The official balance-sheet definition
The federal government consolidates departments, agencies and other reporting entities. It records liabilities such as accounts payable, market debt and pension obligations, then subtracts financial assets and non-financial assets.
The remaining amount is the accumulated deficit. Department of Finance publications commonly label it “federal debt (accumulated deficit).”
Latest audited reference point
For the fiscal year ended March 31, 2025, the Annual Financial Report recorded total liabilities of about $2.2 trillion and federal debt of $1,266.5 billion. The annual budgetary deficit was $36.3 billion. These are audited annual figures, not live counters.
Later monthly monitors and economic updates describe subsequent periods, but they are not substitutes for the next set of audited Public Accounts.
Why this is not the same as all government debt
The federal balance excludes provincial, territorial and municipal governments. It also differs from Statistics Canada’s consolidated general-government measures, which are designed for national and international comparison.
A statement about “Canada’s debt” is incomplete until the speaker says whether it refers to federal Public Accounts, all Canadian governments, gross debt, net debt or market debt.
Primary sources
Use the official publications below for the latest figures and accounting details.
- Annual Financial Report 2024–2025Department of Finance Canada
- About the Public Accounts of CanadaPublic Services and Procurement Canada