Selected monetary aggregates and their components (formerly E1)

View or download the latest monthly data. For metadata and background information, see the notes.

Starting with the release of October 2020 data, calculations will be changed to month-end, from monthly average, due to the termination of the Monthly Average Return of Assets and Liabilities (L4). Note: Some series from this table will be terminated.

Typically published on the last Friday of the month.

Monthly Series

Monthly average or average of month-ends, Millions of dollarsCANSIM2020‑052020‑062020‑072020‑082020‑09
M3 (gross)
M2 (gross)
Currency outside banks (Unadjusted)V3717395,40298,118100,378101,699102,321
Currency outside banks (Seasonally adjusted)V3714895,62297,96999,639101,034101,918
Personal deposits
Chequable (Unadjusted)1 V41552775_E1355,169362,479366,989373,991379,096
Chequable (Seasonally adjusted)V41552802354,195362,440366,470373,791378,975
Non-chequable (Unadjusted)V36818379,800382,264385,648389,304391,835
Fixed term (Unadjusted)V36823413,204416,565417,485414,822409,590
Non-personal demand and notice deposits
Chequable (Unadjusted)1 V41552777_E1659,437684,346697,998718,562739,000
Chequable (Seasonally adjusted)V41552803664,080684,652699,027719,935738,055
Non-chequable (Unadjusted)1 V36828_E167,36969,00969,20671,75373,205
Adjustments to M2 (gross) (Unadjusted)V41552789-9,202-9,385-9,363-10,597-11,263
M2 (gross) (Unadjusted)V415527861,961,1792,003,3962,028,3412,059,5342,083,784
M2 (gross) (Seasonally adjusted)V415527961,963,4242,005,9782,030,5442,061,8922,085,360
Non-personal term deposits (Unadjusted)1 V36830_E1385,392385,197378,787373,535368,012
Foreign currency deposits of residents (Unadjusted)1 V36876_E1534,041538,049531,193516,163525,497
Adjustments to M3 (gross) (Unadjusted)V37250-14,922-13,653-13,536-12,654-15,645
M3 (gross) (Unadjusted)V415527852,865,6902,912,9892,924,7852,936,5782,961,648
M3 (gross) (Seasonally adjusted)V415527942,871,4082,917,2642,934,9322,944,9082,968,625
M2++ (gross)
M2+ (gross)
M2 (gross) (Unadjusted)1 V41552786_E11,961,1792,003,3962,028,3412,059,5342,083,784
M2 (gross) (Seasonally adjusted)1 V41552796_E11,963,4242,005,9782,030,5442,061,8922,085,360
Non-banks (Unadjusted)2 V122611003458,019471,214479,269482,025 R483,665
Non-banks (Seasonally adjusted)2 V122611008457,239469,684477,878481,185 R483,279
Money market mutual funds (Unadjusted)V3724532,69132,90132,77732,64732,340
Adjustments to M2+ (gross) (Unadjusted)V372512,9932,9852,9852,9923,000
M2+ (gross) (Unadjusted)V415527882,454,8822,510,4962,543,3722,577,198 R2,602,789
M2+ (gross) (Seasonally adjusted)V415527982,456,3472,511,5482,544,1852,578,716 R2,603,979
Canada Savings Bonds and other retail instruments (Unadjusted)V37255986983972967957
Canada Savings Bonds and other retail instruments (Seasonally adjusted)V371471,007991962946923
Non-money market mutual funds (Unadjusted)V372561,243,3091,248,9291,254,9431,259,7151,263,779
Non-money market mutual funds (Seasonally adjusted)V371491,239,7411,247,1411,254,5091,261,7751,268,755
M2++ (gross) (Unadjusted)V415527903,699,1783,760,4073,799,2873,837,880 R3,867,525
M2++ (gross) (Seasonally adjusted)V415528013,697,0953,759,6803,799,6563,841,437 R3,873,657
M1+ (gross) (Unadjusted)V372581,229,7971,274,7191,301,5191,331,087 R1,357,704
M1+ (gross) (Seasonally adjusted)V371511,230,3081,273,1201,300,7911,331,951 R1,355,100
M1++ (gross) (Unadjusted)V372591,731,6791,781,0791,811,9991,848,662 R1,879,851
M1++ (gross) (Seasonally adjusted)V371521,734,1421,783,2681,814,1881,851,852 R1,880,999

Notes

Source: Bank of Canada, Globe Information Services, Investment Funds Institute of Canada, Investor Economics, Royal Canadian Mint, Statistics Canada

Except where noted, the chartered bank data referenced in this table are published in Chartered bank selected assets: Monthly average (formerly C1) and Chartered bank selected liabilities: Monthly average (formerly C2) of the Bank of Canada Banking and Financial Statistics. The data relate to monthly average of Wednesdays until January 1994 and monthly average of days thereafter, except for data on non-bank financial institutions which are shown on an average of month-end basis.

Data for M2 (gross), M2+ (gross), M1++ (gross) and M2++ (gross) have been available since January 1968, and M3 (gross) since January 1970. Data for M1+ (gross) have been available since March 1975. Seasonally adjusted M2+ (gross) is the sum of seasonally adjusted M2 (gross) plus the seasonally adjusted sum of deposits at non-banks and money market mutual funds, plus adjustment items as described below. Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance company individual annuities, and personal deposits at government-owned savings institutions. Seasonally adjusted M2++ (gross) is the sum of seasonally adjusted M2+ (gross) plus seasonally adjusted Canada Savings Bonds and other retail instruments plus seasonally adjusted non- money market mutual funds. Other aggregates are seasonally adjusted independently. In all cases, the seasonal adjustment is calculated by means of X-13 ARIMA Seasonal Adjustment Program, which employs a ratio-to-moving-average technique on an observed data series, which may be augmented by one year of ARIMA forecasted and backcasted data. The seasonal adjustment is recalculated annually; thus, the series are subject to annual revisions.

The series outlining adjustments to the monetary aggregates include adjustments to historical data to take account of a number of discontinuities related to the changes associated with the 1980 Bank Act revision. The series outlining adjustments to the monetary and credit aggregates also include adjustments to take account of the discontinuities related to the incorporation over time of certain non-bank financial institutions as chartered banks and adjustment for the acquisition of certain non-bank financial institutions’ assets and liabilities by chartered banks. These discontinuities are documented in the notes to Chartered banks (formerly C1 to C10). With the adoption of International Financial Reporting Standards (IFRS) beginning in January, 2011, chartered banks consolidated some previously off balance sheet entities which resulted in decreases in deposit liabilities. As a result, continuity adjustments were made to the monetary aggregates from February 1998 to October 2011.

Effective 1 January 2012 there was a reclassification of approximately $5 billion from chequable to non-chequable deposits for Local Credit Unions.

Currency includes Bank of Canada notes and coin in circulation. Holdings of notes are calculated by deducting the amount held by the chartered banks from the total amount of notes outstanding. The amount of coin in circulation outside banks is obtained by deducting coin held by the chartered banks and the Bank of Canada from the total amount outstanding as reported by the Royal Canadian Mint.

Adjustments to M2 (gross) include continuity adjustments as well as demand and notice deposits of other chartered banks.

Adjustments to M3 (gross) include continuity adjustments as well as term deposits of other chartered banks.

Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance company individual annuities and personal deposits at government-owned savings institutions. Until January 2000, data for trust and mortgage loan companies for months between quarter-ends are estimated by a combination of interpolation of quarterly Statistics Canada data supplemented by some available monthly data. Since that time, data for the months between quarter-ends are derived using linear interpolation. Beginning December 2004, data includes Cooperative Retail Associations. Data for credit unions and caisses populaires for months between quarter-ends are estimated using monthly data obtained from the larger provincial centrals and federations. Data for life insurance company individual annuities are created from quarterly Canadian Life and Health Insurance Association data. Data for the months between quarter-ends are derived using linear interpolation. Personal deposits at government-owned savings institutions include personal deposits at ATB Financial. Prior to April 2003, it also included total deposits at Province of Ontario Savings Office, which was acquired by Desjardins Credit Union Inc. at that time. Data for money market mutual funds represent the assets of funds that primarily invest in Canadian or foreign short-term money market instruments. Prior to March 1990, data were obtained from Globe Information Services. Prior to January 2014, data was obtained from Investment Funds Institute of Canada. Since January 2014, the source for mutual fund data has changed to Investor Economics, resulting in some level shifts in mutual fund series and small revisions to monetary aggregates (M2+ and M2++).

Adjustments to M2+ (gross) include continuity adjustments as well as credit union and caisses populaires share capital, less the sum of Receiver General deposits at trust and mortgage loan companies, trust and mortgage loan company holdings of currency and demand and notice deposits with other deposit-taking institutions, and credit union and caisses populaires holdings of currency and demand and notice deposits with other deposit-taking institutions (other than provincial centrals and federations).

Data for non-money market mutual funds represent the assets of funds that invest in a wide range of Canadian or foreign financial instruments. The series is an estimate of cumulative net inflows into these funds. Prior to March 1990, data were obtained from Globe Information Services. Prior to January 2014, data was obtained from Investment Funds Institute of Canada. Since January 2014, the source for mutual fund data has changed to Investor Economics, resulting in some level shifts in mutual fund series and small revisions to monetary aggregates (M2+ and M2++).

M1+ (gross) consists of currency outside banks plus personal and non-personal chequable deposits held at chartered banks plus all chequable deposits at trust and mortgage loan companies, credit unions and caisses populaires (excluding deposits of these institutions) plus continuity adjustments.

M1++ (gross) consists of M1+ (gross) plus non-chequable notice deposits held at chartered banks plus all non-chequable deposits at trust and mortgage loan companies, credit unions and caisses populaires less interbank non-chequable notice deposits plus continuity adjustments.

  1. 1. The alphanumeric code following CANSIM vector numbers is for internal use only. To retrieve data from the CANSIM repository, use the vector number only.[]
  2. 2. Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance company individual annuities and personal deposits at government-owned savings institutions.[]