Why consolidate
A federal transfer appears as federal expense and provincial revenue. Federal or provincial securities can also be held by public entities. Consolidation removes internal positions so the total better represents the public sector’s relationship with other sectors.
This makes consolidated data useful for international comparison and macroeconomic analysis.
Pension assets can change net debt
Canada’s public pension plans hold substantial financial assets for future benefits. Some international general-government net-debt presentations include these assets, which can materially lower the reported net ratio.
A comparison must say whether social-security funds are included. Statistics Canada sometimes publishes both presentations to make the effect visible.
Do not mix consolidated and unconsolidated numbers
Adding the federal accumulated deficit to provincial net debt is not a clean substitute for a consolidated statistic. Definitions and internal holdings may differ.
Use Statistics Canada or harmonized Department of Finance tables when the question is the combined Canadian public sector.
Primary sources
Use the official publications below for the latest figures and accounting details.
- Government Finance StatisticsStatistics Canada
- Fiscal Reference TablesDepartment of Finance Canada