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