Enterprise Crown corporations and other government business enterprises

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

Loans and advances to and investments in enterprise Crown corporations and other government business enterprises represent the balance of financial claims held by the government against corporations and enterprises for working capital; capital expenditures and other purposes; investments in the capital stock of corporations; and loans and advances to corporations and enterprises for re-lending.

A Crown corporation is a parent Crown corporation, or a wholly-owned subsidiary. A parent Crown corporation is wholly owned directly by the Crown. A wholly-owned subsidiary is wholly owned by one or more parent Crown corporations directly or indirectly through any number of subsidiaries.

Enterprise Crown corporations are a type of government business enterprise defined as those Crown corporations which are not dependent on parliamentary appropriations, and whose principal activity and source of revenue is the sale of goods and services to outside parties. These include select Crown corporations listed in Part I, all the Crown corporations listed in Part II, Schedule III of the Financial Administration Act, and the Bank of Canada. The Canada Pension Plan Investment Board, although a Crown corporation, is not part of the government reporting entity since its mandate is to manage an investment portfolio on behalf of the Canada Pension Plan; which is itself excluded from the reporting entity.

There are also many self-sustaining government business enterprises that are not considered Crown corporations, but are controlled by the government and, usually accountable to Parliament through a Minister of the Crown for the conduct of their affairs. These are referred to as “other government business enterprises” and include the various Canada Port Authorities.

Most of the enterprise Crown corporations and other government business enterprises are agents of His Majesty for the conduct of all or part of their activities. This status is granted in either of the following ways:

Further information on the business and activities of all parent Crown corporations and information on all Crown corporations and other corporate interests of Canada is provided in the annual report entitled Inventory of Federal Organizations and Interests. Audited financial statements of parent Crown corporations are made available and published on their respective websites.

Table 9.2
Enterprise Crown corporations and other government business enterprisesLinks to footnote * in table 1
(in dollars)

  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
Investments
Investments and accumulated profits/losses, Table 9.4 49,851,355,680 302,453,000 2,304,275,334 47,849,533,346
Other investments
Canada Housing Trust—Canada Mortgage Bonds 7,627,076,949 46,866,438 7,580,210,511
Loans and advancesLinks to footnote 1 in table 1
Finance
Department of Finance
Business Development Bank of Canada 26,864,221,995 35,017,868,511 32,391,665,183 29,490,425,323
Canada Lands Company Limited 294,879,212 1,713,600 296,592,812
Canada Mortgage and Housing Corporation 18,793,034,560 16,961,501,242 14,531,814,165 21,222,721,637
Farm Credit Canada 40,268,264,736 13,117,413,762 10,288,453,000 43,097,225,498
Subtotal 86,220,400,503 65,098,497,115 57,211,932,348 94,106,965,270
Global Affairs
Export Development Canada
Canada Development Investment Corporation 16,131,630,146 764,959,253 16,896,589,399
Infrastructure and Communities
Canada Mortgage and Housing Corporation
Housing 717,156,664 115,208,717 601,947,947
Joint projects 298,758,105 3,363,336 295,394,769
Real estate 5,794,028 404,936 5,389,092
Student housing projects 3,040,154 861,877 2,178,277
Subtotal 1,024,748,951 119,838,866 904,910,085
Total—Loans and advances 103,376,779,600 65,863,456,368 57,331,771,214 111,908,464,754
Less:
Loans expected to be repaid from future appropriations 2,177,300,829 183,412,756 1,993,888,073
Total 151,050,834,451 73,792,986,317 59,499,500,230 165,344,320,538

Canada Housing Trust—Canada Mortgage Bonds

The Canada Mortgage Bond program was implemented in 2001. Under this program, bonds are issued by Canada Housing Trust (CHT), a special purpose trust created by Canada Mortgage and Housing Corporation (CMHC) and sold to investors in denominations as low as $1,000. The proceeds of the bonds are used to purchase mortgages packaged into newly issued National Housing Act Mortgage Backed Securities from approved sellers. Canada Mortgage Bonds including accrued interest, timely payment of semi-annual interest and principal at maturity issued by the Trust carry the full faith and credit of the Government of Canada through CMHC.

The federal government acquired $7.5 billion of CHT issued Canada Mortgage Bonds in 2023-2024. The government will purchase up to an annual maximum of $30 billion under this program.

The investments bear interest at rates from 3.72% to 3.99% per annum.

Direct lending to Crown corporations

Business Development Bank of Canada

The Business Development Bank of Canada (BDC) was established in 1974 by the Federal Business Development Bank of Canada Act and was continued under its current name by an act of Parliament on July 13, 1995. The Corporation is a Crown corporation named in Part I of Schedule III to the Financial Administration Act, and is not subject to the requirements of the Income Tax Act.

The role of the Corporation is to promote and assist in the establishment and development of business enterprises in Canada, with specific attention to small and medium-sized businesses. The Corporation provides a wide range of lending, investment and consulting services complementary to those of commercial financial institutions. The Corporation offers Canadian companies’ services tailored to meet the current needs of small and medium-sized businesses while earning an appropriate return on investment capital, which is used to further the Corporation’s activities.

Pursuant to Section 19 of the Business Development Bank of Canada Act, the federal government, at the request of the Corporation, may lend money to the Corporation on any terms and conditions that the Minister of Finance may fix.

Loans outstanding at year end bear interest at rates from 0.43% to 5.16% per annum.

Canada Lands Company Limited

Canada Lands Company Limited (originally Public Works Lands Company Limited) was incorporated under the Companies Act in 1956 and was continued under the Canada Business Corporations Act. The Corporation is a Crown corporation named in Part I of Schedule III of the Financial Administration Act. The Corporation conducts its business through Canada Lands Company CLC Limited (CLC) and Parc Downsview Park (PDP), its principal wholly-owned subsidiaries. CLC and PDP’s objective is to carry out a commercially oriented and orderly disposal program of certain government real properties and the management of certain select properties. In undertaking this objective, CLC and PDP may manage, develop and dispose of real properties, either in the capacity of owner or as agent of the government.

CLC and PDP have acquired an interest in a number of real properties from the government in consideration for the issuance of promissory notes, which bear no interest and are repayable from the proceeds of the sale of the properties in respect of which they were issued. The notes are discounted using the Consolidated Revenue Fund lending rate applicable to Crown corporations and recorded at their discounted value.

During the year, no new notes have been issued and an amount of $1.7 million was amortized to income. The balance in the account represents the notes receivable net of the corresponding unamortized discount.

Canada Mortgage and Housing Corporation

Pursuant to Section 21(1) of the Canada Mortgage and Housing Corporation Act, the federal government, at the request of the Corporation, may, out of the Consolidated Revenue Fund, lend money to the Corporation on any terms and conditions that the Minister of Finance may fix.

Loans outstanding at year end bear interest at rates from 0.01% to 5.17% per annum.

Farm Credit Canada

The Farm Credit Canada was established in 1959 by the Farm Credit Canada Act as the successor to the Canadian Farm Loan Board, and is a Crown corporation named in Part I of Schedule III to the Financial Administration Act. The Corporation is not subject to the requirements of the Income Tax Act.

The Corporation’s role is to enhance rural Canada by providing business and financial solutions for farm families and agribusiness. Additionally, the Corporation may deliver specific programs for the Government of Canada on a cost recovery basis.

Pursuant to Section 12(2) of the Farm Credit Canada Act, the federal government, at the request of the Corporation, may lend money to the Corporation on any terms and conditions that the Minister of Finance may fix.

Loans outstanding at year end bear interest at rates from 0.30% to 5.27% per annum.

Canada Development Investment Corporation

Canada Development Investment Corporation (CDEV) was incorporated in 1982 under the provisions of the Canada Business Corporations Act and is wholly-owned by His Majesty in Right of Canada. The Corporation is an agent Crown corporation listed in Schedule III, Part II of the Financial Administration Act and is not subject to the provisions of the Income Tax Act.

CDEV has six wholly owned subsidiaries: Canada Growth Fund Inc. (“CGF”), Canada Innovation Corporation (“CIC”), Canada Enterprise Emergency Funding Corporation (“CEEFC”), Canada Eldor Inc. (“CEI”), Canada Hibernia Holding Corporation (“CHHC”), and Canada TMP Finance Ltd. (“TMP Finance”), which in turn owns Trans Mountain Corporation (“TMC”). The subsidiaries CGF and CEEFC are not consolidated.

Loans outstanding at year-end from the Canada Account bear interest at a rate of 4.7% per annum, and the syndicated loan a variable interest rate.

Advances to programs

Canada Mortgage and Housing Corporation

The Corporation was incorporated, on January 1, 1946, by the Canada Mortgage and Housing Corporation Act. The Corporation's mandate, as stated in the National Housing Act, is to promote the construction, repair and modernization of housing, the improvement of housing and living conditions, housing affordability and choice, the availability of low-cost financing for housing, and, the national well-being of the housing sector. Advances have been made to the Canada Mortgage and Housing Corporation to support various programs undertaken by the Corporation.

Housing

Advances made for moderate to low income housing bear interest at rates from 5.61% to 16.10% per annum, and are repayable over 1 to 50 years, with the final instalment due on March 31, 2037.

Joint projects

Advances made to undertake housing projects jointly with the provinces bear interest at rates from 7.69% to 17.96% per annum, and are repayable over 1 to 50 years, with the final instalment due on June 30, 2038.

Real estate

Advances made for the acquisition and development of real estate bear interest at rates from 10.07% to 11.08% per annum, and are repayable over 50 years, with the final instalment due on June 30, 2036.

Student housing projects

Advances made for student housing projects bear interest at rates from 7.63% to 10.05% per annum, and are repayable over 20 to 50 years, with the final instalment due on April 1, 2030.

Interest paid to the government

Interest paid to the Government of Canada with respect to these loans in the years ended March 31, 2024 and 2023 is as follows:

Table 9.2a
Interest paid to the government
(in millions of dollars)

  2024 2023
Business Development Bank of Canada 1,151.1 505.5
Canada Development Investment Corporation 779.0 747.3
Canada Mortgage and Housing Corporation 511.6 420.3
Farm Credit Canada 1,382.7 834.4
Total 3,824.4 2,507.5

Summary financial statements of enterprise Crown corporations and other government business enterprises

Enterprise Crown corporations and other government business enterprises are categorized as being either agents or non-agents of the Crown. In some situations, agent status may be restricted to certain designated activities of a corporation.

These tables present financial information on parent enterprise Crown corporations and other government business enterprises, as well as financial information on wholly-owned subsidiaries that are considered "deemed parent Crown corporations" and are excluded from the consolidated financial statements of their parent Crown corporations.

The tables summarize the financial transactions and results of operations of each enterprise Crown corporation and other government business enterprise in accordance with its own respective accounting policies. All enterprise Crown corporations and other government business enterprises prepare their financial statements based on International Financial Reporting Standards.

For those corporations having year ends other than March 31, the data are based on unaudited interim financial statements which have been prepared on a basis consistent with the most recent audited financial statements.

Table 9.3 and Table 9.4 present summarized financial information of enterprise Crown corporations and other government business enterprises. Balances reported under government, Crown corporations and other entities represent those between related parties. Of note, borrowings from third parties represent amounts repayable to financial institutions and other investors. Revenues include financial assistance from the government in respect of the current year's operations, when applicable. Equity adjustments include prior period adjustments and other miscellaneous items recorded by the corporations and enterprises. Other comprehensive income or loss comprises certain unrealized gains and losses on financial instruments and certain actuarial gains and losses related to pensions and other employee future benefits which are recognized in comprehensive income but excluded from net income. Other comprehensive income is excluded from the calculation of the government's annual deficit. It is instead recorded directly to the government's accumulated deficit. Upon realization of the gains and losses on financial instruments, the associated amounts are reclassified to the profit or loss of enterprise Crown corporations and other government business enterprises and then, reflected in the government's annual deficit. The actuarial gains and losses related to pensions and other employee future benefits are not reclassified. Equity transactions with the government include dividends declared or transfers of profits to the government, as well as equity contributions provided by the government. Any unrealized inter-organizational gains and losses are eliminated as part of the modified equity accounting adjustment.

Table 9.3
Financial position of enterprise Crown corporations and other government business enterprises
Assets, liabilities and equity as at March 31, 2024Links to footnote * in table 3

(in thousands of dollars)

Enterprise Crown corporations and other government business enterprisesLinks to footnote 1 in table 3 Assets Liabilities Accumulated profits (losses) Contributed surplus Capital stock Equity of Canada Total liabilities and equity
Financial Non-financial Total assets Third parties Government, Crown corporations, and other entities Total liabilities
Third parties Government, Crown corporations, and other entities Borrowings Other
Atlantic Pilotage Authority 8,097 24,209 32,306 9,760 6,153 15,913 16,393 16,393 32,306
Bank of Canada 10,138,696 296,072,800 703,144 306,914,640 258,536,407 55,038,342 313,574,749 (negative 6,665,109) 5,000 (negative 6,660,109) 306,914,640
Business Development Bank of Canada 47,203,316 17,143 222,481 47,442,940 1,303,951 29,612,534 30,916,485 8,858,777 27,778 7,639,900 16,526,455 47,442,940
Canada Deposit Insurance Corporation 2,519,564 6,596,586 18,892 9,135,042 2,270,104 15,715 2,285,819 6,849,223 6,849,223 9,135,042
Canada Development Investment Corporation 707,127 130,983 34,948,754 35,786,864 17,095,167 1,786,359 17,591,025 36,472,551 (negative 1,288,982) 603,294 1 (negative 685,687) 35,786,864
Canada Growth Fund Inc.Links to footnote 2 in table 3 113,060 1,256,903 1,369,963 171 11,342 11,513 (negative 31,550) 1,390,000 1,358,450 1,369,963
Canada Lands Company Limited 356,101 50,702 646,917 1,053,720 56,600 65,792 304,682 427,074 445,476 181,170 626,646 1,053,720
Canada Mortgage and Housing Corporation 300,683,876 10,991,473 749,882 312,425,231 258,780,999 11,259,494 29,553,302 299,593,795 12,806,426 25,010 12,831,436 312,425,231
Canada Post Corporation 6,829,486 340,593 5,808,584 12,978,663 998,243 6,343,161 380,234 7,721,638 4,101,854 1,155,171 5,257,025 12,978,663
Export Development Canada 74,309,920 214,066 74,523,986 58,450,753 3,738,237 177,744 62,366,734 4,867,252 7,290,000 12,157,252 74,523,986
Farm Credit Canada 53,260,175 51,314 209,849 53,521,338 926,601 540,178 43,318,961 44,785,740 8,735,598 8,735,598 53,521,338
Freshwater Fish Marketing Corporation 13,667 46,649 60,316 36,886 7,349 16,081 60,316 60,316
Great Lakes Pilotage Authority 6,748 15 797 7,560 8,643 43 8,686 (negative 1,126) (negative 1,126) 7,560
Halifax Port AuthorityLinks to footnote 3 in table 3 24,545 272,730 297,275 17,854 15,412 33,266 213,152 50,857 264,009 297,275
Hamilton-Oshawa Port AuthorityLinks to footnote 3 in table 3 19,129 193,318 212,447 20,617 20,617 168,790 23,040 191,830 212,447
Laurentian Pilotage Authority 16,741 24,369 41,110 15,734 15,734 25,376 25,376 41,110
Montreal Port AuthorityLinks to footnote 3 in table 3 126,874 7,349 761,541 895,764 199,264 208,409 1,350 409,023 252,667 234,074 486,741 895,764
Pacific Pilotage Authority 16,918 2,914 20,672 40,504 4,731 16,443 148 21,322 19,182 19,182 40,504
Prince Rupert Port AuthorityLinks to footnote 3 in table 3 152,114 334,493 486,607 110,340 110,340 340,054 36,213 376,267 486,607
Quebec Port AuthorityLinks to footnote 3 in table 3 36,532 405 209,629 246,566 30,885 46,174 42,749 119,808 69,496 57,262 126,758 246,566
Royal Canadian Mint 66,508 36,694 272,395 375,597 18,119 199,065 2,548 219,732 115,865 40,000 155,865 375,597
Saint John Port AuthorityLinks to footnote 3 in table 3 12,952 145,087 158,039 25,952 5,310 31,262 65,118 61,659 126,777 158,039
Sept-Iles Port AuthorityLinks to footnote 3 in table 3 54,131 32 295,855 350,018 30,663 136,910 167,573 170,738 11,707 182,445 350,018
Toronto Port AuthorityLinks to footnote 3 in table 3 128,493 239,957 368,450 23,913 98,276 122,189 246,261 246,261 368,450
Vancouver Fraser Port AuthorityLinks to footnote 3 in table 3 167,898 2,147 2,552,329 2,722,374 140,000 195,509 3,901 339,410 2,232,705 150,259 2,382,964 2,722,374
Other Canada Port AuthoritiesLinks to footnote 3 in table 3Links to footnote 4 in table 3 139,280 15,913 276,739 431,932 26,032 61,390 5,172 92,594 196,268 143,070 339,338 431,932
Total 497,111,948 315,573,966 49,193,338 861,879,252 336,872,422 286,995,588 176,075,873 799,943,883 42,809,904 2,760,564 16,364,901 61,935,369 861,879,252
Elimination adjustments   (negative 13,802,544) (negative 284,169) (negative 14,086,713)     (negative 877) (negative 877) (negative 14,085,836)     (negative 14,085,836) (negative 14,086,713)
Total 497,111,948 301,771,422 48,909,169 847,792,539 336,872,422 286,995,588 176,074,996 799,943,006 28,724,068 2,760,564 16,364,901 47,849,533 847,792,539

Table 9.4
Revenues, expenses and other changes in equity of enterprise Crown corporations and other government business
enterprises for the year ended 
March 31, 2024Links to footnote * in table 4
(in thousands of dollars)

Enterprise Crown corporations and other government business enterprises Revenues Expenses Net income
(loss)
Equity beginning of year Equity adjustments and other Other comprehensive income
(loss)
Equity transactions with the Government Equity end of year
Third parties Government, Crown corporations and other entitiesLinks to footnote 1 in table 4 Total Third parties Government, Crown corporations and other entities Total Dividends Capital
Atlantic Pilotage Authority 35,749 35,749 33,167 235 33,402 2,347 14,085 (negative 39) 16,393
Bank of Canada 142,620 3,619,815 3,762,435 8,839,395 8,839,395 (negative 5,076,960) (negative 1,631,755) 48,606 (negative 6,660,109)
Business Development Bank of Canada 2,555,675 2,555,675 1,106,300 1,159,501 2,265,801 289,874 16,138,775 84,806 (negative 337,000) 350,000 16,526,455
Canada Deposit Insurance Corporation 949,772 130,382 1,080,154 227,296 34,176 261,472 818,682 6,030,513 28 6,849,223
Canada Development Investment Corporation 996,558 5,819 1,002,377 1,871,924 49,378 1,921,302 (negative 918,925) 257,256 170,335 (negative 4,353) (negative 190,000) (negative 685,687)
Canada Growth Fund Inc. 617 14,219 14,836 3,246 35,029 38,275 (negative 23,439) (negative 8,111) 1,390,000 1,358,450
Canada Lands Company Limited 251,638 251,638 230,631 7,084 237,715 13,923 622,723 (negative 10,000) 626,646
Canada Mortgage and Housing Corporation 9,383,217 5,751,542 15,134,759 12,573,374 1,210,341 13,783,715 1,351,044 12,152,795 157,597 (negative 830,000) 12,831,436
Canada Post Corporation 9,751,168 318,316 10,069,484 10,276,714 299,069 10,575,783 (negative 506,299) 6,215,844 (negative 452,520) 5,257,025
Export Development Canada 4,841,969 1,460 4,843,429 4,185,728 (negative 7,073) 4,178,655 664,774 12,683,386 9,092 (negative 1,200,000) 12,157,252
Farm Credit Canada 2,802,357 1,179 2,803,536 732,087 1,395,042 2,127,129 676,407 8,577,235 21 (negative 58,065) (negative 210,000) (negative 250,000) 8,735,598
Freshwater Fish Marketing Corporation 71,313 71,313 73,606 73,606 (negative 2,293) 2,293
Great Lakes Pilotage Authority 46,210 18 46,228 50,768 2,499 53,267 (negative 7,039) 5,913 (negative 1,126)
Halifax Port Authority 53,281 53,281 40,941 40,941 12,340 251,617 52 264,009
Hamilton-Oshawa Port Authority 44,416 44,416 35,585 35,585 8,831 184,205 (negative 1,206) 191,830
Laurentian Pilotage Authority 116,870 116,870 117,232 117,232 (negative 362) 25,738 25,376
Montreal Port Authority 144,006 521 144,527 127,891 5,598 133,489 11,038 476,029 (negative 326) 486,741
Pacific Pilotage Authority 121,721 121,721 116,025 2,013 118,038 3,683 15,511 (negative 12) 19,182
Prince Rupert Port Authority 70,979 70,979 47,888 47,888 23,091 354,266 (negative 1,090) 376,267
Quebec Port Authority 63,208 3,403 66,611 50,759 3,243 54,002 12,609 112,168 1,981 126,758
Royal Canadian Mint 1,613,171 97,911 1,711,082 1,644,766 57,570 1,702,336 8,746 150,911 (negative 1,375) 1,583 (negative 4,000) 155,865
Saint John Port Authority 31,918 31,918 25,556 1,325 26,881 5,037 121,477 263 126,777
Sept-Iles Port Authority 34,433 34,433 20,079 20,079 14,354 163,510 4,581 182,445
Toronto Port Authority 78,097 78,097 69,384 69,384 8,713 236,349 1,199 246,261
Vancouver Fraser Port Authority 365,030 2,468 367,498 261,795 9,527 271,322 96,176 2,287,789 (negative 1,001) 2,382,964
Other Canada Port Authorities 65,139 1,764 66,903 52,084 562 52,646 14,257 323,538 (negative 1,044) 2,587 339,338
Total 34,631,132 9,948,817 44,579,949 42,814,221 4,265,119 47,079,340 (negative 2,499,391) 65,769,878 166,752 (negative 210,870) (negative 1,581,000) 290,000 61,935,369
Elimination adjustments               (negative 15,918,523) 1,685,290 (negative 10,603) 158,000   (negative 14,085,836)
Total net results 34,631,132 9,948,817 44,579,949 42,814,221 4,265,119 47,079,340 (negative 2,499,391) 49,851,355 1,852,042 (negative 221,473) (negative 1,423,000) 290,000 47,849,533
Less equity adjustments             1,839,589   (negative 1,839,589)      
Share of annual loss             (negative 659,802) 49,851,355 12,453 (negative 221,473) (negative 1,423,000) 290,000 47,849,533

Borrowings by enterprise Crown corporations and other government business enterprises

Table 9.5
Borrowings by enterprise Crown corporations and other government business enterprisesLinks to footnote * in table 5
(in thousands of dollars)

  April 1, 2023 Borrowings and other credits Repayments and other charges March 31, 2024
Agent enterprise Crown corporations
Canada Mortgage and Housing Corporation 261,664,430 43,329,081 46,212,512 258,780,999
Canada Post Corporation 998,004 239 998,243
Export Development Canada 54,171,935 51,674,853 47,396,035 58,450,753
Farm Credit Canada 947,044 11,322,065 11,342,508 926,601
Freshwater Fish Marketing Corporation 28,519 36,886 28,519 36,886
Royal Canadian Mint 24,159 464 6,504 18,119
Total—Agent enterprise Crown corporations 317,834,091 106,363,588 104,986,078 319,211,601
Non-agent enterprise Crown corporations and other government business enterprises
Atlantic Pilotage Authority 8,468 2,000 708 9,760
Canada Development Investment CorporationLinks to footnote 1 in table 5 9,628,645 7,494,865 28,343 17,095,167
Canada Lands Company LimitedLinks to footnote 2 in table 5 52,700 7,900 4,000 56,600
Halifax Port AuthorityLinks to footnote 3 in table 5 17,531 1,328 1,005 17,854
Montreal Port AuthorityLinks to footnote 3 in table 5 185,971 22,751 9,458 199,264
Pacific Pilotage Authority 5,152 421 4,731
Quebec Port AuthorityLinks to footnote 3 in table 5 40,297 112 9,524 30,885
Saint John Port AuthorityLinks to footnote 3 in table 5 22,344 3,967 359 25,952
Sept-Iles Port AuthorityLinks to footnote 3 in table 5 37,187 6,524 30,663
Toronto Port AuthorityLinks to footnote 3 in table 5 26,193 2,280 23,913
Vancouver Fraser Port AuthorityLinks to footnote 3 in table 5 210,676 40,676 111,352 140,000
Other Canada Port AuthoritiesLinks to footnote 3 in table 5 29,612 6,267 9,847 26,032
Total—Non-agent enterprise Crown corporations and other government business enterprises 10,264,776 7,579,866 183,821 17,660,821
Total—Enterprise Crown corporations and other government business enterprises 328,098,867 113,943,454 105,169,899 336,872,422
Agent enterprise Crown corporations—Borrowings held by the Government of Canada
Canada Mortgage and Housing Corporation
Canada Mortgage Bonds 7,580,000 7,580,000
Borrowings expected to be repaid by enterprise Crown corporations and other government business enterprises 328,098,867 344,452,422
Allowance for borrowings of enterprise Crown corporations and other government business enterprises expected to be repaid by the government and reported on the Consolidated Statement of Financial Position

In accordance with section 54 of the Financial Administration Act, the payment of all money borrowed by agent enterprise Crown corporations and interest thereon is a charge on and payable out of the Consolidated Revenue Fund. Such borrowings therefore constitute obligations of the government and are recorded as such net of borrowings expected to be repaid directly by these corporations.

Borrowings by non-agent enterprise Crown corporations and other government business enterprises are not on behalf of His Majesty, but may, at times, be guaranteed by the government.

Maturity and currency of borrowings by enterprise Crown corporations and other government business enterprises

Table 9.6
Maturity and currency of borrowings by enterprise Crown corporations
and other government business enterprises

(in thousands of dollars)

    Third parties   Held by the Government of Canada  
Year of maturity Agent Non-Agent Total Agent Total
2025 62,598,887 17,197,334 79,796,221   79,796,221
2026 42,848,707 159,611 43,008,318   43,008,318
2027 38,826,002 18,515 38,844,517   38,844,517
2028 50,767,031 36,448 50,803,479   50,803,479
2029 40,880,077 14,638 40,894,715   40,894,715
Subsequent years 83,290,897 234,275 83,525,172 7,580,000 91,105,172
Total 319,211,601 17,660,821 336,872,422 7,580,000 344,452,422Links to footnote 1 in table 6

Contingent liabilities of enterprise Crown corporations and other government business enterprises

The table below presents disclosed contingent liabilities of enterprise Crown corporations and other government business enterprises, which are not included in the Government of Canada's provision for contingent liabilities.

Table 9.7
Contingent liabilities of enterprise Crown corporations and other government business enterprises
(in thousands of dollars)

  2024
Loan guarantees 8,298,573
Letters of credit 235,188
Performance guarantees and callable shares 113,983
Pending and threatened litigation and other claims 3,938
Total 8,651,682

Contractual obligations of enterprise Crown corporations and other government business enterprises

A contractual obligation represents a legal obligation to third party organizations or individuals as a result of a contract.

Table 9.8
Contractual obligations of enterprise Crown corporations and other government business enterprises as at March 31, 2024Links to footnote * in table 8
(in thousands of dollars)

  Transfer payment agreements Loans Capital expenditures Operating leases and other Total
Bank of Canada 13,198 13,198
Business Development Bank of Canada 6,613,601 136,145 6,749,746
Canada Deposit Insurance Corporation 29,285 29,285
Canada Development Investment Corporation 12,953 56,169 69,122
Canada Lands Company Limited 67,000 67,000
Canada Mortgage and Housing Corporation 9,249,000 8,747,000 289,200 18,285,200
Export Development Canada 16,897,059 407,000 17,304,059
Farm Credit Canada 12,300,000 302,000 12,602,000
Great Lakes Pilotage Authority 1,658,486 1,658,486
Montreal Port Authority 11,170 11,170
Royal Canadian Mint 8,662 79,449 88,111
Vancouver Fraser Port Authority 102,609 102,609
Total 9,249,000 44,557,660 215,592 2,957,734 56,979,986

Financial assistance to enterprise Crown corporations and other government business enterprises

Table 9.9 presents charges to appropriations or authorities approved by Parliament. It should be read in conjunction with Table 9.4.

Table 9.9
Financial assistance to enterprise Crown corporations and other government business enterprises for the year ended March 31, 2024
(in thousands of dollars)

  Financial assistance
Canada Mortgage and Housing Corporation 5,506,599
Canada Post Corporation 22,210
Total 5,528,809

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