Bank of Canada 2020 Financial Statements

Summary#

This Canada Gazette notice publishes the audited financial statements of the Bank of Canada for the year ended December 31, 2020, and appeared in the Gazette on May 1, 2021. The statements show the Bank’s much larger balance sheet in 2020 (total assets $547,833.4 million) and reported net income of $1,964.2 million for the year.

What it does#

• Publishes the Bank’s audited annual financial statements (auditors: PricewaterhouseCoopers LLP and KPMG LLP).
• Reports the Bank’s main numbers for 2020, including:
  • Total assets: $547,833.4 million.
  • Net income: $1,964.2 million; comprehensive income: $1,820.7 million.
  • Bank notes in circulation: $106,925.0 million.
  • Deposits (total): $436,100.5 million (includes a large deposit balance from members of Payments Canada).
  • Securities purchased under resale agreements (repos): $155,317.6 million.
• Describes new or expanded market programs the Bank used in 2020 to support financial markets, for example the Government of Canada Bond Purchase Program (effective April 1, 2020), the Commercial Paper Purchase Program (effective April 2, 2020) and the Corporate Bond Purchase Program (effective May 26, 2020), and the Securities Repo Operations program (effective July 27, 2020).
• Shows how much the Bank remitted to government and what remained payable: remittance during 2020 of $1,568.3 million and a surplus payable to the Receiver General for Canada of $572.9 million at year‑end.

Who's affected#

• The general public: the statements report on the country’s central bank finances and how it used its balance sheet during the COVID‑19 period.
• The Government of Canada (through the Receiver General for Canada), which receives the Bank’s surplus remittances.
• Financial‑market participants and banks that used Bank facilities (repos, bond and commercial paper purchase programs).
• Provincial issuers and investors: the Bank’s provincial bond and money‑market operations are described.
• If unclear: the statements are reporting documents, not new rules — they don’t by themselves create new obligations for ordinary citizens.

Why it matters#

• The figures show how the Bank expanded its activities in 2020 to support liquidity and keep markets functioning during the pandemic.
• A much larger balance sheet and big repo/purchase programs helped stabilize short‑term funding and government and corporate bond markets.
• The Bank’s profits (and withheld non‑cash items) feed into government finances via remittances, so the statements are relevant to public finances.
• The document is a record of what the Bank did in 2020; it helps the public, markets and policymakers see the scale and costs of the Bank’s pandemic response.