Canada. Improvement in the Financial Position of Most Governments

As of March 31, 2007, the net financial debt (defined as the excess of liabilities over financial assets) of provincial and territorial general governments totalled $242.4 billion, down $10.1 billion or 4.0% from March 31, 2006.

Financial assets increased by $39.7 billion, larger than the growth of $29.5 billion in liabilities. The increase in assets was mainly the result of a $27.4 billion increase in securities held by provincial and territorial general governments.

All provinces, except Quebec, saw an improvement in their financial position for the fiscal year ending March 31, 2007.

Most of the improvement in the financial position of general governments was the result of two factors. One was a $7.3 billion increase in the net financial wealth in Alberta (defined as the excess of financial assets over liabilities). The other was a $2.9 billion decline in British Columbia's net financial debt.

The financial assets of Alberta, Northwest Territories and Yukon continued to exceed liabilities.

The net financial debt of provincial and territorial general governments declined to 16.5% of gross domestic product in the fiscal year 2007 from 18.1% in 2006.

On a per capita basis, the net financial debt of provincial and territorial general governments decreased by $391, from $7,778 in fiscal year 2006 to $7,387 in 2007. Newfoundland and Labrador had the highest per capita net financial debt in Canada.

Source: Statistics Canada, Febr. 9, 2009

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