Federal accumulated deficit ("federal debt"), March 31, 2025
Actual
$1,266,484,000,000 ($1.3T)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 1266484000000
Finance 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.
Federal accumulated deficit ("federal debt"), March 31, 2026 (Spring Economic Update estimate)
Estimate
$1,333,900,000,000 ($1.3T)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 1333900000000
Finance 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. Finance Canada's estimate; the audited figure comes in the Annual Financial Report 2025-26.
Federal accumulated deficit, March 31, 2026 (preliminary, unaudited)
Preliminary
$1,322,004,000,000 ($1.3T)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 1322004000000
Preliminary and unaudited ("have not been audited or reviewed by an external auditor"), before year-end adjustments; the audited result comes in the Annual Financial Report 2025-26.
- Department of Finance Canada, The Fiscal Monitor, March 2026 (opens in a new tab)Table 7 Condensed statement of assets and liabilities, "Federal debt (accumulated deficit)", March 31, 2026 (millions of dollars)Published May 29, 2026. Accessed September 28, 2026.
Federal accumulated deficit ("federal debt"), March 31, 2027 (Spring Economic Update projection)
Forecast
$1,399,300,000,000 ($1.4T)
- Period
- 2027-03-31
- Unit
- Canadian dollars
- Stored value
- 1399300000000
Finance 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.
Federal net debt, March 31, 2025
Actual
$1,393,600,000,000 ($1.4T)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 1393600000000
Total liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.
Federal net debt, March 31, 2026 (Spring Economic Update estimate)
Estimate
$1,473,000,000,000 ($1.5T)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 1473000000000
Total liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.
Federal net debt, March 31, 2026 (preliminary, unaudited)
Preliminary
$1,467,135,000,000 ($1.5T)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 1467135000000
Preliminary and unaudited ("have not been audited or reviewed by an external auditor"), before year-end adjustments; the audited result comes in the Annual Financial Report 2025-26.
Federal net debt, March 31, 2027 (Spring Economic Update projection)
Forecast
$1,556,000,000,000 ($1.6T)
- Period
- 2027-03-31
- Unit
- Canadian dollars
- Stored value
- 1556000000000
Total liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.
Federal non-financial assets, March 31, 2025
Actual
$127,100,000,000 ($127.1B)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 127100000000
Tangible capital assets, inventories and prepaid expenses.
Federal non-financial assets, March 31, 2026 (Spring Economic Update estimate)
Estimate
$139,100,000,000 ($139.1B)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 139100000000
Federal non-financial assets, March 31, 2027 (Spring Economic Update projection)
Forecast
$156,800,000,000 ($156.8B)
- Period
- 2027-03-31
- Unit
- Canadian dollars
- Stored value
- 156800000000
Federal total liabilities, March 31, 2025
Actual
$2,182,300,000,000 ($2.2T)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 2182300000000
Federal total liabilities, March 31, 2009
Actual
$840,594,000,000 ($840.6B)
- Period
- 2009-03-31
- Unit
- Canadian dollars
- Stored value
- 840594000000
The 2008-09 row, read from the same table as the ten-year series, so the 2008-09 ratio compares like for like.
Federal accumulated deficit ("federal debt"), March 31, 2009
Actual
$467,946,000,000 ($467.9B)
- Period
- 2009-03-31
- Unit
- Canadian dollars
- Stored value
- 467946000000
Restated series. Used only to turn Finance Canada's 2008-09 ratio of the accumulated deficit to GDP into the ratio of total liabilities to GDP.
Federal total liabilities, March 31, 2026 (Spring Economic Update estimate)
Estimate
$2,329,000,000,000 ($2.3T)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 2329000000000
Everything Ottawa owes: market debt (bonds and treasury bills), pensions and other future benefits owed to public servants and veterans, and accounts payable. Nothing is netted. Finance Canada's estimate; the audited figure comes in the Annual Financial Report 2025-26.
Federal total liabilities, March 31, 2027 (Spring Economic Update projection)
Forecast
$2,480,800,000,000 ($2.5T)
- Period
- 2027-03-31
- Unit
- Canadian dollars
- Stored value
- 2480800000000
Everything Ottawa owes: market debt (bonds and treasury bills), pensions and other future benefits owed to public servants and veterans, and accounts payable. Nothing is netted. Finance Canada's projection.
Federal financial assets, March 31, 2025
Actual
$788,800,000,000 ($788.8B)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 788800000000
Federal financial assets, March 31, 2026 (Spring Economic Update estimate)
Estimate
$856,000,000,000 ($856.0B)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 856000000000
Cash, foreign exchange reserves, loans to Crown corporations and others, equity in Crown corporations, and taxes receivable. Net debt is total liabilities minus these.
Federal financial assets, March 31, 2027 (Spring Economic Update projection)
Forecast
$924,800,000,000 ($924.8B)
- Period
- 2027-03-31
- Unit
- Canadian dollars
- Stored value
- 924800000000
Cash, foreign exchange reserves, loans to Crown corporations and others, equity in Crown corporations, and taxes receivable. Net debt is total liabilities minus these.
Federal interest-bearing debt, March 31, 2025
Actual
$1,869,300,000,000 ($1.9T)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 1869300000000
Unmatured debt plus pensions and other employee future benefits and other liabilities.
Federal unmatured debt (carrying value), March 31, 2025
Actual
$1,485,900,000,000 ($1.5T)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 1485900000000
Market debt plus capital lease and public-private partnership obligations, at carrying value. Market debt alone is listed separately (Spring Economic Update 2026, Table A3.3).
Federal pensions and other employee and veteran future benefits, March 31, 2025
Actual
$376,400,000,000 ($376.4B)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 376400000000
Federal market debt (bonds, treasury bills and foreign debt), March 31, 2025
Actual
$1,477,000,000,000 ($1.5T)
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 1477000000000
Government of Canada securities held by investors. Market debt grows faster than the accumulated deficit because Ottawa also borrows to lend to Crown corporations.
Federal market debt (bonds, treasury bills and foreign debt), March 31, 2026
Estimate
$1,611,000,000,000 ($1.6T)
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 1611000000000
Government of Canada securities held by investors. Market debt grows faster than the accumulated deficit because Ottawa also borrows to lend to Crown corporations.
Federal market debt (bonds, treasury bills and foreign debt), March 31, 2027
Forecast
$1,741,000,000,000 ($1.7T)
- Period
- 2027-03-31
- Unit
- Canadian dollars
- Stored value
- 1741000000000
Government of Canada securities held by investors. Market debt grows faster than the accumulated deficit because Ottawa also borrows to lend to Crown corporations.
Federal accumulated deficit as a share of GDP, 2024-25
Actual
40.7%
- Period
- FY2024-25
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.407
Restated for later GDP revisions; the ratio first published in the Annual Financial Report 2024-25 is listed separately.
Department of Finance Canada on why net debt is its preferred measure
Actual
“net debt is the preferred measure as it better reflects a country's financial position by accounting for both what it owes and what it has set aside.”
- Period
- 2025-11-07
- Unit
- Verbatim text
Finance Canada's own case, written about total government net debt in a comparison with the G7. It names net debt, not the accumulated deficit; the report presents the accumulated deficit as "federal debt".
Federal accumulated deficit as a share of GDP, 2025-26
Estimate
41.1%
- Period
- FY2025-26
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.411
Federal accumulated deficit as a share of GDP, 2026-27
Forecast
41.5%
- Period
- FY2026-27
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.415
Federal accumulated deficit as a share of GDP, 2024-25, as first published
Actual
41.2%
- Period
- FY2024-25
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.412
Before later GDP revisions; the restated ratio is listed separately.
Federal accumulated deficit as a share of GDP, 2008-09
Actual
28.2%
- Period
- FY2008-09
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.282
Same table and vintage as the 2024-25 ratio of 41.2% (Table 2), so the two compare like for like.
Parliamentary Budget Officer, September 2025: the federal debt-to-GDP ratio was projected to rise above this level over the medium term
Forecast
43.0%
- Period
- medium term (September 2025 outlook)
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.43
A threshold, shown as "above 43%". Superseded by the PBO's June 2026 outlook, listed separately.
Parliamentary Budget Officer, June 2026: federal debt-to-GDP ratio projected for 2030-31
Forecast
42.5%
- Period
- FY2030-31
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.425
Parliamentary Budget Officer on the long-term sustainability of Budget 2025
Actual
“based on Finance Canada projections, current fiscal policy in Budget 2025 ‘would be deemed sustainable over the long term.’”
- Period
- 2025-12-17
- Unit
- Verbatim text
The PBO's test rests on Finance Canada's own long-term projections. The same note says Budget 2025 leaves "limited fiscal room to reduce revenues or increase program spending".
Parliamentary Budget Officer on the long-term projection in the Spring Economic Update 2026
Actual
“The SEU also includes a long-term projection, with the debt-to-GDP ratio declining to 25.1 per cent by 2060-61. Based on this path, current policy would be assessed as sustainable under the IMF framework, with a modest negative fiscal gap.”
- Period
- 2026-05-04
- Unit
- Verbatim text
"This path" is Finance Canada's own long-term projection in the Spring Economic Update 2026. The PBO adds that the projections "do not include all the anticipated spending related to defence."
Parliamentary Budget Officer on repeated upward revisions to federal spending
Actual
“repeated upward revisions to spending in subsequent planning cycles, and as a consequence to the debt-to-GDP track, can erode the credibility of fiscal plans and weaken confidence in the fiscal framework and raise concerns about long-term fiscal sustainability.”
- Period
- 2026-05-04
- Unit
- Verbatim text
Federal accumulated deficit ("federal debt") at March 31 of each year
SeriesActual
Latest: $1,266,484,000,000 ($1.3T) (2025-03-31)
- Period
- 2015-03-31 to 2025-03-31
- Unit
- Canadian dollars
Federal accumulated deficit ("federal debt") at March 31 of each year, by period| Period | Value |
|---|
| 2015-03-31 | $628.9B |
|---|
| 2016-03-31 | $634.4B |
|---|
| 2017-03-31 | $651.5B |
|---|
| 2018-03-31 | $671.3B |
|---|
| 2019-03-31 | $685.5B |
|---|
| 2020-03-31 | $721.4B |
|---|
| 2021-03-31 | $1.0T |
|---|
| 2022-03-31 | $1.1T |
|---|
| 2023-03-31 | $1.2T |
|---|
| 2024-03-31 | $1.2T |
|---|
| 2025-03-31 | $1.3T |
|---|
Restated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.
Federal net debt at March 31 of each year
SeriesActual
Latest: $1,393,586,000,000 ($1.4T) (2025-03-31)
- Period
- 2015-03-31 to 2025-03-31
- Unit
- Canadian dollars
Federal net debt at March 31 of each year, by period| Period | Value |
|---|
| 2015-03-31 | $700.7B |
|---|
| 2016-03-31 | $708.6B |
|---|
| 2017-03-31 | $729.3B |
|---|
| 2018-03-31 | $752.9B |
|---|
| 2019-03-31 | $772.1B |
|---|
| 2020-03-31 | $812.9B |
|---|
| 2021-03-31 | $1.1T |
|---|
| 2022-03-31 | $1.2T |
|---|
| 2023-03-31 | $1.3T |
|---|
| 2024-03-31 | $1.4T |
|---|
| 2025-03-31 | $1.4T |
|---|
Total liabilities minus financial assets. Restated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report. The 2024-25 value ties to the Annual Financial Report's net debt at March 31, 2025.
Federal total liabilities at March 31 of each year
SeriesActual
Latest: $2,182,336,000,000 ($2.2T) (2025-03-31)
- Period
- 2015-03-31 to 2025-03-31
- Unit
- Canadian dollars
Federal total liabilities at March 31 of each year, by period| Period | Value |
|---|
| 2015-03-31 | $1.1T |
|---|
| 2016-03-31 | $1.1T |
|---|
| 2017-03-31 | $1.1T |
|---|
| 2018-03-31 | $1.2T |
|---|
| 2019-03-31 | $1.2T |
|---|
| 2020-03-31 | $1.3T |
|---|
| 2021-03-31 | $1.7T |
|---|
| 2022-03-31 | $1.9T |
|---|
| 2023-03-31 | $1.9T |
|---|
| 2024-03-31 | $2.1T |
|---|
| 2025-03-31 | $2.2T |
|---|
Everything Ottawa owes, with nothing netted. Restated series: earlier years reflect later accounting changes. The 2024-25 value ties to the Annual Financial Report's total liabilities at March 31, 2025, and total liabilities minus financial assets ties to the net debt series row by row.
Federal total liabilities projected for 2027-28, Spring Economic Update 2026
Forecast
$2,646,900,000,000 ($2.6T)
- Period
- 2028-03-31
- Unit
- Canadian dollars
- Stored value
- 2646900000000
Everything Ottawa owes at March 31, 2028, with no assets netted off.
Federal total liabilities projected for 2027-28, 2022 Fall Economic Statement
Forecast
$2,052,300,000,000 ($2.1T)
- Period
- 2028-03-31
- Unit
- Canadian dollars
- Stored value
- 2052300000000
Everything Ottawa owes at March 31, 2028, with no assets netted off, as the first Finance edition to project the year forecast it.
Federal total liabilities projected for 2027-28, Budget 2025
Forecast
$2,644,600,000,000 ($2.6T)
- Period
- 2028-03-31
- Unit
- Canadian dollars
- Stored value
- 2644600000000
Everything Ottawa owes at March 31, 2028, with no assets netted off.
Federal debt (accumulated deficit) projected for 2027-28, Spring Economic Update 2026
Forecast
$1,462,400,000,000 ($1.5T)
- Period
- 2028-03-31
- Unit
- Canadian dollars
- Stored value
- 1462400000000
Finance Canada's "federal debt": total liabilities minus all assets, financial and non-financial.
Parliamentary Budget Officer: federal total liabilities projected for 2027-28
Forecast
$2,619,600,000,000 ($2.6T)
- Period
- 2028-03-31
- Unit
- Canadian dollars
- Stored value
- 2619600000000
Parliamentary Budget Officer, June 2026: federal debt-to-GDP ratio projected for 2027-28
Forecast
42.4%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.424
The PBO's calendar-2027 GDP is in its Appendix A.
Federal total liabilities projected for 2028-29, Budget 2025
Forecast
$2,787,200,000,000 ($2.8T)
- Period
- 2029-03-31
- Unit
- Canadian dollars
- Stored value
- 2787200000000
Everything Ottawa owes, with no assets netted off.
Federal total liabilities projected for 2029-30, Budget 2025
Forecast
$2,910,100,000,000 ($2.9T)
- Period
- 2030-03-31
- Unit
- Canadian dollars
- Stored value
- 2910100000000
Everything Ottawa owes, with no assets netted off.
Federal total liabilities projected for 2028-29, Spring Economic Update 2026
Forecast
$2,804,900,000,000 ($2.8T)
- Period
- 2029-03-31
- Unit
- Canadian dollars
- Stored value
- 2804900000000
Everything Ottawa owes, with no assets netted off.
Federal total liabilities projected for 2029-30, Spring Economic Update 2026
Forecast
$2,930,800,000,000 ($2.9T)
- Period
- 2030-03-31
- Unit
- Canadian dollars
- Stored value
- 2930800000000
Everything Ottawa owes, with no assets netted off.
Federal total liabilities projected for 2030-31, Spring Economic Update 2026
Forecast
$3,046,700,000,000 ($3.0T)
- Period
- 2031-03-31
- Unit
- Canadian dollars
- Stored value
- 3046700000000
Everything Ottawa owes, with no assets netted off.
Federal debt (accumulated deficit) projected for 2027-28, Budget 2025
Forecast
$1,476,000,000,000 ($1.5T)
- Period
- 2028-03-31
- Unit
- Canadian dollars
- Stored value
- 1476000000000
Finance Canada's "federal debt": total liabilities minus all assets, financial and non-financial.
Growth of the federal accumulated deficit per second, 2026-27
DerivedForecast
$2,074
- Period
- FY2026-27
- Unit
- Canadian dollars per second
- Stored value
- 2073.8203957382
Formula: (accumulated deficit at March 31, 2027 − accumulated deficit at March 31, 2026) ÷ 31,536,000 seconds in 2026-27
Inputs
- Federal accumulated deficit ("federal debt"), March 31, 2027 (Spring Economic Update projection) (2027-03-31): $1,399,300,000,000
- Federal accumulated deficit ("federal debt"), March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,333,900,000,000
Spreads the Spring Economic Update 2026 projection for the year evenly over every second.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2026-2027 columnPublished April 28, 2026. Accessed September 28, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
Projected increase in the federal accumulated deficit, 2026-27
DerivedForecast
$65,400,000,000 ($65.4B)
- Period
- FY2026-27
- Unit
- Canadian dollars
- Stored value
- 65400000000
Formula: accumulated deficit at March 31, 2027 − accumulated deficit at March 31, 2026
Inputs
- Federal accumulated deficit ("federal debt"), March 31, 2027 (Spring Economic Update projection) (2027-03-31): $1,399,300,000,000
- Federal accumulated deficit ("federal debt"), March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,333,900,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2026-2027 columnPublished April 28, 2026. Accessed September 28, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
Growth of federal net debt per second, 2026-27
DerivedForecast
$2,632
- Period
- FY2026-27
- Unit
- Canadian dollars per second
- Stored value
- 2631.91273465246
Formula: (net debt at March 31, 2027 − net debt at March 31, 2026) ÷ 31,536,000 seconds in 2026-27
Inputs
- Federal net debt, March 31, 2027 (Spring Economic Update projection) (2027-03-31): $1,556,000,000,000
- Federal net debt, March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,473,000,000,000
Spreads the Spring Economic Update 2026 projection for the year evenly over every second.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublished April 28, 2026. Accessed September 28, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
Federal accumulated deficit per Canadian, March 31, 2026
DerivedEstimate
$31,974
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 31974.1587241441
Formula: accumulated deficit at March 31, 2026 ÷ population of Canada on April 1, 2026
Inputs
- Federal accumulated deficit ("federal debt"), March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,333,900,000,000
- Population of Canada, April 1, 2026 (2026-04-01): 41,718,064
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
- Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Canada (vector v1), April 1, 2026Published September 23, 2026. Accessed September 28, 2026.
Federal net debt per Canadian, March 31, 2026
DerivedEstimate
$35,308
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 35308.4457610497
Formula: net debt at March 31, 2026 ÷ population of Canada on April 1, 2026
Inputs
- Federal net debt, March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,473,000,000,000
- Population of Canada, April 1, 2026 (2026-04-01): 41,718,064
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
- Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Canada (vector v1), April 1, 2026Published September 23, 2026. Accessed September 28, 2026.
Growth of federal total liabilities per second, 2026-27
DerivedForecast
$4,814
- Period
- FY2026-27
- Unit
- Canadian dollars per second
- Stored value
- 4813.54642313546
Formula: (total liabilities at March 31, 2027 − total liabilities at March 31, 2026) ÷ 31,536,000 seconds in 2026-27
Inputs
- Federal total liabilities, March 31, 2027 (Spring Economic Update projection) (2027-03-31): $2,480,800,000,000
- Federal total liabilities, March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $2,329,000,000,000
Spreads the Spring Economic Update 2026 projection for the year evenly over every second.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Total liabilities" row, 2026-2027 columnPublished April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Total liabilities" row, 2025-2026 columnPublished April 28, 2026. Accessed October 14, 2026.
Projected increase in federal total liabilities, 2026-27
DerivedForecast
$151,800,000,000 ($151.8B)
- Period
- FY2026-27
- Unit
- Canadian dollars
- Stored value
- 151800000000
Formula: total liabilities at March 31, 2027 − total liabilities at March 31, 2026
Inputs
- Federal total liabilities, March 31, 2027 (Spring Economic Update projection) (2027-03-31): $2,480,800,000,000
- Federal total liabilities, March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $2,329,000,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Total liabilities" row, 2026-2027 columnPublished April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Total liabilities" row, 2025-2026 columnPublished April 28, 2026. Accessed October 14, 2026.
Federal total liabilities per Canadian, March 31, 2026
DerivedEstimate
$55,827
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 55827.1352189306
Formula: total liabilities at March 31, 2026 ÷ population of Canada on April 1, 2026
Inputs
- Federal total liabilities, March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $2,329,000,000,000
- Population of Canada, April 1, 2026 (2026-04-01): 41,718,064
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Total liabilities" row, 2025-2026 columnPublished April 28, 2026. Accessed October 14, 2026.
- Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Canada (vector v1), April 1, 2026Published September 23, 2026. Accessed September 28, 2026.
Federal accumulated deficit per Canadian, March 31, 2025
DerivedEstimate
$30,521
- Period
- 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 30521.0462684182
Formula: audited accumulated deficit at March 31, 2025 ÷ population of Canada on April 1, 2025
Inputs
- Federal accumulated deficit ("federal debt"), March 31, 2025 (2025-03-31): $1,266,484,000,000
- Population of Canada, April 1, 2025 (2025-04-01): 41,495,432
- Department of Finance Canada, Annual Financial Report of the Government of Canada, Fiscal Year 2024-2025 (opens in a new tab)Table 6 Federal Debt (Accumulated Deficit), "Federal debt at end of year", 2024-25 (millions of dollars); also Tables 2 and 7Published November 7, 2025. Accessed September 28, 2026.
- Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Canada (vector v1), April 1, 2025Published September 23, 2026. Accessed September 28, 2026.
Federal accumulated deficit per individual tax return filed, March 31, 2026
DerivedEstimate
$42,260
- Period
- 2026-03-31
- Unit
- Canadian dollars
- Stored value
- 42259.9596117837
Formula: accumulated deficit at March 31, 2026 ÷ individual income tax returns filed for 2024 (latest tax year)
Inputs
- Federal accumulated deficit ("federal debt"), March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,333,900,000,000
- Individual income tax returns filed, Canada, 2024 tax year (2024): 31,564,157
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Federal debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
- Canada Revenue Agency, Individual Income Tax Return Statistics (2024 tax year) (opens in a new tab)Table 1: General statement by province and territory of taxation, "Canada", "All returns", Number of returnsPublished May 1, 2026. Accessed September 28, 2026.
Increase in the federal accumulated deficit, March 31, 2015 to March 31, 2025
DerivedActual
$637,574,000,000 ($637.6B)
- Period
- 2015-03-31 to 2025-03-31
- Unit
- Canadian dollars
- Stored value
- 637574000000
Formula: accumulated deficit at March 31, 2025 − accumulated deficit at March 31, 2015
Inputs
Growth of the federal accumulated deficit, March 31, 2015 to March 31, 2025
DerivedActual
101.4%
- Period
- 2015-03-31 to 2025-03-31
- Unit
- Ratio, shown as a percentage
- Stored value
- 1.01377621599275
Formula: (accumulated deficit at March 31, 2025 ÷ accumulated deficit at March 31, 2015) − 1
Inputs
Projected increase in federal net debt, 2026-27
DerivedForecast
$83,000,000,000 ($83.0B)
- Period
- FY2026-27
- Unit
- Canadian dollars
- Stored value
- 83000000000
Formula: net debt at March 31, 2027 − net debt at March 31, 2026
Inputs
- Federal net debt, March 31, 2027 (Spring Economic Update projection) (2027-03-31): $1,556,000,000,000
- Federal net debt, March 31, 2026 (Spring Economic Update estimate) (2026-03-31): $1,473,000,000,000
Net debt rises by the deficit plus what Ottawa spends on roads, buildings and other non-financial assets beyond their depreciation.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublished April 28, 2026. Accessed September 28, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.
Rise in the federal debt-to-GDP ratio (accumulated deficit), 2008-09 to 2024-25
DerivedActual
46.1%
- Period
- FY2008-09 to FY2024-25
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.460992907801419
Formula: accumulated deficit as a share of GDP, 2024-25 ÷ the same ratio, 2008-09 − 1 (Fiscal Reference Tables 2025, Table 2)
Inputs
- Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"Published November 7, 2025. Accessed September 28, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 1 (opens in a new tab)Table 2 Fiscal transactions (per cent of GDP), 2008-09 row, "Accumulated deficit" columnPublished November 7, 2025. Accessed September 28, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2024-25, on revised GDP
DerivedActual
70.1%
- Period
- FY2024-25
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.701320152485148
Formula: Finance Canada's restated 2024-25 ratio of the accumulated deficit to GDP (Spring Economic Update 2026, revised GDP) × (total liabilities ÷ accumulated deficit at March 31, 2025); total liabilities ÷ the same revised GDP
Inputs
Beside Ottawa's restated ratio. The series of the same name by year is on the GDP of the November 2025 Fiscal Reference Tables.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions, Per cent of GDP, "Federal debt" row, 2024-2025 columnPublished April 28, 2026. Accessed September 28, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 3 (opens in a new tab)Table 15 Total liabilities, net debt and the accumulated deficit, "Total liabilities" column, 2014-15 to 2024-25 rows (millions of dollars)Published November 7, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 1 (opens in a new tab)Table 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)Accessed September 28, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2008-09
DerivedActual
50.7%
- Period
- FY2008-09
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.506570219640728
Formula: Finance Canada's 2008-09 ratio of the accumulated deficit to GDP × (total liabilities ÷ accumulated deficit at March 31, 2009); the same GDP, so total liabilities ÷ GDP
Inputs
- Federal accumulated deficit as a share of GDP, 2008-09 (FY2008-09): 28.2%
- Federal total liabilities, March 31, 2009 (2009-03-31): $840,594,000,000
- Federal accumulated deficit ("federal debt"), March 31, 2009 (2009-03-31): $467,946,000,000
Finance rounds its ratio to a tenth of a point, so this carries about 0.1 point of rounding.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 1 (opens in a new tab)Table 2 Fiscal transactions (per cent of GDP), 2008-09 row, "Accumulated deficit" columnPublished November 7, 2025. Accessed September 28, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 3 (opens in a new tab)Table 15 Total liabilities, net debt and the accumulated deficit, "Total liabilities" column, 2008-09 row (millions of dollars)Published November 7, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 3 (opens in a new tab)Table 15 Total liabilities, net debt and the accumulated deficit, "Accumulated deficit" column, 2008-09 row (millions of dollars)Published November 7, 2025. Accessed October 14, 2026.
Rise in what Ottawa owes (total liabilities) as a share of GDP, 2008-09 to 2024-25
DerivedActual
40.1%
- Period
- FY2008-09 to FY2024-25
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.401464145491038
Formula: total liabilities as a share of GDP, 2024-25 ÷ the same ratio, 2008-09 − 1
Inputs
- Department of Finance Canada, Fiscal Reference Tables 2025, Parts 1 and 3 (opens in a new tab)Derived: Part 1 Table 2 ratio of the accumulated deficit to GDP, times Part 3 Table 15 total liabilities divided by the accumulated deficit (millions of dollars), both at the fiscal year endPublished November 7, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 1 (opens in a new tab)Table 2 Fiscal transactions (per cent of GDP), 2008-09 row, "Accumulated deficit" columnPublished November 7, 2025. Accessed September 28, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 3 (opens in a new tab)Table 15 Total liabilities, net debt and the accumulated deficit, "Total liabilities" column, 2008-09 row (millions of dollars)Published November 7, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Fiscal Reference Tables 2025, Part 3 (opens in a new tab)Table 15 Total liabilities, net debt and the accumulated deficit, "Accumulated deficit" column, 2008-09 row (millions of dollars)Published November 7, 2025. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2027-28, 2022 Fall Economic Statement
DerivedForecast
61.4%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.614093357271095
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.5) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from the 2022 Fall Economic Statement. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2027-28, 2022 Fall Economic Statement (2028-03-31): $2,052,300,000,000
- Nominal GDP, calendar 2027, 2022 Fall Economic Statement (2027-12-31): $3,342,000,000,000
- Department of Finance Canada, 2022 Fall Economic Statement, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.5 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2027-2028Published November 3, 2022. Accessed October 14, 2026.
- Department of Finance Canada, 2022 Fall Economic Statement, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", 2022 Fall Economic Statement (FES) edition, column 2027Published November 3, 2022. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2027-28, Budget 2025
DerivedForecast
77.6%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.775770020533881
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from Budget 2025. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2027-28, Budget 2025 (2028-03-31): $2,644,600,000,000
- Nominal GDP, calendar 2027, Budget 2025 (2027-12-31): $3,409,000,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2027-2028Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Budget 2025 edition, column 2027Published November 4, 2025. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2028-29, Budget 2025
DerivedForecast
78.6%
- Period
- FY2028-29
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.7862341325811
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from Budget 2025. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2028-29, Budget 2025 (2029-03-31): $2,787,200,000,000
- Nominal GDP, calendar 2028, Budget 2025 (2028-12-31): $3,545,000,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2028-2029Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Budget 2025 edition, column 2028Published November 4, 2025. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2029-30, Budget 2025
DerivedForecast
79.0%
- Period
- FY2029-30
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.789500813890396
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from Budget 2025. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2029-30, Budget 2025 (2030-03-31): $2,910,100,000,000
- Nominal GDP, calendar 2029, Budget 2025 (2029-12-31): $3,686,000,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2029-2030Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Budget 2025 edition, column 2029Published November 4, 2025. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2027-28, Spring Economic Update 2026
DerivedForecast
75.7%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.757122425629291
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from the Spring Economic Update 2026. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2027-28, Spring Economic Update 2026 (2028-03-31): $2,646,900,000,000
- Nominal GDP, calendar 2027, Spring Economic Update 2026 (2027-12-31): $3,496,000,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2027-2028Published April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Spring Economic Update 2026 edition, column 2027Published April 28, 2026. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2028-29, Spring Economic Update 2026
DerivedForecast
77.3%
- Period
- FY2028-29
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.772699724517906
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from the Spring Economic Update 2026. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2028-29, Spring Economic Update 2026 (2029-03-31): $2,804,900,000,000
- Nominal GDP, calendar 2028, Spring Economic Update 2026 (2028-12-31): $3,630,000,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2028-2029Published April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Spring Economic Update 2026 edition, column 2028Published April 28, 2026. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2029-30, Spring Economic Update 2026
DerivedForecast
77.7%
- Period
- FY2029-30
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.776988335100742
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from the Spring Economic Update 2026. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2029-30, Spring Economic Update 2026 (2030-03-31): $2,930,800,000,000
- Nominal GDP, calendar 2029, Spring Economic Update 2026 (2029-12-31): $3,772,000,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2029-2030Published April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Spring Economic Update 2026 edition, column 2029Published April 28, 2026. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2030-31, Spring Economic Update 2026
DerivedForecast
77.8%
- Period
- FY2030-31
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.777814654071994
Formula: total liabilities at the fiscal year end (Annex 1, Table A1.7) ÷ nominal GDP of the calendar year in which the fiscal year begins (Table A1.1), both from the Spring Economic Update 2026. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2030-31, Spring Economic Update 2026 (2031-03-31): $3,046,700,000,000
- Nominal GDP, calendar 2030, Spring Economic Update 2026 (2030-12-31): $3,917,000,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2030-2031Published April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Spring Economic Update 2026 edition, column 2030Published April 28, 2026. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2027-28, Budget 2025 on the GDP the Spring Economic Update restated
DerivedForecast
76.4%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.764114417798324
Formula: Budget 2025 total liabilities (Table A1.7) ÷ Budget 2025's calendar-2027 nominal GDP as restated in the Spring Economic Update 2026 (its Table A1.1 row for Budget 2025): the same dollars on the larger economy. The convention is our inference: Finance does not state it, but it reproduces Finance's printed ratios.
Inputs
- Federal total liabilities projected for 2027-28, Budget 2025 (2028-03-31): $2,644,600,000,000
- Nominal GDP, calendar 2027, Budget 2025's own row as restated in the Spring Economic Update 2026 (2027-12-31): $3,461,000,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2027-2028Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Budget 2025" (the Budget 2025 forecast, restated), column 2027Published April 28, 2026. Accessed October 14, 2026.
Federal debt-to-GDP ratio, 2027-28, Budget 2025 on the GDP the Spring Economic Update restated
DerivedForecast
42.6%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.426466339208321
Formula: Budget 2025 federal debt (Table A1.7) ÷ Budget 2025's calendar-2027 nominal GDP as restated in the Spring Economic Update 2026: Ottawa's own ratio with the denominator the later edition uses.
Inputs
- Federal debt (accumulated deficit) projected for 2027-28, Budget 2025 (2028-03-31): $1,476,000,000,000
- Nominal GDP, calendar 2027, Budget 2025's own row as restated in the Spring Economic Update 2026 (2027-12-31): $3,461,000,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Federal debt", column 2027-2028Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Budget 2025" (the Budget 2025 forecast, restated), column 2027Published April 28, 2026. Accessed October 14, 2026.
Share of the fall in Ottawa's 2027-28 debt ratio, Budget 2025 to the Spring Economic Update 2026, that comes from the higher GDP
DerivedForecast
73.5%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.734730029111818
Formula: Our arithmetic. The fall in Ottawa's 2027-28 ratio between Budget 2025 and the Spring Economic Update 2026 is (Budget 2025 federal debt ÷ Budget 2025 GDP) − (update federal debt ÷ update GDP). The part from GDP alone is (Budget 2025 federal debt ÷ Budget 2025 GDP) − (Budget 2025 federal debt ÷ update GDP). This figure is the part from GDP ÷ the whole fall; the rest is the lower federal debt.
Inputs
- Federal debt (accumulated deficit) projected for 2027-28, Budget 2025 (2028-03-31): $1,476,000,000,000
- Nominal GDP, calendar 2027, Budget 2025 (2027-12-31): $3,409,000,000,000
- Nominal GDP, calendar 2027, Spring Economic Update 2026 (2027-12-31): $3,496,000,000,000
- Federal debt (accumulated deficit) projected for 2027-28, Spring Economic Update 2026 (2028-03-31): $1,462,400,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Federal debt", column 2027-2028Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Budget 2025 edition, column 2027Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.1 (billions of dollars), row "Nominal GDP level", Spring Economic Update 2026 edition, column 2027Published April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Federal debt", column 2027-2028Published April 28, 2026. Accessed October 14, 2026.
What Ottawa owes (total liabilities) as a share of GDP, 2027-28, Parliamentary Budget Officer
DerivedForecast
75.1%
- Period
- FY2027-28
- Unit
- Ratio, shown as a percentage
- Stored value
- 0.751462994836489
Formula: PBO total liabilities (Appendix G) ÷ PBO nominal GDP, calendar 2027 (Appendix A): the same convention as Finance's, which reproduces the PBO's printed federal debt ratio.
Inputs
- Office of the Parliamentary Budget Officer, Economic and Fiscal Outlook, June 2026 (RP-2627-002-S) (opens in a new tab)Appendix G: Federal debt outlook, row "Total liabilities", column 2027-2028Published June 4, 2026. Accessed October 14, 2026.
- Office of the Parliamentary Budget Officer, Economic and Fiscal Outlook, June 2026 (RP-2627-002-S) (opens in a new tab)Appendix A: Detailed economic outlook, row "Nominal GDP ($ billions)", June 2026, column 2027Published June 4, 2026. Accessed October 14, 2026.
Assets Finance Canada nets off total liabilities to reach its federal debt, 2027-28, Budget 2025
DerivedForecast
$1,168,600,000,000 ($1.2T)
- Period
- FY2027-28
- Unit
- Canadian dollars
- Stored value
- 1168600000000
Formula: total liabilities − federal debt (Annex 1, Table A1.7): the financial and non-financial assets Finance nets off.
Inputs
- Federal total liabilities projected for 2027-28, Budget 2025 (2028-03-31): $2,644,600,000,000
- Federal debt (accumulated deficit) projected for 2027-28, Budget 2025 (2028-03-31): $1,476,000,000,000
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2027-2028Published November 4, 2025. Accessed October 14, 2026.
- Department of Finance Canada, Budget 2025: Canada Strong, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Federal debt", column 2027-2028Published November 4, 2025. Accessed October 14, 2026.
Assets Finance Canada nets off total liabilities to reach its federal debt, 2027-28, Spring Economic Update 2026
DerivedForecast
$1,184,500,000,000 ($1.2T)
- Period
- FY2027-28
- Unit
- Canadian dollars
- Stored value
- 1184500000000
Formula: total liabilities − federal debt (Annex 1, Table A1.7): the financial and non-financial assets Finance nets off.
Inputs
- Federal total liabilities projected for 2027-28, Spring Economic Update 2026 (2028-03-31): $2,646,900,000,000
- Federal debt (accumulated deficit) projected for 2027-28, Spring Economic Update 2026 (2028-03-31): $1,462,400,000,000
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Total liabilities", column 2027-2028Published April 28, 2026. Accessed October 14, 2026.
- Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.7 Summary Statement of Transactions (billions of dollars), row "Federal debt", column 2027-2028Published April 28, 2026. Accessed October 14, 2026.