Not only did the population of the world reach a record 7
billion people on October 31, 2011, but the Canadian Federal Debt also reached
an all-time high. Based on economic forecasts, the Federal Debt
(accumulated deficit) reached $568 billion on October 31st.
The Canadian debt is confusing, because several different
numbers are reported. As of March 31, 2011, which is the financial year
end for the Government of Canada, here are the various numbers, in $billions:
Total interest-bearing debt
Add accounts payable and accrued liabilities
Federal gross debt
Less financial assets
Less non-financial assets
Federal debt (accumulated deficit)
used by the CTF debt clock
The total government gross debt is reported in the
table below. Most organizations focus on the Federal Debt
(accumulated deficit), which is a much lower total than the gross
When the debt includes all levels of government, Canada's total gross government debt in 2011 is 84% of
GDP, or $1.4 trillion. See our article on Debt
in Selected Countries for the significance of this number.
The % of GDP is based on the GDP at Market Prices (Statistics
Canada V498074) for the prior calendar year. For instance, the 2012 % of
GDP is based on the 2011 GDP. The amounts for the GDP are obtained from
Statistics Canada table for Gross
Domestic Product, Income-Based.
There is a wealth of information available on the Department of Finance
website, including Fiscal
Reference Tables where you can see not only Federal information, but
also information such as the public accounts (net debt) of the provincial
and territorial governments.