National Balance Sheet Accounts (NBSA)

Summary of changes

Activity on this program started: Annual: 1961, Quarterly 2003

Reference period of change - fourth quarter 2020

This fourth-quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter to the third quarter of 2020. These data incorporate new and revised data, as well as updated data on seasonal trends. An overview of these conceptual, methodological and statistical revisions is available in "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2020."

In the near future, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. To facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third-quarter release. Consequently, for the next two years, with the third-quarter release of the financial and wealth accounts, data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - third quarter 2020

This third quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 1990 to the second quarter of 2020. These data incorporate new and revised data, as well as updated data on seasonal trends. An overview of these conceptual, methodological, and statistics revisions is available in "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2020."

In the near future, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. To facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. Consequently, for the next two years, with the third quarter release of the financial and wealth accounts, data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - second quarter 2020

When first-quarter data were released on June 12, Statistics Canada's data collection and compilation were hampered by the sudden imposition of work restrictions and technical and operational constraints. Subsequently, Statistics Canada was able to overcome those limitations and produce revised first-quarter data, which are included with this release. Data from the Quarterly Survey of Financial Statements, which provides financial data for corporations, were unavailable at the time of first quarter national balance sheet and financial flow accounts estimation; consequently, data were based on in-progress estimates rather than the final results. This release applied the final results for both quarters.
Specific conceptual treatments and adjustments

To alleviate the economic impact of the COVID-19 pandemic, governments have implemented a number of programs, including Canada Emergency Wage Subsidy and Canada Emergency Response Benefit. For a comprehensive explanation of how government support measures were treated in compilation of the estimates, see the report "Recording COVID-19 measures in the national accounts."

Corporate and government sectors have offered payment deferrals in a variety of forms. In government accounts, the deferred revenue will be booked as it normally would be and an accounts receivable item will be recorded. The cash position of the sector receiving the deferrals will increase for the duration of the deferrals, while that of the governments concerned will decrease, compared to the case with no such deferrals.

Reference period of change - first quarter 2020

This first quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 2019 to the fourth quarter of 2019. These data incorporate new and revised data, as well as updated data on seasonal trends. Additionally, as of the release for the third quarter of 2019, new financial subsector detail is available. The subsector "Other private financial institutions" was broken down into additional financial subsectors and specific financial sectors have been re-grouped. This will help align more closely with current international classifications. An overview of these changes to the sector classification and information on other conceptual, methodological, and statistics revisions is available in "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2019" (Catalogue number13-605-X).

In the near future, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. To facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. Consequently, for the next two years, with the third quarter release of the financial and wealth accounts, data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - fourth quarter 2019

This fourth quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 2019 to the third quarter of 2019. These data incorporate new and revised data, as well as updated data on seasonal trends. Additionally, as of the previous release, new financial subsector details are available. The subsector "Other private financial institutions" was broken down into additional financial subsectors and specific financial sectors have been re-grouped. This will help align more closely with current international classifications. An overview of these changes to the sector classification and information on other conceptual, methodological, and statistics revisions is available in "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2019" (https://www150.statcan.gc.ca/en/catalogue/13-605-X201900100014) (13-605-X).

In the near future, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. To facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. Consequently, for the next two years, with the third quarter release of the financial and wealth accounts, data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - third quarter 2019

This third quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 1990 to the second quarter of 2019. These data incorporate new and revised data, as well as updated data on seasonal trends. Additionally, new financial subsector detail is now available with this release. The subsector "Other private financial institutions" was broken down into additional financial subsectors and specific financial sectors have been re-grouped. This will help align more closely with current international classifications. An overview of these changes to the sector classification and information on other conceptual, methodological, and statistics revisions is available in "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2019" (https://www150.statcan.gc.ca/en/catalogue/13-605-X201900100014) (13-605-X).

In the near future, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. To facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. Consequently, for the next two years, with the third quarter release of the financial and wealth accounts, data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - second quarter 2019

This second quarter release of the national balance sheet and financial flow accounts includes revised data for the first quarter of 2019. These data incorporate new and revised data, as well as updated data on seasonal trends.

In the near future, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. To facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third-quarter release. Consequently, for the next two years, with the third-quarter release of the financial and wealth accounts, data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - first quarter 2019

This first quarter release of the national balance sheet and financial flow accounts includes revised data from the first quarter to the fourth quarter of 2018. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - fourth quarter 2018

This fourth quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 2018 to the third quarter of 2018. These data incorporate new and revised data, as well as updated data on seasonal trends.

Additionally, this release incorporates revisions to specific time series from the first quarter of 1990 to the third quarter of 2018 occurring as a result of the inclusion of legal and illegal economic activities related to cannabis for non-medical and medical use into national accounts time series back to 1961. For this release, revisions were limited to the Financial Flow Accounts, where net lending and other components of the capital account were revised, as well as specific financial indicators that utilized either disposable income or GDP in their calculation, both of which were revised.

In the near future, data enhancements to the national balance sheet and financial flow accounts will be incorporated, such as the development of detailed counterparty information by sector. In order to facilitate this initiative and others, it is necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. As such, for the next two years, with the third quarter release of the Financial and Wealth Accounts, estimates will be revised back to 1990 to ensure a continuous time series.

Reference period of change - third quarter 2018

Understanding business credit measures: a joint study by the Bank of Canada and Statistics Canada (https://www150.statcan.gc.ca/n1/pub/13-605-x/2018001/article/54971-eng.htm) The Bank of Canada (the Bank) and Statistics Canada both produce aggregate measures of borrowing, or credit, for sectors of the Canadian economy. The Statistics Canada measures are part of the National Balance Sheet Accounts (NBSA), which cover the entire economy and directly align with the internationally recognized national accounting principles detailed in the United Nations System of National Accounts. They are available by sector as currently defined in the Canadian System of Macroeconomic Accounts. The NBSA are created using a balance sheet approach, which involves presenting the assets and liabilities for all instruments and sectors of the economy. In other words, for each instrument all holders of financial assets must have corresponding counterparties who hold the financial liabilities, and as such, the sum of these are equal in the aggregate. To determine the amount of loans and other credit extended to businesses published by Statistics Canada that are comparable to the Bank's business credit series, one can begin by looking directly at the liability side of the NBSA for the non-financial private corporations sector. However, because the Bank's definition of business credit also includes unincorporated businesses, but the NBSA records these liabilities in the household sector, those amounts must also be included to align with the Bank's definition.

Reference period of change - second quarter 2018

This second quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 2018. These data incorporate new and revised source data, as well as updated seasonal trends.

Later this year, at the time of the third quarter release, data enhancements to the national balance sheet and financial flow accounts, such as the development of detailed counterparty information by sector, will be incorporated. At this time, estimates will be revised back to 1990 to ensure a continuous time series.

Reference period of change - first quarter 2018

This first quarter release of the national balance sheet and financial flow accounts includes revised estimates from the first quarter of 2017 through the fourth quarter of 2017. These data incorporate new and revised source data, as well as updated seasonal trends.

Later this year, at the time of the third quarter release, data enhancements to the national balance sheet and financial flow accounts will be incorporated such as the development of detailed counterparty information by sector. At this time, estimates will be revised back to 1990 to ensure a continuous time series.

Reference period of change - fourth quarter 2017

This fourth quarter release of the national balance sheet and financial flow accounts includes revised data from the first quarter of 2017 through the third quarter of 2017. These data incorporate new and revised data, as well as updated data on seasonal trends.

In the near future, data enhancements to the national balance sheet and financial flow accounts will be incorporated, such as the development of detailed counterparty information by sector. In order to facilitate this initiative and others, it will be necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. As such, for the next three years, with the third quarter release, the data will be revised back to 1990 to ensure a continuous time series.

Understanding household credit measures, a joint study by the Bank of Canada and Statistics Canada (https://www150.statcan.gc.ca/n1/pub/13-605-x/2018001/article/54949-eng.htm) The Bank of Canada and Statistics Canada both produce aggregate measures of borrowing, or credit, for sectors of the Canadian economy. The Statistics Canada measures are part of the National Balance Sheet Accounts (NBSA), which cover the entire economy and directly align with the internationally recognized national accounting principles detailed in the United Nations System of National Accounts. They are available by sector as currently defined in the Canadian System of Macroeconomic Accounts. The NBSA are created using a balance sheet approach, which involves presenting the assets and liabilities for all instruments and sectors of the economy. In other words, for each instrument all holders of financial assets must have corresponding counterparties who hold the financial liabilities, and as such, the sum of these are equal in the aggregate. The Bank of Canada's data are presented based on the issuer of credit, i.e., the holder of the financial assets, and do not display liabilities.

Reference period of change - third quarter 2017

This third quarter release of the national balance sheet and financial flow accounts includes revised data from the first quarter of 1990 to the second quarter of 2017. These data incorporate new and revised data, as well as updated data on seasonal trends.

The overall trend in the credit market debt to household disposable income adjusted for pension entitlements has remained unchanged throughout the whole period. However, a significant downward revision to household disposable income in 2016, due to the incorporation of information received from the latest T4 tax filings, resulted in an upwards shift to this ratio.

In the near future, data enhancements to the national balance sheet and financial flow accounts will be incorporated such as the development of detailed counterparty information by sector. In order to facilitate this initiative and others it will be necessary to extend the annual revision period (normally the previous three years) at the time of the third quarter release. As such, for the next three years, with the third quarter release, the data will be revised back to 1990 to ensure a continuous time series.

Reference period of change - second quarter 2017

This second quarter release of the national balance sheet and financial flow accounts includes revised data for the first quarter of 2017. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - first quarter 2017

This first quarter release of the national balance sheet and financial flow accounts includes revised data for the first quarter of 2016 to the fourth quarter of 2016. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - fourth quarter 2016

The fourth quarter release of the national balance sheet and financial flow accounts includes revised data for the first quarter 2016 to the third quarter of 2016. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - third quarter 2016

Data on financial and wealth accounts for the third quarter were released along with revised data for the first quarter of 2013 to the second quarter of 2016. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - second quarter 2016

Data on financial and wealth accounts for the second quarter were released along with revised data for the first quarter. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - first quarter 2016

Data on financial and wealth accounts for the first quarter were released along with revised data for the first, second, third and fourth quarters of 2015. These data incorporate new and revised data, as well as updated data on seasonal trends.

Reference period of change - fourth quarter 2015

The article Results from the 2015 Comprehensive Revision to the Canadian System of Macroeconomic Accounts (www.statcan.gc.ca/pub/13-605-x/2015011/article/14298-eng.htm) describes the revisions to the gross domestic product by income and by expenditure accounts, the financial flow accounts and the national balance sheet accounts introduced as part of the 2015 Comprehensive Revision of the Canadian System of Macroeconomic Accounts (CSMA). This exercise is conducted to strengthen the overall quality of the national accounts program and to introduce new concepts and classifications as recommended by updated international standards. The revisions are also harmonized with those of the corresponding accounts in the CSMA.

Reference period of change - first quarter 2015

A preview of the 2015 comprehensive revision of the Canadian System of Macroeconomic Accounts (www.statcan.gc.ca/pub/13-605-x/2015003/article/14153-eng.htm) The Canadian System of Macroeconomic Accounts (CSMA) is a source of invaluable information for business, governments and citizens. These accounts provide users with important insights into the inner-workings of the economy, current economic trends and interactions between the various sectors of the economy. In order for these accounts to remain relevant, the underlying concepts, methods, classification systems and data sources need to be periodically updated.

Reference period of change - first quarter 2014

Canadian System of Macroeconomic Accounts revision process and calendar: an overview (www.statcan.gc.ca/pub/13-605-x/2014001/article/11911-eng.htm) Statistical revisions are carried out regularly in the Canadian System of National Accounts (CSNA) in order to incorporate the most current information from censuses, annual surveys, administrative statistics, public accounts, etc., and to implement improved estimation methods.

Reference period of change - second quarter 2013

Statistical revisions are regularly applied to the Canadian System of Macroeconomic Accounts in order to incorporate the most current information from censuses, annual surveys, administrative statistics, public accounts, etc., and to implement improved estimation methods. Statistics Canada also conducts more comprehensive revisions to the Canadian System of Macroeconomic Accounts, which generally reflect new concepts, accounting treatments or methods. The paper An overview of the upcoming planned revisions to the Canadian System of Macroeconomic Accounts (www.statcan.gc.ca/pub/13-605-x/2013003/article/11816-eng.htm) outlines the scheduled revisions planned for 2013 to 2015.

The note Measuring the stock of residential real estate (www.statcan.gc.ca/pub/13-605-x/2013002/article/11782-eng.htm) outlines the different ways to measure the value of the stock of residential real estate, compares the different methods and provides guidance to users as to when they should use a particular estimate.

Reference period of change - fourth quarter 2012

The article Revisions analysis - National Balance Sheet Account 2012 (www.statcan.gc.ca/pub/13-605-x/2012004/article/11729-eng.htm) has been prepared to help users understand the changes introduced as a result of the historical revision of the National Balance Sheet Account, due to the implementation of the new international standards published in System of National Accounts 2008.

Financial indicators from the National Balance Sheet Accounts (www.statcan.gc.ca/pub/13-605-x/2012004/article/11730-eng.htm) A look at the National Balance Sheet Account financial indicators for the household and non-profit institutions serving households sectors, as well the corporate and government sectors.

Reference period of change - second quarter 2012

The historical revision of the national balance sheet accounts introduced five significant changes to the nation's measure of non-financial assets and thus national wealth. These include the capitalization of research and development activities; the capitalization of military weapons systems; an improved valuation of the corporate sector's non-financial assets; an improved valuation of the government sector's non-financial assets; and the use of new source data in valuing the residential net stock. On October 1, 2012, Canada's net foreign debt was historically revised. This revision also had an impact on Canada's national net worth.

The purpose of the document A new presentation for the quarterly National Accounts (www.statcan.gc.ca/pub/13-605-x/2012001/article/11671-eng.htm) is to introduce a new presentation of the quarterly National Accounts (Income and Expenditure Accounts (IEA), Financial Flow Accounts (FFA) and National Balance Sheet Accounts (NBSA)) that will be published with the conversion of the Canadian National Accounts to the latest international standard—System of National Accounts 2008 (SNA2008).

Reference period of change - second quarter 2011

The paper A preview of the historical revision of the Canadian System of National Accounts (www.statcan.gc.ca/pub/13-605-x/2011003/article/11491-eng.htm) provides a preview of the historical (comprehensive) revision of the Canadian System National Accounts to be released beginning in May 2012. The last revision of this scope took place in 1997. The paper highlights the changes resulting from the adoption of SNA2008 which is the revised international standard for national accounting, along with statistical revisions arising from new and improved source data and methodologies. Updates to the classification systems used in the Canadian System of National Accounts are also presented along with a list of changes planned for 2014.

The note Impact of new accounting standards on the Financial and Wealth Accounts (www.statcan.gc.ca/pub/13-605-x/2011003/article/11492-eng.htm) provides a brief explanation of the impact that the transition from reporting financial statements under Canadian Generally Accepted Accounting Principles (CGAAP) to the new, internationally unified financial accounting framework of the International Financial Reporting Standards (IFRS) will have on the Canadian Financial Flow Accounts and the National Balance Sheet Accounts estimates.

Reference period of change - fourth quarter 2009

Financial and Wealth Accounts Re-sectoring (www.statcan.gc.ca/pub/13-605-x/2009001/article/11027-eng.htm) With the release of the Financial Flow Accounts (FFA) on December 1st and the National Balance Sheet Accounts (NBSA) on December 14th, the Income and Expenditure Accounts Division will be publishing revised sector and category detail on CANSIM.  These changes are briefly described below.

Reference period of change - second quarter 2008

The Pension Satellite Account covers the entire universe of the retirement regime in Canada which includes government-sponsored social security, employer-sponsored pension plans and voluntary individual retirement savings plans. In this preliminary release, a time series of pension assets by type from 1990 to 2007 is published as a supplement to the National Balance Sheet.

Reference period of change - second quarter 2003

The First release of the quarterly national balance sheet accounts (www.statcan.gc.ca/pub/13-605-x/2003001/chrono/4151913-eng.htm) is part of a joint effort with Canada's international investment position to provide users with more up to date and meaningful data.

Reference period of change - first quarter 2003

This release marks the launch of the quarterly national balance sheet accounts.

The increased frequency for these data is part of a multi-year initiative to improve the balance sheet information for all sectors of the economy.

Quarterly series run from the first quarter of 1990. Revisions cover the period from 1990 to 2002, but there are a few exceptions. Historical revisions cover capital stocks and land surrounding non-residential structures, resulting largely from the use of rebased price indices in the calculations as well as improved sectoring of these assets for the government sectors.

Data accuracy - Users are advised that data for Canadian foreign investment in marketable securities (foreign investment) for certain institutional investors' sectors, in particular in recent years, may differ from those reported in other Statistics Canada surveys. This difference is related to the increased gap between the book value of Canadian asset-holders marketable foreign equity securities on the one hand, and the underlying book values of the foreign firms whose shares are being held and traded on the other. This situation will persist for the next few quarters, as the National Balance Sheet Accounts will continue to follow the International Investment Position concept for valuation of Canadian foreign investment in equity securities. However, this issue will be resolved as both accounts move to a common market valuation for tradable securities in the first quarter of 2004.