Bank of Canada 2025 Financial Statements

Summary#

Bank of Canada published its audited financial statements for the year ending December 31, 2025 (approved February 26, 2026). The statements show the central bank had a small net loss of $82 million for 2025 but a positive comprehensive result of $190 million, and an accumulated deficit of $9,899 million on its balance sheet.

What it does#

• Publishes the Bank’s full, audited annual financial statements (statement of financial position, income, cash flows and notes). The audit was signed by Ernst & Young LLP and PricewaterhouseCoopers LLP.
• Reports key high-level numbers:
  • Total assets: $240,522 million.
  • Total liabilities: $249,044 million.
  • Deficiency (equity shortfall): $8,522 million.
  • Net loss for the year: $82 million.
  • Comprehensive income (including pension and other remeasurements): $190 million.
  • Bank notes in circulation: $124,319 million.
  • Investments held (including Government of Canada bonds): $192,215 million.
  • Derivatives tied to indemnity agreements with the Government of Canada: $19,291 million (these reflect the Bank’s bond-purchase programs and the related government indemnities).
• Describes the Bank’s major activities and risks: monetary policy, funds management, currency issuance, financial-system work, and retail payments supervision. It also explains financial-risk management (credit, market, liquidity) and accounting policies.
• Gives details on employee pension and benefit plans (pension plan assets $2,664 million; pension obligation $2,153 million; net pension asset $511 million) and on commitments such as foreign currency swap facilities.

Who's affected#

• The most directly affected party is the Government of Canada (the Bank is wholly owned by the Minister of Finance). The statements influence whether and how much the Bank remits to the Receiver General.
• Financial-market participants and depositors that use Bank of Canada services (members of Payments Canada, other banks and government depositors) may care because the statements show large deposits and liquidity operations.
• Bank staff and retirees are affected through the pension plan disclosures and funding status.
• The general public and taxpayers may be interested because the statements show the central bank’s financial position, its role in markets (bond purchase programs) and any potential fiscal interactions with the government.

If it matters to you: the document is mainly an accountability and transparency report. It does not itself change policy or require action from the public.

Why it matters#

• Transparency: Annual audited financial statements let Canadians see how the central bank manages money, assets and risks. That supports public trust in monetary and financial-system functions.
• Sign of operations: The figures reflect active market operations in recent years (large bond holdings, indemnities related to bond-purchase programs). Those operations affect how the Bank interacts with financial markets and the government.
• Fiscal link: The Bank’s income (or losses) can affect remittances to the federal government. The statements explain how surpluses or deficits are handled under the Bank of Canada Act and the Budget Implementation Act rules in force.
• Pension and staff costs: The report shows the pension plan’s funding position and that employer contributions were limited by rules in place — relevant to staff and to long-term liabilities the Bank carries.

If any part of the statements or their implications is unclear, the report’s notes provide more detail (for example, on how indemnity agreements work and how pension assumptions are set).