Provincial and Territorial Governments

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This category records loans to provinces and territories made under relief acts and other legislation.

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

Table 9.14 presents a summary of the balances and transactions for the various types of loans and advances that have been made to provincial and territorial governments.

Table Summary

The table presents, to the nearest dollar, a summary of the balances and transactions for the various types of loans and advances to provincial and territorial governments. It consists of five columns: a detailed listing of components; April 1 of the current year; payments and other charges; receipts and other credits; March 31 of the current year. The rows present the loans and advances by provincial and territorial governments and then by type of program. A subtotal is presented if there is more than one program per province and territorial governments. The next row presents the subtotal for all provinces and territorial governments. The next row presents the portion expensed due to concessionary terms. The last row presents the total.

Table 9.14
Provincial and Territorial Governments

  April 1, 2014
($)
Payments and other charges
($)
Receipts and other credits
($)
March 31, 2015
($)
Finance —        
Newfoundland and Labrador —        
Federal‑provincial fiscal arrangements 309,060,836   18,936,408 290,124,428
Municipal Development and Loan Board 315,626     315,626
Winter capital projects fund 2,836,758     2,836,758
Subtotal 312,213,220   18,936,408 293,276,812
Nova Scotia —        
Federal‑provincial fiscal arrangements 66,639,408   33,319,824 33,319,584
Prince Edward Island —        
Federal‑provincial fiscal arrangements 8,468,840   3,907,704 4,561,136
Winter capital projects fund 63,079     63,079
Subtotal 8,531,919   3,907,704 4,624,215
New Brunswick —        
Federal‑provincial fiscal arrangements 41,664,272   20,832,216 20,832,056
Quebec —        
Federal‑provincial fiscal arrangements 436,251,586 39,216,750 311,363,208 164,105,128
Ontario —        
Federal‑provincial fiscal arrangements 120,291,992   15,036,504 105,255,488
Manitoba —        
Federal‑provincial fiscal arrangements 9,395,032   4,697,496 4,697,536
Saskatchewan —        
Federal‑provincial fiscal arrangements 180,210,144   23,660,208 156,549,936
Alberta —        
Federal‑provincial fiscal arrangements 4,594,568   2,297,304 2,297,264
British Columbia —        
Comprehensive Integrated Tax Coordination Agreement 639,600,000   319,800,000 319,800,000
Federal‑provincial fiscal arrangements 120,194,168   60,097,104 60,097,064
Subtotal 759,794,168   379,897,104 379,897,064
Subtotal 1,939,586,309 39,216,750 813,947,976 1,164,855,083
Less: portion expensed due to concessionary terms 62,858,221 33,325,000 43,468,050 52,715,171
Total 1,876,728,088 5,891,750 770,479,926 1,112,139,912

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.

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 percent to 5.375 percent 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 percent to 9.5 percent per annum, and are repayable either in annual instalments over 5 to 20 years, or at maturity.

Comprehensive Integrated Tax Coordination Agreement

Transitional assistance that had been paid to British Columbia as part as a Comprehensive Integrated Tax Coordination Agreement with Canada is being recovered in equal annual instalments with final payment due in March 2016. The government has not collected interest on these amounts.

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