The federal budget

A budget sets out the government’s economic assumptions, policy decisions and projections for revenues, expenses, deficits and debt. It is forward-looking. Its tables may include the current fiscal year and several future years.

A budget is not an audited statement of what has already happened. Forecasts change when economic conditions, policy decisions or accounting information change.

The Estimates process

Main and Supplementary Estimates support Parliament’s review of spending authorities. They are organized by departments, votes and statutory programs. Their scope and accounting presentation do not line up perfectly with consolidated budget expenses.

A difference between a budget number and an Estimates number is therefore not automatically an error. Timing, coverage, accrual versus cash treatment and statutory spending can explain it.

The Public Accounts

After March 31, the Receiver General prepares the Public Accounts. They contain the consolidated financial statements and detailed information on federal operations. The statements are audited by the Auditor General.

For the official annual deficit and year-end accumulated federal debt, the Public Accounts and Annual Financial Report are the strongest reference points.

Primary sources

Use the official publications below for the latest figures and accounting details.

Editorial note: This page explains public accounting concepts and is not a recommendation for or against any political party, tax, program or borrowing decision.