Table 11A.1
Reconciliation between the Balance of Payment's current account and the Income and Expenditure Accounts' non-residents sector, 2000

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Current Account of Canada

Millions of dollars Income and Expenditure Accounts: Non-residents Sector Accounts Millions of dollars

Current Accounts Receipts

531,962

Outlay of non-residents, Income and Expenditure Accounts

525,947

Goods and services1

489,090

Purchases of goods and services1

490,688

Goods

429,372

Purchases of goods (exports)

429,375

Services

59,718

Purchases of services (exports)

61,313

Travel

15,997

Travel

15,997

Transportation

11,196

Transportation

11,196

Commercial

31,101

Commercial

31,101

Government

1,424

Government

1,423
Empty cell  Empty cell 

Financial intermediation2

1,596
Empty cell  Empty cell 

On non-residents interest receipts on deposits in Canada

1,294
Empty cell  Empty cell 

On non-residents interest payments on loans in Canada

302

Total investment income

36,755

Interest, dividends and miscellaneous payments

29,143

Total interest3

17,244

Total interest3

17,244

Direct investment, interest

584

Interest paid to persons by non-resident

3,381

Portfolio investment, interest

2,184

Interest paid to corporations by non-resident

9,684

Other investment income, interest

14,476

Interest paid to GBEs by non-resident

1,845
Empty cell  Empty cell 

Interest paid to Governments by non-resident

2,334

Total dividends3

11,756

Total dividends3

11,755

Direct investment, dividends

6,751

Dividends paid to persons by non-resident

5,005

Portfolio investment, dividends

5,005

Dividends paid to corporations by non-resident

6,750

Total reinvested earnings2

7,755

Adjustment for implicit financial intermediation (implicit income paid by non-residents)2

144

Direct investment, reinvested earnings4

7,755

On Canadian interest receipts on deposits in other countries4

446
Empty cell  Empty cell 

On non-residents interest payments on loans in Canada

-302

Current transfers5

6,117

Current transfers5

6,116

Canadian taxes

2,361

Empty cell 

Empty cell 

Official contributions

3,756

Empty cell 

Empty cell 

Current Accounts Payments

502,693

Income of non-residents, Income and Expenditure Accounts

490,921

Goods and services1

427,837

Sales of goods and services1

428,754

Goods

362,337

Sales of goods (imports)

362,337

Services

65,500

Sales of services (imports)

66,417

Travel

18,444

Travel

18,444

Transportation

13,916

Transportation

13,916

Commercial

32,366

Commercial

32,365

Government

774

Government

774

Empty cell 

Empty cell 

Financial intermediation2

918

Empty cell 

Empty cell 

On Canadian interest receipts on deposits in other countries

446

Empty cell 

Empty cell 

On Canadian interest payments on loans in other countries

472

Total investment income

69,863

Interest, dividends and miscellaneous receipts

57,175

Total interest3

45,085

Total interest3

45,086

Direct investment, interest

1,946

Interest paid to non-residents by persons

0

Portfolio investment, interest

27,591

Interest paid to non-residents by corporations

27,409

Other investment income, interest

15,548

Interest paid to non-resident by GBEs

3,680

Empty cell 

Empty cell 

Interest paid to non-resident by Governments (Interest on public debt)

13,997

Total dividends3

11,267

Total dividends3

11,267

Direct investment, dividends

9,020

Dividends paid to non-resident by corporations

11,267

Portfolio investment, dividends

2,247

Empty cell 

Empty cell 

Total reinvested earnings2

13,511

Adjustment for implicit financial intermediation (implicit income paid by canadian corporations)2

822

Direct investment, reinvested earnings4

13,511

On non-residents interest receipts on deposits in Canada4

1,294

Empty cell 

Empty cell 

On Canadian interest payments on loans in other countries

-472

Current transfers5

4,993

Current transfers5

4,992

Private transfers

2,777

Empty cell 

Empty cell 

Official contributions

2,216

Empty cell 

Empty cell 
Empty cell  Empty cell 

Saving: Income - Outlay of non-residents, Income and Expenditure Accounts

-35,026
Empty cell  Empty cell 

+ Net reinvested earnings on direct investment4

5,756
Empty cell  Empty cell 

Direct investment, reinvested earnings, payments

13,511
Empty cell  Empty cell 

Direct investment, reinvested earnings, receipts

7,755

Current Accounts, Balance (receipts - payments)6

29,269

= Balance of payments surplus (-) or deficit (+) on current account6

-29,270

1. Transactions in goods and in travel, transportation, commercial and government services are identical in both accounts.

2. Financial services indirectly measure (FSIM) are shown only in IEA, in BOP they are implicitely embeded in Investment Income information. Since Income and expenditure Accounts is presenting Interest paid and received by non-resident on the same basis as BOP (including implicit charges), the sum of FSIM services and the adjustment for FSIM in the investment income portion of the account for Outlay and Income are equal as shown in the following table.

Outlay and exports Millions of dollars Income and imports Millions of dollars
FSIM outlay components 1,740 FSIM income components 1,740
FSIM exports 1,596 FSIM imports 918
Adjustment for implicit intermediation, outlay 144 Adjustments for implicit intermediation, income 822

3. The total Interest and dividends investment income are identical in both accounts. In IEA, the categories of interest and dividends are based on institutional sector while on BOP it relates to type of investment.

4. The Reinvested earnings flows of investment income (in green) are not counted as part of the Income and Outlay accounts of non-residents sector. As such, the reconciliation of Balance of Payments current account with income and outlay account of non-residents is performed by including the saving in the Income and Expenditure Accounts.

5. The total current transfers are identical in both accounts.

6. In the Income and Expenditure Accounts, the saving represents the position of non-residents with respect to their transactions with Canadian residents. The sign of these aggregates is, therefore, the reverse of what appears in the Canadian Balance of International Payments.

Source: Guide to the Income and Expenditure Accounts, Statistics Canada, catalogue no.13-017-X