Other loans, investments and advances

Public Accounts of Canada 2024 Volume I—Top of the page Navigation

Table 9.12
Other loans and advancesLinks to footnote * in table 1
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Unconditionally repayable contributions
Agriculture and Agri-Food
Department of Agriculture and Agri-Food 161,757,557 8,078,745 20,518,579 149,317,723
Atlantic Canada Opportunities Agency
Atlantic Canada Opportunities Agency 576,022,601 161,673,801 154,386,858 583,309,544
Economic Development Agency of Canada for the Regions of Quebec
Economic Development Agency of Canada for the Regions of Quebec 804,743,609 187,815,698 133,028,614 859,530,693
Finances
Department of Finance 184,345,000 1,411,000 185,756,000
Fisheries, Oceans and the Canadian Coast Guard
Department of Fisheries and Oceans 33,941,241 15,970,540 2,486,794 47,424,987
Global Affairs
Department of Foreign Affairs, Trade and Development 3,293,699,188 732,240,992 193,633,943 3,832,306,237
Indigenous Services
Federal Economic Development Agency for Northern Ontario 98,219,768 8,624,079 12,760,516 94,083,331
Innovation, Science and Industry
Department of Industry 1,627,559,276 151,532,643 151,472,898 1,627,619,021
Federal Economic Development Agency for Southern Ontario 818,120,085 180,523,153 161,761,777 836,881,461
Total 2,445,679,361 332,055,796 313,234,675 2,464,500,482
Natural Resources
Department of Natural Resources 135,852,882 12,206,915 123,645,967
Prairies and Canadian Northern Economic Development
Canadian Northern Economic Development Agency 15,011,725 3,081,827 5,754,562 12,338,990
Department of Western Economic Diversification 651,981,330 74,395,472 106,211,761 620,165,041
Total 666,993,055 77,477,299 111,966,323 632,504,031
Privy Council
Pacific Economic Development Agency of Canada 81,781,394 63,982,135 64,699,471 81,064,058
Total—Unconditionally repayable contributions 8,483,035,656 1,589,330,085 1,018,922,688 9,053,443,053
Loans and accountable advances
Global Affairs
Department of Foreign Affairs, Trade and Development
Missions abroad 52,493,478 695,103,330 694,205,084 53,391,724
Personnel posted abroad 19,894,557 14,772,304 14,602,789 20,064,072
Total 72,388,035 709,875,634 708,807,873 73,455,796
National Defence
Department of National Defence
Working Capital Fund 45,525,586 530,364,191 533,081,219 42,808,558
Miscellaneous accountable advances 80,213,278 24,297,320 28,242,845 76,267,753
Miscellaneous accountable imprest funds and standing advances 33,135,718 94,327 11,834,573 21,395,472
Total 113,348,996 24,391,647 40,077,418 97,663,225
Total—Loans and accountable advances 231,262,617 1,264,631,472 1,281,966,510 213,927,579
Other
Agriculture and Agri-Food
Department of Agriculture and Agri-Food
Construction of multi-purpose exhibition buildings 35,593 35,593
Hog Industry Loan Loss Reserve Program 10,056,448 4,029,127 6,027,321
National Marketing Programs 265,372,323 39,360,978 47,110,528 257,622,773
Western Livestock Price Insurance Program 1,525,337 1,525,337
Subtotal 276,989,701 39,360,978 52,664,992 263,685,687
Crown-Indigenous Relations and Northern Affairs
Department of Crown-Indigenous Relations and Northern Affairs
Council of Yukon First Nations—Elders 576,747 576,747
Indigenous Claimants 98,340,296 19,253,808 17,248,043 100,346,061
Inuit Loan Fund 71,457 71,457
Subtotal 98,988,500 19,253,808 17,248,043 100,994,265
Economic Development Agency of Canada for the Regions of Quebec
Economic Development Agency of Canada for the Regions of Quebec
Advances for the working capital fund of entrepreneurs' assistance centers 850,085 323,675 1,173,760
Employment and Workforce Development
Department of Employment and Social Development
Canada Apprentice Loans 290,594,663 64,756,201 96,030,065 259,320,799
Canada Student Financial Assistance Program 24,020,021,169 5,963,393,410 7,428,765,490 22,554,649,089
Provincial workers' compensation boards 15,802,001 3,427,000 19,229,001
Subtotal 24,326,417,833 6,031,576,611 7,524,795,555 22,833,198,889
Finance
Department of Finance
Canadian Commercial Bank 42,202,293 42,202,293
Financial assistance—National governments 4,307,441,493 2,124,911,450 340,000,000 6,092,352,943
Financial Consumer Agency of Canada—Advances 20,000,000 20,000,000
Federal-provincial fiscal arrangements 303,146,290 47,728,000 75,517,074 275,357,216
International and other organizations 2,046,421,785 5,705,236 64,853,021 1,987,274,000
Municipal Development and Loan Board 315,626 315,626
Winter Capital Projects Fund 2,899,837 2,899,837
Subtotal 6,702,427,324 2,198,344,686 500,370,095 8,400,401,915
Global Affairs
Department of Foreign Affairs, Trade and Development
International development assistance—Developing countries 161,200,006 207,744,436 25,558,726 343,385,716
International Finance Corporation 61,234,653 20,475,219 40,759,434
International financial institutions 9,158,678,206 240,228,815 7,141,945 9,391,765,076
International organizations and associations 6,586,180 6,586,180
Export Development Canada—Canada Account
Canada Emergency Business Account 40,153,292,240 31,645,660,046 8,507,632,194
Development of export trade—National governments 272,834,683 23,850,846 64,311,140 232,374,389
Support and development of trade 94,774,281 363,432,109 37,109,922 421,096,468
Subtotal 49,908,600,249 835,256,206 31,800,256,998 18,943,599,457
Immigration, Refugees and Citizenship
Department of Citizenship and Immigration
Immigration loans 149,956,615 131,194,830 26,853,508 254,297,937
Indigenous Services
Department of Indigenous Services
Indian Economic Development Guarantee Loans Program 289,037 10,448 278,589
Reserve Housing Guarantee Loans Program 567,944 567,944
Subtotal 856,981 10,448 846,533
Innovation, Science and Industry
Department of Industry
Other business loans 128,543,877 89,792,405 55,347,877 162,988,405
National Research Council of Canada
H.L. Holmes Fund 5,612,660 94,356 5,707,016
Subtotal 134,156,537 89,886,761 55,347,877 168,695,421
National Defence
Department of National Defence
Damage claims recoverable—North Atlantic Treaty Organization 340 340
Public Services and Procurement
Department of Public Works and Government Services
Cape Breton Operations—Medical and Worker's Compensation Board Reserves 2,891,274 42,232 271,719 2,661,787
Seized Property Working Capital Account (negative 15,240,876) 33,931,431 34,420,313 (negative 15,729,758)
Subtotal (negative 12,349,602) 33,973,663 34,692,032 (negative 13,067,971)
Transport
Department of Transport
Greater Victoria Harbour Authority 2,097,322 104,381 2,201,703
St. Lawrence Seaway Management Corporation 173,698 173,698
Subtotal 2,271,020 104,381 2,375,401
Treasury Board
Treasury Board Secretariat
Federal Public Service Health Care Administration Authority 842,878 2,925,065 2,912,888 855,055
Joint Learning Program 3,049,324 2,822,575 2,625,096 3,246,803
Subtotal 3,892,202 5,747,640 5,537,984 4,101,858
Veterans Affairs
Department of Veterans Affairs
Commonwealth War Graves Commission 50,020 1,256 51,276
Miscellaneous loans, investments and advances 230,893 1,526,552 1,554,074 203,371
Transition payments—Pay in arrears 494,334,033 12,392 24,725,586 469,620,839
Subtotal 494,564,926 1,538,944 26,279,660 469,824,210
Total—Other 82,087,672,391 9,386,563,779 40,045,231,292 51,429,004,878
Consolidation adjustment:Links to footnote 1 in table 1
Canada Enterprise Emergency Funding Corporation 2,682,767,000 291,130,000 2,391,637,000
Canada Infrastructure Bank 1,765,909,000 1,292,352,000 3,058,261,000
Other 31,115,000 5,272,000 8,801,000 27,586,000
Total—Consolidation adjustment 4,479,791,000 1,297,624,000 299,931,000 5,477,484,000
Total—Other loans and advances 95,281,761,664 13,538,149,336 42,646,051,490 66,173,859,510
Less: allowance for valuation 35,299,533,939 3,446,071,209 14,705,824,844 24,039,780,304
Total 59,982,227,725 10,092,078,127 27,940,226,646 42,134,079,206

Unconditionally repayable contributions

Unconditionally repayable contributions are in substance loans and are generally made to businesses pursuant to various acts of Parliament, with various amounts outstanding.

These loans are aimed at stimulating economic development or for assistance and accomplishing sustainable development goals. They bear various interest rates, some of which have concessional terms, and are repayable at various due dates.

Loans made on a long-term, low-interest or interest-free basis are recorded in part as expenses when the economic value of the loans is reduced due to their concessionary terms.

Agriculture and Agri-Food

Department of Agriculture and Agri-Food

Unconditionally repayable contribution programs include the AgriInnovate Program, AgriInnovation Program, Agricultural Innovation Program, Emergency Processing Fund, Agri-based Processing Initiative, AgriRisk Program, Agri-Opportunities Program and the Canadian Agricultural Adaptation Program. The objective of these programs is to support the following initiatives; accelerate the pace of innovation and facilitating the commercialization and adoption of innovative agri-based products, technologies, processes and services in the agriculture, agri-food and agri-based products sector. The unconditionally repayable contributions are repayable by 2035 with final instalments generally due within 8 to 10 years following project completion. The amount to be repaid and repayment schedule are set out in each contribution agreement. Repayments are non-interest bearing within the specified repayment period and normally begin 1 to 3 years following the completion of the project.

Atlantic Canada Opportunities Agency

Atlantic Canada Opportunities Agency

Unconditionally repayable contribution (URC) programs are included in three of the programs offered at the Agency. These programs are Business Development, Regional Economic Growth through Innovation, and Atlantic Innovation Fund. These contributions must be repaid without condition, and the loans have concessionary terms as they include a no-interest clause. Furthermore, they have various repayment terms. Terms for all related unconditionally repayable contributions have historically been paid within an average of 7 years, with the maximum allowable term established at 10 years for Business Development and the Atlantic Innovation Fund; and 15 years for the Regional Economic Growth through Innovation. The modified effective rate method is used to discount the loans receivable.

Economic Development Agency of Canada for the Regions of Quebec

Economic Development Agency of Canada for the Regions of Quebec

The unconditionally repayable contribution programs have two main thrusts. The first is the Regional Economic Growth through Innovation program, which aims to promote the economic growth of businesses and regions through innovation by grouping together the following programs, funds and initiatives: Jobs and Growth Fund, Business Scale-Up and Productivity and Aerospace Regional Recovery Initiative. The Quebec Economic Development Program is another repayable contribution program. This program is designed to help communities seize promising economic development and diversification opportunities and includes several initiatives, programs and funds: Development and Promotion of Assets and the Regions, Local development, Jobs and Growth Fund, and others. Unconditionally repayable contributions are repayable by March 1, 2033, with final payments generally due within 5 to 10 years of project completion, with a 2-year grace period. The amount to be repaid and the repayment schedule are defined in each contribution agreement. Repayments are interest-free throughout.

Finances

Department of Finance

Canada made an unconditionally repayable contribution of $200 million to the Alberta oil and Gas Orphan Abandonment and Reclamation Association Canada (the Orphan Well Association) to support association's efforts in cleaning up oil and gas properties. The contribution does not bear interest and is repayable in 16 equal quarterly instalments starting in 2032 and ending in 2035. Earlier repayment is permitted.

Fisheries, Oceans and the Canadian Coast Guard

Department of Fisheries and Oceans

Unconditionally repayable contributions programs include the Atlantic Fisheries Fund and the Quebec Fisheries Fund. These programs aim to transform and drive innovation in the fish and seafood sector in Canada with a focus on developing the sector to better meet growing market demands for sustainably sourced, high-quality fish and seafood products. The unconditionally repayable contributions are repayable by 2036 over terms of 5 to 10 years following the project completion. Repayment schedules are set out in each contribution agreement and repayments are non-interest bearing within the specified repayment period.

Global Affairs

Department of Foreign Affairs, Trade and Development

Unconditionally repayable contributions are provided under two specific programs: the international climate finance program, which helps developing countries in mitigating the effects of and adapting to climate change; and, the International Assistance Innovation Program, which contributes to building markets that support investments in sustainable development that benefit the underserved in developing countries. Unconditionally repayable contributions are provided to Multilateral Development Banks as well as to other financial institutions or investment managers whose mandate is focused on international development.

Fixed unconditionally repayable contributions have interest rates between 0.25% to 1.00% per annum, with semi-annual repayments, no security held for the loan, with grace periods of 5 to 15 years and maturity dates from 2032 to 2052.

Unconditionally repayable contributions that are reflow-based have a nil interest rate. In such cases, annual or semi-annual repayments are based on returns earned by the counterparty, no security is held for the loan, with grace periods of 0 to 5 years and maturity dates from 2031 to 2052.

Indigenous Services

Federal Economic Development Agency for Northern Ontario

Unconditionally repayable contribution programs include Northern Ontario Development Program and Regional Economic Growth through Innovation. The objective of these programs is to create opportunities for economic growth by helping businesses become more competitive, innovative and productive, by working with diverse communities to develop and diversify local economies, and by championing the strengths of the region. The unconditionally repayable contributions are repayable by 2037 with final instalments generally due within 2 to 11 years following project completion. The amount to be repaid and repayment schedule are set out in each contribution agreement. Repayments are non-interest bearing within the specified repayment period and normally begin 1 to 3 years following the completion of the project.

Innovation, Science and Industry

Department on Industry

Unconditional repayable contributions programs are comprised of Technology Partnerships Canada, Program for Strategic Industrial Projects, Strategic Aerospace and Defence Initiative, Strategic Innovation Fund and Automotive Innovation Fund. These programs have varied objectives which include: supporting advancements in science and technology, knowledge, and innovation to strengthen the Canadian economy; encouraging strategic research and development, enhancing the competitiveness of Canadian aerospace and defence companies; encourage research and development that will accelerate technology transfer and commercialization of innovative, facilitate the growth and expansion of firms in Canada and attract and retain large scale investments; support strategic, large-scale research and development projects in the automotive sector in developing innovative, greener and more fuel-efficient vehicles. Unconditional repayable contributions are to be reimbursed by 2047 with final repayments generally due between 2-24 years after the completion of the funded project. Amounts to be reimbursed and repayment schedules are included in each contribution agreement. The amount to be repaid is determined based on the risk level as identified during the due diligence phase of the project along with the terms and conditions specific to each program. Repayment obligations are usually equal to the amount of funding provided and start within 2 years following the completion of the projects. A limited number of agreements have repayment obligations above the nominal amount of the funding provided.

Federal Economic Development Agency for Southern Ontario

Unconditional repayable contributions programs for FedDev Ontario include the Southern Ontario Prosperity Program and the Regional Economic Growth Through Innovation Program. These programs aim to promote an innovative and inclusive southern Ontario economy through investments in regional growth, commercialization and adoption of technologies, as well as community diversification. The unconditional repayable contributions are repayable by 2034 with installments bearing zero percent interest repayable over a period of 3 to 10 years following project completion. The various installment amounts by project normally start 1 to 3 years after project completion and are based on their respective repayment schedules as set out in each contribution agreement.

Natural Resources

Department of Natural Resources

Unconditionally repayable contributions are associated with the Emissions Reduction Fund (ERF). The objective of the ERF is to help onshore and offshore oil and gas companies by providing funds to invest in green solutions to reduce greenhouse gas emissions, with a focus on methane, and retain jobs in the sector. The unconditionally repayable contributions are non-interest bearing loans, repayable over a period of up to 5 years from project completion date, with the final instalment no later than March 31, 2028.

Prairies and Canadian Northern Economic Development

Canadian Northern Economic Development Agency

Unconditionally repayable contribution programs include the Inclusive Diversification and Economic Advancement in the North Program, Jobs and Growth Fund, Northern Isolated Communities Initiative Fund and Regional Economic Growth Through Innovation Initiative. The ultimate outcomes of these programs include: foundational investments in key sectors of the territorial economies, businesses are innovative and growing, communities are economically diversified, improved food security in northern and Indigenous communities, and business productivity and scale-up. The unconditionally repayable contributions are repayable over a period between 9 and 13 years, with final installments due between 2031 and 2037. The amount to be repaid and repayment schedule are outlined in each contribution agreement. Repayments are non-interest bearing within the specified repayment period and normally begin 1 to 2 years following project completion.

Department of Western Economic Diversification

Unconditionally repayable contributions programs include Western Diversification Program, Western Innovation Initiative, Business Scale-up and Productivity, Tourism Relief Fund, Tourism Growth Program, Regional Relief and Recovery Fund, Aerospace Regional Recovery Initiative, Jobs and Growth Fund, Regional Quantum Initiative, Regional Air Transportation Initiative, and the Community Adjustment Fund. The objectives for these programs are to support: creating a diversified, stronger, inclusive economy on the Prairies, funding businesses to create jobs through green, digital and inclusive growth; funding businesses affected by COVID-19 to continue operations, retain staff and prepare for recovery; funding tourism businesses to adapt to health regulations and position for growth; and funding for regional and local air carriers and airports in the Prairie provinces to support economic growth. The unconditional repayable contributions are repayable by 2038 with final installments generally due within 6-8 years following the project completion. The amount to be repaid and repayment schedules are set out in each contribution agreement. Repayments are non-interest bearing within the specified repayment period and normally begin 1-3 years following the completion of the project.

Privy Council

Pacific Economic Development Agency of Canada

Unconditionally repayable contributions programs include Western Innovation Initiative, Business Scale-up and Productivity, Tourism Relief Fund, Regional Recovery and Relief Fund, Jobs and Growth Fund - Innovation, and the Aerospace Recovery Initiative. The objectives for these programs are to support: creating a diversified, stronger, inclusive economy in British Columbia; funding businesses to scale up and produce innovative goods, services or technologies; funding tourism businesses to adapt to health regulations and position for growth funding; funding businesses affected by COVID-19 to continue operations, retain staff and prepare for recovery; funding businesses to create jobs through green, digital and inclusive growth; and funding for the aerospace sector to become greener and more productive and to better reach global markets. The unconditional repayable contributions are repayable by 2038 with final installments generally due within 6-8 years following the project completion. The amount to be repaid and repayment schedules are set out in each contribution agreement. Repayments are non-interest bearing within the specified repayment period and normally begin 1 to 3 years following the completion of the project.

Loans and accountable advances

Missions abroad

Non-interest bearing advances have been made for interim financing of expenses at missions abroad, pending distribution to appropriations of the Department of Foreign Affairs, Trade and Development and other departments and agencies.

The total amount authorized to be outstanding at any time is $50,000,000.

Personnel posted abroad

A working capital advance account was established to finance loans and advances to employees posted abroad, including employees of other government departments and agencies, as well as medical advances to locally-engaged staff.

The total amount authorized to be outstanding at any time is $38,200,000, as last amended by Foreign Affairs and International Trade Vote L12c, Appropriation Act No. 5, 2009–2010.

The closing balance consists of loans to employees of $11,950,605.53, advances for medical expenses of $3,839,451.67, advances for workmen's compensation of $2,543.06, security and other deposits under Foreign Service Directives of $1,904,243.74 and school and club debentures of $2,367,227.88.

The loans to employees bear interest at rates from 4.25% to 5.50% per annum. These rates are established by the Department of Finance and are repayable within 4 years.

Working Capital Fund

A Working Capital Fund was established to finance temporary advances to departmental personnel within Canada and abroad for: 
(a) salary and benefits; (b) standing advances; and (c) travel and miscellaneous claims. The name of the account was modified in order to reflect the use of the account by National Defence.

The authorized ceiling is $120,000,000, as last amended by the Department of National Defence Vote L11b, Appropriation Act No. 4, 2001–2002.

Miscellaneous accountable advances

The closing balance reflects amounts outstanding in the hands of departments, agencies and individuals, at year end, to be expended in the following year.

Miscellaneous accountable imprest funds and standing advances

This account is operated to provide imprest funds, accountable advances and recoverable advances to departments and agencies.

The total amount authorized to be outstanding at any time is $22,000,000.

Construction of multi-purpose exhibition buildings

The remaining loan has been made to finance the construction of a multi-purpose exhibition building.

Hog Industry Loan Loss Reserve Program

Loans made by financial institutions under the Hog Industry Loan Loss Reserve Program are partially guaranteed by the Crown. Where the producers have defaulted and the lenders have carried out regular collection activities, the Crown becomes subrogated to the lender's rights against the producer in default, to the extent of an amount equal to the withdrawal from the Reserve Fund.

National Marketing Programs

Loans made by financial institutions under the Canadian Agricultural Loans Act and advances made by producer organizations under the Agricultural Marketing Programs Act are guaranteed by the Crown. Where the guarantee is honoured, the Crown becomes subrogated to the financial institution's or producer organization's rights to outstanding principal, interest and costs.

Western Livestock Price Insurance Program

The deficit financing clause under the Western Livestock Price Insurance Program multilateral agreement allows for advances from the Consolidated Revenue Fund to the Western Livestock Price Insurance Program account. The Western Livestock Price Insurance Program enables livestock producers to purchase price protection on specific cattle and hogs in the form of an insurance policy. When the balance in the account is insufficient for the payment of amounts to be charged to it, repayable advances are made as per section 17(1) of the Farm Income Protection Act.

Council of Yukon First Nations—Elders

Loans were issued to the Council of Yukon First Nations to provide interim benefits to Yukon Elders pending the settlement of a future comprehensive land claim agreement. These loans were issued along with loans for comprehensive claim negotiations. The department is no longer issuing these loans.

Indigenous claimants

The Department issues loans to Indigenous groups to support their participation in Specific claims negotiations. These loans are payable upon the settlement of the claim.

Inuit Loan Fund

Loans were made to individual Inuit or groups of Inuit to promote commercial activities and gainful occupations.

The total amount authorized to be outstanding at any time is $6,633,697, as last amended by the Department of Crown-Indigenous Relations and Northern Affairs Vote 37b, Appropriation Act No. 4, 1995–96.

The Department is no longer issuing these loans and only one loan is still outstanding.

Canada Apprentice Loans

Canada Apprentice Loans are administrated under the authority of Section 4 of the Apprentice Loans Act which came into effect on January 2, 2015. The Minister of Employment, Workforce Development and Official Languages is authorized to enter into a loan agreement directly with any eligible apprentice. Effective April 1, 2023, as announced in the 2022 Fall Economic Statement, Bill C-32 and in Budget 2023, the Government of Canada permanently eliminated interest on Canada Apprentice Loans which offers important relief for all current and future new graduates coping with the high cost of living. Apprentices are not required to make payments on their loans while they are still in their apprenticeship program and during the 6-month period following completion. The typical repayment period is 10 years, but the maximum period is 15 years. Borrowers having difficulty repaying their loans may be eligible for assistance under the Repayment Assistance Plan.

The total amount of apprentice loans issued under the authority of the Apprentice Loans Act may not exceed $1.5 billion. The total amount of outstanding apprentice loans as at March 31, 2024, amounts to $309,620,799 ($290,594,663 as at March 31, 2023) which is reduced by an unamortized discount for a carrying value of $259,320,799 ($290,594,663 as at March 31, 2023). During the year, loans and interest receivable on these loans totaling $2,711 ($735 as at March 31, 2023) were written off by the Department of Employment and Social Development Vote 10c from the Appropriation Act No. 5, 2023-24 and $483,676 ($327,035 as at March 31, 2023) were forgiven as per the Apprentice Loans Act.

Canada Student Financial Assistance Program

Since August 1, 2000, Canada Student Loans are issued under the Direct Loan Regime. Before this date, the loans were issued under the Guaranteed Loan Regime (1964–1995) or under the Risk-Shared Loan Regime (1995–2000). Under these three different regimes, no security is received from the students. Effective April 1, 2023, as announced in the 2022 Fall Economic Statement, Bill C-32 and in Budget 2023, the Government of Canada permanently eliminated interest on Canada Student Loans which offers important relief for all current and future new graduates coping with the high cost of living. Students are not required to make payments on their loans while they are still studying and during the 6-month period following the completion of their studies. The typical repayment period is 10 years, but the maximum period is 15 years. Borrowers having difficulty repaying their loans may be eligible for assistance under the Repayment Assistance Plan.

The total amount of direct loans issued under the authority of the Canada Student Financial Assistance Act and outstanding risk-shared loans bought-back by the Department of Employment and Social Development may not exceed 34 billion dollars.

During the year, loans and interest receivable on these loans totaling $212,464,078 ($220,562,731 as at March 31, 2023) were written off by the Department of Employment and Social Development Vote 10c from the Appropriation Act No. 5, 2023-24 and $8,262,248 ($18,093,671 as at March 31, 2023) were written off pursuant to Section 25(1) of the Financial Administration Act. In addition, loans and interest receivable on these loans totalling $245,363,440 ($195,405,002 as at March 31, 2023) were forgiven as per the Canada Student Financial Assistance Act and $1,645,856 ($541,012 as at March 31, 2023) were forgiven as per the Canada Student Loans Act.

Direct loans to students

Loans issued on or after August 1, 2000, are administered under the authority of Section 6.1 of the Canada Student Financial Assistance Act, which authorizes the Minister of Employment, Workforce Development and Official Languages to enter into loan agreements directly with any qualifying student. Agreements are subject to the terms and conditions approved by the Governor in Council, on the recommendation of the Minister of Employment, Workforce Development and Official Languages with the concurrence of the Minister of Finance. The total amount of outstanding direct loans as at March 31, 2024, amounts to $26,044,576,252 ($23,966,442,986 as at March 31, 2023) which is reduced by an unamortized discount for a carrying value of $22,506,176,252 ($23,966,442,986 as at March 31, 2023).

Risk-shared student loans

Loans issued prior to August 1, 2000, and on or after August 1, 1995, are amounts related to student loans subrogated to the Crown under the authority of the Canada Student Financial Assistance Act. The total amount of loans outstanding as at March 31, 2024, amounts to $12,379,349 ($13,018,050 as at March 31, 2023) for loans owned by the Department of Employment and Social Development and $27,948 ($12,813,513 as at March 31, 2023) for loans under the current ownership of the financial institutions. Starting in fiscal year 2021, the Department of Employment and Social Development proceeded with the buy-back of most Risk-shared loans owned by financial institutions, which increased the total value of loans with the department and therefore decreasing the value of loans under the ownership of the financial institutions.

Guaranteed student loans

Loans issued prior to August 1, 1995, are amounts related to student loans subrogated to the Crown under the authority of the Canada Student Loans Act. The total amount of loans outstanding as at March 31, 2024, amounts to $36,093,488 ($40,560,133 as at March 31, 2023) for loans owned by the Department of Employment and Social Development and Nil ($49,474 as at March 31, 2023) for loans under the current ownership of the financial institutions. Starting in fiscal year 2021, the Department of Employment and Social Development proceeded with the buy-back all Guaranteed loans owned by financial institutions, which considerably decreased the value of loans under the ownership of the financial institutions.

Provincial workers' compensation boards

This account was established under the authority of subsection 4(6)(b) and (e) of the Government Employees Compensation Act, to provide funds to enable provincial workers' compensation boards to administer claims on behalf of the Crown, and provide compensation benefits to federal government employees injured or ill in the course of their employment.

The total amount of advances that is authorized to be made for each provincial workers' compensation board is not to exceed three months' disbursements for compensation.

The advances are administered in accordance with the terms and conditions of agreements with provincial workers' compensation boards and are to be reimbursed upon termination of those agreements.

Canadian Commercial Bank

Advances have been made to the Canadian Commercial Bank representing the government's participation in the support group as authorized by the Canadian Commercial Bank Financial Assistance Act. These funds represent the government's participation in the loan portfolio that was acquired from the Bank and the purchase of outstanding debentures from existing holders.

Financial assistance—National governments

Pursuant to Section 8.3 of the Bretton Woods and Related Agreements Act, the Minister of Finance, by order of the Governor in Council, is authorized to extend certain forms of financial assistance to a foreign state. The provision of such financial assistance is contingent upon that state having an arrangement with the International Monetary Fund and upon the satisfactory participation of other countries with Canada in the provision of financial assistance.

Funding for such transactions is provided by the Minister of Finance out of the Consolidated Revenue Fund. The maximum amount of financial assistance that can be provided under legislation is $7 billion CAD in respect of any particular foreign state and $14 billion CAD in respect of all foreign states.

In 2023-2024, the Government provided $2 billion CAD ($4.9 billion CAD in 2022-2023) in financial assistance in the form of interest-bearing loans to Ukraine. As of March 31, 2024, the outstanding loan balance to the Ukraine was $6.9 billion CAD ($4.3 billion CAD as of March 31, 2023).

These loans were provided on either Commercial Interest Reference Rates (CIRR) or concessional rates and have repayment terms ranging from 5 to 10 years.

Financial Consumer Agency of Canada—Advances

Interest-bearing advances have been made to defray the cost of operation of the Agency pursuant to Section 13(1) of the Financial Consumer Agency of Canada Act.

Federal-provincial fiscal arrangements

These amounts represent net overpayments in respect of transfer payments to provinces under the Constitution Acts 1867 to 1982, the Federal-Provincial Fiscal Arrangements Act, and other statutory authorities.

The overpayments are non-interest bearing and will be repaid by reducing transfer payments in subsequent years.

International and other organizations

Global Environment Facility

This account records the funding of a facility for environmental funding in developing countries in the areas of ozone, climate change biodiversity and international waters as authorized by the Bretton Woods and Related Agreements Act, and various appropriation acts. Advances to the Global Environment Facility are made in non-negotiable, non-interest bearing demand notes that are later encashed.

As at March 31, 2024, advances to the Global Environment Facility amounted to $10,000,000 CAD.

International Development Association

This account records the loan to the International Development Association, for an amount of $575,420,000 USD ($575,420,000 USD at March 31, 2023) for the Concessional Partner Loan.

The authority to make the loan is pursuant to the Bretton Woods and Related Agreements Act. The loan bears interest at a rate of 1.2% per annum with a term of 25 years and a 10-year grace period. The first principal installment is due July 15, 2027 and the last principal installment January 15, 2047.

International Finance Corporation—Catalyst Fund

This account records Canada's financial support of the International Finance Corporation's—Catalyst Fund as authorized by the Bretton Woods and Related Agreements Act, and various appropriation acts (including Finance Vote L12b, Appropriation Act No. 4, 2010–2011 and Vote L17c, Appropriation Act No. 5, 2012–2013). The Catalyst Fund supports private sector engagement in climate change mitigation and adaptation activities through the provision of concessional and commercial financing arrangements.

As at March 31, 2024, advances to the Catalyst Fund amounted to $75,000,000 CAD.

International Monetary Fund Trusts—Poverty Reduction and Growth Trust

This account records the value of loans to the International Monetary Fund's Poverty Reduction and Growth Trust (PRGT) in order to provide financial assistance to qualifying low-income countries, as authorized by the Bretton Woods and Related Agreements Act.

For lending to International Monetary Fund trusts, the total revolving loan authority pursuant to the Bretton Woods and Related Agreements Act, is set at SDR 1 billion, or such greater amount as may be fixed by the Governor in Council. The amount was fixed at SDR 4.2 billion by the Governor in Council on February 19, 2024. Certain loans to the International Monetary Fund's PRGT and Resilience and Sustainability Trust that are subject to this authority are included in the foreign exchange accounts, details of which are provided in Section 8 of this volume.

Of Canada's SDR 2,000,000,000 revolving loan commitment to the PRGT loan account, total loans of SDR 959,731,572 are outstanding as at March 31, 2024.

Of the total loans outstanding to the PRGT loan account as at March 31, 2024, SDR 684,101,572 are included in other loans, investments and advances. The outstanding balance was translated into Canadian dollars at the year-end closing rate of exchange (1 SDR /$1.7922 CAD). During the year, transactions included repayments and a foreign exchange valuation adjustment. In addition to the PRGT loans included in other loans, investments and advances, SDR 275,630,000 in outstanding loans to the PRGT as at March 31, 2024 are included in the foreign exchange accounts (refer to Section 8 of this volume for details).

The following table presents the balances and transactions for the loans, including revaluations for foreign currency fluctuations.

Table 2International organizations - Loans and advancesLinks to footnote * in table 2
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Participation or other charges Revaluation Reimbursements or other credits Revaluation
Global Environment FacilityLinks to footnote 1 in table 2 10,000,000 10,000,000
International Development Association 670,528,764 5,705,236 676,234,000
International Finance Corporation—Catalyst Fund 75,000,000 75,000,000
International Monetary Fund Trusts—Poverty Reduction and Growth TrustLinks to footnote 2 in table 2 1,290,893,021 46,640,440 18,212,581 1,226,040,000
Total 2,046,421,785 5,705,236 46,640,440 18,212,581 1,987,274,000

Municipal Development and Loan Board

Loans have been made to provinces and municipalities, to augment or accelerate municipal capital works programs.

The loans bear interest at rates from 5.25% to 5.375% per annum, and are repayable in annual or semi-annual instalments over 15 to 50 years.

Winter Capital Projects Fund

Loans have been made to provinces, provincial agencies and municipalities, to assist in the creation of employment.

The loans bear interest at rates from 7.4% to 9.5% per annum, and are repayable either in annual instalments over 5 to 20 years, or at maturity.

International development assistance—Developing countries

Loans have been made to developing countries for international development assistance, having the following main characteristics:

In 2006–2007, the Government of Canada, as represented by the Canadian International Development Agency (now amalgamated with DFATD), entered into an agreement with the Government of Pakistan to forgive its outstanding $447,507,534.74 loan pursuant to Foreign Affairs and International Trade Vote 32c, Appropriation Act No. 5, 2009–2010. In order to expire its debt obligation, the Government of Pakistan will be required to make education sector investments that are equivalent to the present value of its debt. According to the agreement, Pakistan's debt is to be written down proportionally as the investments are made. Since 2010, the Government of Pakistan's debt has been reduced by the total amount of $427,345,514.08.

The following table presents the balances and transactions for the loans made to developing countries, together with their terms and conditions of repayments.

Table 3International development assistance—Developing countriesLinks to footnote * in table 3
(in dollars)

  April 1, 2023 Payments and other charges Reciepts and other creditsLinks to footnote 1 in table 3 March 31, 2024
(a) 35 year term, 4 year grace period, 5.0% interest per annum, semi-annual interest repayments with first principal repayment due January 2017 and final repayment in July 2026:
Egypt 16,145,576 726,941 4,916,707 11,955,810
(b) 50 year term, 10 year grace period, non-interest bearing, with final repayments between March 2015 and September 2035:
Algeria 91,821 94,732 84,512 102,041
Dominican Republic 292,588 53,197 239,391
Guatemala 113,361 68,380 100,000 81,741
Indonesia 10,276,833 3,861,468 6,274,302 7,863,999
Malaysia 143,031 40,025 53,028 130,028
Malta 19,818 17,662 37,480
Morocco 307,538 93,119 74,691 325,966
Pakistan 6,486,302 6,486,302
Philippines 79,635 60,665 97,160 43,140
Sri Lanka 5,698,475 300,000 5,398,475
Thailand 884,368 493,329 674,620 703,077
Tunisia 660,660 1,288,115 893,029 1,055,746
Subtotal 25,054,430 6,017,495 8,642,019 22,429,906
(c) 10 year term, no grace period, 3.75% interest per annum, annual interest and principal repayments with final repayment in 2033:
Guyana 81,000,000 81,000,000
(d) 10 year term, no grace period, 2.81% interest per annum, annual interest and principal repayments with final repayment in March 2033:
Jordan 120,000,000 12,000,000 108,000,000
(e) 10 year term, no grace period, 3.53% interest per annum, semi-annual interest and principal repayments with final repayment in 2034:
South Africa 120,000,000 120,000,000
Total 161,200,006 207,744,436 25,558,726 343,385,716

International Finance Corporation

Financial Mechanisms for Climate Change Facility

This account records Canada's financial support of the International Finance Corporation's—Financial Mechanisms for Climate Change Facility (FMCC) as authorized by the Bretton Woods and Related Agreements Act, and various appropriation acts. The FMCC supports private sector engagement in climate change mitigation and adaptation activities through the provision of concessional and commercial financing arrangements.

As at March 31, 2024, loan to the FMCC amounted to $25,534,656.46 CAD.

Global Agriculture and Food Security Program

This account records Canada's financial assistance to the International Finance Corporation for participation in the G8 Food Security Initiative (FSI) as authorized by the Bretton Woods and Related Agreements Act, and various appropriation acts.

As at March 31, 2024, net amount of the loan to the Global Agriculture Food and Security Program is $10,557,557.81 CAD.

The following table presents the balances and transactions for the loans, including revaluations for foreign currency fluctuations.

Table 4International Finance CorporationLinks to footnote * in table 4
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Participation or other charges Revaluation Reimbursements or other credits Revaluation
Financial Mechanisms for Climate Change Facility 43,239,972 16,946,703 758,613 25,534,656
Global Agriculture and Food Security Program 17,994,681 2,663,477 106,426 15,224,778
Total 61,234,653 19,610,180 865,039 40,759,434

International financial institutions

This account records loans and advances for assistance to international financial institutions, as authorized by the International Development (Financial Institutions) Assistance Act, and various appropriation acts (including the Department of Foreign Affairs, Trade and Development Votes 20b and L25b).

Loans and advances are made using direct payments. During the year, transactions included loans and advances made through direct payments.

Table 5International financial institutionsLinks to footnote 1 in table 5Links to footnote * in table 5
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Participation or other charges Revaluation Reimbursements or other credits Revaluation
African Development Fund 3,557,887,124 123,142,820 1,623,749 3,679,406,195
Asian Development Bank—Special 27,027,000 27,027,000
Asian Development Fund 2,545,675,861 30,136,466 2,575,812,327
Caribbean Development Bank
Agricultural Development Fund 2,000,000 2,000,000
Commonwealth Caribbean Regional 5,406,200 86,600 5,319,600
Special Development Fund 466,802,828 20,352,750 271,708 486,883,870
Global Environment Facility Trust Fund 1,297,310,000 36,457,005 1,333,767,005
Inter-American Development Bank Fund for Special Operations 408,651,599 52,708 3,911,682 404,792,625
International Bank for Reconstruction and Development 27,031,000 433,000 26,598,000
International Fund for Agriculture Development 579,383,396 25,000,000 604,383,396
International Monetary Fund 14,825,736 237,488 14,588,248
Multilateral Fund of the Montreal Protocol 167,971,337 5,087,066 577,718 172,480,685
Multilateral Investment Fund 58,706,125 58,706,125
Total 9,158,678,206 240,228,815 7,141,945 9,391,765,076

International organizations and  associations

These items represent the value of payments established in 2006 made by the Canadian government to working capital funds maintained by international organizations of which Canada is a member. Participation in the financing of these working capital funds, on the basis of the scale of assessments, is prescribed by financial regulations for membership in the organizations. Payments into the funds are not subject to interest or repayment schedules, but are recorded by the organizations as credits from member states. Payments made by Canada were authorized by appropriation acts.

Table 6International organizations and associationsLinks to footnote 1 in table 6Links to footnote * in table 6
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Participation or other charges Revaluation Reimbursements or other credits Revaluation
Berne Union of the World Intellectual Property Organization 39,192 39,192
Customs Co-operation Council 9,662 9,662
Food and Agriculture Organization 1,051,200 1,051,200
General Agreement on Tariffs and Trade 48,806 48,806
International Atomic Energy Agency 447,111 447,111
International Civil Aviation Organization 200,429 200,429
International Maritime Organization 2,202 2,202
Paris Union of the World Intellectual Property Organization 100,989 100,989
United Nations Educational, Scientific and Cultural Organization 872,987 872,987
United Nations organizations 3,632,480 3,632,480
World Health Organization 181,122 181,122
Total 6,586,180 6,586,180

Canada Account

Export Development Canada (EDC) was created in 1944 as Canada's export credit agency (ECA). On October 1, 1969, EDC was established as a Crown corporation by a statute of the Parliament of Canada, the Export Development Act (the "Act"). EDC's mandate is to support and develop, directly or indirectly, Canada's export trade, and Canadian capacity to engage in that trade and respond to international business opportunities, as well as to provide development financing and other forms of development support in a manner consistent with Canada's international development priorities. EDC is named in Part I of Schedule III to the Financial Administration Act (the "FA Act") and is accountable for its affairs to Parliament through the Minister of Export Promotion, International Trade and Economic Development.

Pursuant to Section 23 of the Act, the Minister of Export Promotion, International Trade and Economic Development ("the Minister"), with the concurrence of the Minister of Finance, may authorize EDC to undertake certain financial and contingent liability transactions if the Minister is of the opinion that it is in the national interest. Funding for such transactions is provided by the Minister of Finance out of the Consolidated Revenue Fund and the transactions are administered by EDC on behalf of the Government of Canada. Collectively these transactions are known as the Canada Account. As at March 31, 2024, the Statutory Limit was $115 billion.

In March 2020, EDC was issued a directive (PC 2020-206) pursuant to Section 89 of the FA Act to perform any activity consistent with any authorization obtained from the Minister pursuant to Section 23 of the Act as part of the response to the COVID-19 pandemic; to support and develop domestic business in accordance with paragraph 10(1)(a) of the Act as part of that response; and to take any ancillary or other measures that may be advisable or necessary to give effect to the directive. EDC received such authorizations and amendments thereto in respect of the Canada Emergency Business Account (CEBA) and implemented transactions there under pursuant to authorizations dated April 5, April 8, April 13, April 16, May 12 and October 20, 2020. Funding of transactions for the CEBA program was discontinued as of December 31, 2021; therefore, no disbursements were made after that date.

Canada Emergency Business Account

A Ministerial Authorization was signed authorizing up to $25 billion in Canada Account funds to provide emergency liquidity to Canadian businesses through the Canada Emergency Business Account (CEBA), and subsequent Ministerial Authorizations increased that limit to ultimately $73 billion.

Loans under the CEBA program were provided interest free until January 18, 2024. These loans included repayment incentives of up to a maximum of $20,000 forgiveness on loans of $60,000, where loan repayment was made in full by January 18, 2024 (March 28, 2024 with refinancing application). Loans not repaid by January 18, 2024, are not eligible for forgiveness but are subject to a one-time extension of three years and 5% interest per annum commencing on January 19, 2024. No principal repayments are required until December 31, 2026, at which time the entire loan and all accrued and unpaid interest becomes due and payable.

Development of export trade—National governments

Pursuant to Section 23 of the Export Development Act, the Minister of International Trade, with the concurrence of the Minister of Finance, may authorize Export Development Canada (EDC) to undertake certain financial and contingent liability transactions if the Minister is of the opinion that it is in the national interest. Funding for such transactions is provided by the Minister of Finance out of the Consolidated Revenue Fund and the transactions are administered by EDC on behalf of the Government of Canada.

Loan transactions with longer repayment terms or low or zero interest rates are recorded in part as expenses when the economic value is reduced due to such concessionary terms.

Table 11.4 and Table 11.6 in Section 11 of this volume present additional information on contractual obligations and guarantees that are disclosed in the notes to the audited consolidated financial statements in Section 2 of this volume.

Table 7Development of export trade - National governmentsLinks to footnote * in table 7
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Participation or other chargesLinks to footnote 1 in table 7 Revaluation Receipts or other creditsLinks to footnote 2 in table 7 Revaluation
Non-budgetary loansLinks to footnote 3 in table 7
(a) 11 to 15 year term, 0% to 9.0% interest per annum, with final repayments in September 2028:
Argentina 34,543,637 13,192,864 47,993 21,302,780
(b) 11 to 15 year term, based on risk free, plus 0.93% interest per annum, assumed from the Canadian Wheat Board (CWB) with final repayments in January 2028:
Iraq 57,715,977 113,165 11,565,828 46,263,314
(c) 21 to 25 year term, 9.0% to 10.0% interest per annum, with final repayments in September 2000:
Sudan 5,219,697 10,234 5,229,931
(d) 21 to 25 year term, interest based on risk free rates, plus 0.98% per annum, with final repayments between December 2024 and December 2027:
Pakistan 4,090,952 8,021 1,623,281 2,475,692
(e) 21 to 25 year term, based on risk free rates, plus 0.98% interest per annum, assumed from CWB, with final repayments between December 2024 and December 2027:
Pakistan 8,772,291 17,200 3,758,520 5,030,971
(f) 25 year term, 0.63% interest per annum, with final repayments in October 2018:
Venezuela 2,643,172 5,182 2,648,354
Total—Non-budgetary loans 112,985,726 153,802 30,140,493 47,993 82,951,042
Budgetary loansLinks to footnote 3 in table 7
(a) 31 to 55 year term, 0% to 10.29% interest per annum, with final repayments between September 2029 and February 2045:
China 94,217,438 15,263,541 546,387 24,166,821 85,860,545
Egypt 2,116,355 261,388 3,592 352,714 2,028,621
Gabon 983,575 241,816 11,506 335,993 900,904
India 7,139,246 1,305,041 63,043 1,522,993 6,984,337
Jamaica 1,690,100 178,594 7,516 247,791 1,628,419
Morocco 25,150,919 2,574,113 106,745 3,475,820 24,355,957
Turkey 27,028,008 2,795,068 140,946 3,693,647 26,270,375
Subtotal 158,325,641 22,619,561 879,735 33,795,779 148,029,158
(b) 31 to 55 year term, comprised of several loans with fixed or variable interest rates currently ranging from 0% to 2.21% per annum, with final repayments between December 2018 and December 2033:
Kenya 1,523,316 179,729 18,019 326,875 1,394,189
Total—Budgetary loans 159,848,957 22,799,290 897,754 34,122,654 149,423,347
Total 272,834,683 22,799,290 1,051,556 64,263,147 47,993 232,374,389

Support and development of trade

EDC's mandate is to support and develop, directly or indirectly, Canada's export trade, and Canadian capacity to engage in that trade and respond to international business opportunities.

Loan transactions with longer repayment terms or low or zero interest are recorded in part as expenses when the economic value is reduced due to such concessionary terms.

Table 11.4 and Table 11.6 of Section 11 of this volume present additional information on contractual obligations and guarantees that are disclosed in the notes to the audited consolidated financial statements of Section 2 of this volume.

Table 8Support and development of Export tradeLinks to footnote * in table 8
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Participation or other chargesLinks to footnote 1 in table 8 Revaluation Receipts or other creditsLinks to footnote 2 in table 8 Revaluation
Export trade
(a) 1 year term, comprised of a loan with a risk free rate plus 4.75% per annum, with final repayments in August 2025:
Canada 76,529,317 76,529,317
(b) 2 year term, comprised of several loans with risk free rates plus 3% to 7% per annum, with final repayments in June 2025:
Canada 142,191,000 142,191,000
(c) 10 year term comprised of one loan with a risk free rate plus 6.5% per annum, with final repayments in May 2029:
Canada 29,772,874 29,772,874
(d) 16 to 20 year term, comprised of a loan with 8.08% interest rate per annum, with final repayments in December 2036:
Canada 19,302,178 19,302,178
(e) 16 to 20 year term, comprised of several loans with fixed or variable interest rates currently ranging from 1.85% to 5.89% per annum, with final repayments between December 2017 and March 2023:
United States 37,109,922 37,109,922
(f) 31 to 55 year term, 2.26% interest per annum, with final repayment in August 2048:
Canada 8,589,307 54,258 8,643,565
(g) 48 year term, comprised of a loan with 8.0259% interest rate per annum, with final repayments in December 2071:
Canada 144,657,534 144,657,534
Total—Export trade 94,774,281 363,432,109 37,109,922 421,096,468

Immigration loans

In accordance with the Immigration and Refugee Protection Act, Immigration, Refugees and Citizenship Canada can issue immigration loans up to a maximum of $300,000,000. The Immigration Loans Program provides eligible immigrants, who are mainly refugees selected for resettlement to Canada, with access to funding that would otherwise not be available to them. Loans are used to cover a number of expenses, including travel to Canada and other costs associated with resettlement, specifically:

Starting February 28, 1995, all immigration loans bore interest at a rate determined by the Minister of Finance at the beginning of each calendar year. Regulations provided for a period of up to six years for the repayment of the loans and the interest rate on outstanding interest-bearing loans varied from 0.76% to 9.06%. Since February 21, 2018, loans are non-interest bearing and are repayable over one to eight years with a possible deferment of two years.

Indian Economic Development Guarantee Loans Program

The Indian Economic Development Guarantee Loans Program, established under Vote L53b, Appropriation Act No. 1, 1970, amended under P.C. 1977-3608, authorized the Department to guarantee loans for non-incorporated Indian businesses on a risk-sharing basis with commercial lenders because security restrictions in the Indian Act prevent the mortgage and seizure of property located on reserves. Guarantees are provided for various types of borrowers whose activities contribute to the economic development of Indians and enable them to develop long-term credit relationships with mainstream financial institutions. The guarantee level is not to exceed at any time $60,000,000, less the total amount of payments made to implement previous guarantees under that authority.

If a loan made under the Minister's guarantee goes into default, the lender has recourse to the Minister for reimbursement. In 1987, a reserve for losses of $2 million per annum was established within the department's reference levels to cover all Guarantee Loan Programs administered by the department. Simple interest, usually based on a percentage plus the prime rate, will accrue on the debt after payout. All payments, including accrued interest, remain as a debt of the client until recovered in full.

A total amount of $6,045.28 has been written off in the 2023-2024 fiscal year.

Reserve Housing Guarantee Loans Program

This program authorizes the department to guarantee loans to individuals and Indian bands to assist in the purchase of housing on reserves because security restrictions in the Indian Act prevent the mortgage and seizure of property located on reserves. These loan guarantees enable status Indians residing on reserves, Band councils, or their delegated authorities, to secure housing loans without giving the lending institution rights to the property.

The total guarantee loans amount authorized by the department cannot exceed $3 billion.

If a loan made under the Minister's guarantee goes into default, the lender has recourse to request the defaulted loan balance be reimbursed by ISC. In 1987, a reserve for losses of $2 million per annum was established within the department's reference levels to cover all Guarantee Loan Programs administered by the department. Such payments remain a debt of the First Nation to the Crown and interest is accrued and capitalized on these debts at the contract interest rate applicable at the time the loan was assigned to the Minister. Recovery of the debt is made to the extent possible, from the security used as collateral, such as land claim funds, or through repayment agreements.

Other business loans

This account records money owed to the government by borrowers upon default of loans that are subject to statutory authorities, pursuant to the Canada Small Business Financing Act. This authority provide for the payment of claims or the sharing of loan losses between lenders and the government.

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.

Damage claims recoverable—North Atlantic Treaty Organization

Article VIII of the NATO Status of Forces Agreement signed April 4, 1949, as amended, deals with claims for damages to third parties arising from accidents in which a member of a visiting force is involved. This account is charged with the amount recoverable from other states, for claims for damages which took place in Canada, and is credited with recoveries.

The advances are non-interest bearing and have no specific repayment terms.

Cape Breton Operations—Medical and Workers' Compensation Board Reserves

This account is established to record separate financial reserves, which are maintained to support medical and workers' compensation claim payments to former employees of Enterprise Cape Breton Corporation.

Responsibility for these obligations was transferred to the Department of Public Works and Government Services (PWGSC) in 2015 pursuant to the Economic Action Plan 2014 Act where PWGSC was named responsible for assuming the human resources obligations following the dissolution of Enterprise Cape Breton Corporation.

The reserves are on deposit with the insurance providers and the Workers' Compensation Board of Nova Scotia. The insurance and workers' compensation plans are self-insured by the Crown. Adjustments to the reserve accounts are based on the difference between actual claim costs and a predetermined amount that is paid to the providers during the year. The remaining balance in the financial reserves will be returned to the Department upon completion of the programs.

Seized Property Working Capital Account

This account was established by Section 12 of the Seized Property Management Act. Expenses incurred, and advances made, to maintain and manage any seized or restrained property and other properties subject to a management order or forfeited to His Majesty, are charged to this account. This account is credited when expenses and advances to third parties are repaid or recovered and when revenues from these properties or proceeds of their disposal are received and credited with seized cash upon forfeiture.

The total amount authorized to be outstanding at any time is $50,000,000.

Any shortfall between the proceeds from the disposition of any property forfeited to His Majesty and the amounts that were charged to this account and that are still outstanding, is charged to a Seized Property Proceeds Account and credited to this account.

Greater Victoria Harbour Authority

The Victoria Harbour loan receivable relates to the sale of a parcel of Victoria Harbour land.

The loan bears interest at the rate of 4.9% per annum, repayable over an initially planned period of 15 years. An extension of 3 years had been granted in 2020-2021.

Talks between the parties are ongoing regarding this loan.

St. Lawrence Seaway Management Corporation

This account was established by subsection 80(1) of the Canada Marine Act. Loans previously managed by the St. Lawrence Seaway Authority are now managed by the St. Lawrence Seaway Management Corporation in accordance with an agreement between the Department of Transport and the Corporation. The repayments of these loans are recorded in this account.

The loan bore interest at a rate of prime plus 2.0% per annum. The final installment of the existing terms was anticipated for March 2013.

Legal procedures are currently underway to obtain reimbursement.

Federal Public Service Health Care Administration Authority

The Federal Public Service Health Care Plan Administration Authority (referred to as the Administration Authority) was incorporated, without share capital, under subsection 7.2(1) of the Financial Administration Act effective May 1, 2007. Effective May 31, 2007, the assets and liabilities of the Public Service Health Care Plan (PSHCP) were transferred to the Government of Canada, and to the Administration Authority, as directed by the President of the Treasury Board of Canada and consistent with the Trust Agreement, which terminated May 31, 2007.

The Administration Authority is charged with the administration of the PSHCP. Its objective is to ensure that benefits and services to plan members and their covered dependants, as defined in the PSHCP documentation, are delivered in a manner that ensures the effective and efficient administration of the PSHCP. Payments are made to the Administration Authority under Vote 20 and are authorized under the terms of reference of the funding agreement between the President of the Treasury Board and the Administration Authority. The funding agreement allows for the transfer of funds from the Treasury Board of Canada Secretariat to the Administration Authority in four quarterly instalments upon approval of the operating budget by the Secretary of the Treasury Board of Canada. These quarterly instalments are made in advance and actual expenses are recorded upon approval of the Administration Authority's Quarterly Financial Report.

Joint Learning Program

Advances have been made to the Public Service Alliance of Canada (PSAC) for the Joint Learning Program (JLP). Following the collective bargaining rounds of 2004, 2008, 2010, 2014, 2018 and subsequently of 2021, a Memorandum of Understanding between the Treasury Board and PSAC was included in the collective bargaining agreements to provide funding for a JLP. The JLP is a negotiated partnership between PSAC and the Treasury Board of Canada Secretariat (TBS). The objective of the JLP is to improve labour relations in the Public Service. It is intended to provide joint union-management learning opportunities in areas where both parties have roles and responsibilities.

Payments are made to PSAC under Vote 20 and are authorized under the terms of reference of the Program. The terms of reference include the program costs, funding conditions, payment conditions, timelines, as well as a schedule of payments. The schedule of payments provides for a 3-month advance from TBS to PSAC to provide for program delivery costs. When actual expenses are reported every three months, the advance is reversed and the expense is recorded.

Commonwealth War Graves Commission

Advances have been made to the Working Capital Fund of the Commonwealth War Graves Commission, to maintain graves and cemeteries.

At year end, the balance of the advances was 30,000 British pound sterling. This balance was converted to Canadian dollars, using the year-end rate of exchange. The advances are non-interest bearing and have no fixed terms of repayments.

Miscellaneous loans, investments and advances

This account represents amounts outstanding in the hands of agencies and individuals, at year end. This group records loans, investments and advances not classified elsewhere.

Transition payments—Pay in arrears

During the 2015 fiscal year, a one-time payment was issued to employees as a result of the implementation of pay in arrears. This amount will be recovered from the employees upon their departure from the Public Service. The amount at year-end represents the balance to be recovered in the future.

Consolidation adjustment

The consolidation adjustment reflects the total loans and advances held by consolidated Crown corporations and other entities. These mainly include loans receivable.

Canada Enterprise Emergency Funding Corporation ("CEEFC") was incorporated on May 11, 2020 and is wholly owned by Canada Development Investment Corporation ("CDEV"), an enterprise Crown corporation. CEEFC is a non-agent Crown corporation and is not subject to the Income Tax Act of Canada.

As part of Canada's COVID-19 Economic Response Plan, CEEFC was mandated to implement the Large Employer Emergency Financing Facility ("LEEFF") along with Innovation, Science and Economic Development Canada ("ISED") and the Department of Finance. The LEEFF program was intended to provide bridge financing to Canada's largest employers, whose needs during the COVID-19 pandemic were not being met through conventional financing. The additional liquidity made available through LEEFF provides emergency funding support for large Canadian enterprises facing financial challenges due to the economic impact of the COVID-19 pandemic, allowing these businesses and their suppliers to remain active during this difficult time and positioning them for a rapid economic recovery. With the closing of LEEFF to new applications in 2022, CEEFC continued to manage its portfolio in 2023-2024. CEEFC continues to work with borrowers to ensure the objectives of the LEEFF program are being met.

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