Canadian government finance statistics for Canada and Quebec pension plans [10100022]

Data may not add to the total due to rounding. End of fiscal year closest to December 31st. For 2007 only stocks for balance sheet statement are available, they represent the opening stocks for 2008, the start of the observed period. The Canadian general government includes two pension plans (social security funds): the Canada pension plan operating across Canada (except Quebec) and the Régie de rentes du Québec operating exclusively in Québec. Balance sheet data can be displayed as flows or stocks. Flows are monetary expressions of economic actions that occur within the accounting period. Stocks refer to holdings of assets and liabilities at a specific time - the end of the accounting period. The net operating balance is a summary measure of the ongoing sustainability of the government operations. Net operating balance equals total revenues less total expenses. Rent should not be confused with the rental of produced assets, which is treated as sales of goods and services. The difference in treatment arises because lessors of produced assets are engaged in a production process whereby they provide services (maintaining inventories, repairing and maintaining the leased assets). In the case of rent, general government units that own land or subsoil assets merely place these assets at the disposal of other units and are not considered to be engaged in productive activity. Miscellaneous revenue includes auto insurance premiums, drug plan premiums and revenue not elsewhere classified. It may also include the consolidation statistical discrepancy. This discrepancy reflects differences between paired transactions (e.g. grant revenue and grant expense) and must be recorded in the statement of operation in order to preserve the operating balances (gross or net). While in theory, the paired transactions to be consolidated should be of the same value, in practice, they are not always aligned as a result of multiple cause (availability of economic and counterparty classification details, time of recording, different fiscal year end, deferrals, etc.). When paired transactions are eliminated, there must be no impact on the operating balance, therefore a consolidation statistical discrepancy is recorded in revenue or expense, depending on the situation. Within the Canadian Government Finance Statistics system (CGFS), the value of nonfinancial assets and related consumption of fixed capital is estimated using the Canadian System of Macroeconomic Accounts (CSMA) perpetual inventory method (PIM). The results of the PIM model can differ substantially from the values found in the public accounting sources of a specific level of government. In order to better understand these differences, the value of nonfinancial assets and related consumption of fixed capital found in the public accounting sources are presented in the memorandum items consumption of fixed capital according to public sector accounts" and "Nonfinancial assets according to public sector accounts". For more information on the PIM model please consult additional information on the survey or statistical program in the CANSIM related information tab. In the PIM model Memorandum items provide supplemental information or alternative presentation of related items, but the memorandum items amounts are not included in Canadian Government Finance Statistics (CGFS) structure and totals. The gross operating balance equals revenue minus expense other than consumption of fixed capital. Total expenditures equals expense plus the net acquisition of nonfinancial assets less consumption of fixed capital. The current CANSIM table does not include total expenditures as integration work is underway. The balance sheet records the stocks of assets, liabilities, and the net worth for each accounting period. Net worth is defined as the total assets less total liabilities and is an important measure for assessing the sustainability of fiscal activities. The balance sheet components include domestic and foreign counterparts. The net financial worth position equals total stock of financial assets minus liabilities. Includes the following assets: securities repurchase agreement (repo), financial derivatives, taxes receivable, interest receivable, other accounts receivable, deposits, prepaid expenses, other financial assets not elsewhere classified and related allowances. Includes the following liabilities: securities repurchase agreement (repo), financial derivatives, taxes payable, interest payable, other payable, deposits due, deferred revenue and contributions, discounts and premiums on outstanding debt, other liabilities not elsewhere classified and related allowances. In the Canadian Government Finance Statistics system (CGFS), liabilities are valued at current market prices, but this memorandum item provides the alternate nominal value. The nominal valuation only differs from the current market prices in the case of debt securities. The nominal value is the amount that the debtor owes to the creditor at any moment. It reflects the value of the instrument at creation and subsequent economic flows, such as transactions, valuation changes (excluding market price changes), and other changes, such as debt forgiveness. Conceptually, the nominal value is equal to the required future payments of principal and interest discounted at the existing contractual interest rate. Nominal value is not necessarily face value, which is the undiscounted amount of principal to be repaid.