ing ▁real ▁interest ▁rates ▁until ▁ 2 0 2 1 , ▁contrib uting ▁to ▁a ▁reduction ▁in ▁the ▁gross ▁deb t ▁to ▁G DP ▁ratio . ▁However , ▁from ▁ 2 0 2 2 ▁on ward , ▁real ▁interest ▁rates ▁are ▁expected ▁to ▁exceed ▁real ▁G DP ▁growth , ▁putting ▁up ward ▁pressure ▁on ▁deb t ▁dynamics . ▁ ▁Deb t ▁held ▁by ▁Canadian ▁govern ments ▁ ▁The ▁Royal ▁Bank ▁of ▁Canada ▁publish es ▁records ▁of ▁federal ▁and ▁provincial ▁deb t ▁figures ▁going ▁back ▁to ▁ 1 9 8 1 . ▁ ▁A ▁comparison ▁of ▁the ▁change ▁in ▁deb t - to - G DP ▁r ati os ▁of ▁the ▁provinces ▁over ▁a ▁nine - year ▁period , ▁as ▁reported ▁by ▁the ▁F ras er ▁Institute . ▁ ▁Calcul ating ▁and ▁project ing ▁the ▁deb t ▁In ▁ 2 0 0 2 – 2 0 0 3 , ▁Canada ▁changed ▁its ▁calculation ▁for ▁net ▁deb t . ▁Until ▁then , ▁net ▁deb t ▁was ▁defined ▁as ▁the ▁total ▁li abilities ▁minus ▁total ▁assets . ▁Now , ▁it ▁is ▁the ▁total ▁li abilities ▁minus ▁financial ▁assets . ▁The ▁government ▁pre fers ▁the ▁concept ▁of ▁" acc um ulated ▁def ic it ," ▁which ▁corresponds ▁to ▁the ▁old ▁definition ▁of ▁net ▁deb t . ▁ ▁See ▁also ▁ ▁Canadian ▁federal ▁budget ▁ ▁Tax ation ▁in ▁Canada ▁ ▁Econom y ▁of ▁Canada ▁ ▁Ontario ▁deb t ▁ ▁General : ▁ ▁Government ▁budget ▁def ic it ▁ ▁Public ▁deb t ▁ ▁International : ▁ ▁List ▁of ▁so