Bank of Canada 2024 Financial Statements

Summary#

These are the audited financial statements of the Bank of Canada for the year ended December 31, 2024, published in the Canada Gazette on June 21, 2025. They show a net loss of $3,079 million, an accumulated deficit of $9,817 million, and total assets of $277,243 million; the statements were given an unmodified audit opinion by Ernst & Young LLP and PricewaterhouseCoopers LLP.

What it does#

• Publishes the Bank’s full audited financial statements for the year to December 31, 2024.
• Reports the Bank’s main results and position, including:
  • Net loss of $3,079 million for 2024.
  • Accumulated deficit of $9,817 million at year‑end.
  • Total assets of $277,243 million and liabilities and other balances shown in the statements.
• Summarizes key operations and program actions during 2024, including:
  • Restart of the Securities Lending Program on October 2, 2024 to support market liquidity.
  • The Bank began supervising payment service providers effective November 1, 2024.
• Presents other standard information: audit opinion, pension and employee‑benefit disclosures, risk and liquidity information, commitments (including foreign currency swap facilities), and the Bank’s reserves and accounting policies.

Who's affected#

• The Minister of Finance and the federal government, which is the Bank’s sole shareholder and recipient of any remitted surplus.
• Members of Payments Canada, domestic banks and other deposit‑taking institutions that use the Bank’s deposit and payment services.
• Primary dealers and market participants who use the Bank’s securities‑lending and repo facilities.
• Members of the Bank’s pension and benefit plans (information on plan funding and contribution expectations is included).
• The broader public and financial markets, because the statements report on bank‑note circulation and the Bank’s role supporting Canada’s financial system.

Why it matters#

• The statements give a clear, audited picture of the central bank’s finances for 2024. That matters for transparency about how the Bank is managing public‑value tasks like issuing bank notes and supporting market liquidity.
• The Bank is carrying a large accumulated deficit ($9,817 million) and reported recent losses ($3,079 million). The statements explain how remittances to the Receiver General are being handled under the Budget Implementation Act, 2023, No. 1, and note when pension contributions may resume (dependent on actuarial results).
• Operational moves reported here — restarting securities lending (October 2, 2024) and supervising payment service providers (November 1, 2024) — can affect liquidity in short‑term markets and rules for companies that provide payment services.
• For everyday readers, the report explains that the Bank remains operational and able to create Canadian‑dollar liquidity, while also documenting financial risks, guarantees and large facilities (like foreign currency swap lines) that underpin Canada’s financial stability.