Annual Financial Report: Budgetary deficit is $14.0 billion

Federal Debt (Accumulated Deficit)

Annual Financial Report: Budgetary deficit is $14.0 billion


Sept 20, 2019

Global Korean Post


The Department of Finance Canada on September 17, 2019 released the Annual Financial Report of the Government of Canada for 2018–19. The report provides an overview of the Government’s financial results for the fiscal year ended March 31, 2019.


The report also includes the condensed consolidated financial statements of the Government and the audit opinion of the Auditor General of Canada.

The complete consolidated financial statements are available on the Public Services and Procurement Canada website.


Quick facts

  • The Government posted a budgetary deficit of $14.0 billion for the fiscal year ended March 31, 2019, compared to an estimated deficit of $14.9 billion in the March 2019 budget.
  • Revenues increased by $21.0 billion, or 6.7 per cent, from 2017–18. Program expenses increased by $14.6 billion, or 4.7 per cent, reflecting increases in all major categories of expenses. Public debt charges were up $1.4 billion, or 6.3 per cent.
  • The federal debt (the difference between total liabilities and total assets) stood at $685.5 billion at March 31, 2019. The federal debt-to-GDP (gross domestic product) ratio was 30.9 per cent, down from 31.3 per cent in the previous year.
  • Public debt charges amounted to 6.7 per cent of expenses in 2018–19. This is down from a peak of nearly 30 per cent in the mid-1990s.
  • Canada’s total government net debt-to-GDP ratio continues to be the lowest among the Group of Seven (G7) countries and less than half the G7 average.
  • For the 21st 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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