Unmatured debt

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Marketable bonds

Market debt is measured at amortized cost. At initial recognition, amortized cost is calculated by taking into account transaction costs, including debt issuance costs, and any discount or premium arising on issuance of the debt when the face value of the instrument issued differs from the proceeds received. Subsequently, the effective interest method is applied to determine the amortized cost of the instrument and allocate the unamortized portion and interest to public debt charges over the term to maturity of the instrument, or a shorter period when appropriate.

Marketable bonds are interest-bearing certificates of indebtedness issued by the Government of Canada, and have the following characteristics:

bought and sold on the open market;
payable in Canadian or foreign currency;
subject to redemption before maturity;
fixed dates of maturity;
interest payable either in coupon or registered form;
face value guaranteed at maturity.

Registered marketable bonds are transferable by endorsement and delivery by one holder to another. Bearer marketable bonds need not be endorsed. The totals for marketable bonds include amounts for real return bonds (RRBs). For RRBs, the interest payable is indexed to the Consumer Price Index (CPI), while it is not for other marketable bonds. Additionally, the face value of RRBs is adjusted for inflation at maturity (indexed to CPI).

The year-end balances of marketable bonds payable in foreign currencies were translated into Canadian dollars using the closing rates of exchange at March 31, 2023.

**Table 6.2**
**Marketable bonds**
(in dollars)
Payable in Canadian currency
	April 1, 2022 Restated	Receipts and other credits^{Link to table note 1}	Payments and other charges^{Link to table note 1}	March 31, 2023
Matured 2022–2023	181,706,022,000	–	181,706,022,000	–
Maturing
2023–2024	152,966,232,000	–	350,000,000	152,616,232,000
2024–2025	105,065,381,000	56,500,000,000	220,000,000	161,345,381,000
2025–2026	102,733,858,000	26,500,000,000	–	129,233,858,000
2026–2027	62,155,185,000	4,515,025,000	–	66,670,210,000
2027–2028	18,360,841,000	31,500,000,000	–	49,860,841,000
2028–2029	13,500,000,000	–	–	13,500,000,000
2029–2030	27,898,959,000	–	–	27,898,959,000
2030–2031	84,200,000,000	–	–	84,200,000,000
2031–2032	83,219,448,000	546,882,000	–	83,766,330,000
2032–2033	5,000,000,000	40,000,000,000	–	45,000,000,000
2033–2034	11,988,905,000	12,000,000,000	–	23,988,905,000
2036–2037	8,250,781,500	489,411,000	–	8,740,192,500
2037–2038	11,730,774,000	–	–	11,730,774,000
2041–2042	22,393,134,000	507,428,500	–	22,900,562,500
2044–2045	9,675,512,000	573,881,000	–	10,249,393,000
2045–2046	16,300,000,000	–	–	16,300,000,000
2047–2048	9,071,986,000	538,076,000	–	9,610,062,000
2048–2049	14,900,000,000	–	–	14,900,000,000
2050–2051	8,494,216,000	503,804,000	–	8,998,020,000
2051–2052	51,816,529,000	–	–	51,816,529,000
2053–2054	19,000,000,000	13,000,000,000	–	32,000,000,000
2054–2055	1,456,014,000	857,556,000	–	2,313,570,000
2055–2056	–	1,500,000,000	–	1,500,000,000
2064–2065	8,750,000,000	–	–	8,750,000,000
Subtotal	1,030,633,777,500	189,532,063,500	182,276,022,000	1,037,889,819,000
Unamortized (discounts) and premiums	7,976,865,272	–	7,976,865,272	–
Accrued interest payable	4,367,907,798	–	4,367,907,798	–
Less:
Adjustment to amortized cost^{Link to table note 2}	–	(negative 30,561,366,298)	(negative 23,670,683,938)	(negative 6,890,682,360)
Government holdings of unmatured debt	–	–	–	–
Consolidation adjustment^{Link to table note 3}	(negative 262,235,000)	(negative 141,414,000)	(negative 188,049,000)	(negative 215,600,000)
Subtotal	(negative 262,235,000)	(negative 30,702,780,298)	(negative 23,858,732,938)	(negative 7,106,282,360)
Total marketable bonds payable in Canadian currency	1,043,240,785,570	220,234,843,798	218,479,528,008	1,044,996,101,360
Payable in foreign currencies
Matured 2022–2023	3,750,450,000	–	3,750,450,000	–
Maturing
2024–2025	3,750,450,000	304,200,000	–	4,054,650,000
2025–2026	–	4,730,425,000	–	4,730,425,000
2026–2027	4,375,525,000	354,900,000	–	4,730,425,000
Subtotal	11,876,425,000	5,389,525,000	3,750,450,000	13,515,500,000
Unamortized (discounts) and premiums	(negative 27,780,196)	27,780,196	–	–
Accrued interest payable	51,581,710	–	51,581,710	–
Less: Adjustment to amortized cost^{Link to table note 2}	–	(negative 338,324,069)	(negative 278,404,570)	(negative 59,919,499)
Total marketable bonds payable in foreign currencies	11,900,226,514	5,755,629,265	4,080,436,280	13,575,419,499
Total future principal repayments at contractual maturity	1,055,141,012,084	225,990,473,063	222,559,964,288	1,058,571,520,859
Total market debt	1,055,141,012,084	225,990,473,063	222,559,964,288	1,058,571,520,859
Table 6.2 notes General notes: The dash means that the amount is 0 or is rounded to 0. Table note 1 These columns include the translation of marketable bonds payable in foreign currencies to Canadian dollars using the closing rates of exchange at March 31. Return to table note 1 referrer Table note 2 The adjustment to amortized cost represents the difference between the carrying amount of debt measured at amortized cost and the principal payable at maturity. Return to table note 2 referrer Table note 3 Includes $13,896,000 of securities held by consolidated Crown corporations and other entities and $229,496,000 of borrowings by consolidated agent Crown corporations. Additional information on consolidated Crown corporations and other entities is provided in Section 4 of this volume. Return to table note 3 referrer

Treasury bills

Treasury bills are short-term certificates of indebtedness issued by the Government of Canada to pay sums of money on given dates, and have the following characteristics:

issued at a discount in lieu of interest payments;
issued in Canadian currency only;
issued every 2 weeks;
common terms: 3 months, 6 months and 12 months;
transferable;
bought and sold on the open market.

**Table 6.3**
**Treasury bills**
(in dollars)
Less:
	April 1, 2022 Restated	Receipts and other credits	Payments and other charges	March 31, 2023
Three-month bills	59,000,000,000	239,200,000,000	227,800,000,000	70,400,000,000
Six-month bills	40,600,000,000	88,400,000,000	82,800,000,000	46,200,000,000
Other bills	87,800,000,000	88,400,000,000	91,000,000,000	85,200,000,000
Subtotal	187,400,000,000	416,000,000,000	401,600,000,000	201,800,000,000
Unamortized (discounts) and premiums	(negative 503,723,833)	503,723,833	–	–
Adjustment to amortized cost^{Link to table note 1}	–	(negative 4,534,320,447)	(negative 7,418,637,200)	2,884,316,753
Consolidation adjustment^{Link to table note 2}	19,358,000	(negative 3,149,000)	–	16,209,000
Subtotal	19,358,000	(negative 4,537,469,447)	(negative 7,418,637,200)	2,900,525,753
Total	186,876,918,167	421,041,193,280	409,018,637,200	198,899,474,247
Table 6.3 notes General notes: The dash means that the amount is 0 or is rounded to 0. Table note 1 The adjustment to amortized cost represents the difference between the carrying amount of debt measured at amortized cost and the principal payable at maturity. Return to table note 1 referrer Table note 2 Represents securities held by consolidated Crown corporations and other entities. Additional information is provided in Section 4 of this volume. Return to table note 2 referrer

Canada bills

Canada bills are short-term certificates of indebtedness issued by the Government of Canada in the United States money market under the government's foreign currency borrowing program. Canada bills provide Canada with an additional source of short-term US funds and have the following characteristics:

issued at a discount in lieu of interest payments;
term to maturity of not more than 270 days;
transferable;
bought and sold on the open market.

The year-end balance of Canada bills payable in US dollars was translated into Canadian dollars using the closing rate of exchange at March 31, 2023.

**Table 6.4**
**Canada bills**
(in dollars)
	April 1, 2022 Restated	Receipts and other credits	Payments and other charges	March 31, 2023
Canada bills before revaluation	2,377,946,499	19,358,613,155	19,455,834,078	2,280,725,576
Exchange valuation adjustment	196,777,431	–	4,117,851	192,659,580
Unamortized (discounts) and premiums	(negative 1,967,429)	1,967,429	–	–
Less: Adjustment to amortized cost^{Link to table note 1}	–	(negative 61,824,166)	(negative 76,327,458)	14,503,292
Total	2,572,756,501	19,422,404,750	19,536,279,387	2,458,881,864
Table 6.4 notes General notes: The dash means that the amount is 0 or is rounded to 0. Table note 1 The adjustment to amortized cost represents the difference between the carrying amount of debt measured at amortized cost and the principal payable at maturity. Return to table note 1 referrer

Interest rates

Table 6.5 sets out market debt as at March 31, for each of the years 2019 to 2023 inclusively, with the average rate of interest thereon. For purposes of comparison, market debt is classified as marketable bonds, treasury bills and Canada bills.

**Table 6.5**
**Market debt as at March 31, from 2019 to 2023, with the average rate of interest thereon**
(in millions of dollars)
	Amount outstanding Restated	Average interest rate %	Amount outstanding Restated	Average interest rate %	Amount outstanding Restated	Average interest rate %	Amount outstanding Restated	Average interest rate %
	Marketable bonds		Treasury bills		Canada bills		Total market debt
2023	1,058,572	1.90	198,899	4.28	2,459	4.64	1,259,930	2.28
2022	1,055,141	1.49	186,877	0.60	2,573	0.33	1,244,591	1.37
2021	886,616	1.63	218,775	0.21	4,054	0.07	1,109,445	1.35
2020	609,532	2.19	151,867	1.39	2,160	1.56	763,559	2.03
2019	580,542	2.28	134,300	1.79	2,699	2.44	717,541	2.18
Table 6.5 notes General notes: The interest rate in effect at March 31 is used where various rates of interest are applicable.

**Table 6.6**
**Treasury bills average yields at tender**
(in percentage)
Year ended March 31	High	Low	Last issue
Three-month bills
2023	4.57	1.02	4.41
2022	0.77	0.04	0.77
2021	0.73	0.06	0.12
2020	1.69	0.38	0.38
2019	1.73	1.12	1.65
Six-month bills
2023	4.69	1.48	4.44
2022	1.36	0.09	1.36
2021	0.43	0.10	0.17
2020	1.75	0.38	0.38
2019	1.93	1.33	1.68
364-day bills
2023	4.79	2.10	4.35
2022	1.99	0.13	1.99
2021	0.50	0.13	0.21
2020	1.76	0.38	0.38
2019	2.17	1.64	1.70
Other bills
2023	–	–	–
2022	0.12	0.06	0.06
2021	0.23	0.19	0.19
2020	1.77	0.30	0.30
2019	1.76	1.10	1.71
Table 6.6 notes General notes: The dash means that the amount is 0 or is rounded to 0.

Maturity of government debt

**Table 6.7**
**Maturity of Government debt**
(in millions of dollars)
	Amount Restated	Average interest rate %	Amount Restated	Average interest rate %	Amount Restated	Average interest rate %	Amount Restated	Average interest rate %
	Marketable bonds		Treasury bills		Canada bills		Total market debt
2024	152,616	0.99	201,800	4.28	2,473	4.64	356,889	2.86
2025	165,400	1.94	–	–	–	–	165,400	1.94
2026	133,964	1.54	–	–	–	–	133,964	1.54
2027	71,400	1.78	–	–	–	–	71,400	1.78
2028	49,861	3.07	–	–	–	–	49,861	3.07
2029–2033	254,365	1.92	–	–	–	–	254,365	1.92
2034–2038	44,460	4.17	–	–	–	–	44,460	4.17
2039–2043	22,901	3.23	–	–	–	–	22,901	3.23
2044–2048	36,159	1.79	–	–	–	–	36,159	1.79
2049–2053	75,715	1.67	–	–	–	–	75,715	1.67
2054–2058	35,814	2.21	–	–	–	–	35,814	2.21
2064–2068	8,750	2.45	–	–	–	–	8,750	2.45
Subtotal	1,051,405	1.90	201,800	4.28	2,473	4.64	1,255,678	2.28
Less:
Government's holdings and consolidation adjustment	(negative 216)		16		–		(negative 200)
Adjustment to amortized cost^{Link to table note 1}	(negative 6,951)		2,885		14		(negative 4,052)
Total	1,058,572	1.90	198,899	4.28	2,459	4.64	1,259,930	2.28
Table 6.7 notes General notes: The dash means that the amount is 0 or is rounded to 0. A blank cell means there is no available data. Table note 1 The adjustment to amortized cost represents the difference between the carrying amount of debt measured at amortized cost and the principal payable at maturity. Return to table note 1 referrer

Obligation related to capital leases

A capital lease is a lease that transfers substantially all the benefits and risks inherent in ownership of the asset to the lessee. The net obligation related to capital leases represents the present values of the remaining minimum lease payments under the capital lease arrangements.

**Table 6.8**
**Obligation related to capital leases**
(in dollars)
	April 1, 2022	Net changes	March 31, 2023
Buildings	2,225,876,807	(negative 139,158,481)	2,086,718,326
Works and infrastructure	361,074,777	(negative 28,735,354)	332,339,423
Machinery and equipment	198,459,452	(negative 71,748,089)	126,711,363
Total	2,785,411,036	(negative 239,641,924)	2,545,769,112

Capital leases

**Table 6.9**
**Details of obligation related to capital leases**
(in thousands of dollars)
Canadian Heritage
	Inception date	Lease term in years	Discount rate %^{Link to table note 1}	Total estimated remaining minimum lease payments	Less: imputed interest using the discount rate	Net obligations under capital lease arrangements
Canadian Broadcasting Corporation
Maison de Radio-Canada, Montréal	Feb 2020	30	2.95	251,742	76,770	174,972
Canadian Museum of Nature
Natural Heritage Building, Gatineau	Sep 1996	35	9.88	29,750	9,710	20,040
National Film Board
Capital leases less than $10,000,000				135	2	133
National Defence
Department of National Defence
Energy Performance Contract, Esquimalt	Apr 2021	12	1.05	1,000	3	997
Energy Performance Contract, Greenwood	Apr 2021	13	1.11	1,236	5	1,231
Energy Performance Contract, Petawawa	Apr 2021	9	0.86	2,414	17	2,397
Longue Pointe Supply Depot, Montréal	Nov 1994	35	11.89	26,485	8,177	18,308
Montfort Hospital, Ottawa—Health Services	Feb 2009	17	5.26	11,338	126	11,212
Subtotal				42,473	8,328	34,145
Natural Resources
Department of Natural Resources
183 Longwood Drive, Hamilton	Nov 2010	25	1.65	55,159	5,394	49,765
Public Safety
Royal Canadian Mounted Police
RCMP Detachment, Cornwall	Aug 2009	25	5.54	13,084	3,403	9,681
Capital leases less than $10,000,000				687	179	508
Subtotal				13,771	3,582	10,189
Public Services and Procurement
Department of Public Works and Government Services
111 Lombard Avenue, Winnipeg	Nov 2014	20	2.69	13,398	1,897	11,501
1501 Bleury Street, Montréal	Oct 2019	20	4.50	53,873	15,901	37,972
1550 d'Estimauville Avenue, Québec	Nov 2011	20	8.24	37,454	10,671	26,783
181 Queen Street, Ottawa	Mar 2004	20	10.65	3,519	180	3,339
191 Laurier Avenue West, Ottawa	Jul 2022	10	3.20	29,544	3,856	25,688
2 Victoria Avenue, Miramichi	Jan 2018	20	3.46	45,035	9,807	35,228
200 Promenade du Portage, Gatineau	Nov 2019	10	4.36	10,005	1,321	8,684
22 Eddy Street, Gatineau	May 2013	25	7.89	181,740	75,693	106,047
2575 Sainte-Anne Boulevard, Québec	Apr 2015	20	10.32	26,416	11,300	15,116
30 Victoria Street, Gatineau	Jun 2013	25	7.89	182,715	76,392	106,323
351 Saint-Joseph Boulevard, Gatineau (Lease 1 of 3)	Jul 2011	25	5.28	48,022	13,596	34,426
351 Saint-Joseph Boulevard, Gatineau (Lease 2 of 3)	Dec 2011	25	7.33	12,500	4,561	7,939
351 Saint-Joseph Boulevard, Gatineau (Lease 3 of 3)	Aug 2014	12	2.45	3,328	135	3,193
395 Terminal Avenue, Ottawa	Jan 2013	15	2.67	21,159	1,309	19,850
455 de la Carrière Boulevard, Gatineau	Nov 2012	25	6.86	137,321	50,698	86,623
550 de la Cité Boulevard, Gatineau	Dec 2021	15	2.34	57,995	8,551	49,444
40 Elgin Street, Ottawa	Oct 2021	20	3.81	51,179	14,248	36,931
90 Elgin Street, Ottawa	Nov 2014	25	7.23	323,985	135,561	188,424
Canada Place Building, Edmonton	Oct 2007	25	4.44	196,971	37,585	159,386
Guy Favreau Complex, Montréal	Jan 2004	30	3.17	27,041	4,150	22,891
Harry Hays Building, Calgary	Oct 2007	25	4.44	195,074	37,226	157,848
Joseph Shepard Building, Toronto	Oct 2007	25	4.44	134,896	25,743	109,153
Judicial Complex, Toronto	Apr 2006	20	11.40	20,002	3,137	16,865
Maritime Centre, Halifax	Jan 2010	15	6.26	2,891	160	2,731
Mercury Centre, Ottawa	Jan 2007	25	4.50	56,886	9,943	46,943
Montcalm Place, Tower II, Gatineau	Apr 2012	15	2.64	7,208	375	6,833
RCMP Building, Montréal	Oct 2007	25	4.44	34,050	6,507	27,543
Revenue Canada Building, Montréal	Oct 2007	25	4.44	69,012	13,172	55,840
Skyline Complex, Ottawa	Oct 2007	25	4.44	152,889	29,194	123,695
Thomas D'Arcy McGee Building, Ottawa	Oct 2007	25	4.44	118,895	22,683	96,212
Trusco Building, Ottawa	Sep 2006	20	4.28	23,734	1,690	22,044
Capital leases less than $10,000,000				170,978	31,161	139,817
Subtotal				2,449,715	658,403	1,791,312
Shared Services Canada
IBM—Mainframes	Jul 2021	4	3.07	82,797	2,668	80,129
Supercomputer—Meteorological Service of Canada, Dorval	Jul 2017	8	1.44	46,999	615	46,384
Subtotal				129,796	3,283	126,513
Transport
Department of Transport
Confederation Bridge, Borden-Carleton	May 1997	35	6.16	661,873	329,534	332,339
Other ministries
Capital leases less than $10,000,000				8,867	2,506	6,361
Total				3,643,281	1,097,512	2,545,769
Table 6.9 notes General notes: A blank cell means there is no available data. Table note 1 For lessors and lessees, the financing rate of a lease agreement is subject to change over the term of lease. Return to table note 1 referrer

Minimum lease payments related to capital leases

**Table 6.10**
**Minimum lease payments related to capital leases**
(in thousands of dollars)
	2024	2025	2026	2027	2028	2029 and subsequent	Total
	Payments due by March 31
Canadian Heritage
Canadian Broadcasting Corporation
Remaining payments	9,382	9,382	9,382	9,382	9,382	204,832	251,742
Imputed interest	5,015	4,886	4,753	4,617	4,476	53,023	76,770
Subtotal	4,367	4,496	4,629	4,765	4,906	151,809	174,972
Canadian Museum of Nature
Remaining payments	3,500	3,500	3,500	3,500	3,500	12,250	29,750
Imputed interest	1,919	1,753	1,573	1,373	1,152	1,940	9,710
Subtotal	1,581	1,747	1,927	2,127	2,348	10,310	20,040
National Film Board
Remaining payments	92	43	–	–	–	–	135
Imputed interest	2	–	–	–	–	–	2
Subtotal	90	43	–	–	–	–	133
National Defence
Department of National Defence
Remaining payments	11,268	9,197	7,592	4,023	4,023	6,370	42,473
Imputed interest	2,162	1,876	1,565	1,242	893	590	8,328
Subtotal	9,106	7,321	6,027	2,781	3,130	5,780	34,145
Natural Resources
Department of Natural Resources
Remaining payments	4,372	4,372	4,372	4,372	4,372	33,299	55,159
Imputed interest	794	735	674	613	550	2,028	5,394
Subtotal	3,578	3,637	3,698	3,759	3,822	31,271	49,765
Public Safety
Royal Canadian Mounted Police
Remaining payments	1,206	1,206	1,206	1,206	1,206	7,741	13,771
Imputed interest	548	510	470	429	385	1,240	3,582
Subtotal	658	696	736	777	821	6,501	10,189
Public Services and Procurement
Department of Public Works and Government Services
Remaining payments	233,578	228,650	225,578	211,931	207,324	1,342,654	2,449,715
Imputed interest	91,815	84,912	77,538	70,247	63,349	270,542	658,403
Subtotal	141,763	143,738	148,040	141,684	143,975	1,072,112	1,791,312
Shared Services Canada
Remaining payments	70,435	51,517	7,844	–	–	–	129,796
Imputed interest	2,371	872	40	–	–	–	3,283
Subtotal	68,064	50,645	7,804	–	–	–	126,513
Transport
Department of Transport
Remaining payments	77,179	67,819	68,844	69,884	70,940	307,207	661,873
Imputed interest	47,135	36,408	36,002	35,547	35,040	139,402	329,534
Subtotal	30,044	31,411	32,842	34,337	35,900	167,805	332,339
Other ministries
Remaining payments	2,043	1,864	1,576	1,551	272	1,561	8,867
Imputed interest	440	354	285	219	173	1,035	2,506
Subtotal	1,603	1,510	1,291	1,332	99	526	6,361
Total	260,854	245,244	206,994	191,562	195,001	1,446,114	2,545,769
Summary
Remaining payments	413,055	377,550	329,894	305,849	301,019	1,915,914	3,643,281
Imputed interest	152,201	132,306	122,900	114,287	106,018	469,800	1,097,512
Net obligation	260,854	245,244	206,994	191,562	195,001	1,446,114	2,545,769
Table 6.10 notes General notes: The dash means that the amount is 0 or is rounded to 0.

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Date modified:: 2023-10-23

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