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:

designation by Parliament, through a special act of incorporation;
statutory authorization; or
proclamation by the Government Corporations Operation Act.

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 enterprises^{Links to footnote * in table 1}**
(in dollars)
Investments
	April 1, 2023	Payments and other charges	Receipts and other credits	March 31, 2024
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 advances^{Links 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
Table 9.2 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.2 Table note 1 These loans are recorded at cost. Return to table note 1 referrer in Table 9.2

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

Finance—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, 2024^{Links to footnote * in table 3}
(in thousands of dollars)
Enterprise Crown corporations and other government business enterprises^{Links 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	Non-financial	Total assets	Borrowings	Other	Government, Crown corporations, and other entities	Total liabilities
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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authority^{Links 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 Authorities^{Links to footnote 3 in table 3}^{Links 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 9.3 notes General notes: A blank cell means there is no available data. Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.3 Table note 1 All enterprise Crown corporations listed at the margin in this table are parent Crown corporations. Although a Crown corporation, Canada Pension Plan Investment Board is designed to operate at arm's length from the Government and manages, on behalf of the Canada Pension Plan, funds not belonging to the Government, therefore, it is considered external to the Government reporting entity. The Public Sector Pension Investment Board is not included in the above list since its activities are included in the Government's results through pension accounting. Return to table note 1 referrer in Table 9.3 Table note 2 Canada Growth Fund Inc. is a federal Crown corporation, incorporated in December 2022 and is wholly owned by Canada Development Investment Corporation. Return to table note 2 referrer in Table 9.3 Table note 3 Canada Port Authorities, which are not Crown corporations but considered other government business enterprises, are agents of the Crown for their port activities. Return to table note 3 referrer in Table 9.3 Table note 4 Consists of the combined figures of the Canada Port Authorities of Belledune, Nanaimo, Port Alberni, Saguenay, St. John's, Thunder Bay, Trois-Rivières and Windsor. Return to table note 4 referrer in Table 9.3

**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, 2024^{Links 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 entities^{Links to footnote 1 in table 4}	Total	Third parties	Government, Crown corporations and other entities	Total	Net income (loss)	Equity beginning of year	Equity adjustments and other	Other comprehensive income (loss)	Dividends	Capital	Equity end of year
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
Table 9.4 notes General notes: The accompanying notes for Table 9.3 are an integral part of this table. A blank cell means there is no available data. Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.4 Table note 1 Revenues with Government, Crown corporations and other entities include amounts generated from the sale of goods and services, investment income, financial assistance as well as grants where the corporations qualify as a member of a general class of recipients. Additional amounts representing capital investments received by the corporations are included under "Equity transactions with the government". Return to table note 1 referrer in Table 9.4

Borrowings by enterprise Crown corporations and other government business enterprises

**Table 9.5**
**Borrowings by enterprise Crown corporations and other government business enterprises^{Links to footnote * in table 5}**
(in thousands of dollars)
Agent enterprise Crown corporations
	April 1, 2023	Borrowings and other credits	Repayments and other charges	March 31, 2024
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 Corporation^{Links to footnote 1 in table 5}	9,628,645	7,494,865	28,343	17,095,167
Canada Lands Company Limited^{Links to footnote 2 in table 5}	52,700	7,900	4,000	56,600
Halifax Port Authority^{Links to footnote 3 in table 5}	17,531	1,328	1,005	17,854
Montreal Port Authority^{Links to footnote 3 in table 5}	185,971	22,751	9,458	199,264
Pacific Pilotage Authority	5,152	–	421	4,731
Quebec Port Authority^{Links to footnote 3 in table 5}	40,297	112	9,524	30,885
Saint John Port Authority^{Links to footnote 3 in table 5}	22,344	3,967	359	25,952
Sept-Iles Port Authority^{Links to footnote 3 in table 5}	37,187	–	6,524	30,663
Toronto Port Authority^{Links to footnote 3 in table 5}	26,193	–	2,280	23,913
Vancouver Fraser Port Authority^{Links to footnote 3 in table 5}	210,676	40,676	111,352	140,000
Other Canada Port Authorities^{Links 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	–	–	–	–
Table 9.5 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.5 Table note 1 Borrowings of Canada Development Investment Corporation are those of its subsidiary, Trans Mountain Corporation, which is not an agent of the Crown. Return to table note 1 referrer in Table 9.5 Table note 2 Borrowings of Canada Lands Company Limited are those of its subsidiary, Canada Lands Company CLC Limited, which is not an agent of the Crown. Return to table note 2 referrer in Table 9.5 Table note 3 The Authority is an agent of the Crown only for its port activities. It is considered a non-agent of the Crown for borrowings purposes. Return to table note 3 referrer in Table 9.5

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)
Year of maturity	Agent	Non-Agent	Total	Agent	Total
		Third parties		Held by the Government of Canada
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	344,452,422^{Links to footnote 1 in table 6}
Table 9.6 notes General notes: A blank cell means there is no available data. Table note 1 The borrowings are composed in Canadian dollar equivalent of 35,658,552 USD, 5,149,104 GBP, 2,710,610 AUD, 12,665,373 EUR, 1,290,147 HKD, 285,546,954 CAD and 1,431,682 for other currencies. Return to table note 1 referrer in Table 9.6

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, 2024^{Links 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
Table 9.8 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.8

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

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

Date modified:: 2024-12-17

Language selection

Search