Consolidated specified purpose accounts

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Consolidated specified purpose accounts are particular categories of revenues and expenses whereby legislation requires that revenues received for purposes specified in the legislation be credited to these accounts and that related payments be charged to the accounts. They are principally used where the activities are similar in nature to departmental activities and the transactions do not represent future liabilities to third parties but in essence constitute government revenues and expenses.

Enabling legislation requires that the transactions in each of these accounts be accounted for separately. Table 4.6 presents a summary of the balances and transactions of these accounts, in the manner required by legislation.

The financial statements of the Employment Insurance Operating Account, together with the Independent auditor's Report, are presented at the end of this section.

Table 4.6
Consolidated specified purpose accounts
(in dollars)Links to footnote * in table 1

  April 1, 2023 Revenues and other credits Expenses and other debits March 31, 2024
External transactions Internal transactions External transactions Internal transactions
Insurance accounts
Agriculture and Agri-Food
Department of Agriculture and Agri-Food
Crop Reinsurance Fund 578,575,123 49,227,226 169,980,864 457,821,485
Less: Interest-bearing loans 277,514,751 277,514,751
Subtotal 301,060,372 49,227,226 169,980,864 180,306,734
Agricultural Commodities Stabilization Accounts 646,510 646,510
Total 301,706,882 49,227,226 169,980,864 180,953,244
Employment and Workforce Development
Department of Employment and Social Development
Employment Insurance Operating Account, Table 4.7 (negative 22,176,985,290) 29,676,377,565 370,869,490 23,597,841,035 2,709,397,140 (negative 18,436,976,410)
Finance
Department of Finance
Investors' Indemnity Account 45,303 45,303
Health
Department of Health
Health Insurance Supplementary Account 28,386 28,386
Natural Resources
Department of Natural Resources
Nuclear Liability Account 5,041,310 166,539 5,207,849
Transport
Department of Transport
Fund for railway accidents involving designated goods 100,682,095 3,389,366 3,594,949 1,303,668 750 106,361,992
Ship-Source Oil Pollution Fund 420,707,683 126,738 14,495,962 4,340,125 1,349,925 429,640,333
Total 521,389,778 3,516,104 18,090,911 5,643,793 1,350,675 536,002,325
Total insurance accounts (negative 21,348,773,631) 29,729,287,434 388,960,401 23,773,465,692 2,710,747,815 (negative 17,714,739,303)
Other consolidated specified purpose accounts
Canadian Heritage
The National Battlefields Commission
Trust Fund 1,493,355 13,510 43,771 22,515 1,528,121
Crown-Indigenous Relations and Northern Affairs
Department of Crown-Indigenous Relations and Northern Affairs
Environmental Studies Research Fund 51,187 51,187 51,187 51,187
Environment and Climate Change
Department of the Environment
Court Award Deposits—Other than Environmental Damages Fund 105,620,804 20,244 35,000 105,606,048
Environmental Damages Fund 263,798,155 8,473,642 2,404,070 37,026,574 307,917 237,341,376
Subtotal 369,418,959 8,493,886 2,404,070 37,061,574 307,917 342,947,424
Parks Canada Agency
New Parks and Historic Sites Account 157,323,917 23,839 81,304,508 24,838,867 2,560,624 211,252,773
Total 526,742,876 8,517,725 83,708,578 61,900,441 2,868,541 554,200,197
Finance
Department of Finance
Canadian Commercial Bank and Northland Bank Holdback Account 246,223,464 246,223,464
Fisheries, Oceans and the Canadian Coast Guard
Department of Fisheries and Oceans
Supplementary Fines Account Species at Risk Act 35,000 35,000
Supplementary Fish Fines Account 2,354,254 78,050 11,322 2,420,982
Total 2,389,254 78,050 11,322 2,455,982
Natural Resources
Department of Natural Resources
Environmental Studies Research Fund 5,401,537 2,386,968 375,549 2,797,782 4,615,174
Public Services and Procurement
Department of Public Works and Government Services
Seized Property Proceeds Account 37,129,975 27,789,922 8,726,856 56,193,041
Transport
Department of Transport
Fines for the Transportation of Dangerous Goods 3,716,430 45,000 194,755 318,903 3,247,772
Total other consolidated specified purpose accounts 823,148,078 38,831,175 83,803,536 71,231,438 6,036,413 868,514,938
Endowment principal
Environment and Climate Change
Parks Canada Agency
Mackenzie King Trust Account 225,000 225,000
Health
Canadian Institutes of Health Research
Endowments for Health Research 75,000 75,000
Innovation, Science and Industry
National Research Council of Canada
H.L. Holmes Fund 5,612,660 94,356 5,707,016
W.G. Schneider Fund 30,000 30,000
Subtotal 5,642,660 94,356 5,737,016
Social Sciences and Humanities Research Council
Queen's Fellowship Fund 250,000 250,000
Total 5,892,660 94,356 5,987,016
Total endowment principal 6,192,660 94,356 6,287,016
Total (negative 20,519,432,893) 29,768,212,965 472,763,937 23,844,697,130 2,716,784,228 (negative 16,839,937,349)

Insurance accounts

Crop Reinsurance Fund

This Fund, continued in the accounts of Canada pursuant to subsection 13(1) of the Farm Income Protection Act, provides insurance to participating provinces for deficits they might incur in their agriculture insurance funds. The Crop Reinsurance Fund currently operates under the authority of the Farm Income Protection Act.

The revenues of the Fund come from a percentage of total premiums collected by provinces for the purpose of insurance of agricultural production. Both the amount of revenue collected and expenditures from the Crop Reinsurance Fund paid to provinces are subject to the terms of reinsurance agreements. When there are insufficient revenues in the Crop Reinsurance Fund to make payments, the Minister of Finance may authorize an advance of additional funds to cover these obligations. These advances are recovered from future revenues. Currently, the interest rate earned on surpluses in the Crop Reinsurance Fund and the interest rate charged to advances to the Fund have been set by the Department of Finance at zero percent.

Agricultural Commodities Stabilization Accounts

The purpose of these accounts was to reduce income loss to producers from market risks through stabilizing prices. Premiums were shared equally by the Government of Canada, the governments of participating provinces and participating producers.

These accounts are continued in the accounts of Canada pursuant to subsection 16(2) of the Farm Income Protection Act. Current activities are limited to collection of accounts receivable. The Agricultural Stabilization Act, under which the commodity accounts formerly operated, has been repealed and replaced by the Farm Income Protection Act effective April 1, 1991.

Employment Insurance Operating Account

The Canada Employment Insurance Commission (the Commission), a departmental corporation named in Schedule II to the Financial Administration Act, administers the Employment Insurance Act (the Act). The Commission is co-managed by Commissioners representative of the government, workers and employers. The objective of the Act is to provide employment insurance benefits, employment programs and services to eligible workers. The financial transactions relating to this objective are reported through the Employment Insurance Operating Account (the Account).

The Account was established in the accounts of Canada by the Act. All amounts received under the Act are deposited in the Consolidated Revenue Fund and credited to the Account. The benefits and the costs of administration of the Act are paid out of the Consolidated Revenue Fund and charged to the Account.

Employee premium rate for each $100 of insurable earnings was $1.63 from January  1,  2023, to December  31,  2023, for employees without a Provincial Parental Insurance Plan and $1.27 for the others. From January 1, 2024, to March 31, 2024, the rate was $1.66 for employees without a Provincial Parental Insurance Plan and $1.32 for the others. Employer premium rate is calculated at the rate of 1.4 times the amount of the employee’s premiums. The annual maximum insurable earnings for the 2024 calendar year is $63,200 ($61,500 in 2023).

Table 4.7
Transactions in the Employment Insurance Operating Account
(in millions of dollars)

  2024 2023
Revenues
Premiums
Employers and employeesLinks to footnote 1 in table 2 30,156 27,422
Funding from the Government of Canada—Employment Insurance Emergency Response Benefit (negative 226) (negative 483)
Penalties and interest revenue 117 51
Subtotal 30,047 26,990
Expenses
Benefits 21,141 19,561
Transfers to the provinces—Part II 2,374 2,344
Employment Insurance Emergency Response Benefit (negative 385) (negative 70)
Administration costs 2,702 2,521
Administration cost transferred to provinces 188 189
Bad debts 287 (negative 350)
Subtotal 26,307 24,195
Net change 3,740 2,795
Balance at beginning of year (negative 22,177) (negative 24,972)
Balance at end of year (negative 18,437) (negative 22,177)

Investors' Indemnity Account

Section 57 of the Financial Administration Act provides for this account, and for the crediting thereto of the sum of $25,000, such further amounts as are appropriated by Parliament for the purposes of this section, and any recoveries of the losses referred to in section 58 of the Act. This sum was increased to $50,000 by Treasury Board Submission No. 817667 dated December 12, 1991.

Section 58 of the Act states that the Minister may, in accordance with and subject to regulations, pay out of the account, any losses sustained by subscribers for securities who have paid all or part of the purchase price for those securities but have not received the security or repayment of the amount so paid, and losses sustained by any person in the redemption of securities.

Health Insurance Supplementary Account

This account was established pursuant to Vote L16b, Appropriation Act No. 2, 1973, to record payments in respect of persons who, through no fault of their own, have lost or been unable to obtain coverage for the insured health services under the Canada Health Act, and in accordance with the Federal/Provincial Agreement on Eligibility and Portability. Contributions are made by all provinces to the account in proportion to population and are matched by the federal government.

Nuclear Liability Account

This account is established pursuant to sub-section 32(1) of the Nuclear Liability and Compensation Act, to record indemnity fees paid by operators and to provide for payment of any claims arising under the indemnity agreements entered into between the government and nuclear installation operators. This account is a continuation of the Nuclear Liability Reinsurance Account under the previous Nuclear Liability Act, now repealed.

Fund for railway accidents involving designated goods

This account was established pursuant to the Safe and Accountable Rail Act to establish a compensation fund to cover the losses, damages, costs and expenses resulting from a railway accident involving crude oil or other designated goods that exceed the minimum liability insurance coverage. This account is financed by a levy on shipments of crude oil by rail.

Ship-Source Oil Pollution Fund

This account was established pursuant to subsection 2001, c.6 of the Marine Liability Act (previously the Canada Shipping Act), to record levy tonnage payments for oil carried by ships in Canadian waters. Maritime pollution claims, the fee of the Fund Administrator, and related oil pollution control expenses, are to be financed out of the Fund.

Other consolidated specified purpose accounts

Trust Fund—The National Battlefields Commission

This account was established at the creation of The National Battlefields Commission for the purpose of acquiring various properties for the development of the park. The funds are received by way of private contributions, from municipal corporations, provincial governments and others, and deposited for the purposes of the Commission, as prescribed for in its incorporation Act.

Environmental Studies Research Fund—Department of Crown-Indigenous Relations and Northern Affairs

This account was established pursuant to subsection 76(1) of the Canada Petroleum Resources Act. The purpose of the Fund is to finance environmental and social studies pertaining to the manner in which, and the terms and conditions under which, exploration, development and production activities on frontier lands, authorized under this Act or any other act of Parliament, should be conducted.

The Fund is jointly managed by Natural Resources Canada and the minister of Northern Affairs has administrative authority over frontier lands situated in areas north of 60°N.

Deposits—Other than Environmental Damages Fund

This account was established for the management of court orders/awards or other financial compensation to the Department of the Environment that are not under the legal authority of the Environmental Damages Fund.

Environmental Damages Fund

This account was established for the management of court orders/awards or other financial compensation to the Department of the Environment for damages to the environment.

New Parks and Historic Sites Account

This specified purpose account was established pursuant to the Parks Canada Agency Act in order to provide the Agency with the ability to set aside funds for new or expanded national historic sites, national parks, national marine conservation areas and other protected areas. Funds are deposited into this account in order to protect the funding required to honour the Agency’s commitment, today and in the future, for the establishment, enlargement, or designation of national historic sites, national parks, national marine conservation areas or other protected heritage areas as well as to develop and maintain them.

Canadian Commercial Bank and Northland Bank Holdback Account

This account was established to record the amount held from the recovery of monies received from the winding up of Canadian Commercial Bank and Northland Bank.

Supplementary Fines Account—Species at Risk Act

The account was established to record the deposit of funds received from persons declared guilty of offences under the Species at Risk Act, under paragraph 105(h) of the Act.

Supplementary Fish Fines Account

The account was established to record the deposit of funds received from persons declared guilty of offences under paragraph 79.2 (f) of the Fisheries Act.

Environmental Studies Research Fund—Department of Natural Resources

This account was established pursuant to subsection 76(1) of the Canada Petroleum Resources Act. The purpose of the Fund is to finance environmental and social studies pertaining to the manner in which, and the terms and conditions under which, exploration, development and production activities on frontier lands, authorized under this Act or any other act of Parliament, should be conducted.

Seized Property Proceeds Account

This account was established, pursuant to section 13 of the Seized Property Management Act, to record the net proceeds received from the disposition of seized and forfeited properties to His Majesty or fines imposed and also funds received from the government of foreign states pursuant to agreements for the purpose of the Act. The Act also provides that the following be charged to the Account: operating expenses incurred in carrying out the purpose of the Act, amounts paid as a result of claims and repayments of advances from the Minister of Finance, interest on drawdown from Seized Property Working Capital Account and distribution of the proceeds to the relevant jurisdictions and the Consolidated Revenue Fund.

Fines for the Transportation of Dangerous Goods

This account was established, pursuant to the Transportation of Dangerous Goods Act, 1992 and related regulations, to record fines levied by courts.

Endowment principal

Mackenzie King Trust Account

The late The Right Hon W L Mackenzie King bequeathed Laurier House, Ottawa, and the sum of $225,000, to the Government of Canada. This amount was credited to the account and earns interest, in accordance with the terms of section 3 of the Laurier House Act. The interest is to be used to assist in the maintenance of the Laurier House, which is to be preserved as a place of historic interest, and also to provide accommodation for study and research.

Endowments for Health Research

This account was established pursuant to section 29 of the Canadian Institutes of Health Research Act to record various endowments received from donors for the purpose of health research. The interest received is used for the payment of research grants.

H.L. Holmes Fund

This account was established, pursuant to paragraph 5(1)(f) of the National Research Council Act, to record the residue of the estate of H.L. Holmes. Up to two thirds of the yearly net income from the fund shall be used to finance the H.L. Holmes Award on an annual basis. These awards will provide the opportunity to post-doctoral students to study at world famous graduate schools or research institutes under outstanding research persons.

W.G. Schneider Fund

This account was established pursuant to paragraph 5(1)(f) of the National Research Council Act, to record a testamentary bequest received from the estate of W.G. Schneider. The yearly net income from the fund shall be used to finance the Schneider Medal. This award recognizes employees who have made outstanding contributions to the National Research Council of Canada.

Queen's Fellowship Fund

This fund is an endowment of $250,000 that was established by Vote 45a, Appropriation Act No. 5, 1973-74. The interest earned is used for the payment of fellowships to graduate students in certain fields of Canadian studies.

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