Latest Developments in the Canadian Economic Accounts
Understanding business credit measures: a joint study by the Bank of Canada and Statistics Canada

Release date: December 14, 2018

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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.

The Bank’s data are presented based on the issuer of credit, i.e., the holder of the financial assets, and do not display liabilities. The Bank calculates its business credit aggregates using the asset side of the balance sheets of chartered banks and non-bank financial institutions including asset-backed securities, loans extended to individuals and others for businesses purposes. In addition, banker’s acceptances are taken from the liability side of the balance sheets of chartered banks and commercial paper data from third-party sources (i.e., Dominion Bond Rating Service). Long-term debt and equity securities are taken from other sources. Given this approach and the information available, the creditor side can be equated to the debtor side of non-financial corporations and unincorporated businesses. However, the Bank’s aggregates have more limited coverage than Statistics Canada’s on both the lending sector and instrument dimensions (i.e., the Bank does not include all assets and liabilities for all sectors). For example, Bank estimates exclude government and government agencies lending to businesses. Data availability is the main factor for this asset-based perspective.

Both measures are constructed primarily from records of Canadian financial institutions and provide thorough coverage of lending by those institutions. They show a similar picture of the indebtedness of Canadian non-financial businesses, currently and in the past. However, the use of differing classification systems, methodologies and definitions result in some reconcilable differences in the aggregate measures. Therefore, the Bank and Statistics Canada conducted a joint study to understand and identify key differences between their respective measures of business credit, including non-mortgage business loans, non-residential mortgages and commercial paper. Long-term debt and equity securities were excluded from this exercise, but a reconciliation study covering these items will be made available at a later date. A reconciliation between estimates of household credit has already been undertaken and the results can be viewed in Understanding household credit measures: a joint study by the Bank of Canada and Statistics Canada.

The magnitude of the variance between the Bank’s and Statistic Canada’s main business credit aggregates is shown in Table 1. The differences at the component level (non-residential mortgages, non-mortgage loans and short-term paper) are examined in subsequent sections. It should be noted that the classifications used in this document refer to those employed by the Bank, as Statistics Canada does not explicitly publish non-mortgage business loans, non-residential mortgages or commercial paper on the asset side of the balance sheet.


Table 1
Main business credit aggregates from the Bank of Canada and the National Balance Sheet Accounts
Table summary
This table displays the results of Table 1 Bank of Canada, National Balance Sheet Accounts, Differences, Businesses, Private non-financial corporations, Non-mortgage loans, Non-residential mortgages, Commercial paper and bankers' acceptances, Total business credit, excluding securities, Non-mortgage Loans, Mortgage loans, Short-term paper and Total difference in business credit, calculated using millions of dollars and % units of measure (appearing as column headers).
Bank of Canada National Balance Sheet Accounts Differences
Businesses Private non-financial corporations
Non-mortgage loansTable 1 Note 2 Non-residential mortgagesTable 1 Note 3 Commercial paper and bankers' acceptancesTable 1 Note 4 Total business credit, excluding securities Non-mortgage LoansTable 1 Note 5 Mortgage loansTable 1 Note 6 Short-term paperTable 1 Note 1 Table 1 Note 7 Total business credit, excluding securities Total difference in business credit Total difference in business credit
millions of dollars %
First quarter 2012 299,795 116,703 66,382 482,880 236,592 231,523 64,380 532,495 -49,615 -10.27
Second quarter 2012 305,896 118,847 67,767 492,510 237,692 235,739 63,334 536,765 -44,255 -8.99
Third quarter 2012 315,213 120,249 69,701 505,163 253,424 236,877 64,623 554,924 -49,761 -9.85
Fourth quarter 2012 327,706 122,504 68,420 518,630 275,008 240,477 62,335 577,820 -59,190 -11.41
First quarter 2013 341,857 123,758 72,780 538,395 276,079 240,531 66,177 582,787 -44,392 -8.25
Second quarter 2013 343,391 125,387 74,833 543,611 282,253 245,184 70,703 598,140 -54,529 -10.03
Third quarter 2013 350,387 127,789 74,457 552,633 294,739 250,102 69,610 614,451 -61,818 -11.19
Fourth quarter 2013 355,612 130,234 71,514 557,360 304,035 255,596 68,156 627,787 -70,427 -12.64
First quarter 2014 362,054 130,037 79,434 571,525 313,859 256,056 75,226 645,141 -73,616 -12.88
Second quarter 2014 370,022 131,305 81,969 583,296 307,955 258,359 75,689 642,003 -58,707 -10.06
Third quarter 2014 381,231 131,814 83,387 596,432 317,233 261,723 81,558 660,514 -64,082 -10.74
Fourth quarter 2014 395,041 132,769 81,884 609,694 332,151 263,602 78,414 674,167 -64,473 -10.57
First quarter 2015 409,507 134,586 86,903 630,996 334,279 266,655 83,469 684,403 -53,407 -8.46
Second quarter 2015 413,418 136,033 89,025 638,476 341,861 269,093 85,171 696,125 -57,649 -9.03
Third quarter 2015 433,255 137,957 84,407 655,619 356,450 274,066 80,676 711,192 -55,573 -8.48
Fourth quarter 2015 439,920 140,057 86,895 666,872 392,447 277,610 82,724 752,781 -85,909 -12.88
First quarter 2016 452,312 141,416 87,989 681,717 403,346 279,750 79,000 762,096 -80,379 -11.79
Second quarter 2016 459,157 142,266 89,261 690,684 409,740 282,714 84,249 776,703 -86,019 -12.45
Third quarter 2016 469,141 144,375 86,364 699,880 422,661 287,373 84,345 794,379 -94,499 -13.50
Fourth quarter 2016 480,707 147,198 79,510 707,415 429,950 291,998 77,451 799,399 -91,984 -13.00
First quarter 2017 485,160 147,774 83,405 716,339 456,380 293,187 77,236 826,803 -110,464 -15.42
Second quarter 2017 497,900 151,637 88,818 738,355 494,354 300,911 84,262 879,527 -141,172 -19.12
Third quarter 2017 501,800 154,765 95,549 752,114 488,767 305,369 92,472 886,608 -134,494 -17.88
Fourth quarter 2017   518,173 158,387 90,505 767,065 482,690 312,846 92,220 887,756 -120,691 -15.73
First quarter 2018 531,922 160,844 94,247 787,013 481,275 316,164 98,101 895,540 -108,527 -13.92
Second quarter 2018 553,310 165,366 97,504 816,180 510,817 320,635 97,364 928,816 -112,636 -13.90

While a comparison of the two measures of business credit results in a consistent picture of the extent of borrowing by businesses, differences exist between the measures. Both organizations make certain assumptions based on limited information regarding specific debt components. Moreover, it is important to note that some assumptions made by each organization are specific to the particular component being measured.

The Bank uses data reported on, or calculated as, an average-over-the-period basis (the average value of the stock of an asset over the period), whereas Statistics Canada uses data reported on an end-of-period basis (the value of the stock of an asset on the final day of the period). This results in timing differences between estimates derived from each source, especially when large movements in value occur throughout the period or near the end. For non-residential mortgages and non-mortgage loans, this adjustment is not directly measurable, but would generally be immaterial. As such, any differences due to timing are included in the overall remaining difference for these instruments.

Mortgage liabilities of the business sector

Table 2 reconciles differences in measures of non-residential mortgage liabilities; please note, the terminology used reflects the Bank’s definition. The table starts with Statistics Canada’s value for the total mortgage liabilities of private non-financial corporations. From there, explainable differences between the Bank’s and Statistics Canada’s values are calculated, including differences due to classification and coverage, which are explained following the table. This leads to a Statistics Canada approximated value according to Bank of Canada definitions.


Table 2
Reconciliation of estimates of non-residential mortgage liabilities of businesses between the Bank of Canada and the National Balance Sheet Accounts (NBSA)
Table summary
This table displays the results of Reconciliation of estimates of non-residential mortgage liabilities of businesses between the Bank of Canada and the National Balance Sheet Accounts (NBSA) NBSA private non-financial mortgage liabilities - published, Classification (plus), Coverage (minus), NBSA approximated to Bank of Canada definitions, Bank of Canada non-residential mortgage credit - published and Difference between NBSA approximated and Bank of Canada published , calculated using millions of dollars and % units of measure (appearing as column headers).
NBSA private non-financial mortgage liabilities - publishedTable 2 Note 1 Classification (plus) Coverage (minus) NBSA approximated to Bank of Canada definitions Bank of Canada non-residential mortgage credit - publishedTable 2 Note 2 Difference between NBSA approximated and Bank of Canada published Difference between NBSA approximated and Bank of Canada published
millions of dollars %
First quarter 2012 231,523 -51,789 58,960 120,774 116,703 -4,071 -3.49
Second quarter 2012 235,739 -53,661 59,962 122,116 118,847 -3,269 -2.75
Third quarter 2012 236,877 -55,297 59,009 122,571 120,249 -2,322 -1.93
Fourth quarter 2012 240,477 -57,037 59,284 124,156 122,504 -1,652 -1.35
First quarter 2013 240,531 -57,775 54,866 127,889 123,758 -4,131 -3.34
Second quarter 2013 245,184 -59,303 56,569 129,311 125,387 -3,924 -3.13
Third quarter 2013 250,102 -60,834 58,087 131,181 127,789 -3,392 -2.65
Fourth quarter 2013 255,596 -61,854 59,030 134,712 130,234 -4,478 -3.44
First quarter 2014 256,056 -62,672 59,850 133,534 130,037 -3,497 -2.69
Second quarter 2014 258,359 -64,558 59,754 134,047 131,305 -2,742 -2.09
Third quarter 2014 261,723 -66,381 60,877 134,465 131,814 -2,651 -2.01
Fourth quarter 2014 263,602 -67,466 61,828 134,309 132,769 -1,540 -1.16
First quarter 2015 266,655 -67,973 62,779 135,903 134,586 -1,317 -0.98
Second quarter 2015 269,093 -69,394 62,913 136,786 136,033 -753 -0.55
Third quarter 2015 274,066 -71,783 64,042 138,241 137,957 -284 -0.21
Fourth quarter 2015 277,610 -73,356 64,377 139,877 140,057 180 0.13
First quarter 2016 279,750 -73,076 64,732 141,942 141,416 -526 -0.37
Second quarter 2016 282,714 -75,051 65,474 142,189 142,266 77 0.05
Third quarter 2016 287,373 -76,789 66,008 144,576 144,375 -201 -0.14
Fourth quarter 2016 291,998 -78,599 66,663 146,736 147,198 462 0.31
First quarter 2017 293,187 -79,394 66,749 147,044 147,774 730 0.49
Second quarter 2017 300,911 -80,686 67,983 152,242 151,637 -605 -0.40
Third quarter 2017 305,369 -81,041 68,522 155,806 154,765 -1,041 -0.67
Fourth quarter 2017   312,846 -81,850 69,509 161,487 158,387 -3,100 -1.96
First quarter 2018 316,164 -83,406 70,305 162,453 160,844 -1,609 -1.00
Second quarter 2018 320,635 -82,339 71,009 167,287 165,366 -1,921 -1.16

Classification differences

In the NBSA, non-residential mortgage liabilities are allocated to the various borrowing sectors. For example, an unincorporated business in the household sector may hold a non-residential mortgage on a business property. Similarly, residential mortgage liabilities are allocated to various sectors of the economy to reflect the fact that residential mortgage liabilities are found in sectors other than the household sector. For example, non-financial corporations may own residential apartments or residential care facilities and hold the corresponding mortgage loans for these properties.

Generally, financial institutions will make a distinction between their mortgage assets based on the intended use of the mortgaged property, i.e., for residential or non-residential purposes. For example, if a residential care facility requires a mortgage, a financial lender will record this as a residential mortgage. The NBSA emphasizes the debtor-creditor relationship; that is, if the debtor is a corporation, then the liability will be classified as a residential mortgage in the corporate sector. The Bank’s credit statistics classify mortgages to sectors based on the intended use of property; therefore, the Bank includes all non-residential mortgages in business credit and all residential mortgages in household credit.

Coverage differences

Given the NBSA’s integrated coverage of all sectors of the economy, non-residential mortgage assets for some sectors are recorded in the NBSA, but are not included in the Bank’s mortgage statistics. These sectors are investment funds, federal and provincial government business enterprises, households, non-financial private corporations (i.e., intra-sectoral lending), governments and non-residents. The Bank excludes the corresponding mortgage liabilities of non-financial businesses involving these lending sectors because they are outside the scope of the Bank’s credit aggregates.


Table 3
A comparison of lending sector coverage for non-residential mortgages
Table summary
This table displays the results of A comparison of lending sector coverage for non-residential mortgages Non-residential mortgages (appearing as column headers).
Non-residential mortgages
Bank of Canada National Balance Sheet Accounts
Lending sector
Chartered banks included included
Issuers of asset-backed securities included included
Property and casualty insurance companies included included
Sales finance and consumer loan companies included included
Other private financial institutions partial included
Investment funds excluded included
Federal and provincial government business enterprises excluded included
Trusteed pension plans included included
Trust and mortgage loan companies included included
Credit unions included included
Life insurance companies included included
Segregated funds of life insurance companies included included
Households excluded excluded
Non-financial private corporations excluded included
Governments excluded included
Non-residents (entities outside Canada) excluded included

Non-mortgage business loans

Table 4 reconciles differences in measures of non-mortgage loans and begins with Statistics Canada’s value for non-mortgage loan liabilities of private non-financial corporations. From there, explainable differences between the Bank’s and Statistics Canada’s values are calculated, including differences due to classification, coverage and methodological approach, which are explained following the table. This leads to a Statistics Canada approximated value according to Bank of Canada definitions.


Table 4
Reconciliation of estimates of non-mortgage credit of businesses between the Bank of Canada and the National Balance Sheet Accounts (NBSA)
Table summary
This table displays the results of NBSA private non-financial non-mortgage liabilities - published, Classification (plus), Coverage (minus), Methodological (minus), NBSA approximated to Bank of Canada definitions, Bank of Canada non-mortgage loans - published, Difference between NBSA approximated and Bank of Canada published and Difference between NBSA approximated and Bank of Canada published , calculated using millions of dollars and % units of measure (appearing as column headers).
NBSA private non-financial non-mortgage liabilities - publishedTable 4 Note 1 Classification (plus) Coverage (minus) Methodological (minus) NBSA approximated to Bank of Canada definitions Bank of Canada non-mortgage loans - publishedTable 4 Note 2 Difference between NBSA approximated and Bank of Canada published Difference between NBSA approximated and Bank of Canada published
millions of dollars %
First quarter 2012 236,592 90,695 39,416 -13,244 301,114 299,795 -1,319 -0.44
Second quarter 2012 237,692 98,437 42,569 -13,243 306,803 305,896 -907 -0.30
Third quarter 2012 253,424 97,220 42,701 -10,298 318,241 315,213 -3,028 -0.96
Fourth quarter 2012 275,008 89,857 43,517 -8,563 329,911 327,706 -2,205 -0.67
First quarter 2013 276,079 104,576 39,140 -6,117 347,632 341,857 -5,775 -1.69
Second quarter 2013 282,253 104,798 42,336 -2,298 347,013 343,391 -3,622 -1.05
Third quarter 2013 294,739 99,094 42,932 -2,783 353,684 350,387 -3,297 -0.94
Fourth quarter 2013 304,035 107,193 47,934 4,506 358,788 355,612 -3,176 -0.89
First quarter 2014 313,859 110,482 48,259 8,826 367,255 362,054 -5,201 -1.44
Second quarter 2014 307,955 116,561 49,595 -431 375,352 370,022 -5,330 -1.44
Third quarter 2014 317,233 123,112 55,785 -2,113 386,673 381,231 -5,442 -1.43
Fourth quarter 2014 332,151 117,934 57,914 -4,753 396,924 395,041 -1,883 -0.48
First quarter 2015 334,279 135,856 64,332 -8,128 413,931 409,507 -4,424 -1.08
Second quarter 2015 341,861 129,736 60,921 -6,972 417,649 413,418 -4,231 -1.02
Third quarter 2015 356,450 131,132 65,506 -6,457 428,533 433,255 4,722 1.09
Fourth quarter 2015 392,447 113,886 64,544 -1,133 442,922 439,920 -3,002 -0.68
First quarter 2016 403,346 120,087 70,704 3,001 449,728 452,312 2,584 0.57
Second quarter 2016 409740 130,738 71,351 5,678 463,450 459,157 -4,293 -0.93
Third quarter 2016 422,661 122,287 73,221 10,435 461,292 469,141 7,849 1.67
Fourth quarter 2016 429,950 124,437 70,921 9,482 473,983 480,707 6,724 1.40
First quarter 2017 456,380 112,892 70,348 18,598 480,325 485,160 4,835 1.00
Second quarter 2017 494,354 105,235 74,601 34,228 490,760 497,900 7,140 1.43
Third quarter 2017 488,767 104,333 72,219 25,153 495,728 501,800 6,072 1.21
Fourth quarter 2017   482,690 129,260 73,391 28,241 510,318 518,173 7,855 1.52
First quarter 2018 481,275 129,220 75,708 10,612 524,175 531,922 7,747 1.46
Second quarter 2018 510,817 121,196 77,181 10,589 544,243 553,310 9,067 1.64

Classification differences

The Bank’s estimates of business non-mortgage loans include both incorporated and unincorporated entities, whereas in the NBSA, unincorporated businesses are included in the household sector and incorporated businesses are included in the corporate sector. Consequently, to align with the Bank’s estimate, it is necessary to include from the NBSA non-mortgage loans of private non-financial corporations and the portion of non-mortgage loans in the household sector belonging to unincorporated businesses. Additionally, amounts not explicitly classified elsewhere are included in the private non-financial corporations sector.

Coverage differences

The Bank’s credit aggregates do not cover certain loans from some sectors that are included in the NBSA. Examples include some loans from credit unions, government business enterprises and other private financial institutions where the Bank has partial coverage. Additionally, the Bank excludes some lending sectors entirely, as they are not within the scope of its definition of credit. Finally, the Bank includes non-trade receivables in its measure of business non-mortgage loans, while the NBSA excludes this category. The Bank also includes all leasing in business credit, while the NBSA includes a portion of automobile leasing as a liability of households.


Table 5
A comparison of lending sector coverage for non-mortgage loans
Table summary
This table displays the results of A comparison of lending sector coverage for non-mortgage loans Non-mortgage loans (appearing as column headers).
Non-mortgage loans
Bank of Canada National Balance Sheet Accounts
Lending sector
Chartered banks included included
Issuers of asset backed securities included included
Property and casualty insurance companies excluded zero
Sales finance and consumer loan companies included included
Other private financial institutions partial included
Investment funds zero zero
Federal and provincial government business enterprises partial included
Trusteed pension plans excluded included
Trust and mortgage loan companies included included
Credit unions partial included
Life insurance business excluded included
Segregated funds of life insurance companies excluded zero
Households excluded excluded
Non-Financial private corporations excluded included
Government excluded included
Non-residents (entities outside Canada) excluded partial

Methodological differences

The Bank uses data reported worldwide in Canadian currency as well as transactions to Canadian residents in foreign currency as an approximation for Canadian activity, while Statistics Canada uses data booked in Canada in domestic and foreign currency to capture activity in Canada. This adjustment reflects Canadian currency booked outside of Canada that is included in the Bank’s values.

Short-term paper

Table 6 reconciles differences in measures of short-term paper; however, the terminology used reflects the NBSA’s definition, which includes bankers’ acceptances and commercial paper, two series that the Bank publishes separately under 1) business loans, and; 2) debt securities, respectively. This table starts with Statistics Canada’s value for Canadian short-term paper liabilities of private non-financial corporations. From there, explainable differences between the Bank’s and Statistics Canada’s values are calculated, including differences due to classification and timing, which are explained following the table. This leads to a Statistics Canada approximated value according to Bank of Canada definitions. In this case, given that both organizations use the same data sources, both estimates can be fully harmonized and any remaining difference is effectively nil.


Table 6
Reconciliation of estimates of short term paper between the Bank of Canada and the National Balance Sheet Accounts (NBSA)
Table summary
This table displays the results of Reconciliation of estimates of short term paper between the Bank of Canada and the National Balance Sheet Accounts (NBSA) NBSA non-financial private corporations, Canadian short-term paper - published, Of which: bankers' acceptances, Of which: commercial paper, Classification (plus), Timing (minus), NBSA approximated to Bank of Canada definitions, Bank of Canada bankers' acceptances and commercial paper - aggregate, Bankers' acceptances - published, Commercial paper - published and Difference between NBSA approximated and Bank of Canada published , calculated using millions of dollars and % units of measure (appearing as column headers).
NBSA non-financial private corporations, Canadian short-term paper - publishedTable 6 Note 1 Of which: bankers' acceptances Of which: commercial paper Classification (plus) Timing (minus) NBSA approximated to Bank of Canada definitions Bank of Canada bankers' acceptances and commercial paper - aggregateTable 6 Note 2 Bankers' acceptances - publishedTable 6 Note 3 Commercial paper - publishedTable 6 Note 4 Difference between NBSA approximated and Bank of Canada published Difference between NBSA approximated and Bank of Canada published
millions of dollars %
First quarter 2012 64,380 53,612 10,768 3,126 1,124 66,382 66,382 54,683 11,699 0 0.00
Second quarter 2012 63,334 54,826 8,508 2,587 -1,847 67,767 67,767 57,489 10,278 0 0.00
Third quarter 2012 64,623 57,692 6,931 3,990 -1,089 69,701 69,701 61,329 8,372 0 0.00
Fourth quarter 2012 62,335 55,404 6,931 4,928 -1,158 68,420 68,420 58,711 9,709 0 0.00
First quarter 2013 66,177 56,093 10,084 4,006 -2,597 72,780 72,780 61,211 11,569 0 0.00
Second quarter 2013 70,703 59,079 11,624 3,626 -504.5 74,833 74,833 63,382 11,451 0 0.00
Third quarter 2013 69,610 58,573 11,037 2,173 -2,674 74,457 74,457 62,240 12,217 0 0.00
Fourth quarter 2013 68,156 58,321 9,835 3,358 -0.5 71,514 71,514 60,610 10,904 0 0.00
First quarter 2014 75,226 63,470 11,756 1,150 -3,058 79,434 79,434 66,392 13,042 0 0.00
Second quarter 2014 75,689 65,846 9,843 3,859 -2,421 81,969 81,969 70,184 11,785 0 0.00
Third quarter 2014 81,558 69,308 12,250 2,382 552.5 83,387 83,387 70,321 13,066 0 0.00
Fourth quarter 2014 78,414 65,832 12,582 1,548 -1,922 81,884 81,884 68,913 12,971 0 0.00
First quarter 2015 83,469 72,914 10,555 3,269 -165.5 86,903 86,903 73,988 12,915 0 0.00
Second quarter 2015 85,171 75,775 9,396 2,827 -1,028 89,025 89,025 78,589 10,436 0 0.00
Third quarter 2015 80,676 70,985 9,691 2,567 -1,164 84,407 84,407 73,578 10,829 0 0.00
Fourth quarter 2015 82,724 73,634 9,090 4,110 -61 86,895 86,895 75,478 11,417 0 0.00
First quarter 2016 79,000 67,875 11,125 5,521 -3,469 87,989 87,989 75,503 12,486 0 0.00
Second quarter 2016 84,249 74,758 9,491 2,766 -2,247 89,261 89,261 78,580 10,681 0 0.00
Third quarter 2016 84,345 77,153 7,192 1,215 -804 86,364 86,364 77,868 8,496 0 0.00
Fourth quarter 2016 77,451 67,768 9,683 -1,018 -3,077 79,510 79,510 71,322 8,188 0 0.00
First quarter 2017 77,236 69,363 7,873 5,752 -417 83,405 83,405 75,305 8,100 0 0.00
Second quarter 2017 84,262 73,924 10,338 2,544 -2,013 88,818 88,818 79,571 9,247 0 0.00
Third quarter 2017 92,472 82,249 10,223 1,769 -1,309 95,549 95,549 85,156 10,393 0 0.00
Fourth quarter 2017   92,220 77,004 15,216 -3,999 -2,284 90,505 90,505 80,896 9,609 0 0.00
First quarter 2018 98,101 81,091 17,010 -4,342 -488 94,247 94,247 83,978 10,269 0 0.00
Second quarter 2018 97,364 86,452 10,912 -290 -430 97,504 97,504 87,904 9,600 0 0.00

Classification differences

Statistics Canada uses information from its integrated business register to assign debt-issuing entities to the appropriate institutional sector, whereas the Bank classifies entities differently in some cases. These differences in sector definitions cause discrepancies between each organization’s estimates.

Timing differences

The Bank uses data reported on, or calculated as, an average-over-the-period basis (the average value of the stock of an asset over the period), whereas Statistics Canada uses data reported on an end-of-period basis (the value of the stock of an asset on the final day of the period). This results in differences between estimates derived from each source, especially when large movements in value occur throughout the period or near the end. Although this is labelled as a timing difference, any data issues between reconciling at the end of the period compared with the average will inherently be included in this calculation.


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