What market debt includes
The federal government raises funds mainly through marketable bonds and treasury bills, with additional instruments used for specific purposes. These securities mature on set dates and carry interest or are sold at a discount.
Market debt is important for cash management, refinancing and interest-rate risk. It answers “what has the government borrowed in financial markets?” rather than “what is the accumulated deficit?”
Why market debt can exceed federal debt
The government has liabilities beyond market securities, but it also owns substantial financial and non-financial assets. The accumulated-deficit calculation nets assets against all liabilities, while market debt focuses on borrowing instruments.
The two series can therefore move differently. Issuing debt to acquire a financial asset, for example, can increase market borrowing without creating an equal increase in accumulated deficit at that moment.
Where to find the numbers
The Department of Finance publishes annual debt-management strategies and reports. The Bank of Canada, acting as fiscal agent, publishes auction information and amounts of Government of Canada securities outstanding.
For the consolidated federal balance sheet, use the Public Accounts or Annual Financial Report instead.
Primary sources
Use the official publications below for the latest figures and accounting details.
- Debt Management PublicationsDepartment of Finance Canada
- Government Securities and MarketsBank of Canada
- Fiscal Agent for the Government of CanadaBank of Canada