Finance committee  Mr. Côté, are you asking how the income splitting amounts are accounted for in the budget?

Finance committee  That applies to the 2014 fiscal year.

Finance committee  The amounts are included in the estimates for 2014-15, for 2015-16 and for the subsequent years, of course.

Public Accounts committee  Sure, I can add a little to that. When you're looking at international comparisons of net debt positions, clearly for Canada there are two main factors for which we have to make adjustment. The first is the federal nature of Canada and the second is the fact that we, unlike many

Public Accounts committee  Correct.

Public Accounts committee  I'll only say that as the Comptroller General said, we include in revenues the revenues that are payable in the year in question. Similarly, we include expenses that are payable in the year in question, so for something like OAS, while we can predict with fair certainty what the

Public Accounts committee  For Canada, the figure for the year just ended includes the federal government's net debt, which is approximately 31%, and the net debt of all provincial governments, which stands at approximately 50%, less the net assets of the Canada Pension Plan and the Québec Pension Plan, wh

Public Accounts committee  The net result is that the level of savings in the pension plans is significantly higher in Canada than elsewhere and that our fiscal situation is generally manageable.

Public Accounts committee  Sure. I can outline very briefly the forecast that the government released earlier this week on the debt-to-GDP ratio, which was 31.1% for the year that ended March 31, 2016. That ratio is projected to rise somewhat to just under 32% by 2018-19, and then to decline from there to

Public Accounts committee  I'm sorry. Would you be able to repeat the last part of the question?

Public Accounts committee  I don't particularly think it exposes the country or the pension plans to risk. The pension plan would make an assessment of whether any particular investment is worthwhile based on the fiduciary responsibility that it has to the members of the plan. In the case of the Canada P

Public Accounts committee  The CMHC regularly undertakes stress tests. They publish those stress tests—or they have published those stress tests—in their annual report. The annual report provides the parameters for the stress tests. There are varying degrees of stress, from what you might think of modera

Public Accounts committee  Yes, $2.5 billion.

Public Accounts committee  That would be significantly larger, closer to $11 billion.

Public Accounts committee  Thank you. For the year that just ended, the projected deficit turned out to be $4.4 billion lower than originally estimated in the 2016 budget. That is $4.4 billion in the context of a total budget that includes $300 billion in revenues and $300 billion in expenses. The expense