Bank of Canada 2025 Financial Statements

Summary#

Bank of Canada published its audited Financial statements — December 31, 2025 (posted June 20, 2026). The statements show the Bank ran a small net loss for the year but still holds a very large balance sheet of assets and liabilities, and the audit opinion was unqualified.

What it does#

• Presents the Bank’s full, audited financial picture for the year ended December 31, 2025, including the statement of financial position, income, cash flows and notes.
• Confirms the statements were audited and judged to present fairly by Ernst & Young LLP and PricewaterhouseCoopers LLP.
• Key numbers reported include:
  • Total assets: $240,522 million.
  • Net loss for 2025: $82 million (compared with a $3,079 million loss in 2024).
  • Comprehensive income (includes some unrealized gains): $190 million.
  • Bank notes in circulation: $124,319 million.
  • Total deposits held at the Bank: $124,438 million (including $71,758 million from members of Payments Canada and $38,845 million from the Government of Canada).
  • Investments on the Bank’s books: $192,215 million.
  • Securities purchased under resale agreements (short-term funding/repo): $27,797 million.
  • Derivative contracts that reflect indemnities with the Government of Canada (linked to bond-purchase programs): $19,291 million.
  • Accumulated deficit (equity shortfall): $9,899 million and total deficiency (negative equity): $8,522 million.
  • Operating costs for the year: $740 million.
• Reports on the Bank’s pension plans and benefits:
  • Pension plan assets: $2,664 million; defined‑benefit obligation: $2,153 million; net defined‑benefit asset: $511 million.
  • Because of plan funding levels, employer pension contributions were paused after May 2023 and may or may not resume depending on future valuations.

Who's affected#

• The Government of Canada and the Receiver General for Canada, since the Bank’s remittances to government are affected by its income, reserves and the temporary rules described in the Budget Implementation Act referenced in the notes.
• Banks and other depositors at the Bank, including members of Payments Canada, which hold large deposits on the Bank’s balance sheet.
• Investors and market participants who watch central‑bank holdings and programs, because the statements show the scale of the Bank’s bond purchases and the indemnity arrangements tied to them.
• Bank of Canada employees and pension plan members, because the statements include details on pension funding, assets and benefit expectations.
• The general public: anyone who wants to know how Canada’s central bank is funded, how it uses its balance sheet, and how recent market programs have affected its finances.

If it isn’t clear who else is affected, the statements themselves note broad fiscal links (for example, indemnities from the government) but do not spell out any immediate changes for ordinary consumers.

Why it matters#

• Transparency: these audited statements show how the central bank’s large balance sheet has changed after an active period of bond buying and other market operations. That helps citizens and markets understand central‑bank actions and risks.
• Losses and remittances: the Bank recorded a net loss ($82 million) and carries an accumulated deficit ($9,899 million). That affects how and when it sends surplus income to the government under existing rules, and it explains why some remittances can be withheld.
• Risk sharing with government: the statements describe indemnity agreements with the Government of Canada for certain bond‑purchase programs. That means some realized losses on those asset purchases are covered by the government — a point of public interest because it shifts financial risk between the central bank and the federal government.
• Scale and liquidity: the Bank still holds very large liquid assets and liabilities (notes in circulation, deposits and government bonds), which matter for how the Canadian money system functions and for financial stability.
• Pension funding: the Bank’s pension plans are well described and currently funded at levels that have allowed the Bank to pause employer contributions; that affects future employer cash flows and may matter to employees.

If you want a specific figure or explanation from the statements (for example, more detail on the indemnity agreements or the pension valuations), say which item and I’ll pull out the relevant lines.