National Fighter Procurement Secretariat releases updated F-35 costs through 2014 annual update

October 28, 2014 Gatineau, Quebec – Public Works and Government Services Canada/National Defence

In keeping with the Government of Canada's commitment to transparency under the Seven-Point Plan, the National Fighter Procurement Secretariat today released the Next Generation Fighter Capability – 2014 Annual Update. The 2014 report presents updated full life-cycle cost estimates for the F-35 and compares current estimates with those reported in the 2013 Annual Update. The current cost estimate is $44.8 billion, which represents an increase of 0.3 per cent since 2013. The current estimate reflects an increase in cost primarily resulting from shifting the notional buy profile from 2018 to 2020 and the associated impact of inflation.

In keeping with the Secretariat's commitment to transparency and impartiality, Raymond Chabot Grant Thornton consulting services provided an independent review of KPMG's Next Generation Fighter Capability: Life Cycle Cost Framework to National Defence's life-cycle cost estimates. Both reports were tabled in Parliament, in line with the government's 60-day commitment.