Forecasts and outcomes

Latest: -$61,900,000,000 (-$61.9B) (2024-12-17)

Period

2023-24, by date published

Unit

Canadian dollars

Each 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.

• Department of Finance Canada, Budget 2024: Fairness for Every Generation (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budget 2024 budgetary balance", 2023–2024 columnPublished April 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2019: Investing in the Middle Class (opens in a new tab)Annex 1, Table A1.2, row "Final budgetary balance (with risk adjustment)", 2023–2024 columnPublished March 19, 2019. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2023–2024 columnPublished April 19, 2021. Accessed September 28, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2021 (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2023–2024 columnPublished December 14, 2021. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2023–2024 columnPublished April 7, 2022. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2023: A Made-in-Canada Plan (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2023–2024 columnPublished March 28, 2023. Accessed September 28, 2026.
• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "2023 Fall Economic Statement budgetary balance", 2023–2024 columnPublished November 21, 2023. Accessed September 28, 2026.
• Department of Finance Canada, Annual Financial Report of the Government of Canada, Fiscal Year 2023–2024 (opens in a new tab)Table 2, Financial Highlights, row "Budgetary balance", 2023-24 column (audited result as first reported)Published December 17, 2024. Accessed September 28, 2026.

Latest: -$36,300,000,000 (-$36.3B) (2025-11-07)

Period

2024-25, by date published

Unit

Canadian dollars

Each 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.

• Department of Finance Canada, 2024 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.6 (Summary Statement of Transactions), row "2024 Fall Economic Statement budgetary balance", 2024–2025 columnPublished December 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2019 (opens in a new tab)Annex 1, Table A1.4, row "Final budgetary balance", 2024–2025 columnPublished December 16, 2019. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2024–2025 columnPublished April 19, 2021. Accessed September 28, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2021 (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2024–2025 columnPublished December 14, 2021. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2024–2025 columnPublished April 7, 2022. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2023: A Made-in-Canada Plan (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2024–2025 columnPublished March 28, 2023. Accessed September 28, 2026.
• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "2023 Fall Economic Statement budgetary balance", 2024–2025 columnPublished November 21, 2023. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2024: Fairness for Every Generation (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budget 2024 budgetary balance", 2024–2025 columnPublished April 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, Annual Financial Report of the Government of Canada, Fiscal Year 2024–2025 (opens in a new tab)Table 2, Financial Highlights, row "Budgetary balance", 2024-25 column (audited result as first reported)Published November 7, 2025. Accessed September 28, 2026.

Latest: -$55,277,000,000 (-$55.3B) (2026-05-29)

Period

2025-26, by date published

Unit

Canadian dollars

Each 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.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2025–2026 columnPublished April 28, 2026. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2025–2026 columnPublished April 19, 2021. Accessed September 28, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2021 (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2025–2026 columnPublished December 14, 2021. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2025–2026 columnPublished April 7, 2022. Accessed September 28, 2026.
• Department of Finance Canada, Fall Economic Statement 2022 (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2025–2026 columnPublished November 3, 2022. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2023: A Made-in-Canada Plan (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2025–2026 columnPublished March 28, 2023. Accessed September 28, 2026.
• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "2023 Fall Economic Statement budgetary balance", 2025–2026 columnPublished November 21, 2023. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2024: Fairness for Every Generation (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budget 2024 budgetary balance", 2025–2026 columnPublished April 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, 2024 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.6 (Summary Statement of Transactions), row "2024 Fall Economic Statement budgetary balance", 2025–2026 columnPublished December 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Budget 2025 budgetary balance", 2025–2026 columnPublished November 4, 2025. Accessed September 28, 2026.
• Department of Finance Canada, The Fiscal Monitor, March 2026 (opens in a new tab)Table 1, Summary statement of transactions, row "Budgetary balance (deficit/surplus)", April to March 2025-26 columnPublished May 29, 2026. Accessed September 28, 2026.

Latest: -$71,800,000,000 (-$71.8B) (2026-06-04)

Period

2026-27, by date published

Unit

Canadian dollars

Each 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.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2026–2027 columnPublished April 28, 2026. Accessed September 28, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2021 (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2026–2027 columnPublished December 14, 2021. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "Budgetary balance", 2026–2027 columnPublished April 7, 2022. Accessed September 28, 2026.
• Department of Finance Canada, Fall Economic Statement 2022 (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2026–2027 columnPublished November 3, 2022. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2023: A Made-in-Canada Plan (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2026–2027 columnPublished March 28, 2023. Accessed September 28, 2026.
• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "2023 Fall Economic Statement budgetary balance", 2026–2027 columnPublished November 21, 2023. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2024: Fairness for Every Generation (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budget 2024 budgetary balance", 2026–2027 columnPublished April 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, 2024 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.6 (Summary Statement of Transactions), row "2024 Fall Economic Statement budgetary balance", 2026–2027 columnPublished December 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Budget 2025 budgetary balance", 2026–2027 columnPublished November 4, 2025. Accessed September 28, 2026.
• Office of the Parliamentary Budget Officer, Economic and Fiscal Outlook – June 2026 (opens in a new tab)Table 2, Summary of the fiscal outlook (printed page 8), row "Budgetary balance", 2026-27 columnPublished June 4, 2026. Accessed September 28, 2026.

Latest: -$68,000,000,000 (-$68.0B) (2026-06-04)

Period

2027-28, by date published

Unit

Canadian dollars

Each 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.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2027–2028 columnPublished April 28, 2026. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2023: A Made-in-Canada Plan (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2027–2028 columnPublished March 28, 2023. Accessed September 28, 2026.
• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.4 (Summary Statement of Transactions), row "2023 Fall Economic Statement budgetary balance", 2027–2028 columnPublished November 21, 2023. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2024: Fairness for Every Generation (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budget 2024 budgetary balance", 2027–2028 columnPublished April 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, 2024 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.6 (Summary Statement of Transactions), row "2024 Fall Economic Statement budgetary balance", 2027–2028 columnPublished December 16, 2024. Accessed September 28, 2026.
• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Budget 2025 budgetary balance", 2027–2028 columnPublished November 4, 2025. Accessed September 28, 2026.
• Office of the Parliamentary Budget Officer, Economic and Fiscal Outlook – June 2026 (opens in a new tab)Table 2, Summary of the fiscal outlook (printed page 8), row "Budgetary balance", 2027-28 columnPublished June 4, 2026. Accessed September 28, 2026.

37.3%

Period

FY2027-28

Unit

Ratio, shown as a percentage

Stored value

0.373

The lowest 2027-28 ratio of the Finance editions that projected the year, read 2026-10-14: 2022 Fall Economic Statement 37.3, Budget 2023 39.9, 2023 Fall Economic Statement 40.2, Budget 2024 40.0, 2024 Fall Economic Statement 40.2, Budget 2025 43.3, Spring Economic Update 2026 41.8. Each from its own Annex 1 summary statement of transactions.

• 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, per cent of GDP, row "Federal debt", column 2027-2028Published November 3, 2022. Accessed October 14, 2026.

$3,342,000,000,000 ($3.3T)

Period

2027-12-31

Unit

Canadian dollars

Stored value

3342000000000

The denominator that reproduces the statement's printed 2027-28 ratio: 1,246.7 ÷ 3,342 = 37.3%.

• 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.

43.3%

Period

FY2027-28

Unit

Ratio, shown as a percentage

Stored value

0.433

Budget 2025 projected the ratio rising from 41.2% in 2024-25 to 43.3% in 2027-28 and 2028-29.

• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2027-2028Published November 4, 2025. Accessed September 28, 2026.

-1.9%

Period

FY2026-27

Unit

Ratio, shown as a percentage

Stored value

-0.019

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Budgetary balance", 2026–2027 columnPublished April 28, 2026. Accessed September 28, 2026.

$900,000,000 ($900.0M)

Period

FY2028-29

Unit

Canadian dollars

Stored value

900000000

The overall budget is still projected in deficit that year; the operating balance leaves out spending the government classifies as capital investment.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.5, Day-to-Day Operating Balance, row F, 2028–2029 columnPublished April 28, 2026. Accessed September 28, 2026.

Latest: -0.3% (FY2028-29)

Period

FY2025-26 to FY2028-29

Unit

Ratio, shown as a percentage

Analysis by RBC Economics of the provinces' 2026 budgets, with reserves and contingencies removed so provinces are comparable. Not an official combined figure.

• RBC Economics, Fiscal roundup: Provinces deepen deficit track ahead of federal update (opens in a new tab)Summary and section "Collective provincial deficit jumped this budget round" (combined provincial balance, contingencies removed)Published April 24, 2026. Accessed September 28, 2026.

-3.5%

Period

FY2025-26

Unit

Ratio, shown as a percentage

Stored value

-0.035

Analysis by RBC Economics based on fall 2025 federal and provincial projections, before the Spring Economic Update 2026 lowered the federal 2025-26 forecast.

• RBC Economics, Fiscal roundup: Provinces deepen deficit track ahead of federal update (opens in a new tab)Section "Full picture to come with feds and Newfoundland": fall 2025 projections, no contingenciesPublished April 24, 2026. Accessed September 28, 2026.

“The Government remains committed to returning to balanced budgets, and will do so in a responsible, realistic and transparent way.”

Period

2016-03-22

Unit

Verbatim text

The 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).

• Department of Finance Canada, Budget 2016: Growing the Middle Class (opens in a new tab)Page 51, section "A Responsible Return to Balanced Budgets", first sentencePublished March 22, 2016. Accessed September 28, 2026.

“the Government is committed to reducing the federal debt-to-GDP ratio to a lower level over a five-year period, ending in 2020–21.”

Period

2016-03-22

Unit

Verbatim text

The ratio was 31.9% in 2015-16 and 47.2% in 2020-21, the first pandemic year (Fiscal Reference Tables 2025, Table 2).

• Department of Finance Canada, Budget 2016: Growing the Middle Class (opens in a new tab)Page 50, section "A Responsible Approach to Fiscal Management"Published March 22, 2016. Accessed September 28, 2026.

“The government is committed to unwinding COVID-related deficits and reducing the federal debt as a share of the economy over the medium-term.”

Period

2021-04-19

Unit

Verbatim text

• Department of Finance Canada, Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience (opens in a new tab)Overview, section 5 "A Responsible Fiscal Plan"Published April 19, 2021. Accessed September 28, 2026.

“Maintaining the 2023-24 deficit at or below the Budget 2023 projection of $40.1 billion.”

Period

2023-11-21

Unit

Verbatim text

• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Economic and Fiscal Overview, section 3 "Fiscal Outlook", "Canada's Responsible Economic Plan", first of three fiscal objectivesPublished November 21, 2023. Accessed September 28, 2026.

“Maintaining a declining deficit-to-GDP ratio in 2024-25 and keeping deficits below 1 per cent of GDP in 2026-27 and future years.”

Period

2023-11-21

Unit

Verbatim text

The 2024 Fall Economic Statement still showed 0.9% for 2026-27; Budget 2025 projected 2.0% and the Spring Economic Update 2026 1.9%.

• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Economic and Fiscal Overview, section 3 "Fiscal Outlook", "Canada's Responsible Economic Plan", third of three fiscal objectivesPublished November 21, 2023. Accessed September 28, 2026.

1.0%

Period

2023-11-21

Unit

Ratio, shown as a percentage

Stored value

0.01

The quoted objective is “2023 Fall Economic Statement objective: deficits below 1% of GDP from 2026-27”. This entry carries its ceiling as a number so a chart can draw it.

• Department of Finance Canada, 2023 Fall Economic Statement (opens in a new tab)Economic and Fiscal Overview, section 3 "Fiscal Outlook", "Canada's Responsible Economic Plan", third of three fiscal objectives: "keeping deficits below 1 per cent of GDP in 2026-27 and future years"Published November 21, 2023. Accessed September 28, 2026.

“Balance operating spending with revenues by 2028-29, shifting the composition of spending from day-to-day operations to investments that support capital formation and productivity.”

Period

2025-11-04

Unit

Verbatim text

The second anchor is to maintain a declining deficit-to-GDP ratio. Neither can be tested until 2028-29 results are published.

• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Overview, section 5 "Economic Strength Through Fiscal Discipline", first of two fiscal anchorsPublished November 4, 2025. Accessed September 28, 2026.

“Certainly we don't want to be alarmist; at the same time, the current path we're on in terms of federal debt as a share of the economy is unsustainable.”

Period

2025-09-25

Unit

Verbatim text

Said the day the PBO released its September 2025 Economic and Fiscal Outlook, about the federal debt-to-GDP ratio rising over the outlook. The PBO's later long-term analyses (Budget 2025 note, December 17, 2025; Spring Economic Update note, May 4, 2026) judged federal policy sustainable over the long term.

• House of Commons of Canada, Standing Committee on Government Operations and Estimates (OGGO), 45th Parliament, 1st Session, Meeting No. 4 (opens in a new tab)Evidence of Thursday, September 25, 2025, at 16:15: Jason Jacques, interim Parliamentary Budget Officer, answering Vince GasparroAccessed September 28, 2026.

“We don't lightly use the word “unsustainable”.”

Period

2025-09-25

Unit

Verbatim text

Said the day the PBO released its September 2025 Economic and Fiscal Outlook, about the federal debt-to-GDP ratio rising over the outlook. The PBO's later long-term analyses (Budget 2025 note, December 17, 2025; Spring Economic Update note, May 4, 2026) judged federal policy sustainable over the long term.

• House of Commons of Canada, Standing Committee on Government Operations and Estimates (OGGO), 45th Parliament, 1st Session, Meeting No. 4 (opens in a new tab)Evidence of Thursday, September 25, 2025, at 15:55: Jason Jacques, interim Parliamentary Budget Officer, answering Jeremy PatzerAccessed September 28, 2026.

“Certainly on our end we're hoping and certainly expecting the government, as part of budget 2025, to clearly indicate what the government plans to do to address this problem, because it's certainly not sustainable.”

Period

2025-09-25

Unit

Verbatim text

Said the day the PBO released its September 2025 Economic and Fiscal Outlook, about the federal debt-to-GDP ratio rising over the outlook. The PBO's later long-term analyses (Budget 2025 note, December 17, 2025; Spring Economic Update note, May 4, 2026) judged federal policy sustainable over the long term.

• House of Commons of Canada, Standing Committee on Government Operations and Estimates (OGGO), 45th Parliament, 1st Session, Meeting No. 4 (opens in a new tab)Evidence of Thursday, September 25, 2025, at 15:35: Jason Jacques, interim Parliamentary Budget Officer, answering Kelly BlockAccessed September 28, 2026.

Latest: -$8,600,000,000 (-$8.6B) (FY2024-25)

Period

FY2016-17 to FY2024-25

Unit

Canadian dollars

For each fiscal year, the least negative budgetary balance promised or forecast in any budget, fall statement or update published before the year began, from Budget 2016 on, with the document's padding taken out. For 2016-17 to 2019-20 the lowest is the 2015 Liberal platform's planning framework (“The federal balance the 2015 Liberal platform promised, 2016-17 to 2019-20 (negative = deficit)”, page 77): it is a smaller deficit than every budget and fall statement that followed. Its starting row is labelled "including contingency"; the row states totals, and the contingency's amount is not stated, so the platform is used as printed, not with padding removed. The November 2015 update, published later, shows smaller deficits still, but it projected the plan the Liberals inherited and is not their promise. The platform is the lowest of the Liberals' own plans, made as a party and not the previous government's projection, and the lowest forecast marks the promise (rule 9). The lowest later forecasts, padding out, were deficits of $23.4 billion, $23.0 billion, $15.1 billion and $11.7 billion for 2016-17 to 2019-20. The audited result is the restated Fiscal Reference Tables 2025 series (“Federal budgetary balance (negative = deficit)”), not the figure first reported. Budget 2016 cut the private-sector forecast for nominal GDP by $40 billion a year "for fiscal planning purposes", which it said "translates into a fiscal impact of approximately $6 billion per year"; the 2016 Fall Economic Statement restates Budget 2016's balance without that adjustment. Budgets 2017 to 2019 and the updates of 2017 to 2019 each subtracted an "adjustment for risk" of up to $3.0 billion a year and print the balance before it; that balance is used. A later document's restatement of an earlier forecast is used only where the original printed no balance without its padding, as for Budget 2016; elsewhere a restatement in a later table is not a new forecast. Budget 2016 is the first budget of the Liberal governments that have run every year since. Earlier budgets and updates are left out because they were the previous government's plans. That includes the November 2015 update, published by the new government: it projected the previous government's plan and says of its projections, "They do not include any measures adopted by this Government" (Update of Economic and Fiscal Projections 2015, chapter 1, https://www.budget.canada.ca/efp-peb/2015/pub/chap01-en.html). Each point carries its own document. From 2025-26 on, the same rule picks the promise from that year's series of projections (forecasts.balance_projections); the documents it picks carry no padding.

• Department of Finance Canada, Budget 2019: Investing in the Middle Class (opens in a new tab)Annex 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 columnPublished March 19, 2019. Accessed October 5, 2026.
• Liberal Party of Canada, Real Change: A New Plan for a Strong Middle Class (2015 platform) (opens in a new tab)Chapter 6, Fiscal Plan and Costing, page 77, Planning Framework table, row "Planning framework with Liberal plan for growth", 2016/17 column (millions of dollars)Published October 5, 2015. Accessed October 14, 2026.
• Liberal Party of Canada, Real Change: A New Plan for a Strong Middle Class (2015 platform) (opens in a new tab)Chapter 6, Fiscal Plan and Costing, page 77, Planning Framework table, row "Planning framework with Liberal plan for growth", 2017/18 column (millions of dollars)Published October 5, 2015. Accessed October 14, 2026.
• Liberal Party of Canada, Real Change: A New Plan for a Strong Middle Class (2015 platform) (opens in a new tab)Chapter 6, Fiscal Plan and Costing, page 77, Planning Framework table, row "Planning framework with Liberal plan for growth", 2018/19 column (millions of dollars)Published October 5, 2015. Accessed October 14, 2026.
• Liberal Party of Canada, Real Change: A New Plan for a Strong Middle Class (2015 platform) (opens in a new tab)Chapter 6, Fiscal Plan and Costing, page 77, Planning Framework table, row "Planning framework with Liberal plan for growth", 2019/20 column (millions of dollars)Published October 5, 2015. Accessed October 14, 2026.
• Department of Finance Canada, Fall Economic Statement 2016 (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2020–2021 columnPublished November 1, 2016. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2018: Equality + Growth: A Strong Middle Class (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since the 2017 Fall Economic Statement and Investments Included in Budget 2018), row "Budgetary balance", the line above "Adjustment for risk", 2021–2022 columnPublished February 27, 2018. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2019: Investing in the Middle Class (opens in a new tab)Annex 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", 2022–2023 columnPublished March 19, 2019. Accessed October 5, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2019 (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2019), row "Final budgetary balance", the line above "Adjustment for risk", 2024–2025 columnPublished December 16, 2019. Accessed October 5, 2026.

$40,000,000,000 ($40.0B)

Period

2016 to 2020

Unit

Canadian dollars

Stored value

40000000000

Budget 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.

• Department of Finance Canada, Budget 2016: Growing the Middle Class (opens in a new tab)Overview, "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"Published March 22, 2016. Accessed October 5, 2026.

$6,000,000,000 ($6.0B)

Period

FY2016-17 to FY2020-21

Unit

Canadian dollars

Stored value

6000000000

The 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.

• Department of Finance Canada, Budget 2016: Growing the Middle Class (opens in a new tab)Overview, "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."Published March 22, 2016. Accessed October 5, 2026.

-$29,400,000,000 (-$29.4B)

Period

FY2016-17

Unit

Canadian dollars

Stored value

-29400000000

• Department of Finance Canada, Budget 2016: Growing the Middle Class (opens in a new tab)Annex 1, Table A1.2 (Summary Statement of Transactions), row "Budgetary balance", 2016–2017 columnPublished March 22, 2016. Accessed October 5, 2026.

Latest: -$133,400,000,000 (-$133.4B) (FY2026-27)

Period

FY2025-26 to FY2026-27

Unit

Canadian dollars

2025-26 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.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)"Published April 28, 2026. Accessed October 5, 2026.
• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)", 2025–2026 columnPublished April 28, 2026. Accessed October 5, 2026.
• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)", 2026–2027 columnPublished April 28, 2026. Accessed October 5, 2026.

-$103,689,000,000 (-$103.7B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

-103689000000

Unaudited result before year-end adjustments, from the same table as the preliminary budgetary balance (“Federal budgetary balance for 2025-26, as projected in each document (negative = deficit)”): the balance plus non-budgetary transactions. The audited figure comes with the Public Accounts 2025-26.

• Department of Finance Canada, The Fiscal Monitor, March 2026 (opens in a new tab)Table 1, Summary statement of transactions, row "Financial source/requirement", April to March 2025-26 columnPublished May 29, 2026. Accessed October 5, 2026.

-$68,100,000,000 (-$68.1B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

-68100000000

Cash 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.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Total non-budgetary transactions", 2026–2027 columnPublished April 28, 2026. Accessed October 5, 2026.

-$67,800,000,000 (-$67.8B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

-67800000000

Enterprise Crown corporations take most of it. Ottawa records these as assets, so they are left out of the budgetary balance.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), section "Loans, investments, and advances", row "Total", 2026–2027 columnPublished April 28, 2026. Accessed October 5, 2026.

-$59,500,000,000 (-$59.5B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

-59500000000

Part of the loans, investments and advances total.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), section "Loans, investments, and advances", row "Enterprise Crown corporations", 2026–2027 columnPublished April 28, 2026. Accessed October 5, 2026.

-$17,700,000,000 (-$17.7B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

-17700000000

Cash spent on buildings, equipment and other non-financial assets, net of the amortization the budgetary balance already counts.

• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Non-financial assets", 2026–2027 columnPublished April 28, 2026. Accessed October 5, 2026.

Latest: $1,000,000,000 ($1.0B) (FY2019-20)

Period

FY2016-17 to FY2019-20

Unit

Canadian dollars

Printed in millions: -9,894; -9,516; -5,718; +1,000. No forecast adjustment or adjustment for risk is shown. The starting row is labelled "including contingency"; the row states totals and the contingency's amount is not stated, and page 75 speaks of restoring a contingency reserve as the budget returns to surplus, so the promise is shown as printed. A drained.ca comparison, not the platform's words: its starting row (2.7, 3.6, 4.6, 7.8 billion) equals Budget 2015's balance "before set-aside for contingencies" in the November 2015 update's Table 3.2. The baseline is the Parliamentary Budget Officer's path to 2017-18, then a projection. The published date is the release date CBC reported; the PDF read is the party's own re-upload. Page 76 says deficits under $10 billion "in each of the next two fiscal years"; the table shows three. The platform's best case: it assumed a weak economy and left out the growth it expected from its investments (page 77). The platform gives no figure for 2015-16.

• Liberal Party of Canada, Real Change: A New Plan for a Strong Middle Class (2015 platform) (opens in a new tab)Chapter 6, Fiscal Plan and Costing, page 77, Planning Framework table, row "Planning framework with Liberal plan for growth" (millions of dollars)Published October 5, 2015. Accessed October 14, 2026.

Latest: $1,700,000,000 ($1.7B) (FY2019-20)

Period

FY2015-16 to FY2019-20

Unit

Canadian dollars

Published: -3.0, -3.9, -2.4, -1.4, +1.7 ($ billions, 2015-16 to 2019-20). It is the projection the new government published of the plan it inherited: chapter 1 says "These are the fiscal projections inherited by this Government" and "They do not include any measures adopted by this Government". It includes a forecast adjustment (“The fiscal cost of the forecast adjustment in the November 2015 update, a cut to the private-sector economic outlook, 2015-16 to 2019-20”); add that adjustment back to get the balance without it. Not a promise of this government, so it is kept out of “The smallest federal deficit promised or forecast for each year before the year began, with the padding taken out where the document states it, 2016-17 to 2024-25 (negative = deficit; the 2015 platform's years are as printed)”. The published date is the page's date modified.

• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 3, Table 3.2, row "Budgetary balance"Published November 19, 2015. Accessed October 14, 2026.

Latest: $3,000,000,000 ($3.0B) (FY2019-20)

Period

FY2015-16 to FY2019-20

Unit

Canadian dollars

The update adjusted the private-sector forecast down "for fiscal planning purposes", by $10 billion of nominal GDP for 2015 and $20 billion a year for 2016 to 2020, and states the fiscal impact as $1.5 billion in 2015-16 and $3.0 billion a year after. Added back to “The federal balance in the November 2015 Update of Economic and Fiscal Projections, 2015-16 to 2019-20, as published, with its forecast adjustment (negative = deficit)” it gives the balance without the padding: -1.5, -0.9, +0.6, +1.6, +4.7 ($ billions; drained.ca arithmetic).

• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 2, Canadian Economic Outlook - Private Sector Forecasts; fiscal impact of $1.5 billion in 2015-16 and $3.0 billion per year between 2016-17 and 2020-21Published November 19, 2015. Accessed October 14, 2026.

Latest: -$11,700,000,000 (-$11.7B) (FY2019-20)

Period

FY2016-17 to FY2019-20

Unit

Canadian dollars

Ottawa's own best case for these four years, from Budget 2016 on, with each document's padding taken out. The 2015 Liberal platform promised less in every one of them (“The federal balance the 2015 Liberal platform promised, 2016-17 to 2019-20 (negative = deficit)”), and the promise series (“The smallest federal deficit promised or forecast for each year before the year began, with the padding taken out where the document states it, 2016-17 to 2024-25 (negative = deficit; the 2015 platform's years are as printed)”) uses the platform; this series keeps the lowest of the budgets and fall statements so a page can show Ottawa's best case beside the promise. Each point carries its own document.

• Department of Finance Canada, Fall Economic Statement 2016 (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2016–2017 columnPublished November 1, 2016. Accessed October 5, 2026.
• Department of Finance Canada, Fall Economic Statement 2016 (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2017–2018 columnPublished November 1, 2016. Accessed October 5, 2026.
• Department of Finance Canada, Budget 2018: Equality + Growth: A Strong Middle Class (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since the 2017 Fall Economic Statement and Investments Included in Budget 2018), row "Budgetary balance", the line above "Adjustment for risk", 2018–2019 columnPublished February 27, 2018. Accessed October 5, 2026.
• Department of Finance Canada, Fall Economic Statement 2016 (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2019–2020 columnPublished November 1, 2016. Accessed October 5, 2026.

$3,409,000,000,000 ($3.4T)

Period

2027-12-31

Unit

Canadian dollars

Stored value

3409000000000

The denominator that reproduces Finance's printed 2027-28 ratios.

• 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.

$3,496,000,000,000 ($3.5T)

Period

2027-12-31

Unit

Canadian dollars

Stored value

3496000000000

The Spring Economic Update restates Budget 2025's row to 3,461 billion; see “Nominal GDP, calendar 2027, Budget 2025's own row as restated in the Spring Economic Update 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.

$3,486,000,000,000 ($3.5T)

Period

2027-12-31

Unit

Canadian dollars

Stored value

3486000000000

• 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.

43.3%

Period

FY2028-29

Unit

Ratio, shown as a percentage

Stored value

0.433

• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2028-2029Published November 4, 2025. Accessed October 14, 2026.

43.1%

Period

FY2029-30

Unit

Ratio, shown as a percentage

Stored value

0.431

• Department of Finance Canada, Budget 2025: Canada Strong (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2029-2030Published November 4, 2025. Accessed October 14, 2026.

41.9%

Period

FY2028-29

Unit

Ratio, shown as a percentage

Stored value

0.419

• Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2028-2029Published April 28, 2026. Accessed October 14, 2026.

41.8%

Period

FY2029-30

Unit

Ratio, shown as a percentage

Stored value

0.418

• Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2029-2030Published April 28, 2026. Accessed October 14, 2026.

41.6%

Period

FY2030-31

Unit

Ratio, shown as a percentage

Stored value

0.416

• Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2030-2031Published April 28, 2026. Accessed October 14, 2026.

41.8%

Period

FY2027-28

Unit

Ratio, shown as a percentage

Stored value

0.418

• Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Annex 1, Table A1.7, per cent of GDP, row "Federal debt", column 2027-2028Published April 28, 2026. Accessed October 14, 2026.

$3,545,000,000,000 ($3.5T)

Period

2028-12-31

Unit

Canadian dollars

Stored value

3545000000000

The denominator that reproduces Finance's printed ratios.

• 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.

$3,686,000,000,000 ($3.7T)

Period

2029-12-31

Unit

Canadian dollars

Stored value

3686000000000

The denominator that reproduces Finance's printed ratios.

• 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.

$3,630,000,000,000 ($3.6T)

Period

2028-12-31

Unit

Canadian dollars

Stored value

3630000000000

The denominator that reproduces Finance's printed ratios.

• 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.

$3,772,000,000,000 ($3.8T)

Period

2029-12-31

Unit

Canadian dollars

Stored value

3772000000000

The denominator that reproduces Finance's printed ratios.

• 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.

$3,917,000,000,000 ($3.9T)

Period

2030-12-31

Unit

Canadian dollars

Stored value

3917000000000

The denominator that reproduces Finance's printed ratios.

• 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.

$3,461,000,000,000 ($3.5T)

Period

2027-12-31

Unit

Canadian dollars

Stored value

3461000000000

Budget 2025 printed a smaller 2027 GDP; the update raised it, which lowers every ratio built on it.

• 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.

-$900,000,000 (-$900.0M)

Period

FY2016-17

Unit

Canadian dollars

Stored value

-900000000

• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 3, Table 3.2, row "Budgetary balance"Published November 19, 2015. Accessed October 14, 2026.
• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 2, Canadian Economic Outlook - Private Sector Forecasts; fiscal impact of $1.5 billion in 2015-16 and $3.0 billion per year between 2016-17 and 2020-21Published November 19, 2015. Accessed October 14, 2026.

$600,000,000 ($600.0M)

Period

FY2017-18

Unit

Canadian dollars

Stored value

600000000

• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 3, Table 3.2, row "Budgetary balance"Published November 19, 2015. Accessed October 14, 2026.
• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 2, Canadian Economic Outlook - Private Sector Forecasts; fiscal impact of $1.5 billion in 2015-16 and $3.0 billion per year between 2016-17 and 2020-21Published November 19, 2015. Accessed October 14, 2026.

$1,600,000,000 ($1.6B)

Period

FY2018-19

Unit

Canadian dollars

Stored value

1600000000

• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 3, Table 3.2, row "Budgetary balance"Published November 19, 2015. Accessed October 14, 2026.
• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 2, Canadian Economic Outlook - Private Sector Forecasts; fiscal impact of $1.5 billion in 2015-16 and $3.0 billion per year between 2016-17 and 2020-21Published November 19, 2015. Accessed October 14, 2026.

$4,700,000,000 ($4.7B)

Period

FY2019-20

Unit

Canadian dollars

Stored value

4700000000

• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 3, Table 3.2, row "Budgetary balance"Published November 19, 2015. Accessed October 14, 2026.
• Department of Finance Canada, Update of Economic and Fiscal Projections 2015 (opens in a new tab)Chapter 2, Canadian Economic Outlook - Private Sector Forecasts; fiscal impact of $1.5 billion in 2015-16 and $3.0 billion per year between 2016-17 and 2020-21Published November 19, 2015. Accessed October 14, 2026.

75.2%

Period

FY2023-24

Unit

Ratio, shown as a percentage

Stored value

0.751769435479305

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.

-41.3%

Period

FY2024-25

Unit

Ratio, shown as a percentage

Stored value

-0.412567069623117

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.

-21.9%

Period

FY2024-25

Unit

Ratio, shown as a percentage

Stored value

-0.219406555045575

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.
• Department of Finance Canada, 2024 Fall Economic Statement (opens in a new tab)Annex 1, Table A1.6 (Summary Statement of Transactions), row "2024 Fall Economic Statement budgetary balance", 2024–2025 columnPublished December 16, 2024. Accessed September 28, 2026.

84.1%

Period

FY2025-26

Unit

Ratio, shown as a percentage

Stored value

0.840541432816111

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2025–2026 columnPublished April 28, 2026. Accessed September 28, 2026.

52.1%

Period

FY2025-26

Unit

Ratio, shown as a percentage

Stored value

0.520771431715638

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.
• Department of Finance Canada, The Fiscal Monitor, March 2026 (opens in a new tab)Table 1, Summary statement of transactions, row "Budgetary balance (deficit/surplus)", April to March 2025-26 columnPublished May 29, 2026. Accessed September 28, 2026.

16.1%

Period

FY2022-23 to FY2025-26

Unit

Ratio, shown as a percentage

Stored value

0.161002245140193

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.
• Department of Finance Canada, The Fiscal Monitor, March 2026 (opens in a new tab)Table 1, Summary statement of transactions, row "Budgetary balance (deficit/surplus)", April to March 2025-26 columnPublished May 29, 2026. Accessed September 28, 2026.

23.7%

Period

FY2022-23 to FY2025-26

Unit

Ratio, shown as a percentage

Stored value

0.237258018771261

• Department of Finance Canada, Fiscal Reference Tables 2025 (opens in a new tab)Part 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"Published November 7, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2025–2026 columnPublished April 28, 2026. Accessed September 28, 2026.

1,920.6%

Period

FY2026-27

Unit

Ratio, shown as a percentage

Stored value

19.2058823529412

• Department of Finance Canada, Fall Economic Statement 2022 (opens in a new tab)Annex 1, Table A1.5 (Summary Statement of Transactions), row "Budgetary balance", 2026–2027 columnPublished November 3, 2022. Accessed October 5, 2026.
• Department of Finance Canada, Spring Economic Update 2026 (opens in a new tab)Annex 1, Table A1.7 (Summary Statement of Transactions), row "Spring Update 2026 budgetary balance", 2026–2027 columnPublished April 28, 2026. Accessed September 28, 2026.

422.1%

Period

FY2024-25

Unit

Ratio, shown as a percentage

Stored value

4.22093023255814

• Department of Finance Canada, Annual Financial Report of the Government of Canada, Fiscal Year 2024–2025 (opens in a new tab)Table 2, Financial Highlights, row "Budgetary balance", 2024-25 column (audited result as first reported)Published November 7, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Economic and Fiscal Update 2019 (opens in a new tab)Annex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2019), row "Final budgetary balance", the line above "Adjustment for risk", 2024–2025 columnPublished December 16, 2019. Accessed October 5, 2026.

-$35,697,827,000 (-$35.7B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

-35697827000

Approximate: applies the fiscal-year share of GDP to calendar-year 2025 GDP.

• RBC Economics, Fiscal roundup: Provinces deepen deficit track ahead of federal update (opens in a new tab)Summary and section "Collective provincial deficit jumped this budget round" (combined provincial balance, contingencies removed)Published April 24, 2026. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0104-01, Gross domestic product, expenditure-based, Canada, quarterly (opens in a new tab)Vector v62305783, GDP at market prices, current prices, seasonally adjusted at annual rates; 2025 = average of the four quarters (release of 2026-08-28)Published August 28, 2026. Accessed September 28, 2026.