FSC · Domain snapshot

Federal Fiscal Capacity

This domain tracks federal deficit, debt, and the government's own stated fiscal anchors — measured against public data where a fit-for-purpose indicator exists, and shown as context (never a compliance verdict) where the accounting basis or data vintage doesn't match. Independent projections are held beside the government's own.

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Data version used for this page: report period 2026-05, published 2026-09-09 (v0.21.0). This is when Countability last published a new version of its record — one date for the whole site. It is not the date any individual figure below was last measured or published by its source; those dates are shown with each figure, because they differ series by series and, on this domain, may differ from each other.

Current snapshot

Federal balance, % of GDP
−1.69%
−0.1 pp vs 4 quarters earlier
10-year average: −1.97% (mean of the series' most recent 40 observations)
Reference period: 2026 Q2

Countability last verified this source’s licence on 2026-07-10.

Federal revenue, SAAR
$522.1B
+5.0% vs 4 quarters earlier (was $497.5B)
10-year average: $403.9B (mean of the series' most recent 40 observations)
Reference period: 2026 Q2

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

National Accounts basis, seasonally adjusted at annual rates — not the Public Accounts figure

Federal expenditure, SAAR
$578.7B
+5.2% vs 4 quarters earlier (was $550.2B)
10-year average: $452.5B (mean of the series' most recent 40 observations)
Reference period: 2026 Q2

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

National Accounts basis, seasonally adjusted at annual rates

Interest on debt, % of revenue
10.1%
+0.2 pp vs 4 quarters earlier
10-year average: 7.8% (mean of the series' most recent 40 observations)
Reference period: 2026 Q2

Countability last verified this source’s licence on 2026-07-10.

Transfers to households, SAAR
$191.7B
+10.2% vs 4 quarters earlier (was $174.0B)
10-year average: $153.4B (mean of the series' most recent 40 observations)
Reference period: 2026 Q2

Countability last verified this source’s licence on 2026-07-10.

Net debt, % of GDP (CGFS, annual)
35.0%
+1.5 pp vs 1 year earlier
10-year average: 33.1% (mean of the series' most recent 10 observations)
Reference period: 2024

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

CGFS accounting basis, annual — a different accounting basis and an older vintage than the quarterly balance above; the two are never combined

gdp: 2026 Q2

Time-series evidence

Federal balance, % of GDP, quarterly

+2.28%−19.67%1991 Q32026 Q2

1991 Q3 → 2026 Q2 · Statistics Canada — Revenue, expenditure and budgetary balance, general governments, quarterly (National Accounts basis) · Statistics Canada — GDP, expenditure-based, quarterly

View the data table for Federal balance, % of GDP, quarterly (140 points)
PeriodValue
1991 Q3−5.35%
1991 Q4−4.76%
1992 Q1−3.95%
1992 Q2−4.95%
1992 Q3−5.79%
1992 Q4−5.36%
1993 Q1−5.08%
1993 Q2−5.95%
1993 Q3−5.31%
1993 Q4−5.19%
1994 Q1−4.54%
1994 Q2−4.78%
1994 Q3−4.21%
1994 Q4−4.43%
1995 Q1−3.72%
1995 Q2−4.64%
1995 Q3−3.71%
1995 Q4−3.36%
1996 Q1−3.86%
1996 Q2−2.34%
1996 Q3−1.77%
1996 Q4−0.57%
1997 Q1−0.17%
1997 Q2+0.81%
1997 Q3+0.88%
1997 Q4+1.24%
1998 Q1+0.33%
1998 Q2+1.20%
1998 Q3+0.97%
1998 Q4+0.68%
1999 Q1+0.30%
1999 Q2−0.09%
1999 Q3+1.52%
1999 Q4+1.74%
2000 Q1+2.17%
2000 Q2+1.07%
2000 Q3+2.28%
2000 Q4+1.83%
2001 Q1+1.87%
2001 Q2+1.84%
2001 Q3+0.81%
2001 Q4+0.06%
2002 Q1+0.16%
2002 Q2+0.93%
2002 Q3+0.84%
2002 Q4+1.13%
2003 Q1+0.83%
2003 Q2−0.98%
2003 Q3+0.67%
2003 Q4+0.87%
2004 Q1+1.02%
2004 Q2+0.08%
2004 Q3+1.17%
2004 Q4+0.85%
2005 Q1−0.70%
2005 Q2+0.39%
2005 Q3−0.29%
2005 Q4+0.68%
2006 Q1+0.91%
2006 Q2+1.22%
2006 Q3−0.14%
2006 Q4+1.18%
2007 Q1+0.89%
2007 Q2+1.06%
2007 Q3+1.21%
2007 Q4+0.57%
2008 Q1+0.02%
2008 Q2−0.53%
2008 Q3+1.08%
2008 Q4−0.71%
2009 Q1−1.02%
2009 Q2−2.31%
2009 Q3−2.14%
2009 Q4−2.05%
2010 Q1−3.30%
2010 Q2−2.05%
2010 Q3−3.58%
2010 Q4−2.27%
2011 Q1−1.72%
2011 Q2−1.27%
2011 Q3−1.73%
2011 Q4−1.27%
2012 Q1−1.07%
2012 Q2−1.18%
2012 Q3−1.17%
2012 Q4−0.99%
2013 Q1−1.18%
2013 Q2−0.86%
2013 Q3−0.30%
2013 Q4−0.14%
2014 Q1+0.51%
2014 Q2+0.95%
2014 Q3+0.15%
2014 Q4−0.06%
2015 Q1+0.37%
2015 Q2+0.83%
2015 Q3−0.03%
2015 Q4+0.42%
2016 Q1+0.39%
2016 Q2−0.06%
2016 Q3−0.45%
2016 Q4−0.36%
2017 Q1−0.52%
2017 Q2+0.39%
2017 Q3−0.19%
2017 Q4−0.22%
2018 Q1+0.01%
2018 Q2+0.31%
2018 Q3+0.51%
2018 Q4+0.36%
2019 Q1−0.65%
2019 Q2−0.08%
2019 Q3−0.43%
2019 Q4−0.56%
2020 Q1−2.40%
2020 Q2−19.67%
2020 Q3−12.72%
2020 Q4−6.45%
2021 Q1−4.66%
2021 Q2−5.91%
2021 Q3−1.36%
2021 Q4−1.21%
2022 Q1−0.39%
2022 Q2+0.32%
2022 Q3−0.57%
2022 Q4−0.50%
2023 Q1+0.25%
2023 Q2−0.12%
2023 Q3−1.25%
2023 Q4−1.48%
2024 Q1−7.07%
2024 Q2−0.91%
2024 Q3−0.86%
2024 Q4−1.41%
2025 Q1−1.07%
2025 Q2−1.60%
2025 Q3−0.73%
2025 Q4−1.64%
2026 Q1−1.85%
2026 Q2−1.69%

2024 Q1 shows an isolated, extreme deficit (−$214.6B, −7.1% of nominal GDP) against the surrounding quarters (−$44.6B in 2023 Q4; −$28.1B in 2024 Q2) — a one-quarter swing far outside this series' typical range. Countability has not located a citable, official explanation for this specific quarter's magnitude in Statistics Canada's published documentation for this table, and none is asserted here. Read this quarter as an outlier, not as a change in the underlying quarterly trend.

Revenue against expenditure — the balance in its two parts

RevenueExpenditure
$718.9B$122.8B1991 Q32026 Q2

1991 Q3 → 2026 Q2 · Statistics Canada — Revenue, expenditure and budgetary balance, general governments, quarterly (National Accounts basis)

View the data table for Revenue against expenditure — the balance in its two parts (140 periods × 2 series)
PeriodRevenueExpenditure
1991 Q3$130.2B$166.8B
1991 Q4$132.0B$164.6B
1992 Q1$140.0B$166.7B
1992 Q2$131.1B$165.5B
1992 Q3$126.2B$166.9B
1992 Q4$128.8B$166.5B
1993 Q1$139.3B$175.2B
1993 Q2$122.8B$165.9B
1993 Q3$127.7B$166.3B
1993 Q4$131.3B$169.5B
1994 Q1$127.7B$162.0B
1994 Q2$130.9B$167.9B
1994 Q3$137.1B$170.0B
1994 Q4$137.9B$172.8B
1995 Q1$141.3B$171.3B
1995 Q2$138.8B$177.3B
1995 Q3$143.7B$174.6B
1995 Q4$144.8B$172.7B
1996 Q1$144.9B$177.1B
1996 Q2$147.8B$168.0B
1996 Q3$151.7B$167.2B
1996 Q4$157.2B$168.2B
1997 Q1$161.8B$164.2B
1997 Q2$167.5B$161.4B
1997 Q3$167.0B$159.6B
1997 Q4$172.4B$161.7B
1998 Q1$169.2B$167.0B
1998 Q2$172.7B$162.7B
1998 Q3$173.4B$165.2B
1998 Q4$173.4B$167.6B
1999 Q1$176.3B$174.0B
1999 Q2$181.9B$183.0B
1999 Q3$185.3B$170.1B
1999 Q4$187.6B$170.3B
2000 Q1$198.8B$176.2B
2000 Q2$201.3B$190.2B
2000 Q3$202.0B$176.7B
2000 Q4$205.2B$184.6B
2001 Q1$202.5B$186.8B
2001 Q2$207.6B$186.3B
2001 Q3$195.4B$186.1B
2001 Q4$190.0B$189.2B
2002 Q1$185.3B$183.7B
2002 Q2$194.9B$184.5B
2002 Q3$196.3B$186.4B
2002 Q4$202.5B$189.3B
2003 Q1$202.0B$191.9B
2003 Q2$194.6B$206.9B
2003 Q3$202.9B$194.7B
2003 Q4$203.8B$193.0B
2004 Q1$207.4B$194.3B
2004 Q2$207.2B$205.7B
2004 Q3$212.8B$196.7B
2004 Q4$211.5B$199.9B
2005 Q1$222.2B$231.6B
2005 Q2$219.1B$213.1B
2005 Q3$221.0B$224.6B
2005 Q4$223.3B$212.6B
2006 Q1$228.7B$214.9B
2006 Q2$232.1B$213.5B
2006 Q3$230.7B$232.5B
2006 Q4$238.1B$219.9B
2007 Q1$236.5B$223.0B
2007 Q2$251.3B$234.4B
2007 Q3$251.0B$231.4B
2007 Q4$245.7B$235.9B
2008 Q1$246.5B$245.0B
2008 Q2$241.3B$248.6B
2008 Q3$244.2B$241.6B
2008 Q4$231.8B$242.5B
2009 Q1$229.4B$244.3B
2009 Q2$220.0B$255.3B
2009 Q3$225.0B$257.7B
2009 Q4$230.8B$262.8B
2010 Q1$227.8B$280.8B
2010 Q2$231.3B$263.6B
2010 Q3$226.4B$284.3B
2010 Q4$233.6B$271.7B
2011 Q1$241.3B$269.1B
2011 Q2$245.6B$267.3B
2011 Q3$247.3B$277.8B
2011 Q4$248.6B$272.3B
2012 Q1$253.8B$271.6B
2012 Q2$250.7B$271.2B
2012 Q3$250.9B$271.3B
2012 Q4$254.2B$271.9B
2013 Q1$251.4B$272.3B
2013 Q2$257.1B$273.4B
2013 Q3$269.0B$275.9B
2013 Q4$269.2B$272.4B
2014 Q1$278.0B$272.1B
2014 Q2$271.5B$274.1B
2014 Q3$277.6B$275.1B
2014 Q4$273.8B$275.1B
2015 Q1$278.4B$278.6B
2015 Q2$294.1B$281.1B
2015 Q3$285.4B$287.3B
2015 Q4$292.3B$284.3B
2016 Q1$294.3B$286.8B
2016 Q2$292.7B$294.1B
2016 Q3$288.0B$297.7B
2016 Q4$297.7B$304.1B
2017 Q1$301.3B$314.5B
2017 Q2$322.9B$314.2B
2017 Q3$310.7B$313.7B
2017 Q4$314.1B$317.1B
2018 Q1$327.9B$324.8B
2018 Q2$331.3B$321.7B
2018 Q3$344.1B$327.8B
2018 Q4$345.1B$334.1B
2019 Q1$338.4B$349.3B
2019 Q2$341.7B$354.3B
2019 Q3$339.1B$346.0B
2019 Q4$343.3B$353.7B
2020 Q1$337.7B$392.4B
2020 Q2$325.4B$718.9B
2020 Q3$346.1B$629.0B
2020 Q4$353.0B$501.0B
2021 Q1$418.6B$529.0B
2021 Q2$388.4B$535.3B
2021 Q3$408.1B$478.4B
2021 Q4$422.2B$454.6B
2022 Q1$429.6B$442.0B
2022 Q2$434.2B$424.0B
2022 Q3$447.0B$463.6B
2022 Q4$444.7B$459.6B
2023 Q1$469.0B$461.0B
2023 Q2$456.1B$459.8B
2023 Q3$455.5B$492.2B
2023 Q4$462.5B$513.6B
2024 Q1$472.1B$683.7B
2024 Q2$487.4B$512.7B
2024 Q3$489.2B$512.7B
2024 Q4$498.3B$539.2B
2025 Q1$521.9B$552.6B
2025 Q2$497.5B$550.2B
2025 Q3$507.6B$528.2B
2025 Q4$503.9B$546.5B
2026 Q1$513.9B$569.2B
2026 Q2$522.1B$578.7B

Where federal revenue comes from: total, income taxes, corporate share

Total revenueTaxes on incomesOf which: from corporations
$522.1B$9.1B1991 Q32026 Q2

1991 Q3 → 2026 Q2 · Statistics Canada — Revenue, expenditure and budgetary balance, general governments, quarterly (National Accounts basis)

View the data table for Where federal revenue comes from: total, income taxes, corporate share (140 periods × 3 series)
PeriodTotal revenueTaxes on incomesOf which: from corporations
1991 Q3$130.2B$71.7B$10.1B
1991 Q4$132.0B$71.8B$11.0B
1992 Q1$140.0B$78.6B$10.5B
1992 Q2$131.1B$72.4B$9.1B
1992 Q3$126.2B$66.0B$11.1B
1992 Q4$128.8B$69.4B$9.3B
1993 Q1$139.3B$79.7B$11.6B
1993 Q2$122.8B$63.8B$11.9B
1993 Q3$127.7B$69.5B$10.0B
1993 Q4$131.3B$70.0B$9.3B
1994 Q1$127.7B$66.3B$11.0B
1994 Q2$130.9B$71.4B$12.1B
1994 Q3$137.1B$77.4B$13.1B
1994 Q4$137.9B$75.4B$12.5B
1995 Q1$141.3B$79.0B$12.8B
1995 Q2$138.8B$76.6B$12.8B
1995 Q3$143.7B$80.7B$13.7B
1995 Q4$144.8B$79.4B$14.1B
1996 Q1$144.9B$82.0B$14.6B
1996 Q2$147.8B$86.1B$15.8B
1996 Q3$151.7B$88.2B$16.8B
1996 Q4$157.2B$90.8B$17.6B
1997 Q1$161.8B$93.3B$18.0B
1997 Q2$167.5B$95.7B$19.7B
1997 Q3$167.0B$96.3B$20.7B
1997 Q4$172.4B$102.5B$22.5B
1998 Q1$169.2B$99.6B$20.0B
1998 Q2$172.7B$102.5B$19.5B
1998 Q3$173.4B$102.7B$18.6B
1998 Q4$173.4B$104.4B$19.6B
1999 Q1$176.3B$105.8B$21.8B
1999 Q2$181.9B$110.5B$24.5B
1999 Q3$185.3B$114.2B$27.1B
1999 Q4$187.6B$116.3B$29.8B
2000 Q1$198.8B$123.5B$30.9B
2000 Q2$201.3B$126.2B$32.3B
2000 Q3$202.0B$125.5B$31.3B
2000 Q4$205.2B$127.9B$32.6B
2001 Q1$202.5B$124.4B$29.6B
2001 Q2$207.6B$130.8B$26.4B
2001 Q3$195.4B$118.7B$21.8B
2001 Q4$190.0B$114.8B$19.1B
2002 Q1$185.3B$107.4B$21.5B
2002 Q2$194.9B$117.6B$24.1B
2002 Q3$196.3B$117.9B$25.2B
2002 Q4$202.5B$121.7B$26.3B
2003 Q1$202.0B$121.5B$29.0B
2003 Q2$194.6B$114.7B$26.7B
2003 Q3$202.9B$122.6B$27.6B
2003 Q4$203.8B$123.5B$28.3B
2004 Q1$207.4B$130.3B$30.0B
2004 Q2$207.2B$128.8B$32.2B
2004 Q3$212.8B$133.6B$32.2B
2004 Q4$211.5B$132.7B$32.6B
2005 Q1$222.2B$141.2B$31.2B
2005 Q2$219.1B$138.2B$31.6B
2005 Q3$221.0B$139.5B$32.5B
2005 Q4$223.3B$141.8B$33.6B
2006 Q1$228.7B$146.0B$35.1B
2006 Q2$232.1B$148.5B$36.2B
2006 Q3$230.7B$151.4B$39.5B
2006 Q4$238.1B$158.7B$42.8B
2007 Q1$236.5B$154.8B$39.5B
2007 Q2$251.3B$167.0B$37.5B
2007 Q3$251.0B$165.0B$37.0B
2007 Q4$245.7B$160.8B$34.3B
2008 Q1$246.5B$167.4B$35.5B
2008 Q2$241.3B$161.3B$39.2B
2008 Q3$244.2B$163.2B$37.4B
2008 Q4$231.8B$152.7B$29.0B
2009 Q1$229.4B$150.5B$26.8B
2009 Q2$220.0B$142.4B$25.8B
2009 Q3$225.0B$148.0B$35.9B
2009 Q4$230.8B$152.8B$42.5B
2010 Q1$227.8B$146.8B$42.6B
2010 Q2$231.3B$151.5B$34.8B
2010 Q3$226.4B$144.9B$26.1B
2010 Q4$233.6B$150.8B$30.1B
2011 Q1$241.3B$156.2B$31.4B
2011 Q2$245.6B$161.8B$36.0B
2011 Q3$247.3B$163.6B$36.5B
2011 Q4$248.6B$164.7B$36.8B
2012 Q1$253.8B$158.4B$34.8B
2012 Q2$250.7B$165.9B$35.2B
2012 Q3$250.9B$165.6B$35.8B
2012 Q4$254.2B$169.5B$36.6B
2013 Q1$251.4B$165.0B$36.3B
2013 Q2$257.1B$168.7B$37.1B
2013 Q3$269.0B$172.9B$39.0B
2013 Q4$269.2B$178.9B$40.3B
2014 Q1$278.0B$185.6B$40.7B
2014 Q2$271.5B$179.8B$41.6B
2014 Q3$277.6B$185.0B$42.6B
2014 Q4$273.8B$182.0B$42.0B
2015 Q1$278.4B$186.7B$41.5B
2015 Q2$294.1B$190.9B$42.0B
2015 Q3$285.4B$194.1B$41.7B
2015 Q4$292.3B$195.7B$41.7B
2016 Q1$294.3B$200.8B$42.5B
2016 Q2$292.7B$191.7B$45.1B
2016 Q3$288.0B$194.3B$48.1B
2016 Q4$297.7B$200.0B$50.0B
2017 Q1$301.3B$205.5B$50.0B
2017 Q2$322.9B$208.4B$50.7B
2017 Q3$310.7B$210.6B$51.3B
2017 Q4$314.1B$215.2B$52.4B
2018 Q1$327.9B$221.2B$54.2B
2018 Q2$331.3B$226.3B$54.7B
2018 Q3$344.1B$232.4B$58.3B
2018 Q4$345.1B$235.1B$58.8B
2019 Q1$338.4B$229.7B$52.7B
2019 Q2$341.7B$228.1B$52.7B
2019 Q3$339.1B$229.9B$53.0B
2019 Q4$343.3B$234.7B$53.7B
2020 Q1$337.7B$234.8B$54.4B
2020 Q2$325.4B$229.9B$54.0B
2020 Q3$346.1B$241.4B$58.7B
2020 Q4$353.0B$247.2B$62.6B
2021 Q1$418.6B$260.0B$71.4B
2021 Q2$388.4B$276.8B$77.5B
2021 Q3$408.1B$289.3B$80.3B
2021 Q4$422.2B$299.2B$82.8B
2022 Q1$429.6B$300.1B$82.2B
2022 Q2$434.2B$307.5B$89.6B
2022 Q3$447.0B$319.5B$96.0B
2022 Q4$444.7B$311.5B$88.4B
2023 Q1$469.0B$328.0B$99.4B
2023 Q2$456.1B$315.0B$85.0B
2023 Q3$455.5B$314.9B$83.5B
2023 Q4$462.5B$318.9B$83.3B
2024 Q1$472.1B$321.2B$79.9B
2024 Q2$487.4B$333.7B$85.5B
2024 Q3$489.2B$338.2B$89.9B
2024 Q4$498.3B$344.1B$90.5B
2025 Q1$521.9B$357.5B$97.2B
2025 Q2$497.5B$345.1B$92.8B
2025 Q3$507.6B$357.4B$97.3B
2025 Q4$503.9B$353.6B$90.9B
2026 Q1$513.9B$366.6B$94.8B
2026 Q2$522.1B$371.6B$98.8B

Where it goes: transfers to households, to other governments, and interest on debt

Transfers to householdsTransfers to other governmentsInterest on debt
$344.0B$18.3B1991 Q32026 Q2

1991 Q3 → 2026 Q2 · Statistics Canada — Revenue, expenditure and budgetary balance, general governments, quarterly (National Accounts basis)

View the data table for Where it goes: transfers to households, to other governments, and interest on debt (140 periods × 3 series)
PeriodTransfers to householdsTransfers to other governmentsInterest on debt
1991 Q3$44.1B$33.6B$41.0B
1991 Q4$44.0B$33.2B$40.0B
1992 Q1$45.2B$34.5B$40.6B
1992 Q2$45.6B$33.2B$40.1B
1992 Q3$47.2B$34.5B$38.9B
1992 Q4$46.9B$34.1B$38.7B
1993 Q1$48.0B$39.2B$40.0B
1993 Q2$48.4B$31.5B$39.3B
1993 Q3$47.5B$34.4B$38.8B
1993 Q4$47.2B$35.8B$38.9B
1994 Q1$46.8B$31.2B$37.3B
1994 Q2$46.9B$35.4B$39.3B
1994 Q3$46.1B$35.4B$41.6B
1994 Q4$45.9B$36.4B$42.5B
1995 Q1$45.3B$33.6B$44.2B
1995 Q2$44.6B$39.3B$47.8B
1995 Q3$43.9B$38.7B$46.4B
1995 Q4$45.1B$36.5B$46.6B
1996 Q1$45.1B$33.8B$46.7B
1996 Q2$44.8B$31.9B$45.4B
1996 Q3$44.4B$32.3B$44.9B
1996 Q4$44.2B$34.1B$44.4B
1997 Q1$44.1B$31.7B$43.9B
1997 Q2$44.5B$28.4B$43.6B
1997 Q3$44.0B$27.8B$43.2B
1997 Q4$44.0B$29.8B$43.0B
1998 Q1$44.2B$31.9B$43.8B
1998 Q2$43.8B$29.9B$43.8B
1998 Q3$44.3B$30.3B$43.9B
1998 Q4$45.1B$31.6B$44.1B
1999 Q1$45.4B$36.1B$43.4B
1999 Q2$45.4B$47.1B$43.6B
1999 Q3$45.1B$32.5B$43.5B
1999 Q4$45.4B$31.4B$44.1B
2000 Q1$49.2B$32.3B$44.2B
2000 Q2$45.7B$45.3B$44.3B
2000 Q3$45.7B$32.4B$44.8B
2000 Q4$46.6B$37.1B$48.0B
2001 Q1$53.7B$36.9B$44.7B
2001 Q2$49.4B$41.5B$41.3B
2001 Q3$50.2B$39.3B$41.1B
2001 Q4$52.0B$39.9B$40.2B
2002 Q1$53.2B$35.8B$37.5B
2002 Q2$53.0B$37.8B$36.9B
2002 Q3$53.3B$38.8B$36.4B
2002 Q4$53.9B$40.2B$36.3B
2003 Q1$54.1B$42.0B$36.1B
2003 Q2$55.5B$55.3B$35.1B
2003 Q3$55.3B$42.9B$34.8B
2003 Q4$56.1B$40.6B$34.6B
2004 Q1$56.9B$40.3B$34.5B
2004 Q2$56.9B$51.0B$34.0B
2004 Q3$57.2B$44.0B$33.0B
2004 Q4$57.3B$44.4B$32.3B
2005 Q1$57.9B$74.9B$32.1B
2005 Q2$58.5B$55.9B$32.3B
2005 Q3$58.3B$65.6B$32.1B
2005 Q4$59.1B$54.2B$31.9B
2006 Q1$62.0B$53.2B$32.2B
2006 Q2$59.4B$53.9B$32.2B
2006 Q3$62.5B$69.2B$32.1B
2006 Q4$63.6B$54.1B$32.1B
2007 Q1$63.1B$56.2B$32.4B
2007 Q2$64.3B$69.0B$31.6B
2007 Q3$69.7B$60.2B$31.3B
2007 Q4$70.6B$64.6B$31.0B
2008 Q1$71.5B$67.3B$31.1B
2008 Q2$67.5B$71.8B$30.3B
2008 Q3$68.5B$68.4B$30.8B
2008 Q4$70.1B$67.1B$28.7B
2009 Q1$73.1B$66.5B$27.5B
2009 Q2$76.8B$68.8B$27.6B
2009 Q3$78.6B$71.3B$27.2B
2009 Q4$78.6B$73.5B$26.9B
2010 Q1$78.0B$92.4B$27.4B
2010 Q2$77.5B$73.0B$27.0B
2010 Q3$78.7B$82.2B$28.3B
2010 Q4$78.5B$78.6B$28.7B
2011 Q1$78.6B$74.9B$28.7B
2011 Q2$78.8B$73.0B$29.0B
2011 Q3$79.0B$79.5B$28.1B
2011 Q4$79.4B$75.9B$28.2B
2012 Q1$80.7B$79.2B$27.5B
2012 Q2$81.0B$78.7B$27.1B
2012 Q3$82.1B$78.2B$25.5B
2012 Q4$82.9B$77.3B$27.1B
2013 Q1$82.0B$77.3B$28.2B
2013 Q2$84.2B$78.4B$26.5B
2013 Q3$84.7B$81.5B$26.8B
2013 Q4$84.8B$80.1B$25.4B
2014 Q1$84.7B$81.4B$23.9B
2014 Q2$85.5B$80.0B$26.6B
2014 Q3$86.5B$81.8B$24.1B
2014 Q4$87.5B$82.6B$24.3B
2015 Q1$93.6B$81.7B$21.8B
2015 Q2$94.4B$83.7B$23.6B
2015 Q3$95.4B$83.9B$25.7B
2015 Q4$95.7B$84.6B$22.2B
2016 Q1$97.4B$84.5B$22.1B
2016 Q2$98.9B$87.8B$22.0B
2016 Q3$104.4B$87.6B$21.8B
2016 Q4$106.6B$89.9B$22.0B
2017 Q1$107.0B$94.7B$22.2B
2017 Q2$109.5B$92.6B$20.5B
2017 Q3$107.2B$93.7B$20.2B
2017 Q4$108.9B$93.7B$22.8B
2018 Q1$109.6B$95.6B$24.0B
2018 Q2$111.0B$93.4B$23.4B
2018 Q3$111.0B$98.5B$24.1B
2018 Q4$112.5B$100.9B$23.3B
2019 Q1$115.0B$104.9B$24.2B
2019 Q2$118.1B$112.7B$26.1B
2019 Q3$116.5B$103.7B$24.8B
2019 Q4$117.7B$110.4B$23.5B
2020 Q1$134.7B$108.9B$24.2B
2020 Q2$344.0B$124.4B$18.3B
2020 Q3$232.7B$169.3B$23.3B
2020 Q4$184.2B$130.7B$21.7B
2021 Q1$201.5B$120.3B$22.1B
2021 Q2$207.1B$127.7B$22.8B
2021 Q3$189.6B$113.6B$23.9B
2021 Q4$150.1B$144.6B$24.8B
2022 Q1$132.3B$130.0B$25.3B
2022 Q2$143.5B$121.6B$29.9B
2022 Q3$153.1B$145.9B$31.4B
2022 Q4$159.2B$125.2B$33.5B
2023 Q1$140.7B$136.7B$36.9B
2023 Q2$148.7B$134.3B$38.5B
2023 Q3$164.1B$137.7B$42.9B
2023 Q4$162.0B$137.0B$47.3B
2024 Q1$160.9B$193.7B$49.3B
2024 Q2$171.1B$138.2B$50.1B
2024 Q3$172.9B$140.2B$51.3B
2024 Q4$175.7B$149.8B$50.3B
2025 Q1$172.2B$157.3B$49.5B
2025 Q2$174.0B$167.6B$49.5B
2025 Q3$170.3B$149.5B$49.6B
2025 Q4$174.3B$150.2B$52.4B
2026 Q1$170.3B$163.5B$50.9B
2026 Q2$191.7B$163.1B$52.8B

The debt-service burden: interest on debt as a share of revenue

34.4%5.3%1991 Q32026 Q2

1991 Q3 → 2026 Q2 · Statistics Canada — Revenue, expenditure and budgetary balance, general governments, quarterly (National Accounts basis)

View the data table for The debt-service burden: interest on debt as a share of revenue (140 points)
PeriodValue
1991 Q331.4%
1991 Q430.3%
1992 Q129.0%
1992 Q230.6%
1992 Q330.8%
1992 Q430.0%
1993 Q128.7%
1993 Q232.0%
1993 Q330.3%
1993 Q429.6%
1994 Q129.2%
1994 Q230.0%
1994 Q330.3%
1994 Q430.8%
1995 Q131.3%
1995 Q234.4%
1995 Q332.3%
1995 Q432.2%
1996 Q132.2%
1996 Q230.7%
1996 Q329.6%
1996 Q428.3%
1997 Q127.1%
1997 Q226.0%
1997 Q325.9%
1997 Q424.9%
1998 Q125.9%
1998 Q225.4%
1998 Q325.3%
1998 Q425.4%
1999 Q124.6%
1999 Q224.0%
1999 Q323.5%
1999 Q423.5%
2000 Q122.2%
2000 Q222.0%
2000 Q322.2%
2000 Q423.4%
2001 Q122.1%
2001 Q219.9%
2001 Q321.0%
2001 Q421.2%
2002 Q120.2%
2002 Q218.9%
2002 Q318.5%
2002 Q417.9%
2003 Q117.9%
2003 Q218.1%
2003 Q317.2%
2003 Q417.0%
2004 Q116.6%
2004 Q216.4%
2004 Q315.5%
2004 Q415.3%
2005 Q114.5%
2005 Q214.7%
2005 Q314.5%
2005 Q414.3%
2006 Q114.1%
2006 Q213.9%
2006 Q313.9%
2006 Q413.5%
2007 Q113.7%
2007 Q212.6%
2007 Q312.5%
2007 Q412.6%
2008 Q112.6%
2008 Q212.5%
2008 Q312.6%
2008 Q412.4%
2009 Q112.0%
2009 Q212.5%
2009 Q312.1%
2009 Q411.7%
2010 Q112.0%
2010 Q211.7%
2010 Q312.5%
2010 Q412.3%
2011 Q111.9%
2011 Q211.8%
2011 Q311.3%
2011 Q411.3%
2012 Q110.9%
2012 Q210.8%
2012 Q310.2%
2012 Q410.7%
2013 Q111.2%
2013 Q210.3%
2013 Q310.0%
2013 Q49.4%
2014 Q18.6%
2014 Q29.8%
2014 Q38.7%
2014 Q48.9%
2015 Q17.8%
2015 Q28.0%
2015 Q39.0%
2015 Q47.6%
2016 Q17.5%
2016 Q27.5%
2016 Q37.6%
2016 Q47.4%
2017 Q17.4%
2017 Q26.3%
2017 Q36.5%
2017 Q47.3%
2018 Q17.3%
2018 Q27.1%
2018 Q37.0%
2018 Q46.7%
2019 Q17.2%
2019 Q27.6%
2019 Q37.3%
2019 Q46.9%
2020 Q17.2%
2020 Q25.6%
2020 Q36.7%
2020 Q46.1%
2021 Q15.3%
2021 Q25.9%
2021 Q35.9%
2021 Q45.9%
2022 Q15.9%
2022 Q26.9%
2022 Q37.0%
2022 Q47.5%
2023 Q17.9%
2023 Q28.5%
2023 Q39.4%
2023 Q410.2%
2024 Q110.4%
2024 Q210.3%
2024 Q310.5%
2024 Q410.1%
2025 Q19.5%
2025 Q29.9%
2025 Q39.8%
2025 Q410.4%
2026 Q19.9%
2026 Q210.1%

Federal net debt, % of GDP (CGFS basis, annual)

39.8%29.1%20072024

2007 → 2024 · Statistics Canada — Canadian government finance statistics for the federal government, annual (CGFS basis) · Statistics Canada — GDP, expenditure-based, quarterly

View the data table for Federal net debt, % of GDP (CGFS basis, annual) (18 points)
PeriodValue
200732.0%
200830.7%
200934.3%
201034.7%
201136.0%
201235.0%
201333.1%
201433.1%
201532.2%
201631.2%
201729.8%
201829.1%
201930.4%
202039.8%
202137.4%
202232.6%
202333.5%
202435.0%

What this means together

Federal fiscal room is under sustained pressure

Two separate signals describe the same government's fiscal position from different angles. Federal interest payments have taken a structurally larger share of the government's own revenue since a level shift identified in the recent record — a burden measure, distinct from the size of the interest bill in dollar terms alone. Separately, the federal budgetary balance has recorded a run tied for third-longest among unbroken runs of deficits in the available quarterly record, on a National Accounts basis. Neither measure explains the other, and neither is a projection of what comes next.

OBSERVED

Federal interest on debt, % of revenue (National Accounts basis): level shift detected around 2023 Q3

A two-segment mean-shift scan over the last 40 quarters places the largest level shift in federal interest on debt, % of revenue (national accounts basis) around 2023 Q3: mean 6.85 before vs 10.05 after (shift = 4.8× pooled variability). The detector locates the shift; it does not attribute a cause.

Technical details
Method: Deterministic two-segment mean-shift scan; break where |Δmean|/pooled sd ≥ 1.5 with ≥8 periods per segment.
OBSERVED

Federal budgetary balance (National Accounts basis, SAAR): 13 consecutive quarters at a negative level

Federal budgetary balance (National Accounts basis, SAAR) has been negative for 13 consecutive quarters, beginning in 2023 Q2. The latest reading is −$57,964,000,000 in 2026 Q2. A streak counts consecutive periods in one direction; it carries no causal claim and does not imply the run will continue.

Technical details
Method: Count consecutive quarters with a negative level, most recent backward; reported only from 6 consecutive quarters onward.

What the record says about this domain

Findings

INFERRED

Federal deficit widened to -1.48% of GDP over the four quarters ending 2026 Q2, against the declining-deficit-to-GDP anchor

Over the four quarters from 2025 Q3 through 2026 Q2, federal net lending or borrowing on the National Accounts basis was -1.48% of nominal GDP, versus -1.23% over 2024 Q3 through 2025 Q2 — a year-over-year deterioration. Each ratio divides the sum of four quarterly net-lending/borrowing observations by the sum of GDP for the same quarters; both inputs are seasonally adjusted at annual rates, so their common scaling cancels. The government's fiscal anchor (Budget 2025, reaffirmed in the Spring Economic Update 2026) names a declining deficit-to-GDP ratio over 2025-26 to 2030-31. This rolling-year test is Countability's stated pace convention, not a path the government promised each quarter. The National Accounts basis differs from Finance Canada's Public Accounts budgetary balance. Correction: this pace calculation now follows its registered four-quarter convention; the earlier implementation compared single quarters a year apart. The direction on the refreshed evidence is deterioration under either window, but the percentages differ.

Technical details
Method: Ratio = sum of four quarters' federal net lending/borrowing (SAAR) ÷ sum of the same quarters' nominal GDP (SAAR) × 100 (Statistics Canada tables 36-10-0477 and 36-10-0104); compare with the preceding four-quarter window. These are ratios of aligned sums, not means of quarterly ratios.

Registered commitments

Behind pace

Maintain a declining deficit-to-GDP ratio over the projection horizon (fiscal anchor announced in Budget 2025, reaffirmed in the Spring Economic Update 2026)

Issuer: Government of Canada (Department of Finance). Stated in Spring Economic Update 2026, reaffirming Budget 2025.

Latest observed: -1.48 (four quarters ending 2026 Q2) against target -1.4.

Source: Issuer publication · accessed 2026-07-08
No pace verdict

Balance day-to-day operating spending with revenues by fiscal year 2028-29 (fiscal anchor announced in Budget 2025, reaffirmed in the Spring Economic Update 2026)

Issuer: Government of Canada (Department of Finance). Stated in Spring Economic Update 2026, reaffirming Budget 2025.

Latest observed: against target 0.

Source: Issuer publication · accessed 2026-07-08

Institutional benchmarks

Finance Canadavintage 2026-04

Spring Economic Update 2026 ("Canada Strong For All")

Government's own fiscal projection, reaffirming the two fiscal anchors announced in Budget 2025: (1) a declining deficit-to-GDP ratio over the projection horizon, and (2) balancing day-to-day operating spending with revenues by fiscal year 2028-29.

Source: Finance Canada publication · accessed 2026-07-08
Chief Actuaryvintage 2026-05

Actuarial Report (32nd) on the Canada Pension Plan (Revised version), as at 31 December 2024

The Chief Actuary's statutory triennial valuation of the Canada Pension Plan (section 115 of the Canada Pension Plan, which provides that an actuarial report shall be prepared every three years): 75-year financial projections of the base and additional CPP as at 31 December 2024, including the minimum contribution rates needed to sustain each part of the Plan — the legislated benchmark for the federal-provincial financial state review of the CPP.

Source: Chief Actuary publication · accessed 2026-07-09
PBOvintage 2026-06

Economic and Fiscal Outlook – June 2026 (RP-2627-002-S)

PBO's independent baseline fiscal projection under current legislated policy settings (no new measures assumed) — a baseline for parliamentary scrutiny, explicitly not a critique of the government's fiscal anchors.

Source: PBO publication · accessed 2026-07-08

Where institutions disagree

Institutions disagreemagnitude $5.0B (0.1 pp of GDP)

What is the federal deficit projected to be in 2025-26?

Finance Canada (Spring Economic Update 2026): 67,000,000,000 CAD (2.1% of GDP)

Government's own current-policy-plus-announced-measures projection, Public Accounts basis → source

PBO (Economic and Fiscal Outlook, June 2026): 72,000,000,000 CAD (2.2% of GDP)

PBO's independent baseline projection under current legislated policy, no new measures assumed → source

Why they differ: PBO's outlook (published five weeks after the Spring Economic Update) states its deficit path averages $4.6B/year above the government's own projection, which it attributes to lower projected revenue (particularly personal income tax) and higher projected program expenses under PBO's independent economic and revenue models. Not a vintage-only difference: PBO explicitly frames its figures as an independent baseline, not a restatement of the government's own numbers.

Countability’s position: None. Both figures are projections, never presented as observations; shown side by side in each issuer's own frame.
Institutions disagree

How much will Canada's federal debt-to-GDP ratio rise by 2030-31?

Finance Canada (Spring Economic Update 2026): 41.1% -> 41.6% (peak 41.9% in 2028-29) % of GDP (2025-26 -> 2030-31)

Government's own projection: a hump-shaped path, net +0.5 percentage points over the full horizon (rises to a peak in 2028-29, then partially retreats). The government's stated fiscal anchor targets the DEFICIT-to-GDP ratio, which does decline monotonically in this same projection (-2.1% to -1.4%) — the debt-to-GDP ratio itself is not the anchored quantity and is not projected to fall below where it starts. → source

PBO (Economic and Fiscal Outlook, June 2026): 41.3% -> 42.5% % of GDP (2025-26 -> 2030-31)

PBO's independent baseline: net +1.2 percentage points, rising continuously under current policy settings with no mid-horizon retreat — more than double Finance's own net increase → source

Magnitude: 0.9pp gap in the projected 2030-31 ending ratio (41.6% vs 42.5%); PBO's projected increase (+1.2pp) is more than double Finance's own (+0.5pp net, with a hump-shaped path vs PBO's continuous rise)

Why they differ: Different baselines, not different arithmetic: Finance Canada's path embeds its own policy plans and announced measures; PBO's path holds current legislated policy constant with no new measures, and projects materially lower revenue and higher program expenses over the same window. The two institutions are answering 'what happens under my own assumptions', not disputing a single fact.

Countability’s position: None. Neither institution projects the federal debt-to-GDP ratio actually declining below its 2025-26 starting level within this horizon; they differ on the magnitude and shape of the increase. Actual federal debt-to-GDP (as StatsCan publishes it, a different accounting basis with a multi-year vintage lag, named in a published evidence gap) is tracked separately as context; Countability does not adjudicate which institution's projection will prove correct.

Evidence gaps

Evidence gap

Is the federal government on track to balance day-to-day operating spending with revenues by fiscal year 2028-29?

What is missing: No official machine-readable series isolates 'day-to-day operating spending' from capital investment on the same accounting basis the government uses for this anchor. Statistics Canada's National Accounts federal expenditure series (table 36-10-0477) separates final consumption expenditure from non-financial capital acquisition, but does not reproduce the Budget's own operating/capital split — the two decompositions are not confirmed to be identical.

Consequence: This commitment is published as a registered commitment without a compliance claim. Countability will not construct a proxy operating-balance measure by subtracting StatsCan capital-acquisition from federal expenditure absent confirmation that this matches the Budget's own definition.

What would close it: A published government or StatsCan methodology mapping the Budget's operating/capital expenditure split onto a continuously updated machine-readable series.
Evidence gap

How does Canada's actual federal debt-to-GDP ratio compare with Finance Canada's and PBO's projected paths?

What is missing: The only StatsCan machine-readable federal balance-sheet series (table 10-10-0016, Canadian Government Finance Statistics basis) lags materially behind the projection vintages: its cube metadata reports a latest reference year of 2024, roughly two fiscal years behind the 2025-26 starting point of both institutions' projection paths. It is also conceptually distinct from the Public Accounts 'federal debt' (accumulated deficit) concept both Finance Canada and PBO use in their own tables — CGFS liabilities and Public Accounts federal debt are not confirmed to be composed identically.

Consequence: Countability cannot publish a same-basis, current-vintage compliance comparison of actual federal debt-to-GDP against either institution's projected path. The two projected paths are published side by side as modelled benchmarks (never merged); Countability's own StatsCan-sourced debt figure is shown separately as clearly-dated context, not blended with either projection.

What would close it: More timely StatsCan CGFS federal balance-sheet data, or a stable machine-readable Public Accounts basis federal debt series.
Evidence gap

What share of Canada's exports to the United States is actually subject to tariffs right now, and at what effective rates?

What is missing: No official source on either side of the border publishes a continuously updated, machine-readable statement of the tariff status of Canadian exports. The operative documents state rates, scopes, and effective dates, but the duty actually applied to a shipment depends on USMCA qualification, product classification, exclusions, stacking rules, and later modifications — determinations spread across executive orders, proclamations, agency notices, and rulings, with no consolidated official series.

Consequence: The U.S. Exposure Brief shows the export record beside the dated tariff actions, but it cannot state what fraction of U.S.-bound exports is tariffed or at what effective rate — any such coverage percentage would be an outside model, not a reading of the record. Public claims about 'x per cent of exports now face tariffs' rest on estimates whose assumptions are rarely published.

What would close it: Either government publishing a continuously updated, openly licensed series of duty collections or tariff coverage on Canada–U.S. trade at product grain — or customs releasing duty-assessed values beside trade values on a compatible classification.
Evidence gapResolved 10 July 2026

How is the federal government's in-year fiscal position tracking right now, more currently than StatsCan's quarterly National Accounts release?

What is missing: Finance Canada publishes the Fiscal Monitor monthly with near-real-time actual revenue/expense/balance figures on the Public Accounts basis, but as HTML/PDF reports rather than a documented stable machine-readable API or bulk CSV feed comparable to StatsCan's Web Data Service. Countability's ingestion method (StatsCan WDS only, per its local-first/API-first reliability policy) does not reach this source for this reading.

Consequence: Countability's fiscal indicators run on StatsCan's own National Accounts vintage (quarterly, roughly one quarter of publication lag) rather than the Fiscal Monitor's faster monthly Public Accounts cadence; the two bases are related but not identical -- the same vintage/basis mismatch already recorded as its own published evidence gap.

Resolved 10 July 2026: The feed exists. Finance Canada publishes each month's Fiscal Monitor as a ZIP of CSVs on the Open Government Portal under the Open Government Licence – Canada, in an annual package per year (2026: f5f4327b-2a09-484a-a518-64ca26405386; 2025: 7680320b-c837-4b67-b73f-9361c4a9716d) with one YYYY-MM.zip resource per month. The March 2026 archive was downloaded and read for this resolution: HTTP 200, 18,205 bytes, sha256 fe00ff4a0af189e55f3890424be881e33e112f565ecb8e9f6ce3ab7a35558716, twenty files (Table_1.csv through Table 7.csv, French equivalents, and chart data), parsed end to end with Python's standard library alone. Table_1.csv reports an April-to-March 2025-26 budgetary balance of -55,277 million dollars. This is a downloadable dataset distinct from the HTML report, which is exactly what this gap's closing condition asked for. TWO THINGS THIS RESOLUTION DOES NOT SAY. It does not say Countability now ingests the Fiscal Monitor: it does not, and the consequence recorded above still describes the platform's fiscal indicators, which continue to run on Statistics Canada's National Accounts vintage. Whether to ingest it is a build decision, not a data gap. And it does not say the machine-readable channel is safe to ingest naively: the CSVs carry none of the caveats the HTML narrative carries. Searched across all twenty files in the archive, the phrases 'not final', 'audited', and 'Public Accounts' appear zero times, while the HTML report states that the March results 'are not the final results for 2025-26' -- final results move by billions, in both directions, in the post-March period -- and that the figures 'have not been audited or reviewed by an external auditor'. A fetcher for this source must carry those caveats as curated text; the bytes will not supply them.

What would have closed it: Confirmation of a stable, documented, machine-readable Fiscal Monitor data feed (e.g. a downloadable dataset or API distinct from the HTML report), or StatsCan publishing a more timely CGFS-basis federal series.

How to read the dates on this page

Data version
When Countability last published a new version of its record. One date for every page on this site, shown in the box above.
Reference period
The period a specific figure or chart point actually measures — a quarter, a month, or a year, as the source series is published. This is what "as of" means everywhere on this page, and it varies figure by figure.
Source licence verified
Where shown, the date Countability last read that source’s licence terms word for word — not when the source itself last published. Where a source date is unavailable, none is shown rather than guessed.

How to read the clock →

Full method, evidence tiers, and licence attribution: Sources & Method.

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