When you look only at the federal debt-to-GDP ratio, it's quite low compared to international partners. However, if you want to compare things that are comparable, for example, the U.K. is a unitary state, so if you look only at the federal level, we obviously look advantaged.
A better gauge of debt levels to GDP take into consideration the federal, provincial and territorial debt levels. By that measure, I haven't looked at the numbers recently, but I think we're slightly below or close to the OECD average. I think we're slightly below, so we're faring very well.
Where we have a better advantage is when you take pension obligations into consideration. As you know, Canada has a three-pillar retirement income system. There is the public system with OAS, private savings and the public pensions of CPP and QPP. Canada is in the unusual situation of having prefunded a good proportion of its future obligations when it comes to the QPP and CPP. If we compare that with the pension obligations of most other major countries, we are in a better financial position when you take all of these into consideration for the debt-to-GDP ratio.