Ledger · Sovereign borrowing
Canada’s federal debt rose in dollars and fell as a share of GDP
Canada’s federal debt reached CAD 1,306.1 billion on 31 March 2026, up CAD 39.6 billion from a year earlier. Over the same period, it fell from 40.7% to 40.2% of GDP. The ledger shows both measures for 31 fiscal years.
Sources checked
Finance Canada publishes the ratio to one decimal place. Search the table for all 31 years and the underlying dollar figures.
Why the balance and the ratio moved in different directions
Federal debt increased from CAD 1,266.5 billion to CAD 1,306.1 billion, but nominal GDP rose enough for the ratio to fall by 0.5 percentage points. The dollar balance shows what is outstanding under the reporting definition. The ratio compares that figure with the size of the economy. Source 1 Source 2
Where the largest recent change appears
The ratio was 31.2% in the 2019 to 2020 fiscal year and 47.2% in the 2020 to 2021 fiscal year. In the fiscal tables the budget deficit rose from CAD 39.4 billion to CAD 327.7 billion over those years. The ratio subsequently declined and was 40.2% in the 2025 to 2026 fiscal year. Source 1 Source 2
What Finance Canada includes in federal debt
The annual report defines federal debt as total federal liabilities less financial and non-financial assets. For 31 March 2026 it lists CAD 2,318.3 billion in liabilities and CAD 1,012.3 billion in total assets, in rounded amounts. Use that definition when comparing this series with other measures of Canadian government debt. Source 2
Distinguish the annual deficit from the change in debt
The budgetary deficit was CAD 39.316 billion in the 2025 to 2026 fiscal year. Finance Canada also recorded CAD 0.314 billion in net remeasurement losses, bringing the total increase in the federal debt to CAD 39.630 billion. The ledger keeps the annual budget balance separate from the debt balance. Source 1 Source 2
Debt charges measure a separate annual cost
Public debt charges are the annual expense associated with the government’s borrowing and other liabilities under its reporting rules. The fiscal table records CAD 53.541 billion in the 2025 to 2026 fiscal year. The adjacent debt balance column measures outstanding debt at the fiscal year-end. Source 1 Source 2