed | 100,000,000 | ||||
Jan. 9 | 1.69530 | 265,720,000 | Fixed | 200,000,000 | ||||
Apr. 7 | 1.60600 | 133,800,000 | Fixed | 100,000,000 | ||||
Apr. 7 | 1.60600 | 133,960,000 | Fixed | 100,000,000 | ||||
Apr. 7 | 1.59640 | 268,000,000 | Fixed | 200,000,000 | ||||
Apr. 7 | 1.59330 | 134,130,000 | Fixed | 100,000,000 | ||||
Apr. 11 | 1.55040 | 133,720,000 | Fixed | 100,000,000 | ||||
Apr. 21 | 1.48350 | 67,350,000 | Fixed | 50,000,000 | ||||
Apr. 24 | 1.50090 | 134,670,000 | Fixed | 100,000,000 | ||||
Apr. 28 | 1.52590 | 339,500,000 | Fixed | 250,000,000 | ||||
Apr. 28 | 1.51570 | 204,000,000 | Fixed | 150,000,000 | ||||
May 9 | 1.5340 | 137,500,000 | Fixed | 100,000,000 | ||||
May 9 | 1.53290 | 274,200,000 | Fixed | 200,000,000 | ||||
Jun. 5 | 1.43600 | 134,990,000 | Fixed | 100,000,000 | ||||
Jun. 5 | 1.43380 | 134,900,000 | Fixed | 100,000,000 | ||||
Jun. 26 | 1.49080 | 132,600,000 | Fixed | 100,000,000 | ||||
Jun. 26 | 1.49860 | 99,165,000 | Fixed | 75,000,000 | ||||
2028 — Feb. 26 | 2.3080 | 63,570,000 | Fixed | 50,000,000 | ||||
Feb. 27 | 2.2790 | 126,670,000 | Fixed | 100,000,000 | ||||
Feb. 28 | 2.2200 | 126,880,000 | Fixed | 100,000,000 | ||||
Mar. 6 | 2.1774 | 128,900,000 | Fixed | 100,000,000 | ||||
Mar. 6 | 2.1799 | 128,890,000 | Fixed | 100,000,000 | ||||
Mar. 12 | 2.2198 | 258,420,000 | Fixed | 200,000,000 | ||||
Mar. 13 | 2.2420 | 257,280,000 | Fixed | 200,000,000 | ||||
Mar. 26 | 2.1820 | 129,060,000 | Fixed | 100,000,000 | ||||
Apr. 9 | 2.1858 | 191,700,000 | Fixed | 150,000,000 | ||||
Apr. 10 | 2.1570 | 191,250,000 | Fixed | 150,000,000 | ||||
Apr. 18 | 2.2807 | 188,775,000 | Fixed | 150,000,000 | ||||
Apr. 23 | 2.3155 | 126,100,000 | Fixed | 100,000,000 | ||||
Apr. 27 | 2.3482 | 128,800,000 | Fixed | 100,000,000 | ||||
Jun. 4 | 2.2153 | 64,915,000 | Fixed | 50,000,000 | ||||
Jun. 7 | 2.2416 | 130,020,000 | Fixed | 100,000,000 | ||||
Jun. 8 | 2.3135 | 64,575,000 | Fixed | 50,000,000 | ||||
Jun. 12 | 2.3047 | 64,900,000 | Fixed | 50,000,000 | ||||
Jun. 14 | 2.2945 | 64,935,000 | Fixed | 50,000,000 | ||||
Jun. 21 | 1.1467 | 123,480,000 | Fixed | 100,000,000 | ||||
Jun. 22 | 2.1720 | 66,575,000 | Fixed | 50,000,000 | ||||
Jun. 22 | 2.1697 | 133,210,000 | Fixed | 100,000,000 | ||||
Jun. 25 | 2.1213 | 133,060,000 | Fixed | 100,000,000 | ||||
Jun. 25 | 2.1262 | 133,040,000 | Fixed | 100,000,000 | ||||
Jun. 26 | 2.1200 | 66,650,000 | Fixed | 50,000,000 | ||||
Jun. 28 | 2.1010 | 133,100,000 | Fixed | 100,000,000 | ||||
Jun. 28 | 2.0955 | 66,500,000 | Fixed | 50,000,000 | ||||
Jul. 3 | 2.1035 | 132,870,000 | Fixed | 100,000,000 |
35
Unmatured Market Debt (Continued)
Canadian dollar liability | U.S. dollar liability | |||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||
Jul. 9 | 2.1297 | $ 65,660,000 | Fixed | USD 50,000,000 | ||||
Jul. 10 | 2.1274 | 131,000,000 | Fixed | 100,000,000 | ||||
Jul. 13 | 1.0966 | 124,950,000 | SOFR | 100,000,000 | ||||
Jul. 16 | 2.1629 | 197,475,000 | Fixed | 150,000,000 | ||||
Jul. 16 | 2.1561 | 131,720,000 | Fixed | 100,000,000 | ||||
Jul. 16 | 2.1549 | 98,752,500 | Fixed | 75,000,000 | ||||
Jul. 17 | 2.1402 | 65,885,000 | Fixed | 50,000,000 | ||||
Jul. 17 | 2.1310 | 65,835,000 | Fixed | 50,000,000 | ||||
Jul. 17 | 2.1334 | 65,830,000 | Fixed | 50,000,000 | ||||
Jul. 18 | 2.1618 | 131,300,000 | Fixed | 100,000,000 | ||||
Jul. 19 | 2.1017 | 131,900,000 | Fixed | 100,000,000 | ||||
Jul. 20 | 2.1210 | 132,260,000 | Fixed | 100,000,000 | ||||
Jul. 20 | 1.0747 | 125,810,000 | SOFR | 100,000,000 | ||||
Jul. 23 | 2.1222 | 66,240,000 | Fixed | 50,000,000 | ||||
Jul. 24 | 2.1723 | 65,645,000 | Fixed | 50,000,000 | ||||
Jul. 25 | 2.2136 | 131,570,000 | Fixed | 100,000,000 | ||||
Jul. 26 | 2.2344 | 131,660,000 | Fixed | 100,000,000 | ||||
Jul. 26 | 2.2298 | 131,460,000 | Fixed | 100,000,000 | ||||
Jul. 27 | 2.2229 | 65,630,000 | Fixed | 50,000,000 | ||||
Jul. 30 | 2.2773 | 65,345,000 | Fixed | 50,000,000 | ||||
Aug 13 | 1.0763 | 125,000,000 | SOFR | 100,000,000 | ||||
Aug 27 | 1.0206 | 126,210,000 | SOFR | 100,000,000 | ||||
Aug 30 | 1.0743 | 126,220,000 | SOFR | 100,000,000 | ||||
Aug 31 | 1.0596 | 126,650,000 | SOFR | 100,000,000 | ||||
Sep. 2 | 0.9883 | 126,180,000 | SOFR | 100,000,000 | ||||
Sep. 14 | 1.0230 | 125,870,000 | SOFR | 100,000,000 | ||||
Sep. 25 | 2.4299 | 129,200,000 | Fixed | 100,000,000 | ||||
Oct. 2 | 2.42330 | 129,230,000 | Fixed | 100,000,000 | ||||
Oct. 3 | 2.48300 | 128,200,000 | Fixed | 100,000,000 | ||||
Oct. 5 | 2.48930 | 128,260,000 | Fixed | 100,000,000 | ||||
Oct. 10 | 1.4432 | 123,830,000 | Fixed | 100,000,000 | ||||
Oct. 16 | 2.48760 | 260,400,000 | Fixed | 200,000,000 | ||||
Oct. 22 | 2.51600 | 130,340,000 | Fixed | 100,000,000 | ||||
Oct. 22 | 2.51630 | 130,350,000 | Fixed | 100,000,000 | ||||
Oct. 29 | 2.44760 | 130,520,000 | Fixed | 100,000,000 | ||||
Oct. 29 | 2.43550 | 130,920,000 | Fixed | 100,000,000 | ||||
Oct. 30 | 2.40560 | 131,510,000 | Fixed | 100,000,000 | ||||
Oct. 30 | 2.40100 | 131,460,000 | Fixed | 100,000,000 | ||||
Oct. 31 | 2.39760 | 131,050,000 | Fixed | 100,000,000 | ||||
Nov. 1 | 2.40860 | 65,660,000 | Fixed | 50,000,000 | ||||
Nov. 3 | 1.6085 | 123,670,000 | Fixed | 100,000,000 | ||||
Nov. 19 | 2.37805 | 132,310,000 | Fixed | 100,000,000 | ||||
Nov. 24 | 1.608 | 126,710,000 | Fixed | 100,000,000 | ||||
�� Nov. 26 | 1.668 | 152,472,000 | Fixed | 120,000,000 | ||||
Nov. 29 | 1.6896 | 253,860,000 | Fixed | 200,000,000 | ||||
Dec. 3 | 2.30050 | 132,650,000 | Fixed | 100,000,000 | ||||
Dec. 3 | 2.30070 | 132,700,000 | Fixed | 100,000,000 | ||||
Dec. 4 | 2.27470 | 133,040,000 | Fixed | 100,000,000 | ||||
Dec. 4 | 2.26650 | 133,170,000 | Fixed | 100,000,000 | ||||
Dec. 4 | 2.26180 | 133,040,000 | Fixed | 100,000,000 | ||||
Dec. 10 | 2.05280 | 134,220,000 | Fixed | 100,000,000 | ||||
Dec. 10 | 2.03550 | 268,400,000 | Fixed | 200,000,000 | ||||
Dec. 11 | 2.10190 | 132,960,000 | Fixed | 100,000,000 | ||||
Dec. 11 | 2.10530 | 132,750,000 | Fixed | 100,000,000 | ||||
Dec. 12 | 2.05570 | 133,550,000 | Fixed | 100,000,000 | ||||
Dec. 15 | 1.36 | 204,432,000 | Fixed | 160,000,000 | ||||
Dec. 17 | 1.3394 | 257,540,000 | Fixed | 200,000,000 | ||||
Dec. 18 | 2.116 | 133,880,000 | Fixed | 100,000,000 | ||||
Dec. 18 | 2.11250 | 133,850,000 | Fixed | 100,000,000 | ||||
2029 — Jan. 8 | 1.89320 | 134,320,000 | Fixed | 100,000,000 | ||||
Jan. 16 | 1.93840 | 132,680,000 | Fixed | 100,000,000 | ||||
Jan. 22 | 1.98840 | 132,950,000 | Fixed | 100,000,000 | ||||
Jan. 25 | 1.96490 | 133,650,000 | Fixed | 100,000,000 | ||||
Feb. 7 | 1.93640 | 131,400,000 | Fixed | 100,000,000 | ||||
Mar. 13 | 1.76100 | 134,190,000 | Fixed | 100,000,000 | ||||
Mar. 25 | 2.31 | 125,600,000 | Fixed | 100,000,000 | ||||
Apr. 5 | 1.70510 | 133,310,000 | Fixed | 100,000,000 | ||||
Apr. 8 | 1.69880 | 133,610,000 | Fixed | 100,000,000 | ||||
Apr. 10 | 1.72730 | 133,230,000 | Fixed | 100,000,000 | ||||
Apr. 17 | 1.79980 | 133,150,000 | Fixed | 100,000,000 | ||||
Apr. 17 | 1.75810 | 133,780,000 | Fixed | 100,000,000 | ||||
Apr. 18 | 1.78000 | 133,720,000 | Fixed | 100,000,000 | ||||
Apr. 18 | 1.78280 | 133,490,000 | Fixed | 100,000,000 | ||||
Apr. 18 | 1.77920 | 133,560,000 | Fixed | 100,000,000 | ||||
Apr. 24 | 1.76000 | 133,860,000 | Fixed | 100,000,000 | ||||
Apr. 29 | 1.67900 | 135,030,000 | Fixed | 100,000,000 | ||||
Apr. 29 | 1.69380 | 134,980,000 | Fixed | 100,000,000 | ||||
Apr. 30 | 1.69280 | 134,920,000 | Fixed | 100,000,000 | ||||
May 6 | 1.71920 | 134,680,000 | Fixed | 100,000,000 | ||||
May 8 | 1.72130 | 134,560,000 | Fixed | 100,000,000 | ||||
May 8 | 1.71700 | 134,470,000 | Fixed | 100,000,000 | ||||
May 16 | 1.68930 | 134,580,000 | Fixed | 100,000,000 | ||||
May 17 | 1.63650 | 134,800,000 | Fixed | 100,000,000 | ||||
May 22 | 1.64400 | 134,910,000 | Fixed | 100,000,000 | ||||
May 22 | 1.67090 | 134,740,000 | Fixed | 100,000,000 | ||||
May 23 | 1.73500 | 134,240,000 | Fixed | 100,000,000 | ||||
May 23 | 1.74300 | 134,120,000 | Fixed | 100,000,000 | ||||
May 28 | 1.67270 | 134,880,000 | Fixed | 100,000,000 | ||||
May 28 | 1.64800 | 134,860,000 | Fixed | 100,000,000 | ||||
Jun. 6 | 2.9538 | 252,460,000 | Fixed | 200,000,000 | ||||
Jul. 17 | 1.59960 | 130,250,000 | Fixed | 100,000,000 | ||||
Jul. 20 | 3.117 | 323,750,000 | Fixed | 250,000,000 | ||||
Jul. 26 | 1.45170 | 131,270,000 | Fixed | 100,000,000 | ||||
Oct. 29 | 1.5009 | 130,670,000 | Fixed | 100,000,000 | ||||
Nov. 22 | 1.4695 | 132,240,000 | Fixed | 100,000,000 | ||||
Nov. 26 | 1.4675 | 132,640,000 | Fixed | 100,000,000 |
36
Unmatured Market Debt (Continued)
Canadian dollar liability | U.S. dollar liability | |||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||
2030 — Mar. 28 | 2.3565 | $ 314,350,000 | Fixed | USD 250,000,000 | ||||
May 11 | 3.0564 | 258,500,000 | Fixed | 200,000,000 | ||||
Jun. 22 | 3.3531 | 325,875,000 | Fixed | 250,000,000 | ||||
Jul. 8 | 0.5507 | 135,470,000 | Fixed | 100,000,000 | ||||
Jul. 20 | 0.4983 | 135,450,000 | Fixed | 100,000,000 | ||||
Jul. 24 | 0.4985 | 134,330,000 | Fixed | 100,000,000 | ||||
Jul. 31 | 0.4775 | 133,630,000 | Fixed | 100,000,000 | ||||
Aug. 6 | 0.43851 | 134,160,000 | Fixed | 100,000,000 | ||||
Aug. 7 | 0.476 | 132,530,000 | Fixed | 100,000,000 | ||||
Aug. 14 | 0.6126 | 132,650,000 | Fixed | 100,000,000 | ||||
Aug. 18 | 0.6162 | 132,470,000 | Fixed | 100,000,000 | ||||
Aug. 21 | 0.5588 | 131,680,000 | Fixed | 100,000,000 | ||||
Aug. 27 | 0.5938 | 132,030,000 | Fixed | 100,000,000 | ||||
Sep. 3 | 0.636 | 130,230,000 | Fixed | 100,000,000 | ||||
Sep. 17 | 0.5609 | 131,590,000 | Fixed | 100,000,000 | ||||
Sep. 25 | 0.557 | 133,510,000 | Fixed | 100,000,000 | ||||
Oct. 1 | 0.5463 | 133,730,000 | Fixed | 100,000,000 | ||||
Oct. 8 | 0.5965 | 132,660,000 | Fixed | 100,000,000 | ||||
Oct. 16 | 0.5815 | 131,250,000 | Fixed | 100,000,000 | ||||
Oct. 18 | 3.5106 | 138,440,000 | Fixed | 100,000,000 | ||||
Oct. 18 | 3.537 | 277,460,000 | Fixed | 200,000,000 | ||||
Oct. 22 | 0.5984 | 131,840,000 | Fixed | 100,000,000 | ||||
Nov. 2 | 0.6051 | 133,500,000 | Fixed | 100,000,000 | ||||
Nov. 5 | 0.692 | 131,150,000 | Fixed | 100,000,000 | ||||
Nov. 25 | 0.6933 | 130,880,000 | Fixed | 100,000,000 | ||||
2031 — Mar. 25 | 2.3489 | 314,900,000 | Fixed | 250,000,000 | ||||
Apr. 8 | 1.5197 | 125,500,000 | Fixed | 100,000,000 | ||||
Apr. 14 | 1.5041 | 125,340,000 | Fixed | 100,000,000 | ||||
Apr. 15 | 1.5011 | 125,650,000 | Fixed | 100,000,000 | ||||
Apr. 16 | 1.5155 | 125,530,000 | Fixed | 100,000,000 | ||||
Apr. 26 | 1.544 | 125,100,000 | Fixed | 100,000,000 | ||||
Apr. 27 | 1.5093 | 124,880,000 | Fixed | 100,000,000 | ||||
Apr. 30 | 1.5735 | 123,940,000 | Fixed | 100,000,000 | ||||
May 5 | 1.5527 | 245,840,000 | Fixed | 200,000,000 | ||||
May 11 | 1.5196 | 121,960,000 | Fixed | 100,000,000 | ||||
May 17 | 1.6025 | 121,300,000 | Fixed | 100,000,000 | ||||
May 18 | 1.5521 | 242,360,000 | Fixed | 200,000,000 | ||||
May 21 | 1.5841 | 120,700,000 | Fixed | 100,000,000 | ||||
May 28 | 1.4593 | 121,160,000 | Fixed | 100,000,000 | ||||
Jun. 3 | 1.5156 | 120,320,000 | Fixed | 100,000,000 | ||||
Jun. 3 | 1.5323 | 120,320,000 | Fixed | 100,000,000 | ||||
Jun. 3 | 1.514 | 120,500,000 | Fixed | 100,000,000 | ||||
Jun. 7 | 1.4932 | 120,740,000 | Fixed | 100,000,000 | ||||
Jun. 7 | 1.5157 | 121,060,000 | Fixed | 100,000,000 | ||||
Jul. 6 | 1.4013 | 123,980,000 | Fixed | 100,000,000 | ||||
Jul. 9 | 1.2921 | 124,360,000 | Fixed | 100,000,000 | ||||
Jul. 19 | 1.2947 | 125,430,000 | Fixed | 100,000,000 | ||||
Jul. 20 | 1.2834 | 125,850,000 | Fixed | 100,000,000 | ||||
Jul. 21 | 1.1671 | 127,600,000 | Fixed | 100,000,000 | ||||
Jul. 27 | 1.2222 | 125,910,000 | Fixed | 100,000,000 | ||||
Aug. 11 | 1.2192 | 125,530,000 | SOFR | 100,000,000 | ||||
Aug. 12 | 1.2528 | 125,600,000 | SOFR | 100,000,000 | ||||
Aug. 16 | 1.277 | 125,140,000 | Fixed | 100,000,000 | ||||
Aug. 18 | 1.1565 | 125,760,000 | Fixed | 100,000,000 | ||||
Sep. 16 | 1.1986 | 126,650,000 | Fixed | 100,000,000 | ||||
Sep. 17 | 1.2238 | 126,470,000 | SOFR | 100,000,000 | ||||
Oct. 4 | 1.4766 | 127,120,000 | SOFR | 100,000,000 | ||||
Oct. 4 | 3.12 | 341,875,000 | Fixed | 250,000,000 | ||||
Oct. 5 | 1.4758 | 126,700,000 | SOFR | 100,000,000 | ||||
Oct. 6 | 3.0656 | 341,325,000 | Fixed | 250,000,000 | ||||
Oct. 7 | 3.1678 | 340,350,000 | Fixed | 250,000,000 | ||||
Nov. 4 | 1.719 | 124,000,000 | Fixed | 100,000,000 | ||||
Nov. 5 | 1.7159 | 155,212,500 | SOFR | 125,000,000 | ||||
Nov. 12 | 1.5906 | 149,412,000 | SOFR | 120,000,000 | ||||
Nov. 17 | 1.667 | 156,575,000 | SOFR | 125,000,000 | ||||
Nov. 19 | 1.7309 | 144,670,000 | SOFR | 115,000,000 | ||||
Dec. 2 | 1.5398 | 165,971,000 | SOFR | 130,000,000 | ||||
Dec. 3 | 1.578 | 223,037,500 | SOFR | 175,000,000 | ||||
Dec. 3 | 1.5906 | 159,337,500 | SOFR | 125,000,000 | ||||
Dec. 6 | 1.4832 | 224,420,000 | SOFR | 175,000,000 | ||||
Dec. 7 | 1.528 | 254,940,000 | SOFR | 200,000,000 | ||||
Dec. 13 | 1.5121 | 253,740,000 | Fixed | 200,000,000 | ||||
Dec. 13 | 1.5258 | 158,562,500 | SOFR | 125,000,000 | ||||
Dec. 14 | 1.5218 | 190,770,000 | SOFR | 150,000,000 | ||||
Dec. 16 | 1.4338 | 256,660,000 | Fixed | 200,000,000 | ||||
Dec. 20 | 1.3889 | 255,640,000 | Fixed | 200,000,000 | ||||
Dec. 20 | 1.3677 | 319,900,000 | Fixed | 250,000,000 | ||||
Dec. 21 | 1.3289 | 384,990,000 | Fixed | 300,000,000 | ||||
Dec. 22 | 1.3078 | 271,824,000 | Fixed | 210,000,000 | ||||
2032 — Jan. 6 | 1.6113 | 126,910,000 | Fixed | 100,000,000 | ||||
Jan. 10 | 1.6739 | 261,641,500 | SOFR | 205,000,000 | ||||
Jan. 11 | 1.7143 | 266,385,000 | SOFR | 210,000,000 | ||||
Jan. 18 | 1.7179 | 187,350,000 | SOFR | 150,000,000 | ||||
Jan. 20 | 1.8788 | 250,120,000 | Fixed | 200,000,000 | ||||
Jan. 24 | 1.8458 | 124,820,000 | Fixed | 100,000,000 | ||||
Jan. 31 | 1.7826 | 253,720,000 | Fixed | 200,000,000 | ||||
Jan. 31 | 1.7811 | 254,000,000 | Fixed | 200,000,000 | ||||
Feb. 1 | 1.7526 | 255,840,000 | Fixed | 200,000,000 | ||||
Feb. 2 | 1.7696 | 191,010,000 | SOFR | 150,000,000 | ||||
Feb. 7 | 1.8043 | 190,290,000 | SOFR | 150,000,000 | ||||
Feb. 11 | 1.8539 | 190,215,000 | Fixed | 150,000,000 | ||||
Feb. 15 | 1.9473 | 190,185,000 | SOFR | 150,000,000 | ||||
Feb. 17 | 1.9494 | 127,210,000 | SOFR | 100,000,000 |
37
Unmatured Market Debt (Continued)
Canadian dollar liability | U.S. dollar liability | |||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||
Feb. 18 | 1.9783 | $ 126,990,000 | SOFR | USD 100,000,000 | ||||
Feb. 28 | 1.9304 | 257,200,000 | SOFR | 200,000,000 | ||||
Mar. 1 | 1.9341 | 350,625,000 | SOFR | 275,000,000 | ||||
Mar. 7 | 1.8011 | 252,800,000 | Fixed | 200,000,000 | ||||
Mar. 9 | 1.709 | 254,840,000 | Fixed | 200,000,000 | ||||
Mar. 9 | 1.6941 | 255,480,000 | Fixed | 200,000,000 | ||||
Mar. 10 | 1.7894 | 257,360,000 | SOFR | 200,000,000 | ||||
Mar. 10 | 1.8237 | 193,080,000 | SOFR | 150,000,000 | ||||
Mar. 14 | 1.9257 | 159,937,500 | SOFR | 125,000,000 | ||||
Mar. 15 | 1.9721 | 254,480,000 | Fixed | 200,000,000 | ||||
Mar. 16 | 2.097 | 127,450,000 | SOFR | 100,000,000 | ||||
Mar. 21 | 2.1836 | 253,420,000 | SOFR | 200,000,000 | ||||
Mar. 21 | 2.1696 | 221,550,000 | SOFR | 175,000,000 | ||||
Mar. 28 | 2.3912 | 250,780,000 | Fixed | 200,000,000 | ||||
Mar. 30 | 2.4793 | 188,625,000 | Fixed | 150,000,000 | ||||
Apr. 6 | 2.4131 | 312,325,000 | Fixed | 250,000,000 | ||||
Apr. 6 | 2.4559 | 124,850,000 | Fixed | 100,000,000 | ||||
Apr. 7 | 2.4816 | 248,880,000 | Fixed | 200,000,000 | ||||
Apr. 7 | 2.5076 | 187,050,000 | Fixed | 150,000,000 | ||||
Apr. 8 | 2.5719 | 249,760,000 | Fixed | 200,000,000 | ||||
Apr. 8 | 2.5546 | 125,120,000 | Fixed | 100,000,000 | ||||
Apr. 8 | 2.5484 | 312,600,000 | Fixed | 250,000,000 | ||||
Apr. 11 | 2.5845 | 188,805,000 | Fixed | 150,000,000 | ||||
Apr. 12 | 2.6206 | 251,680,000 | SOFR | 200,000,000 | ||||
Jun. 7 | 3.005 | 188,520,000 | SOFR | 150,000,000 | ||||
Jul. 28 | 2.7616 | 321,800,000 | SOFR | 250,000,000 | ||||
Jul. 29 | 2.7853 | 193,185,000 | SOFR | 150,000,000 | ||||
Jul. 29 | 2.76 | 193,425,000 | SOFR | 150,000,000 | ||||
Aug. 2 | 2.636 | 257,140,000 | SOFR | 200,000,000 | ||||
Aug. 3 | 2.6568 | 257,060,000 | SOFR | 200,000,000 | ||||
Aug. 4 | 2.55 | 128,730,000 | Fixed | 100,000,000 | ||||
Aug. 5 | 2.745 | 128,500,000 | SOFR | 100,000,000 | ||||
Aug. 5 | 2.7449 | 192,675,000 | SOFR | 150,000,000 | ||||
Aug. 8 | 2.6884 | 128,420,000 | Fixed | 100,000,000 | ||||
Aug. 8 | 2.6764 | 128,640,000 | Fixed | 100,000,000 | ||||
Aug. 8 | 2.685 | 128,580,000 | Fixed | 100,000,000 | ||||
Aug. 26 | 3.0725 | 129,810,000 | SOFR | 100,000,000 | ||||
Aug. 26 | 3.1025 | 129,800,000 | SOFR | 100,000,000 | ||||
Aug. 26 | 3.0897 | 259,520,000 | SOFR | 200,000,000 | ||||
Aug. 29 | 3.0957 | 258,860,000 | SOFR | 200,000,000 | ||||
Aug. 29 | 3.0844 | 129,380,000 | SOFR | 100,000,000 | ||||
Aug. 29 | 3.1019 | 258,340,000 | SOFR | 200,000,000 | ||||
Aug. 29 | 3.0705 | 129,440,000 | SOFR | 100,000,000 | ||||
Aug. 31 | 3.0794 | 260,400,000 | SOFR | 200,000,000 | ||||
Aug. 31 | 3.102 | 130,000,000 | SOFR | 100,000,000 | ||||
Sep. 1 | 3.087 | 262,000,000 | SOFR | 200,000,000 | ||||
Sep. 1 | 3.071 | 131,000,000 | SOFR | 100,000,000 | ||||
Oct. 13 | 3.4111 | 345,175,000 | Fixed | 250,000,000 | ||||
Oct. 20 | 3.38 | 137,850,000 | Fixed | 100,000,000 | ||||
Nov. 3 | 3.2291 | 273,000,000 | SOFR | 200,000,000 | ||||
Nov. 3 | 3.2274 | 136,480,000 | SOFR | 100,000,000 | ||||
Nov. 8 | 3.47 | 270,560,000 | SOFR | 200,000,000 | ||||
Nov. 14 | 3.4708 | 336,250,000 | Fixed | 250,000,000 | ||||
Nov. 16 | 3.1596 | 132,720,000 | Fixed | 100,000,000 | ||||
Nov. 18 | 3.0839 | 133,290,000 | Fixed | 100,000,000 | ||||
Nov. 21 | 3.0946 | 334,750,000 | Fixed | 250,000,000 | ||||
Nov. 25 | 3.037 | 134,150,000 | Fixed | 100,000,000 | ||||
Nov. 25 | 3.025 | 133,960,000 | Fixed | 100,000,000 | ||||
Nov. 25 | 3.02 | 133,870,000 | Fixed | 100,000,000 | ||||
Nov. 28 | 2.9782 | 334,575,000 | Fixed | 250,000,000 | ||||
Nov. 28 | 2.9856 | 133,970,000 | Fixed | 100,000,000 | ||||
Nov. 29 | 2.96 | 133,780,000 | Fixed | 100,000,000 | ||||
Dec. 1 | 2.9978 | 135,510,000 | Fixed | 100,000,000 | ||||
Dec. 1 | 2.99 | 135,420,000 | Fixed | 100,000,000 | ||||
Dec. 1 | 2.98 | 135,660,000 | Fixed | 100,000,000 | ||||
Dec. 1 | 2.9926 | 135,880,000 | Fixed | 100,000,000 | ||||
Dec. 5 | 2.8769 | 336,125,000 | Fixed | 250,000,000 | ||||
Dec. 6 | 2.822 | 134,700,000 | Fixed | 100,000,000 | ||||
2033 — Jan. 12 | 3.124 | 134,350,000 | Fixed | 100,000,000 | ||||
Jan. 19 | 2.874 | 133,950,000 | Fixed | 100,000,000 | ||||
Feb. 14 | 3.1042 | 200,385,000 | Fixed | 150,000,000 | ||||
Feb. 27 | 3.396 | 338,375,000 | SOFR | 250,000,000 | ||||
Feb. 27 | 3.338 | 271,200,000 | SOFR | 200,000,000 | ||||
Feb. 28 | 3.3934 | 136,340,000 | Fixed | 100,000,000 | ||||
Mar. 3 | 3.346 | 272,660,000 | SOFR | 200,000,000 | ||||
Mar. 3 | 3.3245 | 407,730,000 | SOFR | 300,000,000 | ||||
Mar. 3 | 3.3965 | 136,060,000 | SOFR | 100,000,000 | ||||
Apr. 20 | 3.0569 | 267,820,000 | Fixed | 200,000,000 | ||||
Apr. 24 | 3.027 | 134,750,000 | Fixed | 100,000,000 | ||||
Apr. 24 | 3.0021 | 201,765,000 | Fixed | 150,000,000 | ||||
Apr. 26 | 2.92 | 135,470,000 | SOFR | 100,000,000 | ||||
May 3 | 2.8692 | 149,160,000 | SOFR | 110,000,000 | ||||
May 4 | 2.841 | 204,360,000 | SOFR | 150,000,000 | ||||
May 5 | 2.7805 | 272,420,000 | SOFR | 200,000,000 | ||||
May 9 | 2.9129 | 150,337,600 | SOFR | 112,000,000 | ||||
Jun. 5 | 3.1661 | 274,922,900 | SOFR | 203,000,000 | ||||
Jun. 13 | 3.3941 | 202,768,000 | SOFR | 152,000,000 | ||||
Jun. 27 | 3.3527 | 132,030,000 | SOFR | 100,000,000 | ||||
Jun. 28 | 3.283 | 328,850,000 | SOFR | 250,000,000 | ||||
Jun. 29 | 3.2953 | 328,925,000 | SOFR | 250,000,000 | ||||
Jul. 19 | 3.3951 | 488,437,000 | Fixed | 370,000,000 | ||||
Aug. 3 | 3.5811 | 266,000,000 | Fixed | 200,000,000 | ||||
Aug. 4 | 3.6346 | 133,460,000 | Fixed | 100,000,000 | ||||
Aug. 9 | 3.5806 | 267,020,000 | Fixed | 200,000,000 | ||||
Aug. 10 | 3.461 | 269,480,000 | Fixed | 200,000,000 | ||||
Aug. 30 | 3.6587 | 204,120,000 | Fixed | 150,000,000 | ||||
Sep. 1 | 3.5816 | 270,520,000 | SOFR | 200,000,000 | ||||
Sep. 5 | 3.5575 | 270,900,000 | Fixed | 200,000,000 | ||||
Sep. 11 | 3.6807 | 136,510,000 | Fixed | 100,000,000 | ||||
Sep. 11 | 3.673 | 136,700,000 | Fixed | 100,000,000 | ||||
Sep. 14 | 3.7123 | 203,325,000 | Fixed | 150,000,000 | ||||
|
| |||||||
$ 71,619,763,650 | USD 55,518,300,000 | |||||||
|
|
38
Unmatured Market Debt (Continued)
For the cross currency swaps listed below (outstanding as of September 30, 2023), the Government’s Canadian dollar liability has been swapped into a euro liability.
Canadian dollar liability | Euro liability | |||||||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||||||
2023 — Oct. 20 | 2.69570 | $ | 138,800,000 | Fixed | EUR 100,000,000 | |||||||
Oct. 20 | 2.81850 | 68,750,000 | Fixed | 50,000,000 | ||||||||
2024 — May 20 | 2.37900 | 114,270,000 | Fixed | 75,000,000 | ||||||||
May 20 | 2.38450 | 151,950,000 | Fixed | 100,000,000 | ||||||||
Jul. 20 | 2.29210 | 147,100,000 | Fixed | 100,000,000 | ||||||||
Jul. 20 | 2.29750 | 110,602,500 | Fixed | 75,000,000 | ||||||||
Aug. 20 | 2.25000 | 109,312,500 | Fixed | 75,000,000 | ||||||||
Aug. 28 | 1.2983 | 136,170,000 | Fixed | 90,000,000 | ||||||||
Sep. 1 | 1.2937 | 134,550,000 | Fixed | 90,000,000 | ||||||||
Sep. 4 | 1.3479 | 134,586,000 | Fixed | 90,000,000 | ||||||||
Oct. 20 | 2.12130 | 105,652,500 | Fixed | 75,000,000 | ||||||||
Oct. 20 | 2.18500 | 42,672,000 | Fixed | 30,000,000 | ||||||||
Oct. 20 | 2.19030 | 85,056,000 | Fixed | 60,000,000 | ||||||||
Oct. 20 | 2.20090 | 99,449,000 | Fixed | 70,000,000 | ||||||||
Oct. 20 | 2.21480 | 128,925,000 | Fixed | 90,000,000 | ||||||||
Nov. 28 | 1.99800 | 139,900,000 | Fixed | 100,000,000 | ||||||||
Dec. 10 | 1.94890 | 140,550,000 | Fixed | 100,000,000 | ||||||||
Dec. 15 | 2.03960 | 105,825,000 | Fixed | 75,000,000 | ||||||||
2025 — Feb. 9 | 1.2820 | 142,380,000 | Fixed | 100,000,000 | ||||||||
Sep. 3 | 1.4661 | 133,425,000 | Fixed | 90,000,000 | ||||||||
2026 — Feb. 8 | 1.17530 | 153,574,400 | Fixed | 100,000,000 | ||||||||
Apr. 8 | 1.6290 | 149,880,096 | Fixed | 100,000,000 | ||||||||
Aug. 15 | 1.70460 | 244,125,000 | Fixed | 175,000,000 | ||||||||
Oct. 3 | 1.4043 | 72,400,000 | Fixed | 50,000,000 | ||||||||
2027 — Jan. 13 | 1.69020 | 138,700,000 | Fixed | 100,000,000 | ||||||||
Jan. 17 | 1.72790 | 139,550,000 | Fixed | 100,000,000 | ||||||||
Jan. 17 | 1.72220 | 139,530,000 | Fixed | 100,000,000 | ||||||||
Jan. 23 | 1.74670 | 141,050,000 | Fixed | 100,000,000 | ||||||||
Jan. 23 | 1.76540 | 141,250,000 | Fixed | 100,000,000 | ||||||||
Jan. 25 | 1.71050 | 143,000,000 | Fixed | 100,000,000 | ||||||||
Jan. 27 | 1.80010 | 140,720,000 | Fixed | 100,000,000 | ||||||||
Feb. 6 | 1.74160 | 140,560,000 | Fixed | 100,000,000 | ||||||||
Mar. 22 | 2.0333 | 139,220,000 | Fixed | 100,000,000 | ||||||||
Apr. 28 | 1.52260 | 295,440,000 | Fixed | 200,000,000 | ||||||||
May 20 | 2.8798 | 135,120,000 | Fixed | 100,000,000 | ||||||||
Jul. 18 | 1.87360 | 145,300,000 | Fixed | 100,000,000 | ||||||||
Oct. 3 | 1.4305 | 144,720,000 | Fixed | 100,000,000 | ||||||||
2028 — Jan. 15 | 2.1719 | 150,950,000 | Fixed | 100,000,000 | ||||||||
Jan. 23 | 2.2310 | 76,155,000 | Fixed | 50,000,000 | ||||||||
Jan. 24 | 2.2238 | 152,510,000 | Fixed | 100,000,000 | ||||||||
Feb. 1 | 2.2880 | 153,130,000 | Fixed | 100,000,000 | ||||||||
Feb. 2 | 2.2815 | 76,505,000 | Fixed | 50,000,000 | ||||||||
Feb. 7 | 2.3681 | 309,800,000 | Fixed | 200,000,000 | ||||||||
Feb. 13 | 2.3452 | 154,400,000 | Fixed | 100,000,000 | ||||||||
Feb. 14 | 2.3418 | 154,270,000 | Fixed | 100,000,000 | ||||||||
Sep. 13 | 1.0101 | 149,720,000 | Fixed | 100,000,000 | ||||||||
2029 — Feb. 20 | 1.93070 | 149,710,000 | Fixed | 100,000,000 | ||||||||
May 16 | 1.67350 | 150,990,000 | Fixed | 100,000,000 | ||||||||
Jun. 17 | 1.47780 | 150,300,000 | Fixed | 100,000,000 | ||||||||
Jun. 27 | 1.45330 | 299,820,000 | Fixed | 200,000,000 | ||||||||
Jul. 5 | 1.45600 | 44,373,000 | Fixed | 30,000,000 | ||||||||
Jul. 15 | 1.57600 | 147,190,000 | Fixed | 100,000,000 | ||||||||
Jul. 16 | 1.61500 | 146,730,000 | Fixed | 100,000,000 | ||||||||
Aug. 23 | 1.19040 | 147,360,000 | Fixed | 100,000,000 | ||||||||
Aug. 28 | 1.21000 | 148,160,000 | Fixed | 100,000,000 | ||||||||
Aug. 30 | 1.11080 | 147,590,000 | Fixed | 100,000,000 | ||||||||
Aug. 30 | 1.12240 | 147,300,000 | Fixed | 100,000,000 | ||||||||
Sep. 23 | 1.40310 | 293,740,000 | Fixed | 200,000,000 | ||||||||
Oct. 21 | 1.5616 | 134,596,000 | Fixed | 92,000,000 | ||||||||
Nov. 14 | 1.5996 | 145,750,000 | Fixed | 100,000,000 | ||||||||
Nov. 15 | 1.538 | 145,880,000 | Fixed | 100,000,000 | ||||||||
Nov. 17 | 3.19000 | 276,800,000 | Fixed | 200,000,000 | ||||||||
2030 — Jan. 6 | 1.6261 | 145,160,000 | Fixed | 100,000,000 | ||||||||
Jan. 10 | 1.5776 | 289,516,000 | Fixed | 200,000,000 | ||||||||
Jan. 15 | 1.6098 | 145,040,000 | Fixed | 100,000,000 | ||||||||
Jan. 15 | 1.6121 | 145,150,000 | Fixed | 100,000,000 | ||||||||
Feb. 18 | 1.3795 | 143,920,000 | Fixed | 100,000,000 | ||||||||
Jun. 8 | 0.6676 | 130,041,500 | Fixed | 85,000,000 | ||||||||
Jun. 11 | 0.6341 | 129,327,500 | Fixed | 85,000,000 | ||||||||
Jun. 25 | 0.5443 | 129,956,500 | Fixed | 85,000,000 | ||||||||
Jul. 2 | 0.5175 | 153,970,000 | Fixed | 100,000,000 | ||||||||
Jul. 10 | 0.5315 | 153,460,000 | Fixed | 100,000,000 | ||||||||
Jul. 21 | 0.504 | 155,010,000 | Fixed | 100,000,000 | ||||||||
Jul. 22 | 0.4989 | 155,100,000 | Fixed | 100,000,000 | ||||||||
Jul. 23 | 0.5137 | 154,030,000 | Fixed | 100,000,000 | ||||||||
Jul. 30 | 0.4978 | 157,020,000 | Fixed | 100,000,000 | ||||||||
Aug. 13 | 0.5423 | 156,790,000 | Fixed | 100,000,000 | ||||||||
Aug. 26 | 0.5462 | 155,810,000 | Fixed | 100,000,000 | ||||||||
Sep. 1 | 0.5824 | 155,560,000 | Fixed | 100,000,000 | ||||||||
Sep. 4 | 0.577 | 155,050,000 | Fixed | 100,000,000 | ||||||||
Sep. 18 | 0.5374 | 156,230,000 | Fixed | 100,000,000 | ||||||||
Sep. 24 | 0.553 | 156,400,000 | Fixed | �� | 100,000,000 | |||||||
Oct. 7 | 0.5922 | 156,200,000 | Fixed | 100,000,000 | ||||||||
Oct. 19 | 0.5458 | 154,750,000 | Fixed | 100,000,000 | ||||||||
Oct. 26 | 0.6272 | 155,520,000 | Fixed | 100,000,000 | ||||||||
Oct. 27 | 0.6553 | 155,610,000 | Fixed | 100,000,000 | ||||||||
Nov. 12 | 0.775 | 153,270,000 | Fixed | 100,000,000 | ||||||||
Nov. 13 | 0.794 | 153,920,000 | Fixed | 100,000,000 | ||||||||
Nov. 19 | 0.7142 | 155,440,000 | Fixed | 100,000,000 | ||||||||
2031 — May 3 | 1.6003 | 148,910,000 | Fixed | 100,000,000 | ||||||||
May 20 | 1.5874 | 147,230,000 | Fixed | 100,000,000 | ||||||||
May 26 | 1.5575 | 146,980,000 | Fixed | 100,000,000 | ||||||||
Oct. 21 | 1.6202 | 216,090,000 | Fixed | 150,000,000 | ||||||||
2032 — Jan. 7 | 1.5788 | 215,955,000 | Fixed | 150,000,000 | ||||||||
Jan. 12 | 1.7333 | 215,430,000 | Fixed | 150,000,000 | ||||||||
Jan. 13 | 1.7145 | 214,830,000 | Fixed | 150,000,000 | ||||||||
Jan. 20 | 1.8176 | 355,825,000 | Fixed | 250,000,000 | ||||||||
Mar. 23 | 2.2826 | 138,880,000 | Fixed | 100,000,000 | ||||||||
Mar. 24 | 2.3852 | 208,470,000 | Fixed | 150,000,000 | ||||||||
Mar. 24 | 2.3948 | 83,208,000 | Fixed | 60,000,000 | ||||||||
Jul. 7 | 3.0701 | 100,245,000 | Fixed | 75,000,000 | ||||||||
Nov. 10 | 3.56260 | 134,900,000 | Fixed | 100,000,000 | ||||||||
Nov. 10 | 3.49840 | 135,110,000 | Fixed | 100,000,000 | ||||||||
2033 — Jan. 5 | 3.24000 | 143,980,000 | Fixed | 200,000,000 | ||||||||
Jan. 13 | 3.05330 | 288,380,000 | Fixed | 100,000,000 | ||||||||
Feb. 3 | 2.90280 | 145,580,000 | Fixed | 200,000,000 | ||||||||
Feb. 15 | 3.12630 | 285,900,000 | Fixed | 100,000,000 | ||||||||
Aug. 2 | 3.51890 | 145,410,000 | Fixed | 200,000,000 | ||||||||
Aug. 31 | 3.58500 | 147,400,000 | Fixed | 100,000,000 | ||||||||
Aug. 31 | 3.58240 | 147,430,000 | Fixed | 100,000,000 | ||||||||
Sep. 1 | 3.55990 | 295,700,000 | Fixed | 100,000,000 | ||||||||
Sep. 21 | 3.83060 | 143,470,000 | Fixed | 200,000,000 | ||||||||
Oct. 3 | 4.11900 | 142,620,000 | Fixed | 100,000,000 | ||||||||
|
|
|
| |||||||||
$ | 17,582,978,496 | EUR 11,972,000,000 | ||||||||||
|
|
|
|
39
Unmatured Market Debt (Continued)
For the cross currency swaps listed below (outstanding as of September 30, 2023), the Government’s Canadian dollar liability has been swapped into a yen liability.
Canadian dollar liability | Yen liability | |||||||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||||||
2023 —Oct. 18 | 2.39750 | $ 115,473,441 | Fixed | JPY 10,000,000,000 | ||||||||
Oct. 19 | 2.38740 | 115,685,844 | Fixed | 10,000,000,000 | ||||||||
Oct. 19 | 2.38300 | 231,722,860 | Fixed | 20,000,000,000 | ||||||||
Oct. 22 | 2.42600 | 115,828,685 | Fixed | 10,000,000,000 | ||||||||
Oct. 31 | 2.35370 | 116,672,500 | Fixed | 10,000,000,000 | ||||||||
Nov. 1 | 2.34760 | 139,809,626 | Fixed | 12,000,000,000 | ||||||||
Nov. 7 | 2.43020 | 196,875,470 | Fixed | 17,000,000,000 | ||||||||
Nov. 9 | 2.44630 | 115,377,515 | Fixed | 10,000,000,000 | ||||||||
Nov. 13 | 2.44080 | 115,227,286 | Fixed | 10,000,000,000 | ||||||||
Nov. 14 | 2.43410 | 115,944,718 | Fixed | 10,000,000,000 | ||||||||
Nov. 15 | 2.39570 | 116,292,592 | Fixed | 10,000,000,000 | ||||||||
Nov. 16 | 2.38700 | 116,191,251 | Fixed | 10,000,000,000 | ||||||||
Nov. 19 | 2.31140 | 116,890,707 | Fixed | 10,000,000,000 | ||||||||
Nov. 19 | 2.31300 | 116,814,242 | Fixed | 10,000,000,000 | ||||||||
Dec. 10 | 1.98690 | 119,260,584 | Fixed | 10,000,000,000 | ||||||||
Dec. 10 | 1.97030 | 119,431,506 | Fixed | 10,000,000,000 | ||||||||
2024 — Jan. 24 | 1.91490 | 121,943,784 | Fixed | 10,000,000,000 | ||||||||
Jan. 25 | 1.90120 | 121,614,555 | Fixed | 10,000,000,000 | ||||||||
Jan. 31 | 1.88340 | 60,580,360 | Fixed | 5,000,000,000 | ||||||||
Jul. 18 | 1.53040 | 121,921,483 | Fixed | 10,000,000,000 | ||||||||
Jul. 26 | 1.36560 | 121,472,735 | Fixed | 10,000,000,000 | ||||||||
Aug. 1 | 1.41820 | 121,315,055 | Fixed | 10,000,000,000 | ||||||||
Oct. 23 | 1.5662 | 120,869,292 | Fixed | 10,000,000,000 | ||||||||
Oct. 25 | 1.504 | 120,637,448 | Fixed | 10,000,000,000 | ||||||||
Dec. 9 | 1.6206 | 121,000,000 | Fixed | 10,000,000,000 | ||||||||
Dec. 10 | 1.6095 | 121,770,000 | Fixed | 10,000,000,000 | ||||||||
Dec. 11 | 1.5796 | 121,900,000 | Fixed | 10,000,000,000 | ||||||||
Dec. 12 | 1.5892 | 121,900,000 | Fixed | 10,000,000,000 | ||||||||
2025 — Feb. 5 | 1.3144 | 122,000,000 | Fixed | 10,000,000,000 | ||||||||
Feb. 6 | 1.3164 | 121,600,000 | Fixed | 10,000,000,000 | ||||||||
Feb. 7 | 1.382 | 121,000,000 | Fixed | 10,000,000,000 | ||||||||
Feb. 10 | 1.3761 | 192,835,500 | Fixed | 15,950,000,000 | ||||||||
Mar. 3 | 1.0584 | 124,000,000 | Fixed | 10,000,000,000 | ||||||||
May 28 | 0.3873 | 64,300,000 | Fixed | 5,000,000,000 | ||||||||
May 29 | 0.3825 | 64,050,000 | Fixed | 5,000,000,000 | ||||||||
Jun. 17 | 0.3258 | 63,400,000 | Fixed | 5,000,000,000 | ||||||||
Jun. 19 | 0.3603 | 63,100,000 | Fixed | 5,000,000,000 | ||||||||
Oct. 2 | 0.3397 | 126,400,000 | Fixed | 10,000,000,000 | ||||||||
Oct. 20 | 0.3244 | 125,300,000 | Fixed | 10,000,000,000 | ||||||||
Oct. 23 | 0.3700 | 125,300,000 | Fixed | 10,000,000,000 | ||||||||
Nov. 4 | 0.3957 | 126,600,000 | Fixed | 10,000,000,000 | ||||||||
Nov. 20 | 0.436 | 125,838,398 | Fixed | 10,000,000,000 | ||||||||
Nov. 26 | 0.455 | 124,595,066 | Fixed | 10,000,000,000 | ||||||||
2026 — Jun. 7 | 0.943 | 109,892,525 | Fixed | 10,000,000,000 | ||||||||
Jun. 15 | 0.8603 | 110,465,502 | Fixed | 10,000,000,000 | ||||||||
Jun. 21 | 0.9461 | 111,610,880 | Fixed | 10,000,000,000 | ||||||||
Jul. 26 | 0.8043 | 116,022,740 | Fixed | 10,000,000,000 | ||||||||
Aug. 24 | 0.8328 | 117,453,606 | Fixed | 10,000,000,000 | ||||||||
Aug. 25 | 0.859 | 115,821,172 | Fixed | 10,000,000,000 | ||||||||
Sep. 3 | 0.858 | 114,584,288 | Fixed | 10,000,000,000 | ||||||||
Sep. 7 | 0.8318 | 114,626,318 | Fixed | 10,000,000,000 | ||||||||
Nov. 1 | 1.4694 | 108,837,614 | Fixed | 10,000,000,000 | ||||||||
Nov. 2 | 1.4495 | 108,613,012 | Fixed | 10,000,000,000 | ||||||||
Dec. 1 | 1.4723 | 112,069,932 | Fixed | 10,000,000,000 | ||||||||
2029 — May 18 | 2.8375 | 150,037,509 | Fixed | 15,000,000,000 | ||||||||
Jun. 9 | 3.058 | 239,762,156 | Fixed | 25,000,000,000 | ||||||||
Jun. 15 | 3.251 | 141,362,737 | Fixed | 15,000,000,000 | ||||||||
Jun. 29 | 3.31 | 190,476,190 | Fixed | 20,000,000,000 | ||||||||
Jul. 5 | 3.32 | 141,576,215 | Fixed | 15,000,000,000 | ||||||||
2030 — Jun. 7 | 2.958 | 292,568,754 | Fixed | 30,000,000,000 | ||||||||
Jun. 8 | 3.026 | 192,400,192 | Fixed | 20,000,000,000 | ||||||||
Jun. 13 | 3.158 | 285,008,550 | Fixed | 30,000,000,000 | ||||||||
Jun. 23 | 3.4525 | 189,933,523 | Fixed | 20,000,000,000 | ||||||||
Oct. 17 | 3.48200 | 188,679,245 | Fixed | 20,000,000,000 | ||||||||
Oct. 17 | 3.46630 | 187,160,771 | Fixed | 20,000,000,000 | ||||||||
2032 — Feb. 1 | 1.8023 | 165,892,502 | Fixed | 15,000,000,000 | ||||||||
Mar. 17 | 2.115 | 108,695,652 | Fixed | 10,000,000,000 | ||||||||
Apr. 28 | 2.733 | 150,890,252 | Fixed | 15,000,000,000 | ||||||||
May 6 | 2.7275 | 150,285,543 | Fixed | 15,000,000,000 | ||||||||
May 9 | 2.8249 | 147,174,254 | Fixed | 15,000,000,000 | ||||||||
May 16 | 2.97 | 149,820,216 | Fixed | 15,000,000,000 | ||||||||
May 27 | 2.7945 | 150,966,184 | Fixed | 15,000,000,000 | ||||||||
2033 — Jun. 30 | 3.25640 | 91,886,428 | Fixed | 10,000,000,000 | ||||||||
|
|
|
| |||||||||
$ 9,725,316,965 | JPY 879,950,000,000 | |||||||||||
|
|
|
|
40
Unmatured Market Debt (Continued)
For the cross currency swaps listed below (outstanding as of September 30, 2023), the Government’s Canadian dollar liability has been swapped into a pound sterling liability.
Canadian dollar liability | Pound sterling liability | |||||||||||
Maturity date | Coupon % | Notional amount | Basis | Notional amount | ||||||||
2024 — Sep. 8 | 1.3753 | $ 133,510,000 | Fixed | GBP 65,000,000 | ||||||||
Sep. 8 | 1.4063 | 132,223,000 | Fixed | 65,000,000 | ||||||||
2025 — Sep. 8 | 1.4788 | 131,690,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.4817 | 132,795,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.4982 | 132,632,500 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.5052 | 133,009,500 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.5578 | 131,787,500 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.5955 | 123,825,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.6630 | 153,120,000 | Fixed | 80,000,000 | ||||||||
Sep. 8 | 1.7711 | 104,208,500 | Fixed | 55,000,000 | ||||||||
Sep. 8 | 1.7750 | 142,905,000 | Fixed | 75,000,000 | ||||||||
Sep. 8 | 1.7984 | 165,180,500 | Fixed | 85,000,000 | ||||||||
Sep. 8 | 1.8166 | 98,587,800 | Fixed | 54,000,000 | ||||||||
Sep. 8 | 1.8258 | 164,900,000 | Fixed | 85,000,000 | ||||||||
Sep. 8 | 1.45800 | 198,950,000 | Fixed | 100,000,000 | ||||||||
Sep. 8 | 1.46210 | 202,120,000 | Fixed | 100,000,000 | ||||||||
Sep. 8 | 1.45290 | 131,365,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.68360 | 131,625,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.66710 | 131,950,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.61080 | 140,777,000 | Fixed | 70,000,000 | ||||||||
Sep. 8 | 1.58350 | 200,970,000 | Fixed | 100,000,000 | ||||||||
Sep. 8 | 1.57250 | 203,300,000 | Fixed | 100,000,000 | ||||||||
Sep. 8 | 1.45380 | 207,800,000 | Fixed | 100,000,000 | ||||||||
Sep. 8 | 1.32500 | 133,835,000 | Fixed | 65,000,000 | ||||||||
Sep. 8 | 1.33340 | 288,174,000 | Fixed | 140,000,000 | ||||||||
Sep. 8 | 1.31470 | 204,800,000 | Fixed | 100,000,000 | ||||||||
Sep. 8 | 1.18950 | 101,650,000 | Fixed | 50,000,000 | ||||||||
Sep. 8 | 1.25740 | 141,225,000 | Fixed | 70,000,000 | ||||||||
Sep. 8 | 1.25510 | 282,940,000 | Fixed | 140,000,000 | ||||||||
Sep. 8 | 1.17710 | 99,760,000 | Fixed | 50,000,000 | ||||||||
Sep. 8 | 1.22870 | 281,848,000 | Fixed | 140,000,000 | ||||||||
Sep. 8 | 1.13580 | 101,385,000 | Fixed | 50,000,000 | ||||||||
2026 — Mar. 7 | 1.26820 | 142,327,500 | Fixed | 75,000,000 | ||||||||
Mar. 22 | 1.31940 | 131,383,000 | Fixed | 70,000,000 | ||||||||
Mar. 24 | 1.29830 | 93,100,000 | Fixed | 50,000,000 | ||||||||
May 19 | 1.37420 | 264,510,000 | Fixed | 150,000,000 | ||||||||
Dec. 2 | 1.58030 | 200,280,000 | Fixed | 120,000,000 | ||||||||
2027 — Jan. 12 | 1.67990 | 160,640,000 | Fixed | 100,000,000 | ||||||||
Jan. 24 | 1.74510 | 164,350,000 | Fixed | 100,000,000 | ||||||||
Feb. 1 | 1.79150 | 164,200,000 | Fixed | 100,000,000 | ||||||||
Feb. 3 | 1.80000 | 165,500,000 | Fixed | 100,000,000 | ||||||||
Feb. 6 | 1.73900 | 163,300,000 | Fixed | 100,000,000 | ||||||||
Feb. 13 | 1.64020 | 247,050,000 | Fixed | 150,000,000 | ||||||||
Feb. 21 | 1.77800 | 81,550,000 | Fixed | 50,000,000 | ||||||||
Feb. 22 | 1.71720 | 162,680,000 | Fixed | 100,000,000 | ||||||||
Mar. 6 | 1.70010 | 164,070,000 | Fixed | 100,000,000 | ||||||||
Mar. 6 | 1.70730 | 164,080,000 | Fixed | 100,000,000 | ||||||||
Mar. 15 | 1.83300 | 327,000,000 | Fixed | 200,000,000 | ||||||||
Mar. 16 | 1.85790 | 343,665,000 | Fixed | 210,000,000 | ||||||||
2031 — Dec. 21 | 1.31128 | 255,435,000 | Fixed | 150,000,000 | ||||||||
2032 — Jan. 21 | 1.8856 | 169,960,000 | Fixed | 100,000,000 | ||||||||
Feb. 1 | 1.7566 | 256,905,000 | Fixed | 150,000,000 | ||||||||
May 5 | 2.9046 | 241,395,000 | Fixed | 150,000,000 | ||||||||
Jun. 10 | 3.2311 | 157,130,000 | Fixed | 100,000,000 | ||||||||
Aug. 24 | 2.9565 | 192,025,000 | Fixed | 125,000,000 | ||||||||
Sep. 2 | 3.0631 | 228,600,000 | Fixed | 150,000,000 | ||||||||
Sep. 2 | 3.0694 | 152,490,000 | Fixed | 100,000,000 | ||||||||
Sep. 6 | 3.1809 | 227,940,000 | Fixed | 150,000,000 | ||||||||
2033 — Jan. 17 | 2.86050 | 163,700,000 | Fixed | 100,000,000 | ||||||||
Jan. 18 | 2.87480 | 245,175,000 | Fixed | 150,000,000 | ||||||||
Apr. 19 | 3.07000 | 166,070,000 | Fixed | 100,000,000 | ||||||||
Apr. 25 | 2.97000 | 167,870,000 | Fixed | 100,000,000 | ||||||||
May 15 | 2.80500 | 168,710,000 | Fixed | 100,000,000 | ||||||||
May 25 | 3.21500 | 167,830,000 | Fixed | 100,000,000 | ||||||||
May 26 | 3.22000 | 168,070,000 | Fixed | 100,000,000 | ||||||||
May 29 | 3.27500 | 168,100,000 | Fixed | 100,000,000 | ||||||||
Jul. 27 | 3.50700 | 169,370,000 | Fixed | 100,000,000 | ||||||||
Aug. 1 | 3.58000 | 170,050,000 | Fixed | 100,000,000 | ||||||||
Aug. 8 | 3.69500 | 169,150,000 | Fixed | 100,000,000 | ||||||||
Aug. 18 | 3.72500 | 171,910,000 | Fixed | 100,000,000 | ||||||||
Aug. 22 | 3.70200 | 172,650,000 | Fixed | 100,000,000 | ||||||||
|
|
|
| |||||||||
$ 12,355,068,800 | GBP 6,924,000,000 | |||||||||||
|
|
|
|
41
Unmatured Market Debt (Continued)
(D) FOREIGN EXCHANGE SWAPS
For the foreign exchange swaps listed below (outstanding as of September 30, 2023), the Government swapped Canadian dollars for U.S. dollars.
Canadian dollar | U.S. dollar | |||||||
Maturity date | Notional amount | Notional amount | ||||||
2023 — Oct. 6 | $ | 367,608,675 | USD 277,421,965 |
(E) FOREIGN EXCHANGE FORWARDS
The Government entered into transactions to purchase (outstanding as of September 30, 2023): EUR 1,207,000 in exchange for USD 1,308,255, JPY 43,400,000 in exchange for USD 301,267, GBP 261,000 in exchange for USD 328,527, and CNH 3,550,000 in exchange for USD 488,967; USD 2,103,332,099 in exchange for EUR 1,913,418,000, USD 481,548,391 in exchange for JPY 68,860,700,000, USD 526,660,078 in exchange for GBP 413,972,000, and USD 778,386,576 in exchange for CNH 5,627,270,000.
Notes:
(1) | Non-callable except as otherwise noted. |
(2) | Real Return Bonds bear interest adjusted in relation to the CPI for Canada. At maturity, a final payment equal to the sum of inflation compensation from the original issue date to maturity and principal will be made. All amounts shown for these issues include the inflation compensation accrued to date. |
(3) | Converted at USD 1.00 = CAD 1.3581, EUR 1.00 = CAD 1.4359 the closing rates on September 29, 2023. |
42
Unmatured Market Debt (Continued)
Other Obligations (with Respect to Money Borrowed)
DIRECT OBLIGATIONS (1)
The borrowings listed below are direct obligations of agent enterprise Crown corporations which are agents of Canada and as such constitute direct obligations of the Government of Canada and are a charge on and payable out of the Consolidated Revenue Fund of Canada.
BORROWINGSBY AGENT ENTERPRISE CROWN CORPORATIONS
Outstanding at March 31, 2023 | ||||||||||||
Canadian dollar borrowings | Foreign currency borrowings (2) | Total borrowings | ||||||||||
(millions of dollars) | ||||||||||||
Canada Mortgage and Housing Corporation | $ | 261,664 | $ | — | $ | 261,664 | ||||||
Canada Post Corporation | 998 | — | 998 | |||||||||
Export Development Canada | 554 | 53,618 | 54,172 | |||||||||
Farm Credit Canada | — | 947 | 947 | |||||||||
Freshwater Fish Marketing Corporation | 29 | — | 29 | |||||||||
Royal Canadian Mint | 24 | — | 24 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 263,269 | $ | 54,565 | $ | 317,834 | ||||||
|
|
|
|
|
|
Source: Public Accounts of Canada 2023 (Volume 1, Table 9.5) and Public Services and Procurement Canada.
Note: Amounts may not add due to rounding.
(1) | The payment of all money borrowed by agent enterprise Crown corporations and interest thereon is a charge on and payable out of the Consolidated Revenue Fund. Such borrowings therefore constitute obligations of the Government and are recorded as such net of borrowings expected to be repaid directly by these corporations. In practice, with few exceptions, all borrowings have been repaid by the agent enterprise Crown corporations. |
(2) | Foreign currency equivalent in Canadian dollars. |
CONTINGENT LIABILITIES
Principal amount outstanding | ||||
GUARANTEES PROVIDEDBYTHE GOVERNMENTASAT MARCH 31, 2023 (MILLIONSOFDOLLARS) | ||||
Guaranteed borrowings of enterprise Crown corporations and other government business enterprises | ||||
Agent enterprise Crown corporations | 317,834 | |||
Other guarantees provided by the Government | ||||
Loan guarantees | ||||
Agriculture and Agri-Food | ||||
Department of Agriculture and Agri-Food | ||||
Advance Payments Program—Agricultural Marketing Programs Act | 1,436 | |||
Loans to farmers under the Canadian Agricultural Loans Act | 79 | |||
Employment, Workforce Development and Disability Inclusion | ||||
Department of Employment and Social Development | ||||
Canada Student Loans Act | — | (1) | ||
Finance | ||||
Department of Finance | ||||
European Bank for Reconstruction and Development | 53 | |||
International Bank for Reconstruction and Development | 159 | |||
Global Affairs | ||||
Export Development Canada—Canada Account | ||||
Canada Development Investment Corporation—Trans Mountain Corporation | 9,646 | |||
Indigenous Service | ||||
Department of Indigenous Services | ||||
Indian Economic Development Guarantee Program | — | (1) | ||
On-Reserve Housing Guarantee Program | ||||
Canada Mortgage and Housing Corporation | 1,655 | |||
Other approved lenders | 286 | |||
Innovation, Science and Industry | ||||
Department of Industry | ||||
Canada Small Business Financing Act | 1,137 | |||
College of Patent Agents and Trademark Agents | — | |||
Natural Resources | ||||
Department of Natural Resources | ||||
Lower Churchill Hydro Electric Projects | 8,892 | |||
|
| |||
Total—Loan guarantees | 23,343 | |||
|
| |||
Insurance programs managed by the Government | ||||
Canadian Heritage | ||||
Department of Canadian Heritage | ||||
Canada Travelling Exhibitions Indemnification Act | — | |||
Finance | ||||
Department of Finance | ||||
Mortgage or Hypothecary Insurance Protection | 261,211 | |||
Natural Resources | ||||
Department of Natural Resources | ||||
Nuclear Liability Account | — | |||
|
| |||
Total—Insurance programs managed by the Government | 261,211 | |||
|
| |||
Other explicit guarantees | ||||
Agriculture and Agri-Food | ||||
Department of Agriculture and Agri-Food | ||||
Price Pooling Program—Agricultural Marketing Programs Act | — | |||
|
| |||
Total—Other explicit guarantees | — | |||
|
| |||
Total—Gross guarantees | 602,388 | |||
Less: allowance for guarantees | 473 | |||
|
| |||
Net exposure under guarantees | 601,915 | |||
|
|
Source: Public Accounts of Canada 2023 (Volume 1, Table 11.6).
Note: Amounts may not add due to rounding.
(1) | Less than $500,000. |
43
Supplementary Information
MARKETABLE BONDS (DOMESTIC)
From October 1, 2023 through November 30, 2023, Government of Canada domestic marketable bonds outstanding increased by $11,275 million to $1,013,018 million. New issues and retirements during this period are detailed below.
Issue or Maturity Date | Coupon (%) | Maturity Date | Issue Amount | Maturing Amount | ||||||||||||
October 6, 2023 | 4.50 | November 1, 2025 | $ | 5,500,000,000 | ||||||||||||
October 13, 2023 | 4.00 | March 1, 2029 | 4,000,000,000 | |||||||||||||
October 23, 2023 | 3.25 | December 1, 2033 | 4,000,000,000 | |||||||||||||
November 1, 2023 | 0.50 | $ | 16,500,000,000 | |||||||||||||
November 1, 2023 | 4.50 | February 1, 2026 | 5,500,000,000 | |||||||||||||
November 6, 2023 | 2.75 | December 1, 2055 | 1,250,000,000 | |||||||||||||
November 10, 2023 | 4.00 | March 1, 2029 | 4,000,000,000 | |||||||||||||
November 17, 2023 | 4.50 | February 1, 2026 | 5,500,000,000 | |||||||||||||
|
|
|
| |||||||||||||
$ | 29,750,000,000 | $ | 16,500,000,000 | |||||||||||||
|
|
|
|
From October 1, 2023 through November 30, 2023, three repurchase operations were held and the following bonds were purchased by the Government. Repurchased bonds are typically cancelled shortly after their settlement.
Repurchase Settlement Date | Coupon (%) | Maturity Date | Amount Repurchased | |||||||||
October 5, 2023 | 1.50 | May 1, 2024 | 100,000,000 | |||||||||
October 5, 2023 | 2.75 | August 1, 2024 | 50,000,000 | |||||||||
October 19, 2023 | 1.50 | May 1, 2024 | 250,000,000 | |||||||||
October 19, 2023 | 2.75 | August 1, 2024 | 500,000,000 | |||||||||
October 19, 2023 | 3.00 | November 1, 2024 | 500,000,000 | |||||||||
October 19, 2023 | 3.75 | February 1, 2025 | 250,000,000 | |||||||||
November 16, 2023 | 3.00 | November 1, 2024 | 200,000,000 | |||||||||
November 16, 2023 | 1.50 | April 1, 2025 | 125,000,000 |
TREASURY BILLS
From October 1, 2023 through November 30, 2023, treasury bills outstanding decreased by $3,200 million to $254,200 million.
CANADA BILLS
From October 1, 2023 through November 30, 2023, Canada Bills outstanding increased by U.S.$948,980,000 to U.S.$2,826,342,000.
CROSS CURRENCY SWAPS
From October 1, 2023 through November 30, 2023, Canadian dollar liabilities of $1,374,110,000 were swapped into liabilities of USD 1,000,000,000; Canadian dollar liabilities of $166,910,000 were swapped into liabilities of GBP 100,000,000; and Canadian dollar liabilities of $274,248,103 were swapped into liabilities of JPY 30,000,000,000.
FOREIGN EXCHANGE FORWARDS
As of November 30, 2023, the Government had outstanding transactions to purchase: EUR 6,599,000 in exchange for USD 7,197,361, JPY 237,500,000 in exchange for USD 1,607,025, GBP 1,428,000 in exchange for USD 1,775,677 and CNH 19,410,000 in exchange for USD 2,705,511; USD 1,977,913,694 in exchange for EUR 1,816,337,000, USD 439,008,391 in exchange for JPY 65,366,800,000, USD 489,461,869 in exchange for GBP 392,967,000, and USD 740,129,329 in exchange for CNH 5,341,760,000.
FOREIGN EXCHANGE SWAPS
As of November 30, 2023, the Government had the following foreign exchange swaps (Canadian dollars swapped for U.S. dollars) outstanding:
Canadian dollar | U.S. dollar | |||||||
Maturity date | Notional amount | Notional amount | ||||||
2023 – Jan. 9 | $ | 379,888,188 | USD 276,613,771 |
44