Bank of Canada 2024 Financial Statements

Summary#

The Bank of Canada published its audited financial statements for the year ending December 31, 2024, approved on February 20, 2025. The statements show a net loss of $3,079 million for 2024 and an accumulated deficit of $9,817 million, and were audited with an unmodified opinion by Ernst & Young LLP and PricewaterhouseCoopers LLP.

What it does#

• Publishes the Bank’s full 2024 audited financial statements and auditor’s report.
• Shows the Bank’s overall position:
  • Total assets: $277,243 million.
  • Total liabilities: $285,955 million.
  • Deficiency (net worth shortfall): $8,712 million.
• Reports 2024 results and key balances:
  • Net loss for 2024: $3,079 million (2023: $5,652 million).
  • Comprehensive loss for 2024: $2,866 million.
  • Investments held: $236,868 million.
  • Securities purchased under resale agreements: $19,456 million.
  • Derivative indemnities with the Government of Canada: $19,786 million.
  • Bank notes in circulation: $121,298 million.
  • Deposits held by others: $164,359 million.
  • Shares in the Bank for International Settlements (BIS): $585 million.
• Notes operational and program updates contained in the statements:
  • 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.
  • The statements describe indemnity agreements with the Government of Canada tied to certain bond purchase programs.
  • Remittance rules under the Budget Implementation Act, 2023, No. 1 affect how the Bank applies surplus to its accumulated deficit.

Who's affected#

• The federal government and taxpayers — the Bank is wholly owned by the Minister of Finance and its remittances to the Receiver General are affected by the reported losses and the withholding rules under the Budget Implementation Act, 2023, No. 1.
• Members of the financial system:
  • Members of Payments Canada (depositors at the Bank) and other deposit-taking institutions.
  • Primary dealers and securities market participants, because the Securities Lending Program and repo/resale operations affect market liquidity.
• Users of payment services and the companies that provide them, because the Bank’s supervision of payment service providers began November 1, 2024.
• Bank employees and retirees / pension plan participants, through disclosures about the Bank of Canada Pension Plan and related pension funding and contribution expectations (SPA employer contributions for 2025 expected to be $7 million).

Why it matters#

• These statements give a clear picture of the central bank’s finances after pandemic-era and market interventions. That matters because the Bank’s financial position affects how much it remits to the government and how it funds its operations.
• The reported losses largely reflect interest and market movements tied to the Bank’s large holdings and operations in government and provincial bonds. The Bank also holds indemnity agreements with the Government of Canada that cover realized losses on some purchase programs; the statements explain how those arrangements work.
• The restart of securities lending and other market operations can improve short-term liquidity in Canada’s securities markets. That can affect trading costs and the availability of government bonds for market participants.
• Pension funding notes matter to current and former Bank employees. The report explains why employer contributions to the main pension plan were restricted after May 2023 and when contributions might resume.
• Overall, the statements show the Bank remains operational despite the deficit, and they offer transparency about risks and programs that touch banks, markets, and public finances.