Unmatured debt

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Marketable bonds

Market debt is recognized on the Consolidated Statement of Financial Position when the government becomes a party to the contractual provisions of the instrument and 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:

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, 2024.

Table 6.2
Marketable bondsLinks to footnote * in table 1
(in dollars)

  April 1, 2023 Receipts and other creditsLinks to footnote 1 in table 1 Payments and other chargesLinks to footnote 1 in table 1 March 31, 2024
Payable in Canadian currency
Matured 2023–2024 152,616,232,000 152,616,232,000
Maturing
2024–2025 161,345,381,000 5,955,000,000 155,390,381,000
2025–2026 129,233,858,000 66,500,000,000 125,000,000 195,608,858,000
2026–2027 66,670,210,000 25,764,547,500 92,434,757,500
2027–2028 49,860,841,000 49,860,841,000
2028–2029 13,500,000,000 47,000,000,000 60,500,000,000
2029–2030 27,898,959,000 27,898,959,000
2030–2031 84,200,000,000 84,200,000,000
2031–2032 83,766,330,000 280,894,000 84,047,224,000
2032–2033 45,000,000,000 45,000,000,000
2033–2034 23,988,905,000 32,000,000,000 55,988,905,000
2034–2035 14,000,000,000 14,000,000,000
2036–2037 8,740,192,500 251,374,500 8,991,567,000
2037–2038 11,730,774,000 11,730,774,000
2041–2042 22,900,562,500 260,624,500 23,161,187,000
2044–2045 10,249,393,000 294,833,000 10,544,226,000
2045–2046 16,300,000,000 16,300,000,000
2047–2048 9,610,062,000 276,430,000 9,886,492,000
2048–2049 14,900,000,000 14,900,000,000
2050–2051 8,998,020,000 258,780,000 9,256,800,000
2051–2052 51,816,529,000 51,816,529,000
2053–2054 32,000,000,000 32,000,000,000
2054–2055 2,313,570,000 66,549,000 2,380,119,000
2055–2056 1,500,000,000 15,250,000,000 16,750,000,000
2064–2065 8,750,000,000 8,750,000,000
Subtotal 1,037,889,819,000 202,204,032,500 158,696,232,000 1,081,397,619,500
Less:
Adjustment to amortized costLinks to footnote 2 in table 1 (negative 6,890,682,360) (negative 22,363,022,693) (negative 23,145,732,396) (negative 6,107,972,657)
Consolidation adjustmentLinks to footnote 3 in table 1 (negative 215,600,000) (negative 167,819,000) (negative 203,940,000) (negative 179,479,000)
Subtotal (negative 7,106,282,360) (negative 22,530,841,693) (negative 23,349,672,396) (negative 6,287,451,657)
Total marketable bonds payable in Canadian currency 1,044,996,101,360 224,734,874,193 182,045,904,396 1,087,685,071,157
Payable in foreign currencies
Maturing
2024–2025 4,054,650,000 7,950,000 4,062,600,000
2025–2026 4,730,425,000 9,275,000 4,739,700,000
2026–2027 4,730,425,000 9,275,000 4,739,700,000
2028–2029 5,416,800,000 5,416,800,000
Total 13,515,500,000 5,443,300,000 18,958,800,000
Less: Adjustment to amortized costLinks to footnote 2 in table 1 (negative 59,919,499) (negative 442,139,581) (negative 372,609,983) (negative 129,449,097)
Total marketable bonds payable in foreign currencies 13,575,419,499 5,885,439,581 372,609,983 19,088,249,097
Total future principal repayments at contractual maturity 1,058,571,520,859 230,620,313,774 182,418,514,379 1,106,773,320,254
Total market debt 1,058,571,520,859 230,620,313,774 182,418,514,379 1,106,773,320,254

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:

Table 6.3
Treasury billsLinks to footnote * in table 2
(in dollars)

  April 1, 2023 Receipts and other credits Payments and other charges March 31, 2024
Three-month bills 70,400,000,000 331,000,000,000 307,600,000,000 93,800,000,000
Six-month bills 46,200,000,000 119,000,000,000 106,400,000,000 58,800,000,000
Other bills 85,200,000,000 138,000,000,000 108,400,000,000 114,800,000,000
Subtotal 201,800,000,000 588,000,000,000 522,400,000,000 267,400,000,000
Less:
Adjustment to amortized costLinks to footnote 1 in table 2 2,884,316,753 (negative 11,308,993,645) (negative 12,674,334,481) 4,249,657,589
Consolidation adjustmentLinks to footnote 2 in table 2 16,209,000 150,648,000 166,857,000
Subtotal 2,900,525,753 (negative 11,158,345,645) (negative 12,674,334,481) 4,416,514,589
Total 198,899,474,247 599,158,345,645 535,074,334,481 262,983,485,411

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:

The year-end balance of Canada bills payable in USD dollars was translated into Canadian dollars using the closing rate of exchange at March 31, 2024.

Table 6.4
Canada billsLinks to footnote * in table 3
(in dollars)

  April 1, 2023 Receipts and other credits Payments and other charges March 31, 2024
Canada bills before revaluation 2,280,725,576 17,626,040,694 17,930,256,706 1,976,509,564
Exchange valuation adjustment 192,659,580 2,738,796 195,398,376
Less: Adjustment to amortized costLinks to footnote 1 in table 3 14,503,292 (negative 172,541,297) (negative 171,885,675) 13,847,670
Total 2,458,881,864 17,801,320,787 18,102,142,381 2,158,060,270

Interest rates

Table 6.5 sets out market debt as at March 31, for each of the years 2020 to 2024 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 2020 to 2024, with the average rate of interest thereon
(in millions of dollars)

  Marketable bonds Treasury bills Canada bills Total market debt
Amount outstanding Average interest rate % Amount outstanding Average interest rate % Amount outstanding Average interest rate % Amount outstanding Average interest rate %
2024 1,106,774 2.39 262,983 5.04 2,158 5.28 1,371,915 2.90
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

Table 6.6
Treasury bills average yields at tenderLinks to footnote * in table 5
(in percentage)

Year ended March 31 High Low Last issue
Three-month bills
2024 5.16 4.44 5.00
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
Six-month bills
2024 5.25 4.52 4.94
2023 4.69 1.48 4.44
2022 1.36 0.14 1.36
2021 0.43 0.10 0.17
2020 1.75 0.38 0.38
364-day bills
2024 5.35 4.45 4.74
2023 4.79 2.10 4.35
2022 1.99 0.18 1.99
2021 0.50 0.13 0.21
2020 1.76 0.38 0.38
Other bills
2024 5.06 4.51 5.00
2023
2022 0.12 0.06 0.06
2021 0.23 0.19 0.19
2020 1.77 0.30 0.30

Maturity of government debt

Table 6.7
Maturity of Government debtLinks to footnote * in table 6
(in millions of dollars)

  Marketable bonds Treasury bills Canada bills Total market debt
Amount Average interest rate % Amount Average interest rate % Amount Average interest rate % Amount Average interest rate %
2025 159,453 1.90 267,400 5.04 2,172 5.28 429,025 3.86
2026 200,349 2.49 200,349 2.49
2027 97,175 2.38 97,175 2.38
2028 49,861 3.07 49,861 3.07
2029 65,917 3.38 65,917 3.38
2030–2034 297,135 2.30 297,135 2.30
2035–2039 34,723 3.63 34,723 3.63
2040–2044 23,161 3.21 23,161 3.21
2045–2049 51,631 1.96 51,631 1.96
2050–2054 93,073 2.31 93,073 2.31
2055–2059 19,130 2.88 19,130 2.88
2065–2069 8,750 2.45 8,750 2.45
Subtotal 1,100,358 2.39 267,400 5.04 2,172 5.28 1,369,930 2.90
Less:
Government's holdings and consolidation adjustment (negative 179)   167     (negative 12)  
Adjustment to amortized costLinks to footnote 1 in table 6 (negative 6,237)   4,250   14   (negative 1,973)  
Total 1,106,774 2.39 262,983 5.04 2,158 5.28 1,371,915 2.90

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, 2023 Net changes March 31, 2024
Buildings 2,086,718,326 (negative 83,478,486) 2,003,239,840
Works and infrastructure 332,339,423 (negative 30,043,576) 302,295,847
Machinery and equipment 126,711,363 (negative 66,710,012) 60,001,351
Total 2,545,769,112 (negative 180,232,074) 2,365,537,038

Capital leases

Table 6.9
Details of obligation related to capital leasesLinks to footnote * in table 8
(in thousands of dollars)

  Inception date Lease term in years Discount rate %Links to footnote 1 in table 8 Total estimated remaining minimum lease payments Less: imputed interest using the discount rate Net obligations under capital lease arrangements
Canadian Heritage
Canadian Broadcasting Corporation
Maison de Radio-Canada, Montréal Feb 2020 30 2.95 242,360 71,755 170,605
Canadian Museum for Human Rights
Capital leases less than $10,000,000       1,786 316 1,470
Canadian Museum of Nature
Natural Heritage Building, Gatineau Sep 1996 35 9.88 26,250 7,792 18,458
National Film Board
Capital leases less than $10,000,000       42 42
National Defence
Department of National Defence
Edmonton Armoury North Apr 2023 12 0.00 19,827 2,400 17,427
Energy Performance Contract, Esquimalt Apr 2021 12 1.05 1,000 3 997
Energy Performance Contract, Greenwood Apr 2021 13 1.11 1,235 5 1,230
Energy Performance Contract, Petawawa Apr 2021 9 0.86 747 6 741
Longue Pointe Supply Depot, Montréal Nov 1994 35 11.89 22,462 6,104 16,358
Montfort Hospital, Ottawa—Health Services Feb 2009 17 5.26 7,454 55 7,399
Subtotal       52,725 8,573 44,152
Natural Resources
Department of Natural Resources
183 Longwood Drive, Hamilton Nov 2010 25 1.65 50,787 4,600 46,187
Public Safety
Royal Canadian Mounted Police
RCMP Detachment, Cornwall Aug 2009 25 5.54 11,938 2,882 9,056
Capital leases less than $10,000,000       626 151 475
Subtotal       12,564 3,033 9,531
Public Services and Procurement
Department of Public Works and Government Services
111 Lombard Avenue, Winnipeg Nov 2014 20 2.69 12,241 1,598 10,643
1501 Bleury Street, Montréal Oct 2019 20 4.50 50,607 14,224 36,383
1550 d'Estimauville Avenue, Québec Nov 2011 20 8.24 33,090 8,546 24,544
191 Laurier Avenue West, Ottawa Jul 2022 10 3.20 27,909 3,453 24,456
2 Victoria Avenue, Miramichi Jan 2018 20 3.46 41,981 8,616 33,365
200 Promenade du Portage, Gatineau Nov 2019 10 4.36 8,485 966 7,519
22 Eddy Street, Gatineau May 2013 25 7.89 152,644 50,915 101,729
2575 Sainte-Anne Boulevard, Québec Apr 2015 20 10.32 24,215 9,772 14,443
280 Slater Street, Ottawa Sep 2023 15 3.51 43,265 9,390 33,875
30 Victoria Street, Gatineau Jun 2013 25 7.89 159,051 56,781 102,270
351 Saint-Joseph Boulevard, Gatineau (Lease 1 of 3) Jul 2011 25 5.28 44,421 11,823 32,598
351 Saint-Joseph Boulevard, Gatineau (Lease 2 of 3) Dec 2011 25 7.33 11,584 3,990 7,594
351 Saint-Joseph Boulevard, Gatineau (Lease 3 of 3) Aug 2014 12 2.45 2,330 68 2,262
395 Terminal Avenue, Ottawa Jan 2013 15 2.67 16,704 826 15,878
455 de la Carrière Boulevard, Gatineau Nov 2012 25 6.86 112,639 30,208 82,431
550 de la Cité Boulevard, Gatineau Dec 2021 15 2.34 53,977 7,427 46,550
40 Elgin Street, Ottawa Oct 2021 20 3.81 48,349 12,864 35,485
90 Elgin Street, Ottawa Nov 2014 25 7.23 304,450 122,133 182,317
Canada Place Building, Edmonton Oct 2007 25 4.44 177,433 30,765 146,668
Guy Favreau Complex, Montréal Jan 2004 30 3.17 24,526 3,451 21,075
Harry Hays Building, Calgary Oct 2007 25 4.44 175,728 30,471 145,257
Joseph Shepard Building, Toronto Oct 2007 25 4.44 121,518 21,072 100,446
Judicial Complex, Toronto Apr 2006 20 11.40 13,335 1,465 11,870
Maritime Centre, Halifax Jan 2010 15 6.26 1,239 32 1,207
Mercury Centre, Ottawa Jan 2007 25 4.50 50,385 7,921 42,464
Montcalm Place, Tower II, Gatineau Apr 2012 15 2.64 5,406 214 5,192
RCMP Building, Montréal Oct 2007 25 4.44 30,684 5,328 25,356
Revenue Canada Building, Montréal Oct 2007 25 4.44 62,171 10,782 51,389
Skyline Complex, Ottawa Oct 2007 25 4.44 137,750 23,901 113,849
Thomas D'Arcy McGee Building, Ottawa Oct 2007 25 4.44 107,097 18,566 88,531
Trusco Building, Ottawa Sep 2006 20 4.28 16,787 866 15,921
Capital leases less than $10,000,000       179,858 33,823 146,035
Subtotal       2,251,859 542,257 1,709,602
Shared Services Canada
IBM—Mainframes Jul 2021 4 3.07 39,218 791 38,427
Supercomputer—Meteorological Service of Canada, Dorval Jul 2017 8 1.44 20,142 120 20,022
Subtotal       59,360 911 58,449
Transport
Department of Transport
Confederation Bridge, Borden-Carleton May 1997 35 6.16 596,261 293,965 302,296
Other ministries
Capital leases less than $10,000,000       6,811 2,066 4,745
Total       3,300,805 935,268 2,365,537

Minimum lease payments related to capital leases

Table 6.10
Minimum lease payments related to capital leasesLinks to footnote * in table 9
(in thousands of dollars)

  Payments due by March 31
2025 2026 2027 2028 2029 2030 and subsequent Total
Canadian Heritage
Canadian Broadcasting Corporation
Remaining payments 9,382 9,382 9,382 9,382 9,382 195,450 242,360
Imputed interest 4,886 4,753 4,617 4,476 4,331 48,692 71,755
Subtotal 4,496 4,629 4,765 4,906 5,051 146,758 170,605
Canadian Museum for Human Rights
Remaining payments 376 376 376 376 282 1,786
Imputed interest 112 89 65 38 12 316
Subtotal 264 287 311 338 270 1,470
Canadian Museum of Nature
Remaining payments 3,500 3,500 3,500 3,500 3,500 8,750 26,250
Imputed interest 1,754 1,574 1,373 1,154 908 1,029 7,792
Subtotal 1,746 1,926 2,127 2,346 2,592 7,721 18,458
National Film Board
Remaining payments 42 42
Imputed interest
Subtotal 42 42
National Defence
Department of National Defence
Remaining payments 12,305 9,006 5,437 5,499 5,624 14,854 52,725
Imputed interest 2,221 1,882 1,536 1,164 745 1,025 8,573
Subtotal 10,084 7,124 3,901 4,335 4,879 13,829 44,152
Natural Resources
Department of Natural Resources
Remaining payments 4,372 4,372 4,372 4,372 4,372 28,927 50,787
Imputed interest 735 674 613 550 487 1,541 4,600
Subtotal 3,637 3,698 3,759 3,822 3,885 27,386 46,187
Public Safety
Royal Canadian Mounted Police
Remaining payments 1,206 1,206 1,206 1,206 1,206 6,534 12,564
Imputed interest 511 471 429 385 338 899 3,033
Subtotal 695 735 777 821 868 5,635 9,531
Public Services and Procurement
Department of Public Works and Government Services
Remaining payments 231,583 228,713 215,100 210,492 210,787 1,155,184 2,251,859
Imputed interest 82,687 75,287 67,973 61,072 53,779 201,459 542,257
Subtotal 148,896 153,426 147,127 149,420 157,008 953,725 1,709,602
Shared Services Canada
Remaining payments 51,516 7,844 59,360
Imputed interest 871 40 911
Subtotal 50,645 7,804 58,449
Transport
Department of Transport
Remaining payments 79,386 68,843 69,884 70,940 72,011 235,197 596,261
Imputed interest 47,974 36,002 35,547 35,040 34,477 104,925 293,965
Subtotal 31,412 32,841 34,337 35,900 37,534 130,272 302,296
Other ministries
Remaining payments 1,862 1,565 1,551 273 280 1,280 6,811
Imputed interest 354 285 219 173 180 855 2,066
Subtotal 1,508 1,280 1,332 100 100 425 4,745
Total 253,425 213,750 198,436 201,988 212,187 1,285,751 2,365,537
Summary
Remaining payments 395,530 334,807 310,808 306,040 307,444 1,646,176 3,300,805
Imputed interest 142,105 121,057 112,372 104,052 95,257 360,425 935,268
Net obligation 253,425 213,750 198,436 201,988 212,187 1,285,751 2,365,537

Obligation under public-private partnerships

Under the government’s public-private partnerships, private sector partners provide partial or complete financing for the tangible capital assets built, acquired or bettered under the partnerships. Obligations under public-private partnerships represent the associated financial liabilities to private sector partners.

Table 6.11
Obligation under public-private partnerships
(in dollars)

  April 1, 2023 Net changes March 31, 2024
Bridges and related infrastructure
Intergovernmental Affairs, Infrastructure and Communities
Office of Infrastructure of Canada
Samuel De Champlain Bridge Corridor, Montréal 758,650,397 (negative 7,560,856) 751,089,541
Windsor-Detroit Bridge Authority
Gordie Howe International Bridge, Windsor 661,491,000 9,702,000 671,193,000
Total bridges and related infrastructure 1,420,141,397 2,141,144 1,422,282,541
Buildings
National Defence
Communications Security Establishment
Edward Drake Building, Ottawa 782,384,105 (negative 14,567,302) 767,816,803
Canadian Heritage
Library and Archives of Canada
Preservation Storage Facility, Gatineau 132,152,100 (negative 2,722,210) 129,429,890
Public Services and Procurement
Department of Public Works and Government Services
Royal Canadian Mounted Police E Division building, Surrey 119,895,802 (negative 3,751,581) 116,144,221
Shared Services Canada
Enterprise Data Centre, Borden 109,591,830 (negative 3,906,538) 105,685,292
Total buildings 1,144,023,837 (negative 24,947,631) 1,119,076,206
Total 2,564,165,234 (negative 22,806,487) 2,541,358,747

Table 6.12
Payments under public-private partnerships
(in millions of dollars)

  Estimated payments
End of contract term Implicit contract rate % 2025 2026 2027 2028 2029 2030 and subsequent Total Less: imputed interest Obligation under public-private partnerships
Bridges and related infrastructure
Intergovernmental Affairs, Infrastructure and Communities
Office of Infrastructure of Canada 2049 5.59 50 50 50 50 50 1,094 1,344 593 751
Windsor-Detroit Bridge Authority 2055 3.24 35 35 35 35 35 865 1,040 369 671
Total bridges and related infrastructure     85 85 85 85 85 1,959 2,384 962 1,422
Buildings
National Defence
Communications Security Establishment 2044 7.96 76 76 75 78 76 1,171 1,552 784 768
Canadian Heritage
Library and Archives of Canada 2052 2.50 8 8 8 8 8 190 230 101 129
Public Services and Procurement
Department of Public Works and Government Services 2037 10.52 16 16 16 16 16 134 214 98 116
Shared Services Canada 2042 3.67 8 8 8 8 8 106 146 40 106
Total buildings     108 108 107 110 108 1,601 2,142 1,023 1,119
Total     193 193 192 195 193 3,560 4,526 1,985 2,541

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