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Program directory · Department of Finance Canada

Market Debt and Foreign Reserves Management

Program code
BUV11 (FIN)
Core responsibility
Economic and Fiscal Policy
In Departmental Plans
2018-19 – 2026-27 · New since an earlier plan

What it does

This Program provides analysis, research and advice to ministers and senior government officials on the management of the federal debt; the borrowing activities of major entities that are backed by the full faith and credit of the government such as Crown corporations and similar entities; and the management of prudential liquidity and reserves. The government’s debt management includes the payment of interest costs on existing debt instruments and the servicing costs for new borrowings. Prudential liquidity and reserves management involves maintaining domestic cash deposits at the Bank of Canada and financial institutions, and acquiring and managing liquid foreign assets in the government’s Exchange Fund Account. The Program manages the currency system, which involves the production of banknotes by the Bank of Canada and the circulation of coinage by the Royal Canadian Mint.

Source: the department's Program Inventory, via GC InfoBase.

History and lineage

First appears in GC InfoBase's actual spending by program in 2018-19. The data does not record when a program was created; it may be older than its first appearance here, which is limited by the sources (program spending starts in 2010-11, Departmental Plans in 2018-19).

2018-192019-202020-212021-222022-232023-242024-252025-262026-272027-282028-29Market Debt and Foreign Reserves Management 2018-19: $22.3BMarket Debt and Foreign Reserves Management 2019-20: $23.9BMarket Debt and Foreign Reserves Management 2020-21: $20.9BMarket Debt and Foreign Reserves Management 2021-22: $23.1BMarket Debt and Foreign Reserves Management 2022-23: $31.7BMarket Debt and Foreign Reserves Management 2023-24: $42.7BMarket Debt and Foreign Reserves Management 2024-25: $48.1BMarket Debt and Foreign Reserves Management 2025-26: $49.1BMarket Debt and Foreign Reserves Management 2026-27: $53.8BMarket Debt and Foreign Reserves Management 2027-28: $59.6BMarket Debt and Foreign Reserves Management 2028-29: $64.9BMarket Debt and Foreign Reserves Management
Bars: spending by fiscal year (dark: actual; light: actual restated on the 2017-18 program structure; outlined: the latest plan's forecast; grey: related programs). Bands: each program in the lineage over the years it has data.
ProgramRelationYears with dataActual spending over those years
Market Debt and Foreign Reserves ManagementThis program2018-19 – 2028-29$213B

No earlier or later program in the same department has a similar name.

Significant changes in scope and budget

Detected from the data: renames between plans, programs it appears to replace, merge with or split into (matched by name), year-over-year changes in spending of at least 25% and $5M, or in employees of at least 20% and 25 FTEs, linked budget measures, and results indicators added or dropped.

YearWhat changedSource
2021-22Indicators dropped: Difference between the amount paid by the Government of Canada for domestic circulation coins and the actual costs incurred by the Mint for their productionDepartmental Results Framework (GC InfoBase)
2022-23Spending $31.7B, against $23.1B in 2021-22 (+37%).Actual spending (GC InfoBase)
2023-24Spending $42.7B, against $31.7B in 2022-23 (+35%).Actual spending (GC InfoBase)

Success criteria

The program's indicators from its department's Departmental Results Framework: the target set in each year's plan, and the result reported the following year. Source: GC InfoBase.

Historical: targets against results

Level of reserves as a percentage of nominal GDP
Expected result: Outcome 10.2: The Government of Canada is able to meet its liquidity needs on a timely and effective basis and reserves are managed effectively.
4.3%2018-19✓ met3%2019-20✓ met3%2020-21✓ met3%2021-22✓ met3.9%2022-23✓ met4.2%2023-24✓ met4.4%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-19≥ 3%20194.3%
The level of reserves as a percentage of nominal Gross Domestic Product was 4.3% as of March 31, 2019.
Met
2019-20≥ 3%20203%
Liquid foreign reserves were held above 3% of nominal GDP throughout the fiscal year.
Met
2020-21≥ 3%20213%
Liquid foreign reserves were held above 3% of nominal GDP throughout the fiscal year.
Met
2021-22≥ 3%20223%
Liquid foreign reserves were held above 3% of nominal GDP throughout the fiscal year.
Met
2022-23≥ 3%20233.9%Met
2023-24≥ 3%20244.2%Met
2024-25≥ 3%20254.4%Met
Number of coin orders from financial institutions not fully met by the Royal Canadian Mint
Expected result: Outcome 10.3: Canada has an adequate and cost-effective supply of domestic coins to meet the needs of its economy
02018-19✓ met02019-20✓ met02020-21✓ met02021-22✓ met02022-23✓ met02023-24✓ met02024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-190 – 020190Met
2019-200 – 020200
100% of coin orders from financial institutions were fully met by the Royal Canadian Mint.
Met
2020-210 – 020210
0% of coin orders from financial institutions were not fully met by the Royal Canadian Mint.
Met
2021-220 – 020220Met
2022-230 – 020230Met
2023-240 – 020240Met
2024-250 – 020250Met
Percentage of requested funding provided to Crown corporations through the Crown Borrowing Program within the required timeframes and according to approved program procedures
Expected result: Outcome 10.1: The Government of Canada is able to provide funding to federal government entities on a timely and effective basis
100%2018-19✓ met100%2019-20✓ met100%2020-21✓ met100%2021-22✓ met100%2022-23✓ met100%2023-24✓ met100%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-19100% – 100%2019100%Met
2019-20100% – 100%2020100%
100% of requested funding was provided to Crowns through the Crown Borrowing Program within the required timeframes and according to approved program procedures.
Met
2020-21100% – 100%2021100%Met
2021-22100% – 100%2022100%Met
2022-23100% – 100%2023100%Met
2023-24100% – 100%2024100%Met
2024-25100% – 100%2025100%Met
Percentage of weeks that the prudential target liquidity level of 23 business days is met
Expected result: Outcome 10.2: The Government of Canada is able to meet its liquidity needs on a timely and effective basis and reserves are managed effectively.
100%2018-19✓ met100%2019-20✓ met100%2020-21✓ met100%2021-22✓ met100%2022-23✓ met100%2023-24✓ met100%2024-25✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-19100% – 100%2019100%Met
2019-20100% – 100%2020100%
The prudential liquidity level was maintained above the 23 business days throughout the fiscal year.
Met
2020-21100% – 100%2021100%
During the COVID-19 pandemic, financial requirements increased significantly. A decision was made to manage funding to meet the specific upcoming requirements as opposed to trying to maintain a longer-term liquidity buffer.
Met
2021-22100% – 100%2022100%
100% of requests funded in accordance with program parameters, as no issues prevented funding of requests.
Met
2022-23100% – 100%2023100%Met
2023-24100% – 100%2024100%Met
2024-25100% – 100%2025100%Met
Difference between the amount paid by the Government of Canada for domestic circulation coins and the actual costs incurred by the Mint for their production
Expected result: Outcome 11.3: Canada has an adequate and cost-effective supply of domestic coins to meet the needs of its economy
02018-19– no result02019-20– no result02020-21✓ met

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2018-190 – 02019—
We do not have audited costs incurred by the Royal Canadian Mint (the Mint) for domestic circulation coin production. The Mint reports costs on a consolidated basis only.
No result reported
2019-200 – 02020—
This indicator has been removed as this is a legacy indicator from when the Department of Finance took away the Mint’s profit mandate. This was reinstated in 2016. The Mint earns a profile on the sale of coins to the Government and therefore this performance metric will be eliminated as part of the 2021-22 cycle.
No result reported
2020-210 – 020210
This indicator has been removed as this is a legacy indicator from when the Department of Finance took away the Mint’s profit mandate. This was reinstated in 2016. The Mint earns a profit on the sale of coins to the Government and therefore this performance metric will be eliminated as part of the 2021-22 cycle.
Met

Current: the 2026-27 plan's targets

Level of reserves as a percentage of nominal GDP
Expected result: Outcome 10.2: The Government of Canada is able to meet its liquidity needs on a timely and effective basis and reserves are managed effectively.
3%2026-27

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2026-27≥ 3%2027—Planned
Number of coin orders from financial institutions not fully met by the Royal Canadian Mint
Expected result: Outcome 10.3: Canada has an adequate and cost-effective supply of domestic coins to meet the needs of its economy
02026-27

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2026-270 – 02027—Planned
Percentage of requested funding provided to Crown corporations through the Crown Borrowing Program within the required timeframes and according to approved program procedures
Expected result: Outcome 10.1: The Government of Canada is able to provide funding to federal government entities on a timely and effective basis
100%2026-27

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2026-27100% – 100%2027—Planned
Percentage of weeks that the prudential target liquidity level of 23 business days is met
Expected result: Outcome 10.2: The Government of Canada is able to meet its liquidity needs on a timely and effective basis and reserves are managed effectively.
100%2026-27

Bars: result reported. Dashed line: target.

Report yearTargetDueResultStatus
2026-27100% – 100%2027—Planned

Future goals: targets due after 2026-27

No targets with a later due date.

Spending and employees: planned against actual

Spending

2018-19: $22.9B2018-19: $22.3B2018-192019-20: $24.8B2019-20: $23.9B2019-202020-21: $22.9B2020-21: $20.9B2020-212021-22: $21B2021-22: $23.1B2021-222022-23: $23.7B2022-23: $31.7B2022-232023-24: $37.9B2023-24: $42.7B2023-242024-25: $46.6B2024-25: $48.1B2024-252025-26: $49.1B2025-262026-27: $53.8B2026-272027-28: $59.6B2027-282028-29: $64.9B2028-29
Outlined bar: planned in that year's Departmental Plan (dashed: the latest plan, for years not yet reported). Filled bar: actual.
Show the numbers
Fiscal yearPlannedActual
2018-19$22.9B$22.3B
2019-20$24.8B$23.9B
2020-21$22.9B$20.9B
2021-22$21B$23.1B
2022-23$23.7B$31.7B
2023-24$37.9B$42.7B
2024-25$46.6B$48.1B
2025-26$49.1B—
2026-27$53.8B—
2027-28$59.6B*—
2028-29$64.9B*—

Employees (FTEs)

2018-19: 302018-19: 252018-192019-20: 302019-20: 272019-202020-21: 302020-21: 272020-212021-22: 302021-22: 282021-222022-23: 322022-23: 272022-232023-24: 322023-24: 292023-242024-25: 362024-25: 322024-252025-26: 362025-262026-27: 362026-272027-28: 362027-282028-29: 362028-29
Outlined bar: planned in that year's Departmental Plan (dashed: the latest plan, for years not yet reported). Filled bar: actual.
Show the numbers
Fiscal yearPlannedActual
2018-193025
2019-203027
2020-213027
2021-223028
2022-233227
2023-243229
2024-253632
2025-2636—
2026-2736—
2027-2836*—
2028-2936*—

Planned spending, plan by plan

Each row is one year's Departmental Plan and its forecast for the next three fiscal years; read a column down to see how the forecast for one year changed. The last row is what was actually spent. Click an amount for its source. Biggest changes in federal spending plans

Plan2018-192019-202020-212021-222022-232023-242024-252025-262026-272027-282028-29
2018-19 plan$22,933,000,000$25,021,000,000$26,765,000,000
2019-20 plan$24,779,000,000$25,741,000,000$27,144,000,000
2020-21 plan$22,922,000,000$23,462,000,000$24,509,000,000
2021-22 plan$20,954,233,473$21,469,694,500$23,348,511,523
2022-23 plan$23,681,000,000$27,950,000,000$31,536,000,000
2023-24 plan$37,861,000,000$37,666,000,000$37,810,400,000
2024-25 plan$46,620,000,000$48,036,000,000$49,713,000,000
2025-26 plan$49,141,000,000$52,037,000,000$55,965,000,000
2026-27 plan$53,815,000,000$59,582,000,000$64,931,000,000
Actual$22,348,291,789$23,901,268,771$20,896,814,814$23,116,963,806$31,697,783,166$42,691,666,505$48,097,919,564

Actual spending is from Departmental Results Reports and the Public Accounts, as published in GC InfoBase. FTEs are full-time equivalents.