The Government posted a budgetary deficit of $5.2 billion for
the fiscal year ended March 31, 2014, down from a budgetary deficit
of $18.4 billion in 2012–13.
Revenues increased by $15.0 billion, or 5.9 per cent, from
2012–13, reflecting increases across all revenue streams.
Program expenses increased by $2.4 billion, or 1.0 per cent, as
increases in major transfers to persons and other levels of
government were offset in part by a decrease in direct program
expenses. Public debt charges were down $0.7 billion, or 2.3 per
Direct program expenses, which include other transfer payments,
the operating expenses of government departments and agencies, and
the expenses of consolidated Crown corporations, have now decreased
for four years in a row. This is the first time this has occurred
since 1961–62, the earliest year for which records are
available. This decline reflects effective control of government
The federal debt (the difference between total liabilities and
total assets) stood at $611.9 billion at March 31, 2014. The
federal debt-to-GDP (gross domestic product) ratio was 32.5 per
cent, down from 33.5 per cent a year earlier.
As reported by the Organisation for Economic Co-operation and
Development (OECD), Canada's total government net debt-to-GDP
ratio, which includes the net debt of the federal,
provincial/territorial and local governments, as well as the net
assets held in the Canada Pension Plan and Québec Pension
Plan, stood at 40.4 per cent in 2013. This is the lowest level
among Group of Seven (G-7) countries, which the OECD expects will
record an average net debt of 84.3 per cent of GDP for the same
For the 16th consecutive year, the Government has received an
unmodified audit opinion from the Auditor General of Canada on the
consolidated financial statements.
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