Government Finance Statistics (GFS)

Net incurrence of liability of government, category

Net incurrence of liability refers to the difference between the incurrence and repayment of liabilities in the Financial Account of the Balance of Payments. A positive sign refers to an increase in Canadian liabilities to non-residents while a negative sign refers to a reduction in Canadian liabilities.

Government refers to unique kinds of legal entities established by political processes that have legislative, judicial or executive authority over other institutional units within a given area. Viewed as institutional units, the principal functions of government are to assume responsibility for the provision of goods and services to the community or to individual households and to finance their provision out of taxation or other incomes; to redistribute income and wealth by means of transfers; and to engage in non-market production.

The data for this variable are reported using the following classifications and/or lists:

• Net Incurrence of Liability