Provincial and territorial government finance: Assets and liabilities

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As of March 31, 2007, the net financial debt (defined as the excess of liabilities over financial assets) of provincial and territorial general governments totalled $242.4 billion, down $10.1 billion or 4.0% from March 31, 2006.

Financial assets increased by $39.7 billion, larger than the growth of $29.5 billion in liabilities. The increase in assets was mainly the result of a $27.4 billion increase in securities held by provincial and territorial general governments.

All provinces, except Quebec, saw an improvement in their financial position for the fiscal year ending March 31, 2007.

Most of the improvement in the financial position of general governments was the result of two factors. One was a $7.3 billion increase in the net financial wealth in Alberta (defined as the excess of financial assets over liabilities). The other was a $2.9 billion decline in British Columbia's net financial debt.

The financial assets of Alberta, Northwest Territories and Yukon continued to exceed liabilities.

The net financial debt of provincial and territorial general governments declined to 16.5% of gross domestic product in the fiscal year 2007 from 18.1% in 2006.

On a per capita basis, the net financial debt of provincial and territorial general governments decreased by $391, from $7,778 in fiscal year 2006 to $7,387 in 2007. Newfoundland and Labrador had the highest per capita net financial debt in Canada.

Note: These statistics are based on the actual data released in the provincial and territorial governments' Public Accounts dated March 31, 2007, and converted to Statistics Canada's Financial Management System (FMS). This system provides a standardized presentation of government accounting for the federal, provincial and local governments in Canada. The accounting systems of individual governments are not directly comparable because the policies and structure of governments differ.

The FMS adjusts data from governments Public Accounts and other financial statements to provide detailed data that permit inter-government comparisons as well as compatible national aggregates that are consistent over time. As a result, FMS statistics may not accord with the figures published in government financial statements. A reconciliation statement between the Public Accounts and the FMS is available on CANSIM.

Available on CANSIM: tables 385-0014, 385-0018, 385-0019, 385-0025, 385-0026 and 385-0029.

Definitions, data sources and methods: survey number 1709.

Data tables on public sector finance are also available online in the National economic account module of our website.

Data are also available through custom and special tabulation.

For more information on the products or services of the Public Institutions Division, contact Client Services (613-951-0767; fe-pid-dipinfo@statcan.gc.ca). To enquire about the concepts, methods or data quality of this release, contact Philippe Samborski (613-951-7101; philippe.samborski@statcan.gc.ca), Public Institutions Division.

Provincial and territorial government finance: Assets and liabilities

As of March 31, 2007, the net financial debt (defined as the excess of liabilities over financial assets) of provincial and territorial general governments totalled $242.4 billion, down $10.1 billion or 4.0% from March 31, 2006.

Financial assets increased by $39.7 billion, larger than the growth of $29.5 billion in liabilities. The increase in assets was mainly the result of a $27.4 billion increase in securities held by provincial and territorial general governments.

All provinces, except Quebec, saw an improvement in their financial position for the fiscal year ending March 31, 2007.

Most of the improvement in the financial position of general governments was the result of two factors. One was a $7.3 billion increase in the net financial wealth in Alberta (defined as the excess of financial assets over liabilities). The other was a $2.9 billion decline in British Columbia's net financial debt.

The financial assets of Alberta, Northwest Territories and Yukon continued to exceed liabilities.

The net financial debt of provincial and territorial general governments declined to 16.5% of gross domestic product in the fiscal year 2007 from 18.1% in 2006.

On a per capita basis, the net financial debt of provincial and territorial general governments decreased by $391, from $7,778 in fiscal year 2006 to $7,387 in 2007. Newfoundland and Labrador had the highest per capita net financial debt in Canada.

Note: These statistics are based on the actual data released in the provincial and territorial governments' Public Accounts dated March 31, 2007, and converted to Statistics Canada's Financial Management System (FMS). This system provides a standardized presentation of government accounting for the federal, provincial and local governments in Canada. The accounting systems of individual governments are not directly comparable because the policies and structure of governments differ.

The FMS adjusts data from governments Public Accounts and other financial statements to provide detailed data that permit inter-government comparisons as well as compatible national aggregates that are consistent over time. As a result, FMS statistics may not accord with the figures published in government financial statements. A reconciliation statement between the Public Accounts and the FMS is available on CANSIM.

Available on CANSIM: tables 385-0014, 385-0018, 385-0019, 385-0025, 385-0026 and 385-0029.

Definitions, data sources and methods: survey number 1709.

Data tables on public sector finance are also available online in the National economic account module of our website.

Data are also available through custom and special tabulation.

For more information on the products or services of the Public Institutions Division, contact Client Services (613-951-0767; fe-pid-dipinfo@statcan.gc.ca). To enquire about the concepts, methods or data quality of this release, contact Philippe Samborski (613-951-7101; philippe.samborski@statcan.gc.ca), Public Institutions Division.