The government bond portfolio, which is $25.6 billion, holds marketable and non-marketable federal, provincial and territorial debt. These bonds are carried at market value. Their geographic and maturity distribution are shown in the Results section of this website.

The non-marketable bonds are being transferred to the CPP Investment Board under a three-year transition that is scheduled to end by April 1, 2007.  At that time, all CPP assets will be managed by the CPP Investment Board.

Until recently, federal and provincial governments had one opportunity to renew its maturing debt for 20 years. The agreement governing this was amended during fiscal 2006 so that each government can elect to replace a maturing bond with redeemable debt ranging in term from five years to 30 years. Replacement debt with a term of less than 30 years can be renewed for successive terms to the maximum of 30 years.