Which countries hold the most Canadian government bonds as of the latest monthly data?

1. What the official data actually say about foreign holdings

Statistics Canada’s summary of international transactions makes clear that non-resident investors have been significant net buyers of Canadian bonds in recent months — for example, foreign investors added large amounts of federal and provincial government bonds in January 2025, and non-residents increased their exposure to Canadian bonds by $33.5 billion that month ^[1]. The Bank of Canada and Statistics Canada also publish “bonds outstanding” series broken down by currency of payment and by issuer categories, and the Bank of Canada explains methodological changes and the move toward publishing Government of Canada securities data in specific tables ^{[2] [3]}. None of those publicly cited tables in the provided reporting, however, give a simple ranked list by foreign country of residence for holders of Government of Canada bonds ^{[1] [2]}.

2. Why commonly asked country rankings are rarely visible in these releases

Central banks and national statistical agencies frequently report cross‑border securities positions in aggregate or by currency rather than by the detailed residency of holders; Statistics Canada’s narrative emphasizes aggregate flows and the currency composition of holdings (not country breakdowns), and the Bank of Canada’s “bonds outstanding” series focuses on par value by currency and issuer types while documenting methodological changes to those tables ^{[1] [2]}. That reporting choice reflects both data-collection limits and confidentiality constraints: custody chains and intermediaries often obscure the ultimate beneficial owners, meaning public monthly releases tend toward aggregates rather than granular country rankings ^[2].

3. What can be said with confidence from the available sources

It is verifiable from the provided reporting that foreigners were net purchasers of Canadian bonds in the period cited — Statistics Canada recorded substantial foreign acquisitions across federal, provincial and corporate bonds in January 2025, including record monthly provincial bond purchases and large corporate bond inflows ^[1]. The Bank of Canada’s publications complement this by providing the bonds-outstanding framework and noting changes in how government securities data are presented, confirming the authorities’ focus on currency and issuer breakdowns rather than publishing a public, monthly country-by-country ledger ^{[2] [3]}.

4. Where the reporting falls short and what that means for the question

Because the supplied sources do not list holdings by foreign country, the question “which countries hold the most Canadian government bonds as of the latest monthly data?” cannot be answered definitively from this reporting; any attempt to name a ranked top‑holder list from these sources would be speculation beyond the published material ^{[1] [2]}. Independent compilations sometimes exist (for example, in bilateral central-bank reports or in custodial datasets) but are not part of the dataset provided here, and the Bank of Canada’s current public tables emphasize currency and issuer classifications rather than country-of-holder rankings ^[2].

5. Practical next steps to get the ranking reliably

To obtain an authoritative country ranking, the appropriate next steps are to consult: (a) detailed external data releases from Statistics Canada or the Bank of Canada that specifically publish holdings by country if and when they are released, (b) international custodial data from major global custodians and the IMF’s Coordinated Portfolio Investment Survey (CPIS), which sometimes provide residency by country for cross-border holdings, or (c) direct queries to the Bank of Canada/Statistics Canada for the latest country breakdowns — none of which are present in the supplied reporting but would be the documented paths to a precise country-level ranking ^{[1] [2]}.