Latest Developments in the Canadian Economic Accounts
Revisions to Canada’s International Investment Position

Release date: December 11, 2015

Canada’s International Investment Position (IIP) is revised as part of the 2015 Comprehensive Revision of the Canadian System of Macroeconomic Accounts (CSMA) with the objectives of strengthening the overall quality of this product and increasing its compliance with updated international standards set by the International Monetary Fund—for IIP the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6) and the OECD Benchmark Definition of Foreign Direct Investment (BD4).

The IIP is a statistical statement that shows the value and the composition of a country’s international assets and liabilities at a point in time. The BPM6 recognizes the increasing importance of the IIP in the compilation and analysis of the international accounts. Such balance sheet information are useful to better understand the extent of the exposure (and, therefore, the risk and vulnerability) of an economy with respect to their international investments from different perspectives, including the type and nature of these investments, the composition in terms of currency and sector of borrower, maturity, etc.

Revisions introduced in the IIP as part of this exercise are consistent with those implemented in the financial account of the Balance of Payments (BOP) which were released on November 30, 2015 (Revisions to Canada’s International Balance of Payments). They include statistical, classification, conceptual and presentational changes but also the development of new estimates to better address questions associated to financial stability.

Statistical and classification changes

Statistical changes in the IIP are mainly explained by the benchmarking of key data series on foreign direct investment and portfolio investment, as well as banks’ currency and deposits liabilities. Classification changes mostly refer to a change in the way Canadian covered bonds are recorded in the international accounts.

Revisions to the IIP, more important from 2005 onward, generally tend to increase Canada’s net foreign debt position over the period or to reduce Canada’s net international asset position in most recent years. This was in line with revisions to the financial account of the balance of payments which generally resulted in an increase of the net borrowing – or a decrease of the net lending.

Chart 1 Canada's net international investment position

Description for Chart 1

The title of the graph is "Chart 1 Canada's net international investment position."
This is a line chart.
There are in total 40 categories in the horizontal axis. The vertical axis starts at -400 and ends at 200 with ticks every 100 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from first quarter 2005 to fourth quarter 2014.
The title of series 1 is "Revised estimate."
The minimum value is -333.344 occurring in second quarter 2011.
The maximum value is 105.039 occurring in fourth quarter 2014.
The title of series 2 is "Previously published estimate."
The minimum value is -311.45 occurring in second quarter 2011.
The maximum value is 137.178 occurring in fourth quarter 2014.

Data table for Chart 1
Table summary
This table displays the results of Data table for Chart 1 Revised estimate and Previously published estimate (appearing as column headers).
  Revised estimate Previously published estimate
first quarter 2005 -165.127 -166.383
second quarter 2005 -147.992 -149.397
third quarter 2005 -203.584 -193.752
fourth quarter 2005 -179.808 -161.149
first quarter 2006 -148.379 -129.928
second quarter 2006 -181.827 -164.677
third quarter 2006 -129.963 -112.373
fourth quarter 2006 -62.462 -45.508
first quarter 2007 -39.005 -24.321
second quarter 2007 -100.744 -89.233
third quarter 2007 -182.434 -170.244
fourth quarter 2007 -183.593 -169.930
first quarter 2008 -166.469 -142.317
second quarter 2008 -218.351 -192.590
third quarter 2008 -165.868 -144.219
fourth quarter 2008 -147.745 -120.543
first quarter 2009 -153.027 -121.531
second quarter 2009 -155.831 -129.694
third quarter 2009 -187.585 -165.702
fourth quarter 2009 -221.639 -204.414
first quarter 2010 -258.679 -239.528
second quarter 2010 -281.674 -256.562
third quarter 2010 -268.237 -244.223
fourth quarter 2010 -301.383 -279.753
first quarter 2011 -324.957 -307.454
second quarter 2011 -333.344 -311.450
third quarter 2011 -300.656 -273.076
fourth quarter 2011 -302.727 -275.691
first quarter 2012 -231.982 -202.712
second quarter 2012 -259.150 -231.550
third quarter 2012 -307.015 -282.460
fourth quarter 2012 -326.847 -306.647
first quarter 2013 -261.542 -235.347
second quarter 2013 -148.500 -115.959
third quarter 2013 -108.693 -74.540
fourth quarter 2013 -12.811 22.733
first quarter 2014 -20.052 10.722
second quarter 2014 -112.444 -81.843
third quarter 2014 -28.316 11.507
fourth quarter 2014 105.039 137.178

In most recent years (from 2012 onward), revisions are mainly explained by the integration of annual benchmark surveys on foreign direct investment and portfolio investment, on both assets and liabilities. These revisions also reflect the increased use of other countries’ information as part of the data confrontation process in order to assess and improve the quality of Canada’s IIP estimates.

One important change contributing to the revisions from 2007 relates to the coverage of Canadian covered bonds and their reclassification from the other investment functional category of the IIP (currency and deposit liabilities) to the portfolio investment functional category (Canadian bonds). Covered bonds are debt instruments issued by financial institutions and secured by a segregated pool of assets. The new classification better reflects the nature of these financial instruments and is coherent within the CSMA.

As a result of this exercise, foreign holdings of Canadian bonds are revised up, largely due to the value of covered bonds transferred from the currency and deposit instrument category to the Canadian bond instrument category of the IIP.

Chart 2 Foreign holdings of Canadian bonds

Description for Chart 2

The title of the graph is "Chart 2 Foreign holdings of Canadian bonds."
This is a line chart.
There are in total 40 categories in the horizontal axis. The vertical axis starts at 0 and ends at 1,000 with ticks every 100 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from first quarter 2005 to fourth quarter 2014.
The title of series 1 is "Revised estimate."
The minimum value is 393.738 occurring in second quarter 2006.
The maximum value is 945.18 occurring in fourth quarter 2014.
The title of series 2 is "Previously published estimate."
The minimum value is 393.738 occurring in second quarter 2006.
The maximum value is 870.831 occurring in fourth quarter 2014.

Data table for Chart 2
Table summary
This table displays the results of Data table for Chart 2 Revised estimate and Previously published estimate (appearing as column headers).
  Revised estimate Previously published estimate
first quarter 2005 434.661 434.661
second quarter 2005 446.113 446.113
third quarter 2005 423.601 423.601
fourth quarter 2005 415.665 415.665
first quarter 2006 410.460 410.460
second quarter 2006 393.738 393.738
third quarter 2006 407.733 407.733
fourth quarter 2006 434.083 434.083
first quarter 2007 434.212 435.911
second quarter 2007 403.015 404.740
third quarter 2007 394.304 396.296
fourth quarter 2007 403.976 401.755
first quarter 2008 435.890 432.931
second quarter 2008 446.743 441.209
third quarter 2008 447.620 444.095
fourth quarter 2008 482.015 474.631
first quarter 2009 489.202 479.203
second quarter 2009 512.620 502.491
third quarter 2009 517.613 506.811
fourth quarter 2009 537.583 529.802
first quarter 2010 546.651 532.597
second quarter 2010 600.217 576.818
third quarter 2010 637.075 610.425
fourth quarter 2010 632.752 607.971
first quarter 2011 641.247 613.474
second quarter 2011 660.975 632.262
third quarter 2011 722.470 685.526
fourth quarter 2011 726.734 681.951
first quarter 2012 745.939 689.636
second quarter 2012 778.213 719.219
third quarter 2012 797.618 739.239
fourth quarter 2012 817.018 761.046
first quarter 2013 841.376 786.271
second quarter 2013 826.411 773.975
third quarter 2013 825.202 761.641
fourth quarter 2013 849.704 782.830
first quarter 2014 882.196 823.495
second quarter 2014 888.545 826.351
third quarter 2014 921.955 856.035
fourth quarter 2014 945.180 870.831

The Canadian bond series was also impacted by the implementation of a more robust methodology to generate market value estimates of these instruments. Canadian bonds are now evaluated in the IIP based on period-end observed market prices on an instrument basis, where available. The new approach replaces the one where average transaction prices were used during the period as a proxy for observed prices.

In addition to the reclassification of covered bondsNote 1, the series on currency and deposits is also revised following a benchmarking exercise with other data sources used in the CSMA. This resulted in a progressive increase in international deposit liabilities starting in 2005, consistent with revised estimates recorded in the broader framework of the CSMA National Balance Sheet Accounts (NBSA). Overall, the net impact of the reclassification of covered bonds and the benchmarking of the series was an increase in currency and deposit liabilities from 2005 to 2011 followed by a decrease from 2012 onward.

Chart 3 Currency and deposits, liabilities

Description for Chart 3

The title of the graph is "Chart 3 Currency and deposits, liabilities."
This is a line chart.
There are in total 40 categories in the horizontal axis. The vertical axis starts at 0 and ends at 600 with ticks every 100 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from first quarter 2005 to fourth quarter 2014.
The title of series 1 is "Revised estimate."
The minimum value is 175.962 occurring in first quarter 2005.
The maximum value is 440.713 occurring in fourth quarter 2014.
The title of series 2 is "Previously published estimate."
The minimum value is 175.914 occurring in first quarter 2005.
The maximum value is 492.613 occurring in fourth quarter 2014.

Data table for Chart 3
Table summary
This table displays the results of Data table for Chart 3 Revised estimate and Previously published estimate (appearing as column headers).
  Revised estimate Previously published estimate
first quarter 2005 175.962 175.914
second quarter 2005 181.949 181.909
third quarter 2005 208.685 197.448
fourth quarter 2005 217.906 197.666
first quarter 2006 230.580 210.256
second quarter 2006 251.452 231.998
third quarter 2006 252.573 233.093
fourth quarter 2006 243.663 223.382
first quarter 2007 263.898 243.799
second quarter 2007 268.554 249.952
third quarter 2007 256.070 238.653
fourth quarter 2007 257.562 243.041
first quarter 2008 293.294 268.037
second quarter 2008 275.924 250.883
third quarter 2008 279.529 256.592
fourth quarter 2008 319.214 291.377
first quarter 2009 331.309 302.020
second quarter 2009 303.921 278.235
third quarter 2009 304.784 282.484
fourth quarter 2009 299.354 278.452
first quarter 2010 307.823 288.379
second quarter 2010 293.462 276.334
third quarter 2010 287.766 275.160
fourth quarter 2010 286.986 279.013
first quarter 2011 288.462 287.635
second quarter 2011 293.960 293.815
third quarter 2011 296.024 300.285
fourth quarter 2011 291.457 304.197
first quarter 2012 279.334 303.287
second quarter 2012 272.915 297.118
third quarter 2012 291.773 318.422
fourth quarter 2012 322.954 350.086
first quarter 2013 320.977 344.789
second quarter 2013 321.819 345.631
third quarter 2013 311.808 340.165
fourth quarter 2013 354.131 385.080
first quarter 2014 388.886 419.301
second quarter 2014 371.266 406.159
third quarter 2014 375.331 418.331
fourth quarter 2014 440.713 492.613

New data series and presentational changes

Additional details are included in the IIP main presentation and in supplementary tables as part of the 2015 Comprehensive Revision of the CSMA. New instrument categories are introduced for foreign direct investment, official international reserves and other investments.

For portfolio investment, new information on currency of issue and remaining maturity of Canadian debt securities is released as encouraged by updated international standards. Estimates of Canadian portfolio investment abroad with individual country detail are now available on a quarterly basis as opposed to an annual basis.

Also, the presentation of foreign direct investment in the IIP was changed in order to show these investments on an asset liability principle basis (i.e., gross basis), in line with the presentation used in the NBSA.

Table 1
International investment position, comparison of former- and new presentation
Table summary
This table displays the results of International investment position. The information is grouped by Former presentation (appearing as row headers), New presentation (appearing as column headers).
Former presentation New presentation
Total assets Total assets
Canadian direct investment abroad   Note ...: not applicable
Note ...: not applicable   Direct investment assets
Note ...: not applicable     Equity
Note ...: not applicable     Debt instruments
Canadian portfolio investment   Canadian portfolio investment
Foreign debt securities     Foreign debt securities
Foreign money market instruments       Foreign money market instruments
Foreign bonds       Foreign bonds
Foreign equity and investment fund shares     Foreign equity and investment fund shares
Official international reserves   Official international reserves
United States dollars     Note ...: not applicable
Other foreign currencies     Note ...: not applicable
Note ...: not applicable     Securities
Note ...: not applicable     Currency and deposits
Gold     Gold
Special drawing rights     Special drawing rights
Reserve position in International Monetary Fund (IMF)     Reserve position in International Monetary Fund (IMF)
Other Canadian investment   Other Canadian investment
Loans     Loans
Currency and deposits     Currency and deposits
Other assets     Note ...: not applicable
Note ...: not applicable     Trade credit and advances
Note ...: not applicable     Other accounts receivable
Total liabilities Total liabilities
Foreign direct investment in Canada   Note ...: not applicable
Note ...: not applicable   Direct investment liabilities
Note ...: not applicable     Equity
Note ...: not applicable     Debt instruments
Foreign portfolio investment   Foreign portfolio investment
Canadian debt securities     Canadian debt securities
Canadian money market instruments       Canadian money market instruments
Canadian bonds       Canadian bonds
Canadian equity and investment fund shares     Canadian equity and investment fund shares
Other foreign investment   Other foreign investment
Loans     Loans
Currency and deposits     Currency and deposits
Special drawing rights     Special drawing rights
Other liabilities     Note ...: not applicable
Note ...: not applicable     Trade credit and advances
Note ...: not applicable     Other accounts payable
Canada's net international investment position Canada's net international investment position

Official international reserves

Reserves in the form of securities are now available from 2007. Previously, these instruments were amalgamated with currency and deposits in US dollars and currency and deposits in other foreign currencies. A large proportion of Canada’s international reserves are in the form of foreign securities and showing these instruments separately from the rest of the currency and deposits provides additional information on the characteristics and exposures of Canada’s international reserve assets.

Chart 4 Official international reserves at market value

Description for Chart 4

The title of the graph is "Chart 4 Official international reserves at market value."
This is a column stacked chart.
There are in total 32 categories in the horizontal axis. The vertical axis starts at 0 and ends at 100 with ticks every 10 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from first quarter 2007 to fourth quarter 2014.
The title of series 1 is "Securities ."
The minimum value is 35.639 occurring in second quarter 2007.
The maximum value is 71.988 occurring in fourth quarter 2014.
The title of series 2 is "Other instruments."
The minimum value is 3.075 occurring in third quarter 2008.
The maximum value is 15.539 occurring in first quarter 2014.

Data table for Chart 4
Table summary
This table displays the results of Data table for Chart 4 Securities and Other instruments (appearing as column headers).
  Securities Other instruments
first quarter 2007 38.860 6.526
second quarter 2007 35.639 6.352
third quarter 2007 36.430 4.339
fourth quarter 2007 36.833 3.891
first quarter 2008 40.402 3.796
second quarter 2008 38.498 6.221
third quarter 2008 42.665 3.075
fourth quarter 2008 49.431 4.005
first quarter 2009 50.674 4.223
second quarter 2009 47.739 4.203
third quarter 2009 47.837 14.437
fourth quarter 2009 44.108 13.021
first quarter 2010 45.422 12.142
second quarter 2010 46.506 12.466
third quarter 2010 47.644 13.629
fourth quarter 2010 43.952 12.890
first quarter 2011 45.605 13.158
second quarter 2011 47.004 13.265
third quarter 2011 52.320 14.470
fourth quarter 2011 52.992 13.946
first quarter 2012 55.104 14.072
second quarter 2012 53.751 13.666
third quarter 2012 53.093 13.903
fourth quarter 2012 54.101 14.095
first quarter 2013 57.675 13.641
second quarter 2013 58.075 14.379
third quarter 2013 58.970 14.586
fourth quarter 2013 61.112 15.401
first quarter 2014 68.975 15.539
second quarter 2014 66.053 14.905
third quarter 2014 67.120 15.410
fourth quarter 2014 71.988 14.672

Foreign direct investment

Foreign direct investment in the IIP is now presented by type of instrument (equity and debt). This additional detail provides users with more relevant information on the nature of the FDI activity measured on a quarterly basis and sheds some light on the importance of intercompany debt in foreign direct investment. The new data shows that, on average, about 8% of direct investment assets are in the form of debt instruments as opposed to equity. For direct investment liabilities, this proportion is twice as large, reflecting the higher importance of debt financing instruments with respect to inward direct investment. The new information also improves the international comparability of Canadian FDI information with other countries.

Chart 5 Direct investment assets at market value

Description for Chart 5

The title of the graph is "Chart 5 Direct investment assets at market value."
This is a column stacked chart.
There are in total 13 categories in the horizontal axis. The vertical axis starts at 0 and ends at 1,600 with ticks every 200 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from fourth quarter 2011 to fourth quarter 2014.
The title of series 1 is "Equity."
The minimum value is 870.266 occurring in fourth quarter 2011.
The maximum value is 1,256.769 occurring in fourth quarter 2014.
The title of series 2 is "Debt instruments."
The minimum value is 73.9 occurring in first quarter 2012.
The maximum value is 107.046 occurring in fourth quarter 2014.

Data table for Chart 5
Table summary
This table displays the results of Data table for Chart 5 Equity and Debt instruments (appearing as column headers).
  Equity Debt instruments
fourth quarter 2011 870.266 77.497
first quarter 2012 926.055 73.900
second quarter 2012 871.156 78.590
third quarter 2012 915.114 80.367
fourth quarter 2012 935.464 81.561
first quarter 2013 970.739 84.334
second quarter 2013 974.163 89.441
third quarter 2013 1,037.485 98.942
fourth quarter 2013 1,129.091 98.957
first quarter 2014 1,182.504 102.842
second quarter 2014 1,191.776 97.912
third quarter 2014 1,198.106 103.749
fourth quarter 2014 1,256.769 107.046

 

Chart 6 Direct investment liabilities at market value

Description for Chart 6

The title of the graph is "Chart 6 Direct investment liabilities at market value."
This is a column stacked chart.
There are in total 13 categories in the horizontal axis. The vertical axis starts at 0 and ends at 1,600 with ticks every 200 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from fourth quarter 2011 to fourth quarter 2014.
The title of series 1 is "Equity."
The minimum value is 762.147 occurring in fourth quarter 2011.
The maximum value is 1,029.461 occurring in second quarter 2014.
The title of series 2 is "Debt instruments."
The minimum value is 155.74 occurring in first quarter 2012.
The maximum value is 192.131 occurring in first quarter 2014.

Data table for Chart 6
Table summary
This table displays the results of Data table for Chart 6 Equity and Debt instruments (appearing as column headers).
  Equity Debt instruments
fourth quarter 2011 762.147 156.087
first quarter 2012 790.132 155.740
second quarter 2012 765.020 160.523
third quarter 2012 811.932 163.068
fourth quarter 2012 828.553 170.022
first quarter 2013 860.555 177.439
second quarter 2013 824.048 177.770
third quarter 2013 849.937 186.082
fourth quarter 2013 892.096 186.675
first quarter 2014 951.132 192.131
second quarter 2014 1,029.461 189.875
third quarter 2014 991.619 190.009
fourth quarter 2014 980.937 190.349

The IIP main presentation is modified to show FDI data on an asset liability principle (gross basis) as opposed to a directional principle (net basis) as it has been the case historically in the IIP. This presentation is in line with the one introduced in the financial account of the BOP. The difference between the two FDI conceptual presentations resides in the classification of reverse investment such as (1) Canadian affiliates’ claims on foreign parents and (2) Canadian parents’ liabilities to foreign affiliates. Under the asset/liability presentation, (1) is classified as an asset and included in Direct Investment Assets and (2) is classified as a liability and included in Direct Investment LiabilitiesNote 2. New terminology was introduced to represent this concept: Canadian direct investment abroad is now referred to as Direct investment assets in the new presentation while Foreign direct investment in Canada is now referred to Direct investment liabilities.

Chart 7 Conceptual presentations: direct investment assets and Canadian direct investment abroad

Description for Chart 7

The title of the graph is "Chart 7 Conceptual presentations: direct investment assets and Canadian direct investment abroad."
This is a line chart.
There are in total 60 categories in the horizontal axis. The vertical axis starts at 0 and ends at 1,600 with ticks every 200 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from first quarter 2000 to fourth quarter 2014.
The title of series 1 is "Direct investment assets at market value (asset liability presentation)."
The minimum value is 584.446 occurring in first quarter 2003.
The maximum value is 1,363.815 occurring in fourth quarter 2014.
The title of series 2 is "Canadian direct investment abroad at market value (directional presentation)."
The minimum value is 548.764 occurring in first quarter 2003.
The maximum value is 1,299.641 occurring in fourth quarter 2014.

Data table for Chart 7
Table summary
This table displays the results of Data table for Chart 7 Direct investment assets at market value (asset liability presentation) and Canadian direct investment abroad at market value (directional presentation) (appearing as column headers).
  Direct investment assets at market value (asset liability presentation) Canadian direct investment abroad at market value (directional presentation)
first quarter 2000 652.389 620.679
second quarter 2000 718.071 686.193
third quarter 2000 700.284 668.239
fourth quarter 2000 697.101 664.023
first quarter 2001 653.459 619.385
second quarter 2001 635.259 603.143
third quarter 2001 615.650 581.829
fourth quarter 2001 674.905 642.083
first quarter 2002 683.137 650.309
second quarter 2002 626.903 593.784
third quarter 2002 614.180 577.948
fourth quarter 2002 632.077 595.931
first quarter 2003 584.446 548.764
second quarter 2003 606.685 572.352
third quarter 2003 630.918 595.715
fourth quarter 2003 683.941 649.447
first quarter 2004 720.694 684.703
second quarter 2004 756.359 722.404
third quarter 2004 753.233 719.037
fourth quarter 2004 794.523 759.391
first quarter 2005 801.961 766.555
second quarter 2005 828.437 792.246
third quarter 2005 843.577 807.481
fourth quarter 2005 840.667 806.168
first quarter 2006 894.955 858.508
second quarter 2006 858.016 820.554
third quarter 2006 844.547 808.398
fourth quarter 2006 950.410 911.209
first quarter 2007 983.461 943.896
second quarter 2007 996.286 956.682
third quarter 2007 977.920 939.666
fourth quarter 2007 977.635 939.975
first quarter 2008 1,028.957 988.809
second quarter 2008 1,046.172 1,003.895
third quarter 2008 798.788 755.217
fourth quarter 2008 837.703 789.651
first quarter 2009 863.210 809.257
second quarter 2009 951.491 899.038
third quarter 2009 961.958 911.866
fourth quarter 2009 979.409 933.836
first quarter 2010 926.283 879.828
second quarter 2010 908.697 861.004
third quarter 2010 984.839 935.168
fourth quarter 2010 1,046.178 999.365
first quarter 2011 1,074.075 1,027.824
second quarter 2011 992.883 952.547
third quarter 2011 925.390 886.042
fourth quarter 2011 947.762 910.343
first quarter 2012 999.954 964.222
second quarter 2012 949.746 906.521
third quarter 2012 995.481 949.427
fourth quarter 2012 1,017.025 967.376
first quarter 2013 1,055.074 1,001.703
second quarter 2013 1,063.604 1,010.771
third quarter 2013 1,136.427 1,078.682
fourth quarter 2013 1,228.048 1,172.840
first quarter 2014 1,285.346 1,224.184
second quarter 2014 1,289.688 1,229.855
third quarter 2014 1,301.855 1,239.511
fourth quarter 2014 1,363.815 1,299.641

 

Chart 8 Conceptual presentations: direct investment liabilities and foreign direct investment in Canada

Description for Chart 8

The title of the graph is "Chart 8 Conceptual presentations: direct investment liabilities and foreign direct investment in Canada."
This is a line chart.
There are in total 60 categories in the horizontal axis. The vertical axis starts at 0 and ends at 1,600 with ticks every 200 points.
There are 2 series in this graph.
The vertical axis is "billions of dollars."
The units of the horizontal axis are quarters by year from first quarter 2000 to fourth quarter 2014.
The title of series 1 is "Foreign direct investment in Canada at market value (directional presentation)."
The minimum value is 428.83 occurring in first quarter 2000.
The maximum value is 1,159.504 occurring in second quarter 2014.
The title of series 2 is "Direct investment liabilities at market value (asset liability presentation)."
The minimum value is 460.541 occurring in first quarter 2000.
The maximum value is 1,219.337 occurring in second quarter 2014.

Data table for Chart 8
Table summary
This table displays the results of Data table for Chart 8 Foreign direct investment in Canada at market value (directional presentation) and Direct investment liabilities at market value (asset liability presentation) (appearing as column headers).
  Foreign direct investment in Canada at market value (directional presentation) Direct investment liabilities at market value (asset liability presentation)
first quarter 2000 428.830 460.541
second quarter 2000 531.960 563.838
third quarter 2000 505.506 537.551
fourth quarter 2000 487.595 520.673
first quarter 2001 456.131 490.205
second quarter 2001 483.390 515.506
third quarter 2001 448.593 482.413
fourth quarter 2001 505.442 538.264
first quarter 2002 532.830 565.658
second quarter 2002 511.478 544.596
third quarter 2002 467.075 503.307
fourth quarter 2002 458.831 494.977
first quarter 2003 443.100 478.782
second quarter 2003 501.943 536.275
third quarter 2003 524.465 559.668
fourth quarter 2003 568.578 603.072
first quarter 2004 595.341 631.333
second quarter 2004 596.042 629.998
third quarter 2004 627.860 662.056
fourth quarter 2004 654.935 690.067
first quarter 2005 672.355 707.761
second quarter 2005 685.623 721.814
third quarter 2005 747.409 783.504
fourth quarter 2005 743.708 778.207
first quarter 2006 801.945 838.392
second quarter 2006 793.182 830.643
third quarter 2006 762.942 799.091
fourth quarter 2006 823.752 862.952
first quarter 2007 847.361 886.927
second quarter 2007 931.622 971.226
third quarter 2007 991.469 1,029.723
fourth quarter 2007 1,020.674 1,058.334
first quarter 2008 1,008.299 1,048.446
second quarter 2008 1,032.098 1,074.375
third quarter 2008 757.059 800.631
fourth quarter 2008 759.486 807.538
first quarter 2009 742.880 796.832
second quarter 2009 824.063 876.516
third quarter 2009 858.641 908.733
fourth quarter 2009 907.807 953.379
first quarter 2010 894.988 941.443
second quarter 2010 860.582 908.275
third quarter 2010 910.538 960.209
fourth quarter 2010 984.775 1,031.588
first quarter 2011 1,021.263 1,067.514
second quarter 2011 980.498 1,020.83
third quarter 2011 859.863 899.210
fourth quarter 2011 880.815 918.234
first quarter 2012 910.140 945.872
second quarter 2012 882.318 925.543
third quarter 2012 928.946 975.000
fourth quarter 2012 948.926 998.575
first quarter 2013 984.624 1,037.995
second quarter 2013 948.984 1,001.818
third quarter 2013 978.275 1,036.019
fourth quarter 2013 1,023.563 1,078.771
first quarter 2014 1,082.101 1,143.263
second quarter 2014 1,159.504 1,219.337
third quarter 2014 1,119.284 1,181.628
fourth quarter 2014 1,107.112 1,171.286

As is the case for transactions, a new CANSIM table illustrating the conversion of FDI positions from the directional presentation to the asset liability presentation is available. This supplementary information was developed to help users better understand the differences between the new and the former presentations as well as to link to the time series based on the FDI directional principle. The change from the directional presentation to the asset liability presentation has an impact on the value of total international assets and total international liabilities in the IIP. However, this classification change does not affect the value of Canada’s net international investment position.

It has to be noted that Canada’s annual detailed Foreign Direct Investment program presenting the stock of inward and outward direct investment by country and industry still remains on a directional presentation, as recommended by updated international standards.

Other investment

Information on trade credit and advances, both on the asset and liability sides, are now identified separately in the IIP as recommended by international standards. Trade credit and advances arise when payment for goods or services is not made at the same time as the change in ownership of a good or provision of a service. Previously, these instruments were amalgamated with other types of instruments classified in the other investment category. Showing this type of financial instrument separately provides additional insight on the how transactions in goods and services are financed and the size of the associated trade accounts.

Portfolio investment

Additional data series on Canadian debt securities held by non-residents are now available covering new analytical dimensions related to these instruments such as currency of issue and remaining maturity. This new information is available on monthly basis and integrated in the quarterly IIP. More details on these new data series are found in Revisions to Canada’s Balance of International Payments.

Data on the value of foreign securities held by Canadian investors by country of issuer of these securities are now available on a quarterly basis (as opposed to annual) starting with the 2015 third quarter release of the IIP. The increased frequency of these estimates enables to better track changes in the composition and value of these assets held by Canadians and to better assess the impact of fluctuations in global stock and credit markets on the wealth of Canadians.

Canada’s gross external debt position

The gross external debt (GED) position of a country is defined as the measure of this country’s stock of debt instruments held by foreign creditors. It is comprised of portfolio, direct and other types of debt instruments. As part of the 2015 Comprehensive Revision of the CSMA, Canada’s gross external debt main presentation is modified to show direct investment debt liabilities on a gross basis (asset liability presentation) and broken down into two sub-components: (1) Canadian affiliates’ debt liabilities to foreign parents and (2) Canadian parents' debt liabilities to foreign affiliates.

As supplementary information, Canada’s gross external debt position is now available at nominal value in addition to market value. The nominal value provides a different perspective of the outstanding amount Canadian debtors owe to foreign creditors with respect to these international debt liabilities. Supplementary information on the currency composition of Canada’s GED is also available. This new output enables Canada to increase its compliance with international standards and shed light on the currency exposure of Canadian debt instruments held by foreign creditors.

Date modified: