You pay.
They spend.
We keep
the receipts.

In 2015 Ottawa’s measure of the debt, the accumulated deficit, stood at $628.9B, receipt: Fiscal Reference Tables 2025, Part 1 (Department of Finance Canada)Receipt×$628,910,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2015-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2015-03-31. It had taken every government since Confederation to get there.

By 2025 it was $1.3T, receipt: Fiscal Reference Tables 2025, Part 1 (Department of Finance Canada)Receipt×$1,266,484,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2025-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2025-03-31. The pandemic year added the biggest single step, and the climb did not stop when the pandemic did.

The plan is more: $1.4T, receipt: Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (Department of Finance Canada)Receipt×$1,399,300,000,000Federal accumulated deficit ("federal debt"), March 31, 2027 (Spring Economic Update projection)Forecast · 2027-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceFinance Canada's "federal debt": total liabilities minus all assets, financial and non-financial. It equals net debt minus non-financial assets such as buildings, equipment and land.All sourcesdebt.federal.accumulated_deficit.2027-03-31 by March 31, 2027. Interest alone is now $58.7 billion, receipt: Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (Department of Finance Canada)Receipt×$58,700,000,000Federal public debt charges (interest on the debt), 2026-27Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.9 The Expense Outlook, "Public debt charges" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpring Economic Update 2026 projection (the government's plan for the year).All sourcesfederal.pdc.fy2026-27 a year.

In November 2022, Ottawa forecast $3.4B, receipt: Fall Economic Statement 2022 (Department of Finance Canada)Receipt×-$3,400,000,000Federal budgetary balance for 2026-27, as projected in each document (negative = deficit)Forecast · 2022-11-03SourceDepartment of Finance CanadaDocumentFall Economic Statement 2022WhereAnnex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2026–2027 columnPublishedNovember 3, 2022CheckedOctober 5, 2026Open the sourceEach point is the balance one document gave for this fiscal year; its period is the date that document was published. The last point is the audited result, the preliminary result or the PBO's independent projection, as labelled.All sourcesforecasts.balance_projections.fy2026-27@2022-11-03 for this year, the smallest figure it gave. By April 2026 its figure was $65.3B, receipt: Spring Economic Update 2026 (Department of Finance Canada)Receipt×-$65,300,000,000Federal budgetary balance for 2026-27, as projected in each document (negative = deficit)Forecast · 2026-04-28SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2026–2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceEach point is the balance one document gave for this fiscal year; its period is the date that document was published. The last point is the audited result, the preliminary result or the PBO's independent projection, as labelled.All sourcesforecasts.balance_projections.fy2026-27@2026-04-28. The budget officer projects $71.8B, receipt: Economic and Fiscal Outlook – June 2026 (Office of the Parliamentary Budget Officer)Receipt×-$71,800,000,000Federal budgetary balance for 2026-27, as projected in each document (negative = deficit)Forecast · 2026-06-04SourceOffice of the Parliamentary Budget OfficerDocumentEconomic and Fiscal Outlook – June 2026WhereTable 2, Summary of the fiscal outlook (printed page 8), row "Budgetary balance", 2026-27 columnPublishedJune 4, 2026CheckedSeptember 28, 2026Open the sourceIndependent projection by the Parliamentary Budget Officer under current policy, not a government plan.All sourcesforecasts.balance_projections.fy2026-27@2026-06-04.

By Ottawa’s rules, loans and investments are assets meant to come back, and buildings and equipment count as they wear out. So $67.8B, receipt: Spring Economic Update 2026 (Department of Finance Canada)Receipt×-$67,800,000,000Federal loans, investments and advances, 2026-27 (negative = cash out)Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), section "Loans, investments, and advances", row "Total", 2026–2027 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the sourceEnterprise Crown corporations take most of it. Ottawa records these as assets, so they are left out of the budgetary balance.All sourcesforecasts.nonbudgetary_loans.fy2026-27 of loans and investments, most of it to Crown corporations, and $17.7B, receipt: Spring Economic Update 2026 (Department of Finance Canada)Receipt×-$17,700,000,000Federal capital spending on non-financial assets, 2026-27 (negative = cash out)Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Non-financial assets", 2026–2027 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the sourceCash spent on buildings, equipment and other non-financial assets, net of the amortization the budgetary balance already counts.All sourcesforecasts.nonbudgetary_capital.fy2026-27 of capital spending beyond the depreciation already counted stay out of its figure. Net of pension accounts and other transactions, they add $68.1B, receipt: Spring Economic Update 2026 (Department of Finance Canada)Receipt×-$68,100,000,000Federal non-budgetary transactions, 2026-27 (negative = cash out)Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Total non-budgetary transactions", 2026–2027 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the sourceCash that leaves outside the budgetary balance: loans and investments, capital spending, and accounts that net against them. Added to the budgetary balance, it gives the financial requirement.All sourcesforecasts.nonbudgetary_total.fy2026-27 to Ottawa’s $65.3B, receipt: Spring Economic Update 2026 (Department of Finance Canada)Receipt×-$65,300,000,000Federal budgetary balance for 2026-27, as projected in each document (negative = deficit)Forecast · 2026-04-28SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2026–2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceEach point is the balance one document gave for this fiscal year; its period is the date that document was published. The last point is the audited result, the preliminary result or the PBO's independent projection, as labelled.All sourcesforecasts.balance_projections.fy2026-27@2026-04-28: it must borrow $133.4B, receipt: Spring Economic Update 2026 (Department of Finance Canada)Receipt×-$133,400,000,000Federal financial requirement in the Spring Economic Update 2026: the cash Ottawa must borrow (negative = borrowing)Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)", 2026–2027 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the source2025-26 is an estimate: the year has ended, and the audited result comes with the Public Accounts. 2026-27 is the government's projection. Each equals the budgetary balance plus non-budgetary transactions, as in the Fiscal Reference Tables series.All sourcesforecasts.financial_requirement.spring-update-2026@FY2026-27.

But the cash leaves now. Trans Mountain shows the risk. Kinder Morgan put the expansion at $5.4B, receipt: Trans Mountain Files Facilities Expansion Application with the National Energy Board (Kinder Morgan)Receipt×$5,400,000,000Trans Mountain expansion capital cost in Kinder Morgan's December 2013 application to the National Energy BoardEstimate · 2013-12SourceKinder MorganDocumentTrans Mountain Files Facilities Expansion Application with the National Energy BoardWhereNews release text ('proposed $5.4 billion project')PublishedDecember 16, 2013CheckedSeptember 28, 2026Open the sourceReporting. Primary: Trans Mountain's December 2013 facilities application (CER regulatory document index). The $4.5B figure is the 2018 purchase price of the existing line and project, not a construction estimate.All sourcesaccountability.tmx.estimate.2013 in 2013. By 2024 the estimate was $34.2B, receipt: Trans Mountain Pipeline – 2024 Report (RP-2425-021-S) (Office of the Parliamentary Budget Officer)Receipt×$34,200,000,000Trans Mountain expansion total project costEstimate · 2024SourceOffice of the Parliamentary Budget OfficerDocumentTrans Mountain Pipeline – 2024 Report (RP-2425-021-S)WhereSummary (total project cost estimate rose from $21.4 billion to $34.2 billion)PublishedNovember 8, 2024CheckedSeptember 28, 2026Open the sourceThe same report, Results: "if the Trans Mountain Pipeline system was sold in 2024 at either of the PVs calculated by PBO, after the outstanding liabilities are repaid, the remaining amount would be less than the Shareholder's Equity. TMC would have to write off the balance of the equity and record a loss." It adds that whether the government records a profit or a loss on the eventual sale "will depend on what someone is willing to pay for it."All sourcesaccountability.tmx.cost.2024, and at the budget officer’s 2024 valuations, Ottawa would book a loss if it sold.Receipt×$34,200,000,000Trans Mountain expansion total project costEstimate · 2024SourceOffice of the Parliamentary Budget OfficerDocumentTrans Mountain Pipeline – 2024 Report (RP-2425-021-S)WhereSummary (total project cost estimate rose from $21.4 billion to $34.2 billion)PublishedNovember 8, 2024CheckedSeptember 28, 2026Open the sourceThe same report, Results: "if the Trans Mountain Pipeline system was sold in 2024 at either of the PVs calculated by PBO, after the outstanding liabilities are repaid, the remaining amount would be less than the Shareholder's Equity. TMC would have to write off the balance of the equity and record a loss." It adds that whether the government records a profit or a loss on the eventual sale "will depend on what someone is willing to pay for it."All sourcesaccountability.tmx.cost.2024

Three bars a year. The promise: the smallest deficit forecast for the year before it began, in the budgets and fall statements since Budget 2016, the Liberals’ first, with the padding taken out. Then the deficit Ottawa reported, and the deficit counted in full: what it had to borrow.

Ottawa’s best case: in the first three years of its budgets, its figure came in under forecast. For 2016-17, most of the gap was padding. To allow for risks such as the oil slump, Budget 2016 cut the economists’ forecast for GDP by $40B, receipt: Budget 2016: Growing the Middle Class (Department of Finance Canada)Receipt×$40,000,000,000Budget 2016's cut to the private-sector forecast for nominal GDP, each year from 2016 to 2020, for fiscal planningForecast · 2016 to 2020SourceDepartment of Finance CanadaDocumentBudget 2016: Growing the Middle ClassWhereOverview, "Outstanding Risks to the Economic Outlook": "for fiscal planning purposes, the Government has judged it appropriate to adjust downwards the private sector forecast for nominal GDP by $40 billion per year for 2016 through 2020"PublishedMarch 22, 2016CheckedOctober 5, 2026Open the sourceBudget 2016 gives the risks behind the cut: oil at about $25 a barrel in 2016 rather than $40, and real growth of 1.0 per cent rather than 1.4 per cent.All sourcesforecasts.gdp_adjustment.budget-2016 a year, which added about $6B, receipt: Budget 2016: Growing the Middle Class (Department of Finance Canada)Receipt×$6,000,000,000Budget 2016's forecast adjustment: the yearly amount its cut to the economic outlook added to each forecast deficit, 2016-17 to 2020-21Forecast · FY2016-17 to FY2020-21SourceDepartment of Finance CanadaDocumentBudget 2016: Growing the Middle ClassWhereOverview, "Outstanding Risks to the Economic Outlook": "This forecast adjustment translates into a fiscal impact of approximately $6 billion per year in 2016–17 and over each of the next four years."PublishedMarch 22, 2016CheckedOctober 5, 2026Open the sourceThe 2016 Fall Economic Statement prints it as 6.0 a year (Annex 1, Table A1.2, row "Forecast adjustment from Budget 2016") and restates Budget 2016's balances without it.All sourcesforecasts.forecast_adjustment.budget-2016 a year to the deficits it forecast. It printed $29.4B, receipt: Budget 2016: Growing the Middle Class (Department of Finance Canada)Receipt×-$29,400,000,000Federal budgetary balance for 2016-17 as Budget 2016 printed it, with its forecast adjustment (negative = deficit)Forecast · FY2016-17SourceDepartment of Finance CanadaDocumentBudget 2016: Growing the Middle ClassWhereAnnex 1, Table A1.2 (Summary Statement of Transactions), row "Budgetary balance", 2016–2017 columnPublishedMarch 22, 2016CheckedOctober 5, 2026Open the sourceAll sourcesforecasts.balance_as_printed.budget-2016 for 2016-17, or $23.4B, receipt: Fall Economic Statement 2016 (Department of Finance Canada)Receipt×-$23,400,000,000The smallest federal deficit Ottawa forecast for each year before the year began, with the padding taken out, 2016-17 to 2024-25 (negative = deficit)Forecast · FY2016-17SourceDepartment of Finance CanadaDocumentFall Economic Statement 2016WhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2016–2017 columnPublishedNovember 1, 2016CheckedOctober 5, 2026Open the sourceBudget 2016's forecast (22 March 2016) with its forecast adjustment of $6.0 billion a year taken out, as the 2016 Fall Economic Statement restates it. Budget 2016 printed a deficit of $29.4 billion.All sourcesforecasts.balance_lowest_before_year.canada@FY2016-17 without the padding. Ottawa’s figure came in at $19.0B, receipt: Fiscal Reference Tables 2025 (Department of Finance Canada)Receipt×-$18,957,000,000Federal budgetary balance (negative = deficit)Actual · FY2016-17SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceRestated series: later accounting changes are applied to earlier years, so early values differ from those first published.All sourcesseries.federal_budgetary_balance.canada@FY2016-17. Counted in full, it borrowed $28.0B, receipt: Fiscal Reference Tables 2025 (Department of Finance Canada)Receipt×-$27,969,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2016-17SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2016-17, more than the unpadded forecast.

In 2017-18 and 2018-19, even counted in full, it borrowed less than the unpadded forecast. It didn’t last. Budget 2016 had said: The Government remains committed to returning to balanced budgets, and will do so in a responsible, realistic and transparent way.Receipt×The Government remains committed to returning to balanced budgets, and will do so in a responsible, realistic and transparent way.Budget 2016 pledge: return to balanced budgetsActual · 2016-03-22SourceDepartment of Finance CanadaDocumentBudget 2016: Growing the Middle ClassWherePage 51, section "A Responsible Return to Balanced Budgets", first sentencePublishedMarch 22, 2016CheckedSeptember 28, 2026Open the sourceThe same budget announced the repeal of the Federal Balanced Budget Act. The federal budget was in deficit every year from 2015-16 to 2024-25 (Fiscal Reference Tables 2025, Table 1).All sourcesforecasts.anchor.budget-2016-balanced-budgets No year has balanced since, and every year from 2019-20 to 2025-26 has come in over the promise.

For 2023-24, Budget 2019 forecast $6.8B, receipt: Budget 2019: Investing in the Middle Class (Department of Finance Canada)Receipt×-$6,800,000,000The smallest federal deficit Ottawa forecast for each year before the year began, with the padding taken out, 2016-17 to 2024-25 (negative = deficit)Forecast · FY2023-24SourceDepartment of Finance CanadaDocumentBudget 2019: Investing in the Middle ClassWhereAnnex 1, Table A1.2 (Economic and Fiscal Developments since the 2018 Fall Economic Statement and Investments Included in Budget 2019), row "Budgetary balance", the line above "Adjustment for risk", 2023–2024 columnPublishedMarch 19, 2019CheckedOctober 5, 2026Open the sourceBudget 2019's forecast before its $3.0 billion adjustment for risk. It printed a deficit of $9.8 billion.All sourcesforecasts.balance_lowest_before_year.canada@FY2023-24, with its adjustment for risk taken out. Ottawa reported $61.9B, receipt: Fiscal Reference Tables 2025 (Department of Finance Canada)Receipt×-$61,876,000,000Federal budgetary balance (negative = deficit)Actual · FY2023-24SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceRestated series: later accounting changes are applied to earlier years, so early values differ from those first published.All sourcesseries.federal_budgetary_balance.canada@FY2023-24. Counted in full, it borrowed $85.7B, receipt: Fiscal Reference Tables 2025 (Department of Finance Canada)Receipt×-$85,729,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2023-24SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2023-24.

2024-25 · the last audited year, three ways

In 2024-25, the last audited year, Ottawa reported a deficit of $36.3B, receipt: Fiscal Reference Tables 2025 (Department of Finance Canada)Receipt×-$36,348,000,000Federal budgetary balance (negative = deficit)Actual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceRestated series: later accounting changes are applied to earlier years, so early values differ from those first published.All sourcesseries.federal_budgetary_balance.canada@FY2024-25. It had to borrow $130.0B, receipt: Fiscal Reference Tables 2025 (Department of Finance Canada)Receipt×-$130,015,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2024-25.

The economy grows because there are more people in it. Per person, output in 2026-Q2 was $60,944, receipt: Table 36-10-0706-01 Gross domestic product per capita and other per capita macroeconomic indicators (Statistics Canada)Receipt×$60,944Real GDP per capita, Canada, quarterly, as published by Statistics Canada (chained 2017 dollars)Preliminary · 2026-Q2SourceStatistics CanadaDocumentTable 36-10-0706-01 Gross domestic product per capita and other per capita macroeconomic indicatorsWhereGross domestic product per capita; Chained (2017) dollars; vector v1645315579PublishedAugust 28, 2026CheckedSeptember 28, 2026Open the sourceReleased 2026-08-28, before the 2026-09-23 population revision, so values from 2021 Q3 use the older population. Up to 2021 Q3 each value equals quarterly GDP (SAAR) divided by population at the start of the quarter.All sourcespercapita.canada.real_gdp_per_capita_published.2015q1-2026q2@2026-Q2, against $57,813, receipt: Table 36-10-0706-01 Gross domestic product per capita and other per capita macroeconomic indicators (Statistics Canada)Receipt×$57,813Real GDP per capita, Canada, quarterly, as published by Statistics Canada (chained 2017 dollars)Actual · 2015-Q1SourceStatistics CanadaDocumentTable 36-10-0706-01 Gross domestic product per capita and other per capita macroeconomic indicatorsWhereGross domestic product per capita; Chained (2017) dollars; vector v1645315579PublishedAugust 28, 2026CheckedSeptember 28, 2026Open the sourceReleased 2026-08-28, before the 2026-09-23 population revision, so values from 2021 Q3 use the older population. Up to 2021 Q3 each value equals quarterly GDP (SAAR) divided by population at the start of the quarter.All sourcespercapita.canada.real_gdp_per_capita_published.2015q1-2026q2@2015-Q1 eleven years earlier.

Statistics Canada first reported 6, receipt: The Daily: Gross domestic product, income and expenditure, third quarter 2024 (Statistics Canada)Receipt×6Consecutive quarterly declines in real GDP per capita, as first reported for 2024 Q3Preliminary · 2024 Q3SourceStatistics CanadaDocumentThe Daily: Gross domestic product, income and expenditure, third quarter 2024WhereFirst paragraphPublishedNovember 29, 2024CheckedSeptember 28, 2026Open the sourceStatistics Canada: on a per capita basis, GDP fell 0.4% in the third quarter of 2024, which was the sixth consecutive quarterly decline. The August 30, 2024 release had reported the fifth. After later revisions, the current series shows three consecutive declines (2023 Q2 to Q4).All sourcespercapita.canada.per_capita_decline_streak_first_reported.2024q3 quarterly declines in a row in 2024. The Bank of Canada’s senior deputy governor called productivity an emergency: I’m saying that it’s an emergency—it’s time to break the glass.Receipt×I’m saying that it’s an emergency—it’s time to break the glass.Carolyn Rogers, Senior Deputy Governor, Bank of Canada, on productivity (Halifax, March 26, 2024)Actual · 2024-03-26SourceBank of CanadaDocumentTime to break the glass: Fixing Canada's productivity problem (remarks by Carolyn Rogers, Senior Deputy Governor, Halifax Partnership)WhereSection 'Conclusion', first paragraphPublishedMarch 26, 2024CheckedSeptember 28, 2026Open the sourceThe speech is about labour productivity (output per hour). It does not blame immigration.All sourcespercapita.boc.emergency_quote.2024-03-26

Canada ranks 35, receipt: Annual GDP and consumption per capita, US $, volume, constant PPPs, reference year 2020 (dataflow DSD_NAMAIN10@DF_TABLE1_EXPENDITURE_HVPVOB, version 2.0) (OECD)Receipt×35Canada's rank among OECD members by growth in real GDP per capita, 2015 to 2025 (1 = fastest)Estimate · 2015 to 2025SourceOECDDocumentAnnual GDP and consumption per capita, US $, volume, constant PPPs, reference year 2020 (dataflow DSD_NAMAIN10@DF_TABLE1_EXPENDITURE_HVPVOB, version 2.0)WhereTransaction B1GQ_POP (Gross domestic product, per capita); chain linked volume (rebased); US dollars per person, PPP converted; all 38 member countries, 2015 and 2025 (drained.ca ranking)CheckedSeptember 28, 2026Open the sourcedrained.ca ranking from the OECD query linked here: 37 of the 38 members have both 2015 and 2025 values (Costa Rica has a 2015 value but no 2025 value). Canada, +4.3%, ranks 35th; only Mexico (+1.6%) and Luxembourg (-2.1%) grew less. The United States, +19.6%, ranks 12th.All sourcespercapita.oecd.canada_growth_rank.2015-2025 of 37, receipt: Annual GDP and consumption per capita, US $, volume, constant PPPs, reference year 2020 (dataflow DSD_NAMAIN10@DF_TABLE1_EXPENDITURE_HVPVOB, version 2.0) (OECD)Receipt×37OECD member countries with real GDP per capita for both 2015 and 2025Actual · 2015 to 2025SourceOECDDocumentAnnual GDP and consumption per capita, US $, volume, constant PPPs, reference year 2020 (dataflow DSD_NAMAIN10@DF_TABLE1_EXPENDITURE_HVPVOB, version 2.0)WhereTransaction B1GQ_POP (Gross domestic product, per capita); chain linked volume (rebased); US dollars per person, PPP converted; all 38 member countries, 2015 and 2025CheckedSeptember 28, 2026Open the sourceCosta Rica has a 2015 value but no 2025 value in this dataset.All sourcespercapita.oecd.members_with_data.2015-2025 OECD countries for growth in GDP per person since 2015.

Ottawa’s best case: Statistics Canada counts revenue where it is collected and spending where it is spent, so a federal service run from outside Alberta counts elsewhere. Even so, in 17 of the 18 years on record, Ottawa raised more in Alberta than it spent here. The money above the line left the province for good.

Per Albertan, in 2024, that was $3,876, receipt: drained.ca calculation from Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (Statistics Canada); Table 17-10-0009-01 Population estimates, quarterly (Statistics Canada)Receipt×$3,876Net federal balance per Albertan, 2024Estimate · 2024How we got itnet federal balance in Alberta, 2024 ÷ population of Alberta on July 1, 2024Inputstransfers.alberta.net_federal_balance_history@2024, population.alberta.2024-07-01SourceStatistics CanadaDocumentTable 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accountsWhereAlberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)PublishedNovember 28, 2025CheckedSeptember 28, 2026Open the sourceSourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereAlberta (vector v15), July 1, 2024PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourceFederal revenue collected in Alberta minus federal spending in Alberta, per person. It is not Equalization.All sourcestransfers.alberta.net_federal_balance.per_person.2024: federal revenue raised here minus federal spending here, in one year.