🇨🇦 Canada

Public Sector Debt · 2026

Total Debt

128.7%

of GDP

Global Rank

#13

of 192

Interest Burden

of govt revenue

S&P Rating

AAA

Credit rating

SOE Debt

+15.7%

3 categories

5yr Change

-4pp

improving

Interest Cost

3.5%

of GDP (govt only)

Where the Debt Sits

Central Government

Subnational

Central Government: 52.5%Subnational: 60.5%Dev Banks: 1.4%Energy SOEs: 3.8%GSEs: 10.5%

Who Holds This Debt

Holder Breakdown

Domestic 64%

Foreign 36%

Domestic: 64%Foreign: 36%

Currency Denomination

Local 98%

Local currency: 98%Foreign currency: 2%

Full Debt Breakdown

Central Government52.5% of GDP

Marketable Bonds (2-30yr)IMF WEO — General Government Debt~75% of market debt.

38.9%

Treasury Bills & CMBsIMF WEO — General Government DebtC$285B outstanding; 20% of marketable debt.

10.5%

Retail & OtherIMF WEO — General Government DebtLegacy savings bonds, CPP-held debt.

3.1%

Subnational / Regional60.5% of GDP

SubnationalIMF WEO — General Government Debt

60.5%

Energy SOEs3.8% of GDP

Provincial Crown corporations (Hydro-Québec, BC Hydro, etc.)Provincial public accountsMajor provincial utilities: Hydro-Québec (~C$50B debt), BC Hydro, SaskPower, Manitoba Hydro, Ontario Power Generation.

3.8%

Development Banks1.4% of GDP

Export Development CanadaEDC Annual ReportCrown corporation providing trade finance. ~C$40B in loans and guarantees.

1.4%

Government-Sponsored Enterprises10.5% of GDP

CMHC (mortgage insurance & securitization)CMHC Annual Report 2023→Crown corporation. ~C$290B in Canada Mortgage Bonds outstanding + insurance-in-force.

10.5%

Total Corporate Debt118.0% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Total NFC credit. Includes crown corporations.

118.0%

Household Debt100.2% of GDP

Household debtBIS Credit Statistics Q3 2025Exceeds GDP. Driven by housing bubble in Toronto/Vancouver. Major systemic risk.

100.2%

Unfunded Pension Liabilities60.0% of GDP

CPP + public sector pension unfundedOSFI 32nd CPP Actuarial Report 2024; C.D. HoweCPP unfunded CAD 1,142B. Provincial pensions add ~15% GDP.

60.0%

All Layers Total406.9%