Guide to the Monthly Credit Aggregates

In the past, the Bank of Canada (the Bank) and Statistics Canada both produced aggregate measures of borrowing, or credit, for sectors of the Canadian economy. The Statistics Canada measures were on a quarterly basis as part of the National Balance Sheet Accounts (NBSA) whereas the Bank of Canada published monthly statistics. While both estimates are drawn from the same data sources and paint a similar picture of the indebtedness of Canadian households and non-financial businesses, some reconcilable differences existed in the aggregate measures. Starting in December 2020 Statistics Canada will be producing monthly estimates that will be integrated into the larger NBSA framework. This will provide users with a single and consistent set of monthly estimates that align with the internationally recognized national accounting principles detailed in the United Nations System of National Accounts This guide will serve as a review of the historical differences between each organization's credit aggregates, the conceptual and statistical changes that will occur as a result of the integration of monthly estimates within the NBSA, and a detailed overview of the methods that will be employed to estimate the outstanding credit debt of households and non-financial private corporations by lending sector.