Section 7: Public debt charges
Public Accounts of Canada 2023 Volume III—Top of the page Navigation
Public debt charges include effective interest calculated on market debt including amounts arising on the extinguishment of debt, as well as interest on obligations for public sector pensions and other employee and veteran future benefits.
The following statement presents details of the current year's public debt charges.
| Description | Rate of interest (%) | Amount of principal | Amount charged in 2023 |
|---|---|---|---|
| Unmatured Debt | |||
| Interest on marketable bonds Link to table note 1 | |||
| Payable in Canadian currency | |||
| CA135087K866—May 2022 | 1.50 | – | 13,191,759 |
| CA135087UM44—June 2022 | 9.25 | – | 3,193,725 |
| CA135087ZU15—June 2022 | 2.75 | – | 48,174,275 |
| CA135087L286—Aug 2022 | 0.25 | – | 30,056,343 |
| CA135087G732—Sept 2022 | 1.00 | – | 144,701,118 |
| CA135087L369—Nov 2022 | 0.25 | – | 65,396,515 |
| CA135087L773—Feb 2023 | 0.25 | – | 67,449,435 |
| CA135087H490—March 2023 | 1.75 | – | 390,489,228 |
| CA135087L856—May 2023 | 0.25 | 29,750,000,000 | 84,616,757 |
| CA135087A610—June 2023 | 1.50 | 14,150,000,000 | 259,793,918 |
| CA135087UT96—June 2023 | 8.00 | 2,358,552,000 | 187,383,754 |
| CA135087M359—Aug 2023 | 0.25 | 20,000,000,000 | 90,198,984 |
| CA135087H987—Sept 2023 | 2.00 | 40,500,000,000 | 351,400,859 |
| CA135087M763—Nov 2023 | 0.50 | 16,500,000,000 | 87,830,800 |
| CA135087M920—Feb 2024 | 0.75 | 17,450,000,000 | 186,873,362 |
| CA135087J546—March 2024 | 2.25 | 11,907,680,000 | 256,558,938 |
| CA135087L690—Apr 2024 | 0.25 | 36,980,000,000 | 152,603,028 |
| CA135087N423—May 2024 | 1.50 | 15,800,000,000 | 310,493,411 |
| CA135087B451—June 2024 | 2.50 | 13,700,000,000 | 350,562,343 |
| CA135087N910—Aug 2024 | 2.75 | 16,500,000,000 | 386,240,066 |
| CA135087J967—Sept 2024 | 1.50 | 16,065,381,000 | 232,900,697 |
| CA135087M508—Oct 2024 | 0.75 | 14,000,000,000 | 126,989,284 |
| CA135087P402—Nov 2024 | 3.00 | 16,000,000,000 | 311,954,768 |
| CA135087P659—Feb 2025 | 3.75 | 15,000,000,000 | 174,024,073 |
| CA135087K528—March 2025 | 1.25 | 17,300,000,000 | 253,071,320 |
| CA135087N340—Apr 2025 | 1.50 | 12,000,000,000 | 252,610,735 |
| CA135087Q319—May 2025 | 3.75 | 10,500,000,000 | 32,778,181 |
| CA135087D507—June 2025 | 2.25 | 13,100,000,000 | 254,407,143 |
| CA135087VH40—June 2025 | 9.00 | 2,133,858,000 | 189,551,335 |
| CA135087K940—Sept 2025 | 0.50 | 47,500,000,000 | 204,158,790 |
| CA135087P246—Oct 2025 | 3.00 | 10,000,000,000 | 179,794,393 |
| CA135087L518—March 2026 | 0.25 | 34,000,000,000 | 205,284,054 |
| CA135087P816—Apr 2026 | 3.00 | 4,000,000,000 | 20,479,088 |
| CA135087E679—June 2026 | 1.50 | 13,472,000,000 | 197,179,329 |
| CA135087L930—Sept 2026 | 1.00 | 23,000,000,000 | 230,160,337 |
| CA135087VS05—Dec 2026 | 4.25 | 9,198,210,000 | 906,846,454 |
| CA135087M847—March 2027 | 1.25 | 17,000,000,000 | 258,214,584 |
| CA135087F825—June 2027 | 1.00 | 14,740,000,000 | 210,121,381 |
| CA135087VW17—June 2027 | 8.00 | 3,620,841,000 | 279,612,510 |
| CA135087P733—Aug 2027 | 3.245 | 500,000,000 | 5,268,893 |
| CA135087N837—Sept 2027 | 2.75 | 16,000,000,000 | 352,780,598 |
| CA135087P576—March 2028 | 3.50 | 15,000,000,000 | 140,026,619 |
| CA135087H235—June 2028 | 2.00 | 13,500,000,000 | 292,657,735 |
| CA135087J397—June 2029 | 2.25 | 12,300,000,000 | 263,629,463 |
| CA135087WL43—June 2029 | 5.75 | 10,598,959,000 | 607,021,471 |
| CA135087N670—Dec 2029 | 2.25 | 5,000,000,000 | 114,788,473 |
| CA135087K379—June 2030 | 1.25 | 44,200,000,000 | 388,406,863 |
| CA135087L443—Dec 2030 | 0.50 | 40,000,000,000 | 356,643,591 |
| CA135087M276—June 2031 | 1.50 | 42,000,000,000 | 595,343,524 |
| CA135087N266—Dec 2031 | 1.50 | 32,000,000,000 | 543,749,251 |
| CA135087WV25—Dec 2031 | 4.00 | 9,766,330,000 | 930,620,283 |
| CA135087N597—June 2032 | 2.00 | 24,000,000,000 | 547,645,960 |
| CA135087P329—Dec 2032 | 2.50 | 21,000,000,000 | 285,600,342 |
| CA135087XG49—June 2033 | 5.75 | 11,988,905,000 | 700,719,750 |
| CA135087Q236—June 2033 | 2.75 | 12,000,000,000 | 31,709,425 |
| CA135087XQ21—Dec 2036 | 3.00 | 8,740,192,500 | 749,041,572 |
| CA135087XW98—June 2037 | 5.00 | 11,730,774,000 | 584,351,676 |
| CA135087YQ12—June 2041 | 4.00 | 13,838,441,000 | 555,045,508 |
| CA135087YK42—Dec 2041 | 2.00 | 9,062,121,500 | 689,319,925 |
| CA135087ZH04—Dec 2044 | 1.50 | 10,249,393,000 | 747,913,266 |
| CA135087ZS68—Dec 2045 | 3.50 | 16,300,000,000 | 527,776,169 |
| CA135087B949—Dec 2047 | 1.25 | 9,610,062,000 | 682,798,514 |
| CA135087D358—Dec 2048 | 2.75 | 14,900,000,000 | 386,831,188 |
| CA135087G997—Dec 2059 | 0.50 | 8,998,020,000 | 551,801,523 |
| CA135087H722—Dec 2051 | 2.00 | 51,816,529,000 | 921,231,762 |
| CA135087M680—Dec 2053 | 1.75 | 32,000,000,000 | 545,225,122 |
| CA135087M433—Dec 2054 | 0.25 | 2,313,570,000 | 109,672,091 |
| CA135087P998—Dec 2055 | 2.75 | 1,500,000,000 | 6,963,438 |
| CA135087C939—Dec 2064 | 2.75 | 8,750,000,000 | 230,566,744 |
| Subtotal | 1,037,889,819,000 | 21,432,497,813 | |
| Adjustment to amortized cost | 6,890,682,360 | – | |
| Subtotal | |||
| Subtotal | 1,044,780,501,360 | – | |
| Less: Government's holdings and consolidation adjustment | (negative 215,600,000) | – | |
| Total | 1,044,996,101,360 | 21,432,497,813 | |
| Payable in foreign currencies | |||
| US135087H643—Nov 2022 | 2.00 | – | 52,483,742 |
| US135087K787—Jan 2025 | 1.625 | 4,054,650,000 | 67,568,479 |
| US135087N757—Apr 2025 | 2.875 | 4,730,425,000 | 127,117,568 |
| US427028AB18—May 2026 | 0.75 | 4,730,425,000 | 39,572,570 |
| Subtotal | 13,515,500,000 | 286,742,359 | |
| Adjustment to amortized cost | 59,919,499 | – | |
| Subtotal | 13,575,419,499 | – | |
| Less: Government's holdings | – | – | |
| Total | 13,575,419,499 | 286,742,359 | |
| Total interest on unmatured debt | 1,058,571,520,859 | 21,719,240,172 | |
| Treasury bills | 201,800,000,000 | 4,534,320,447 | |
| Adjustment to amortized cost | (negative 2,884,316,753) | – | |
| Consolidation adjustments | (negative 16,209,000) | – | |
| Total | 198,899,474,247 | 4,534,320,447 | |
| Canada bills | 2,473,385,156 | 61,824,166 | |
| Adjustment to amortized cost | (negative 14,503,292) | – | |
| Total | 2,458,881,864 | 61,824,166 | |
| Total amortization of premiums and discounts | 1,259,929,876,970 | 26,315,384,785 | |
| Cross-currency swap revaluation | various | – | (negative 331,033,460) |
| Servicing costs and costs of issuing new borrowings | various | – | 6,042,251 |
| Unamortized discounts and premiums on market debt | various | – | – |
| Interest on capital lease obligations | various | 2,545,769,112 | 161,630,767 |
| Interest on obligations under public-private partnerships | various | 2,564,165,234 | 126,950,364 |
| Total public debt charges related to unmatured debt | 1,265,039,811,316 | 26,278,974,707 | |
| Pension and other future benefits (interest) | |||
| Public sector pensions | |||
| Canadian Forces Pension Fund Account Link to table note 3 | various | – | – |
| Canadian Forces Superannuation Account | various | 44,157,822,558 | 1,404,822,449 |
| Members of Parliament Retirement Compensation Arrangements Account | various | 239,875,279 | 4,107,648 |
| Members of Parliament Retiring Allowances Account | various | 630,156,633 | 10,468,217 |
| Public Service Pension Fund Account Link to table note 3 | various | – | – |
| Public Service Superannuation Account | various | 91,343,666,054 | 2,914,448,351 |
| Reserve Force Pension Fund Account Link to table note 3 | various | – | – |
| Retirement Compensation Arrangements Account | |||
| RCA No. 1—Canadian Forces | various | 514,800,278 | 16,036,172 |
| RCA No. 1—Public Service | various | 1,404,077,730 | 43,055,196 |
| RCA No. 1—Royal Canadian Mounted Police | various | 36,331,403 | 1,127,650 |
| RCA No. 2—Public Service | various | 528,295,402 | 16,830,187 |
| Royal Canadian Mounted Police Pension Fund Account | various | – | – |
| Royal Canadian Mounted Police Superannuation Account | various | 13,920,882,906 | 404,408,117 |
| Supplementary Retirement Benefits Account (Judges) | various | 295,762,840 | 8,259,713 |
| Supplementary Retirement Benefits Account (Others) | various | 1,151,646 | 34,444 |
| Total | 153,072,822,729 | 4,823,598,144 | |
| Allowance for pension adjustments Link to table note 4 | various | 13,235,000,000 | (negative 2,242,000,000) |
| Consolidated Crown corporations and other entities Link to table note 3Link to table note 4 | various | 117,735,000 | (negative 238,486,000) |
| Total | 166,425,557,729 | 2,343,112,144 | |
| Other employee and veteran future benefits | |||
| Public Service Health Care Plan and Pensioners' Dental Service Plan | 40,925,000,000 | 856,000,000 | |
| Royal Canadian Mounted Police disability and other future benefits | 22,412,000,000 | 824,000,000 | |
| Severance and other benefits | 1,790,000,000 | 47,000,000 | |
| Accumulated sick leave entitlements | 2,211,000,000 | 47,000,000 | |
| Veterans' disability and other future benefits | 108,127,000,000 | 3,740,000,000 | |
| Worker's compensation | 2,160,000,000 | 49,000,000 | |
| Consolidated Crown corporations and other entities | 323,900,000 | 7,549,000 | |
| Total | various | 177,948,900,000 | 5,570,549,000 |
| Total public debt charges related to pension and other future benefits | 344,374,457,729 | 7,913,661,144 | |
| Other liabilities | |||
| Canada Pension Plan (net of securities held by the Canada Pension Plan Investment Fund) | various | 305,726,187 | 11,008,283 |
| Government Annuities Account | various | 68,020,976 | 4,256,014 |
| Deposit accounts | |||
| Canada Development Investment Corporation | |||
| Holdback—Privatization | various | 9,557,327 | – |
| Canada Hibernia Holding Corporation | |||
| Abandonment reserve fund | various | 104,984,386 | – |
| Interest for railway accidents | various | – | 2,867,865 |
| Canada Labour Code—Wage Recovery Appeals | various | 1,113,429 | 54,260 |
| Swap collateral guarantee deposits | 1,043,538,556 | – | |
| Contractors' security deposits | various | 201,611 | 440,763 |
| General security deposits | various | 8,025,851 | – |
| Non-interest bearing accounts | 506,473,495 | – | |
| Total | 1,673,894,655 | 3,362,888 | |
| Trust accounts | |||
| Administered trust accounts | various | – | 2,087 |
| Agri-Invest Kickstart | – | 728,443 | |
| Canadian Security Intelligence Service | |||
| Scholastic awards | various | 26,782 704 | 704 |
| Correctional Service of Canada | |||
| Inmates' trust fund | various | 33,982,520 | 1,998 |
| Indian band funds | various | 560,703,371 | 16,246,023 |
| Indian estate accounts | various | 39,772,046 | 1,194,017 |
| Indian savings accounts | various | 23,857,056 | 711,206 |
| Interest—Indian Residential Schools | various | 1,917,490 | 56,522 |
| Royal Canadian Mounted Police—Benefit trust fund | various | 2,897,259 | 75,248 |
| Veterans administration and welfare trust fund | various | 1,227,428 | 32,313 |
| Non-interest bearing accounts | 564,536 | – | |
| Total | 664,948,488 | 19,048,561 | |
| Total deposit and trust accounts | 2,338,843,143 | 22,411,449 | |
| Other specified purpose accounts | |||
| Insurance and death benefit accounts | |||
| Public Service death benefit account | various | 4,131,135,861 | 128,068,360 |
| Regular forces death benefit account | various | 166,641,508 | 5,308,916 |
| Non-interest bearing accounts | 1,408,534 | – | |
| Total | 4,299,185,903 | 133,377,276 | |
| Pension accounts | |||
| Locally engaged contributory pension account | various | 51,482 | – |
| Royal Canadian Mounted Police Dependants' pension fund | various | 6,475,375 | 222,283 |
| Total | 6,526,857 | 222,283 | |
| Other accounts | |||
| AgriInvest Program | various | 10,021,697 | – |
| AgriStability Program | various | 59,572,183 | – |
| Canadian Dairy Commission | various | – | 432,689 |
| Common school funds—Ontario and Quebec | 5.00 | 2,677,771 | 133,889Link to table note 5 |
| Courts Administration Service Special account | various | 6,065,167 | – |
| Federal Court special account | various | – | 174,491 |
| Hibernia Future Abandonment Funds | various | 111,563,756 | 2,977,958 |
| Indian moneys suspense account | various | 66,445,907 | 1,828,165 |
| Non-interest bearing accounts | various | 64,298,416 | – |
| Special drawing rights allocations | various | – | 585,574,483 |
| Total | 320,644,897 | 591,121,675 | |
| Deferred revenue specified purpose accountsLink to table note 6 | |||
| Social Sciences and Humanities Research Council—Trust fund | various | – | 4,831 |
| Total other specified purpose accounts | 4,626,357,657 | 724,726,065 | |
| Other liabilities—Special drawing rights allocations | various | –Link to table note 7 | – |
| Total public debt charges related to other liabilities | 7,338,947,963 | 762,401,811 | |
| Consolidated specified purpose accounts (interest) | |||
| The National Battlefields Commission—Trust fund | various | 1,493,355 | 11,618 |
| Ship-Source Oil Pollution Fund | various | 420,707,682 | 12,047,535 |
| Mackenzie King trust account | various | 225,000 | 6,885 |
| Endowments for health research | various | 75,000 | 50,521 |
| Social Sciences and Humanities Research Council Queen's Fellowship fund | various | 5,892,660 | 8,747 |
| Non-interest bearing accounts | (negative 20,947,826,591) | – | |
| Total public debt charges related to consolidated specified purpose accounts | (negative 20,519,432,894) | 12,125,306 | |
| Total public debt charges before consolidation adjustment | 1,596,233,784,114 | 34,967,162,968 | |
| Accumulated consolidation adjustments (current year transactions are shown with the revenues and expenditures of the Government) | 20,519,432,894 | (negative 12,125,306) | |
| Total public debt charges | 1,616,753,217,008 | 34,955,037,662 | |
| Comprised of: | |||
| Total public debt charges under statutory authorities before accrual and other adjustments and consolidation adjustments | 31,588,518,837 | ||
| Accrual and other adjustments | 3,378,644,131 | ||
| Consolidation adjustments | (negative 12,125,306) | ||
| Total public debt charges | 34,955,037,662 | ||
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