Canada's federal and provincial governments have missed their deficit targets over the last decade by $65 billion, the C.D. Howe Institute said in a new analysis released Thursday.

The report said Quebec and New Brunswick did the best at staying close to their stated overspending goals, with Alberta and Saskatchewan placing last among provinces.

Ottawa placed eighth among the 13 jurisdictions for accuracy in meeting its deficit targets over the decade, overrunning its goals by $21.7 billion. (CBC)

By the Toronto-based think-tank's calculations, Quebec came within 1.8 per cent of its targets over the decade and New Brunswick had a 2.4 per cent accuracy.

Alberta and Saskatchewan — with their high dependence on revenue from resources — deviated by 6.4 per cent.

The institute ranked the federal government eighth among the 13 jurisdictions for accuracy with a spending overrun over the decade of $21.7 billion.

It titled the analysis — its fourth annual such review — "Target Practice Needed."

"If governments had stuck to their budget targets — and resisted the common tendency to spend revenue windfalls — the fiscal capacity to respond to the downturn would have been greater," the institute said in its commentary, "and the road back to balance shorter."