<P> The annual government "deficit" is the difference between government receipts and spending . </P> <P> Canada's federal debt grew steadily between 5% and 10% per year until 1975 . For the next 12 years it grew on average over 20% per year . It surpassed $100 billion in 1981, $200 billion in 1985, $300 billion in 1988, $400 billion in 1992, and $500 billion in 1994 . It peaked at $563 billion in 1997, before then declining to $458 billion by 2008 . </P> <P> With a recession, and an increase in federal spending from 2008, the federal debt grew by $5.8 billion in 2008--09 . Large annual deficits from 2008 to 2013 has Canadian debt surpassing the $600 billion mark by November 2012, making it larger than the 1997 peak in absolute dollars (although far smaller in comparison to GDP). Starting in 2014, Canada returned to balanced budgets and has posted a small surplus (despite the debt continuing to increase in the following table). </P> <Table> <Tr> <Th> End of Fiscal Year </Th> <Th> Net Debt $Billions <P> (Adjusted for inflation, 2017) </P> </Th> <Th> as% of GDP </Th> <Th> GDP $Billions </Th> </Tr> <Tr> <Th> 1962 </Th> <Td> 14.8 (121.4) </Td> <Td> 33.0% </Td> <Td> 44.9 </Td> </Tr> <Tr> <Th> 1971 </Th> <Td> 20.3 (126.1) </Td> <Td> 20.6% </Td> <Td> 98.4 </Td> </Tr> <Tr> <Th> 1981 </Th> <Td> 91.9 (240.2) </Td> <Td> 25.5% </Td> <Td> 360.5 </Td> </Tr> <Tr> <Th> 1991 </Th> <Td> 377.7 (592.0) </Td> <Td> 55.1% </Td> <Td> 685.4 </Td> </Tr> <Tr> <Th> 1997 </Th> <Td> 562.9 (811.1) </Td> <Td> 63.8% </Td> <Td> 882.7 </Td> </Tr> <Tr> <Th> 2002 </Th> <Td> 511.9 (664.2) </Td> <Td> 44.4% </Td> <Td> 1,152.9 </Td> </Tr> <Tr> <Th> 2008 </Th> <Td> 457.6 (515.3) </Td> <Td> 31.4% </Td> <Td> 1,453.6 </Td> </Tr> <Tr> <Th> 2009 </Th> <Td> 463.7 (495.1) </Td> <Td> 32.8% </Td> <Td> 1,413.3 </Td> </Tr> <Tr> <Th> </Th> <Td> 519.1 (579.5) </Td> <Td> 35.5% </Td> <Td> 1,458.8 </Td> </Tr> <Tr> <Th> 2011 </Th> <Td> 551.4 (599.19) </Td> <Td> 36.9% </Td> <Td> 1,495.7 </Td> </Tr> <Tr> <Th> 2012 </Th> <Td> 583.6 (626.4) </Td> <Td> 38.3% </Td> <Td> 1,576.8 </Td> </Tr> <Tr> <Th> 2013 </Th> <Td> 609.4 (645.5) </Td> <Td> 37.4% </Td> <Td> 1,608.5 </Td> </Tr> <Tr> <Th> 2014 </Th> <Td> 611.9 (634.78) </Td> <Td> 37.1% </Td> <Td> 1,649.2 </Td> </Tr> <Tr> <Th> 2015 </Th> <Td> 612.3 (627.21) </Td> <Td> 31.0% </Td> <Td> 1,975.2 </Td> </Tr> <Tr> <Th> 2016 </Th> <Td> 616.0 (623.17) </Td> <Td> 31.0% </Td> <Td> 1,987.1 </Td> </Tr> <Tr> <Th> 2017 </Th> <Th> 631.9 </Th> <Th> 31.2% </Th> <Th> 2,025.3 </Th> </Tr> </Table>

When did canada last have a balanced budget
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