What “Federal Debt” Means in Canada’s Public Accounts
The federal government often uses “federal debt” and “accumulated deficit” for the same balance-sheet measure.
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Know the Measures
Federal debt, net debt, gross debt, market debt and the ratios used to compare them.
Gross Debt, Net Debt and Federal Debt
Three debt labels can produce three different Canadian numbers. The difference is mainly which assets are subtracted.
Read guideMarket Debt Is Not the Same as Accumulated Debt
Government bonds and treasury bills are central to borrowing, but their total is not identical to federal debt in the Public Accounts.
Read guideCanada’s Debt-to-GDP Ratio Explained
Debt-to-GDP compares a debt measure with the annual size of the economy. It is useful—but only when the numerator is clearly identified.
Read guideDeficit-to-GDP Is an Annual Pressure Gauge
Deficit-to-GDP compares one year’s shortfall with the size of the economy during that period.
Read guidePer-Capita Government Debt: Useful but Easy to Misread
Dividing debt by population creates a scale comparison, not a personal bill sent to each Canadian.
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