Enterprise Crown Corporations and Other Government Business Enterprises

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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 means 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 and are 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 selected Crown corporations listed in Part I, all the Crown corporations listed in Part II of Schedule III of the Financial Administration Act and the Bank of Canada. Although a Crown corporation, the Canada Pension Plan Investment Board 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 a number of self‑sustaining government business enterprises that are not considered Crown corporations within the meaning of the Financial Administration Act, but which are controlled by the Government and in most cases 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 Canadian Wheat Board and the various Port Authorities.

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

  1. designation by Parliament, through a special act of incorporation;
  2. statutory authorization; or,
  3. 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 quarterly report entitled Inventory of Government of Canada Organizations. Although no longer included as part of this Report, a compilation of the audited financial statements of the parent Crown corporations is also available upon request.

Table 9.2 presents a summary of the balances and transactions for the various types of loans, investments and advances which were made to enterprise Crown corporations and other government business enterprises.

Table Summary

The table presents, to the nearest dollar, the enterprise Crown corporations and other government business enterprises. 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 first row presents the investments. The next series of rows presents the loans and advances sorted by enterprise Crown corporations and other government business enterprises and then by program followed by a total. A subtotal is added if there is more than one program per enterprise Crown Corporations and other government business enterprises. The next two rows present the amount expected to be repaid from future appropriations and the unamortized discounts and premiums followed by a subtotal. The final row presents the total.

Table 9.2
Enterprise Crown Corporations and Other Government Business Enterprises

  April 1, 2014
($)
Payments and other charges
($)
Receipts and other credits
($)
March 31, 2015
($)
Investments —        
Investments and accumulated profits/losses (Table 9.5) 41,316,982,950 6,005,289,000 3,514,026,000 43,808,245,950
Loans and advancesLink to footnote 1 —        
Canada Mortgage and Housing Corporation —        
Housing 2,422,582,596   142,501,881 2,280,080,715
Joint projects 545,685,607   33,833,147 511,852,460
Real estate 10,111,212   298,337 9,812,875
Sewage treatment projects 39,679,081   8,568,396 31,110,685
Student housing projects 98,680,085   15,903,441 82,776,644
Subtotal 3,116,738,581   201,105,202 2,915,633,379
Finance —        
Business Development Bank of Canada 14,319,798,993 25,669,600,000 24,313,699,000 15,675,699,993
Canada Lands Company Limited 148,509,852 221,184,000 37,173,000 332,520,852
Canada Mortgage and Housing Corporation 18,056,279,065 3,415,276,000 13,679,484,132 7,792,070,933
Farm Credit Canada 22,028,928,000 50,598,443,000 49,935,941,000 22,691,430,000
Subtotal 54,553,515,910 79,904,503,000 87,966,297,132 46,491,721,778
Total — Loans and advances 57,670,254,491 79,904,503,000 88,167,402,334 49,407,355,157
Less:        
Loans expected to be repaid from future appropriations 4,145,484,155 353,589,644   3,791,894,511
Unamortized discounts and premiums 27,494,806 37,334,547 58,729,423 48,889,682
Total 4,172,978,961 390,924,191 58,729,423 3,840,784,193
Total 94,814,258,480 86,300,716,191 91,740,157,757 89,374,816,914

The results and financial position of enterprise Crown corporations and other government business enterprises are detailed in Tables 9.3 to 9.5. These tables also show the breakdown of the equity of each corporation between accumulated profits and losses, contributed surplus and capital stock, as well as the details of the Government's investment under the modified equity accounting method.

The Government of Canada has also made loans and advances to various enterprise Crown corporations and other government business enterprises. The following describes loans which were outstanding as of March 31, 2015 or 2014.

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 5.25 percent to 16.10 percent 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 5 percent to 17.96 percent 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 percent to 15 percent per annum, and are repayable over 50 years, with the final instalment due on June 30, 2036.

Sewage treatment projects

Advances made to assist in the establishment or expansion of sewage treatment projects and the construction of trunk storm sewers bear interest at rates from 5 percent to 9.63 percent per annum, and are repayable over 20 to 50 years, with the final instalment due on March 31, 2023.

Student housing projects

Advances made for student housing projects bear interest at rates from 5 percent to 10.05 percent per annum, and are repayable over 20 to 50 years, with the final instalment due on April 1, 2030.

Business Development Bank of Canada

Direct lending to Crown corporations

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, is wholly‑owned by the Government of Canada 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.

All the loans outstanding at year end bear interest at rates from 0.45 percent to 1.60 percent 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 and is wholly‑owned by the Government of Canada. The Corporation conducts its business through Canada Lands Company CLC Limited (CLC), its principal wholly‑owned subsidiary. CLC'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 may manage, develop and dispose of real properties, either in the capacity of owner or as agent of the Government.

CLC has 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 were discounted using the Consolidated Revenue Fund lending rate applicable to Crown corporations and recorded at their discounted value.

During the year, new notes have been issued for an amount of $221.2 million. An amount of 37.2 million was repaid during the year and an amount of $4.1 million was amortized to income. The balance in the account represents the balance of the notes receivable net of the corresponding unamortized discount.

Canada Mortgage and Housing Corporation

Direct lending to Crown corporations

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.

All the loans outstanding at year end bear interest at rates from 0.38 percent to 3.94 percent per annum.

Farm Credit Canada

Direct lending to Crown corporations

The Farm Credit Canada was established in 1959 by the Farm Credit 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 wholly‑owned by the Government of Canada and 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.

All the loans outstanding at year end bear interest at rates from 0.45 percent to 3.84 percent per annum.

Interest paid to the Government

Interest paid to the Government of Canada with respect to these loans in the years ended March 31, 2015 and 2014 is as follows:

Table Summary

The table presents, in millions of dollars, a two-year comparative of the interest paid to the Government of Canada. It consists of three columns: a detailed listing of components; current year; previous year. The first series of rows lists the corporations. The last row presents the total.

(in millions of dollars)

  2014–2015 2013–2014
Corporation —    
Business Development Bank of Canada 127.4 128.8
Canada Mortgage and Housing Corporation 595.4 1,662.7
Farm Credit Canada 214.0 227.8
Total 936.8 2,019.3

Summary Financial Statements of Enterprise Crown Corporations and Other Government Business Enterprises

The following tables display details of the assets, liabilities, equity, revenues and expenses of enterprise Crown corporations and other government business enterprises.

Tables 9.3 to 9.5 present the assets, liabilities, equity, revenues, expenses and other changes in equity of enterprise Crown corporations and other government business enterprises grouped in five segments. The segment of competitive, self‑sustaining corporations consists of those corporations named in Part I of Schedule III of the Financial Administration Act and of other competitive and self‑sustaining government business enterprises.

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.

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. Most enterprise Crown corporations and other government business enterprises follow International Financial Reporting Standards.

Financial assets include cash and cash equivalents, receivables, loans and investments. Financial assets are segregated between third parties and Government, Crown corporations and other entities. The financial assets reported under Government, Crown corporations and other entities represent receivables, loans and investments between related parties. Non‑financial assets represent the unexpensed portion of capital assets, inventories and prepayments such as buildings, machinery and equipment in use or under construction, inventories and other items of expenditure which will be expensed as these assets are used. Liabilities include payables, borrowings and other obligations. Liabilities are segregated between third parties and Government, Crown corporations and other entities. Borrowings from third parties represent amounts repayable to financial institutions and other investors. Other third party liabilities are amounts due for purchases, pensions and other employee future benefits, accrued interest on borrowings, various other accruals, capital leases and sundry accounts payable. The liabilities reported under Government, Crown corporations and other entities represent payables and borrowings between related parties.

Revenues include financial assistance received or receivable from the Government in respect of the current year's operations, when applicable. Expenses are segregated between third parties and Government, Crown corporations and other entities. Equity adjustments and other 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 entreprise 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.

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.

Enterprise Crown corporations and other government business enterprises are also 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.

A summary of financial assistance to enterprise Crown corporations and other government business enterprises for the year ended March 31, 2015 is provided in Table 9.10.

Table Summary

The table presents, in thousands of dollars, a combined summary of the financial statements of enterprise Crown corporations and other government business enterprises by segment. It consists of seven columns: a detailed listing of components; Competitive, self-sustaining; Bank of Canada; Lending and insurance; Marketing; Other; Total. The first series of rows presents the assets, liabilities and equity as at March 31 of the current year. The second series of rows presents the revenues, expenses and other changes in equity for the current year ended March 31.

(in thousands of dollars)

Table 9.3
Summary Combined Financial Statements of Enterprise Crown Corporations and Other Government Business Enterprises by Segment

  Competitive, self-sustaining Bank of Canada Lending and insurance Marketing Other Total
Assets, Liabilities and Equity as at March 31, 2015            
Assets            
Financial —            
Third parties 7,443,230 608,850 343,962,354 932,485 37,201 352,984,120
Government, Crown corporations and other entities 2,305,320 91,633,282 9,719,775 849 4,545 103,663,771
Total financial assets 9,748,550 92,242,132 353,682,129 933,334 41,746 456,647,891
Non‑financial assets 7,255,511 398,306 1,096,190 389,968 40,616 9,180,591
Total assets as reported 17,004,061 92,640,438 354,778,319 1,323,302 82,362 465,828,482
Elimination adjustments (negative 348,948) (negative 14,273) (negative 198,645)   (negative 83) (negative 561,949)
Total assets 16,655,113 92,626,165 354,579,674 1,323,302 82,279 465,266,533
Liabilities            
Third parties —            
Borrowings 1,502,066   251,932,274 924,756 6,229 254,365,325
Bank of Canada notes in circulation and amounts owing to depositors   68,600,639       68,600,639
Other liabilities 9,834,558 1,786,243 14,708,627 398,546 28,679 26,756,653
Government, Crown corporations and other entities 486,853 21,770,701 49,477,502   615 71,735,671
Total liabilities 11,823,477 92,157,583 316,118,403 1,323,302 35,523 421,458,288
Equity of Canada as reported 5,180,584 482,855 38,659,916   46,839 44,370,194
Elimination adjustments (negative 348,948) (negative 14,273) (negative 198,645)   (negative 83) (negative 561,949)
Equity of Canada 4,831,636 468,582 38,461,271   46,756 43,808,245
Total liabilities and equity 16,655,113 92,626,165 354,579,674 1,323,302 82,279 465,266,533
Contingent liabilities 93,634 61,943 2,347,252     2,502,829
Contractual obligations 1,656,690 380,951 45,441,745 67,094 8,511 47,554,991
Revenues, Expenses and Other Changes in Equity for the Year Ended March 31, 2015            
Revenues            
Third parties 12,396,027 7,570 13,523,388 1,109,413 210,371 27,246,769
Government, Crown corporations and other entities 430,187 1,809,021 2,227,905   12 4,467,125
Total revenues 12,826,214 1,816,591 15,751,293 1,109,413 210,383 31,713,894
Expenses            
Third parties 10,870,428 464,485 8,286,061 1,085,570 209,040 20,915,584
Government, Crown corporations and other entities 337,344 200,295 1,863,336   1,224 2,402,199
Total expenses 11,207,772 664,780 10,149,397 1,085,570 210,264 23,317,783
Net income (loss) for the year 1,618,442 1,151,811 5,601,896 23,843 119 8,396,111
Equity of Canada, beginning of the year as reported 7,318,111 450,686 33,860,246   46,865 41,675,908
Equity adjustments and other (negative 141,515)   (negative 10) (negative 23,843)   (negative 165,368)
Elimination adjustments (negative 348,948) (negative 14,273) (negative 198,645)   (negative 83) (negative 561,949)
Other comprehensive income (loss) (negative 1,523,218) (negative 20,112) (negative 621,461)   (negative 145) (negative 2,164,936)
Equity transactions with the Government —            
Dividends (negative 1,060,620) (negative 1,099,530) (negative 180,755)     (negative 2,340,905)
Capital (negative 1,030,616)         (negative 1,030,616)
Equity of Canada, end of the year 4,831,636 468,582 38,461,271   46,756 43,808,245
Table Summary

The table presents, in thousands of dollars, the financial position of enterprise Crown corporations and other government business enterprises as at March 31 of the current year. It consists of eight columns: a detailed listing of enterprise Crown corporations and other government business enterprises; assets divided into three columns — financial divided into two columns — third parties and government, Crown corporations and other entities; non-financial; total assets; liabilities divided into three columns — third parties divided into two columns — borrowings and other; government, Crown corporations and other entities; total liabilities; accumulated profits (losses); contributed surplus; capital stock; equity of Canada; total liabilities and equity. The first series of rows presents the competitive, self-sustaining followed by a row presenting the Bank of Canada. The second series of rows presents the lending and insurance. The third series of rows presents the marketing. The fourth series of rows presents the other followed by three supplementary rows.

(in thousands of dollars)

Table 9.4
Financial Position of Enterprise Crown Corporations and Other Government Business Enterprises —
Assets, Liabilities and Equity as at March 31, 2015

Enterprise Crown corporations and other government business enterprisesLink to footnote 2 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
Competitive, self‑sustaining                          
Blue Water Bridge AuthorityLink to footnote 3                          
Canada Development Investment Corporation 3,718,055 140,538 175,987 4,034,580   154,469   154,469 2,153,583 1,726,527 1 3,880,111 4,034,580
Canada Lands Company Limited 308,815 54,778 514,967 878,560 71,600 68,765 288,334 428,699 268,691 181,170   449,861 878,560
Canada Post Corporation 2,592,210 2,083,404 3,013,309 7,688,923 1,051,434 8,799,812 114,907 9,966,153 (negative 3,432,401) 1,155,171   (negative 2,277,230) 7,688,923
Halifax Port AuthorityLink to footnote 4 14,396 2,972 207,034 224,402 52,704 14,058 527 67,289 106,256 50,857   157,113 224,402
Hamilton Port AuthorityLink to footnote 4 16,933   108,968 125,901   7,064   7,064 100,471 18,366   118,837 125,901
Montreal Port AuthorityLink to footnote 4 78,348 2,011 265,459 345,818   78,315 1,176 79,491 31,128 235,199   266,327 345,818
Prince Rupert Port AuthorityLink to footnote 4 33,448   156,123 189,571 7,024 70,278   77,302 76,056 36,213   112,269 189,571
Quebec Port AuthorityLink to footnote 4 24,305 70 147,116 171,491 7,440 16,534 49,999 73,973 40,256 57,262   97,518 171,491
Ridley Terminals Inc. 113,116   289,353 402,469 32,826 106,933   139,759 62,668 64,000 136,042 262,710 402,469
Royal Canadian Mint 137,734 11,177 357,458 506,369 42,071 95,320 24,594 161,985 304,384   40,000 344,384 506,369
Saint John Port AuthorityLink to footnote 4 22,955   71,317 94,272   6,140   6,140 26,473 61,659   88,132 94,272
Sept‑Iles Port AuthorityLink to footnote 4 49,000 6,092 301,265 356,357 79,065 203,078   282,143 62,507 11,707   74,214 356,357
Toronto Port AuthorityLink to footnote 4 42,640   185,859 228,499 24,503 93,455   117,958 110,541     110,541 228,499
Vancouver Fraser Port AuthorityLink to footnote 4 192,902 2,038 1,237,892 1,432,832 103,332 98,311 1,586 203,229 1,079,344 150,259   1,229,603 1,432,832
Other Canada Port AuthoritiesLink to footnote 4Link to footnote 5 98,373 2,240 223,404 324,017 30,067 22,026 5,730 57,823 123,124 143,070   266,194 324,017
Total — Competitive, self‑sustaining 7,443,230 2,305,320 7,255,511 17,004,061 1,502,066 9,834,558 486,853 11,823,477 1,113,081 3,891,460 176,043 5,180,584 17,004,061
Bank of Canada 608,850 91,633,282 398,306 92,640,438   70,386,882 21,770,701 92,157,583 452,855 25,000 5,000 482,855 92,640,438
Lending and insurance                          
Business Development Bank of Canada 21,050,852 50 78,115 21,129,017 304,837 396,974 15,682,640 16,384,451 2,578,388 27,778 2,138,400 4,744,566 21,129,017
Canada Deposit Insurance Corporation 426,387 2,621,859 11,831 3,060,077   1,258,522 927 1,259,449 1,800,628     1,800,628 3,060,077
Canada Mortgage and Housing Corporation 239,312,602 7,077,744 525,177 246,915,523 208,973,354 8,186,653 11,021,950 228,181,957 18,708,556 25,010   18,733,566 246,915,523
Export Development Canada 54,635,094 20,122 338,024 54,993,240 41,984,775 4,473,829 8,006 46,466,610 7,193,430   1,333,200 8,526,630 54,993,240
Farm Credit Canada 28,537,419   143,043 28,680,462 669,308 392,649 22,763,979 23,825,936 4,306,801 547,725   4,854,526 28,680,462
Total — Lending and insurance 343,962,354 9,719,775 1,096,190 354,778,319 251,932,274 14,708,627 49,477,502 316,118,403 34,587,803 600,513 3,471,600 38,659,916 354,778,319
Marketing                          
Canadian Wheat Board, TheLink to footnote 6 923,257 849 352,715 1,276,821 901,630 375,191   1,276,821         1,276,821
Freshwater Fish Marketing Corporation 9,228   37,253 46,481 23,126 23,355   46,481         46,481
Total — Marketing 932,485 849 389,968 1,323,302 924,756 398,546   1,323,302         1,323,302
Other                          
Atlantic Pilotage Authority 5,218   10,670 15,888 4,529 4,681   9,210 6,678     6,678 15,888
Great Lakes Pilotage Authority 2,499 9 744 3,252   4,453 165 4,618 (negative 1,366)     (negative 1,366) 3,252
Laurentian Pilotage Authority 17,256   16,630 33,886   9,956   9,956 23,930     23,930 33,886
Pacific Pilotage Authority 12,228 4,536 12,572 29,336 1,700 9,589 450 11,739 17,597     17,597 29,336
Total — Other 37,201 4,545 40,616 82,362 6,229 28,679 615 35,523 46,839     46,839 82,362
Total 352,984,120 103,663,771 9,180,591 465,828,482 254,365,325 95,357,292 71,735,671 421,458,288 36,200,578 4,516,973 3,652,643 44,370,194 465,828,482
Elimination adjustments   (negative 249,552) (negative 312,397) (negative 561,949)         (negative 561,949)     (negative 561,949) (negative 561,949)
Total 352,984,120 103,414,219 8,868,194 465,266,533 254,365,325 95,357,292 71,735,671 421,458,288 35,638,629 4,516,973 3,652,643 43,808,245 465,266,533
Table Summary

The table presents, in thousands of dollars, the revenues, expenses and other change in equity of enterprise Crown corporations and other government business enterprises for the year ended March 31 of the current year. It consists of nine columns: a detailed listing of enterprise Crown corporations and other government business enterprises; revenues; expenses each divided into the same three columns — third parties, government, Crown corporations and other entities, total; net income (loss); equity beginning of year; equity adjustments and other; other comprehensive income (loss); equity transactions with the government divided into two columns — dividends and capital; equity end of year. The first series of rows presents the competitive, self-sustaining followed by a row presenting the Bank of Canada. The second series of rows presents the lending and insurance. The third series of rows presents the marketing. The fourth series of rows presents the other followed by five supplementary rows.

(in thousands of dollars)

Table 9.5
Revenues, Expenses and Other Changes in Equity of Enterprise Crown Corporations
and Other Government Business Enterprises for the Year Ended March 31, 2015

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 entitiesLink to footnote 7 Total Third parties Government, Crown corporations and other entities Total Dividends Capital
Competitive, self‑sustaining                          
Blue Water Bridge Authority 24,986   24,986 21,842   21,842 3,144 139,693 (negative 142,400) (negative 437)      
Canada Development Investment Corporation 1,251,452 1,103 1,252,555 96,856 22,245 119,101 1,133,454 4,952,796 2,011 (negative 136,914) (negative 1,040,620) (negative 1,030,616) 3,880,111
Canada Lands Company Limited 261,299   261,299 224,369 5,981 230,350 30,949 428,912     (negative 10,000)   449,861
Canada Post Corporation 7,911,849 290,827 8,202,676 7,729,593 237,997 7,967,590 235,086 (negative 1,140,243)   (negative 1,372,073)     (negative 2,277,230)
Halifax Port Authority 33,835   33,835 28,646 1,456 30,102 3,733 155,988   (negative 2,608)     157,113
Hamilton Port Authority 22,197   22,197 19,105   19,105 3,092 116,704   (negative 959)     118,837
Montreal Port Authority 96,944 967 97,911 76,011 5,301 81,312 16,599 252,778   (negative 3,050)     266,327
Prince Rupert Port Authority 44,760 8,357 53,117 20,988 5,709 26,697 26,420 87,761   (negative 1,912)     112,269
Quebec Port Authority 30,371 3,417 33,788 30,826 1,498 32,324 1,464 98,188   (negative 2,134)     97,518
Ridley Terminals Inc. 71,399   71,399 67,450 8,558 76,008 (negative 4,609) 267,319         262,710
Royal Canadian Mint 2,290,996 125,063 2,416,059 2,334,973 40,944 2,375,917 40,142 314,948 48 (negative 754) (negative 10,000)   344,384
Saint John Port Authority 16,953   16,953 14,871 135 15,006 1,947 86,185         88,132
Sept‑Iles Port Authority 13,039 24 13,063 7,394 308 7,702 5,361 69,500 (negative 1,099) 452     74,214
Toronto Port Authority 53,366   53,366 36,568   36,568 16,798 98,178   (negative 4,435)     110,541
Vancouver Fraser Port Authority 225,424 54 225,478 122,302 6,945 129,247 96,231 1,131,739   1,633     1,229,603
Other Canada Port Authorities 47,157 375 47,532 38,634 267 38,901 8,631 257,665 (negative 75) (negative 27)     266,194
Total — Competitive, self‑sustaining 12,396,027 430,187 12,826,214 10,870,428 337,344 11,207,772 1,618,442 7,318,111 (negative 141,515) (negative 1,523,218) (negative 1,060,620) (negative 1,030,616) 5,180,584
Bank of Canada 7,570 1,809,021 1,816,591 464,485 200,295 664,780 1,151,811 450,686   (negative 20,112) (negative 1,099,530)   482,855
Lending and insurance                          
Business Development Bank of Canada 1,058,095   1,058,095 435,782 131,797 567,579 490,516 4,338,910   (negative 30,247) (negative 54,613)   4,744,566
Canada Deposit Insurance Corporation 287,194 32,609 319,803 86,008 1,654 87,662 232,141 1,568,529   (negative 42)     1,800,628
Canada Mortgage and Housing Corporation 9,197,201 2,195,038 11,392,239 7,320,033 1,512,401 8,832,434 2,559,805 16,510,718 (negative 10) (negative 336,947)     18,733,566
Export Development Canada 1,731,387 258 1,731,645 319,526 (negative 3,518) 316,008 1,415,637 7,276,174   (negative 165,181)     8,526,630
Farm Credit Canada 1,249,511   1,249,511 124,712 221,002 345,714 903,797 4,165,915   (negative 89,044) (negative 126,142)   4,854,526
Total — Lending and insurance 13,523,388 2,227,905 15,751,293 8,286,061 1,863,336 10,149,397 5,601,896 33,860,246 (negative 10) (negative 621,461) (negative 180,755)   38,659,916
Marketing                          
Canadian Wheat Board, The 1,039,581   1,039,581 1,017,819   1,017,819 21,762   (negative 21,762)        
Freshwater Fish Marketing Corporation 69,832   69,832 67,751   67,751 2,081   (negative 2,081)        
Total — Marketing 1,109,413   1,109,413 1,085,570   1,085,570 23,843   (negative 23,843)        
Other                          
Atlantic Pilotage Authority 22,955   22,955 23,351   23,351 (negative 396) 7,162   (negative 88)     6,678
Great Lakes Pilotage Authority 26,606 12 26,618 24,263 1,085 25,348 1,270 (negative 2,636)         (negative 1,366)
Laurentian Pilotage Authority 85,662   85,662 82,886   82,886 2,776 21,154         23,930
Pacific Pilotage Authority 75,148   75,148 78,540 139 78,679 (negative 3,531) 21,185   (negative 57)     17,597
Total — Other 210,371 12 210,383 209,040 1,224 210,264 119 46,865   (negative 145)     46,839
Total 27,246,769 4,467,125 31,713,894 20,915,584 2,402,199 23,317,783 8,396,111 41,675,908 (negative 165,368) (negative 2,164,936) (negative 2,340,905) (negative 1,030,616) 44,370,194
Elimination adjustments               (negative 358,926) (negative 8,302) (negative 194,721)     (negative 561,949)
Total net results 27,246,769 4,467,125 31,713,894 20,915,584 2,402,199 23,317,783 8,396,111 41,316,982 (negative 173,670) (negative 2,359,657) (negative 2,340,905) (negative 1,030,616) 43,808,245
Less equity adjustments             (negative 31,165)   31,165        
Share of annual profit             8,364,946 41,316,982 (negative 142,505) (negative 2,359,657) (negative 2,340,905) (negative 1,030,616) 43,808,245

Borrowings by Enterprise Crown Corporations and Other Government Business Enterprises

Table 9.6 summarizes the borrowing transactions by agent and non-agent enterprise Crown corporations and other government business enterprises.

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 in the accounts of Canada 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 Her Majesty, but may, at times be guaranteed by the Government.

Table Summary

The table presents, in thousands of dollars, the borrowings by enterprise Crown corporations and other government business enterprises. It consists of five columns: a detailed listing of enterprise Crown corporations and other government business enterprises; balance April 1 of the current year; borrowings and other credits; repayments and other charges; balance on March 31 of the current year. The first series of rows presents the Agent enterprise Crown corporations. The second series of rows presents the Non-agent enterprise Crown corporations and other government business enterprises followed by three supplementary rows.

(in thousands of dollars)

Table 9.6
Borrowings by Enterprise Crown Corporations and Other Government Business Enterprises

  Balance
April 1, 2014
Borrowings and other credits Repayments and other charges Balance
March 31, 2015
Agent enterprise Crown corporations        
Business Development Bank of Canada 506,850 (negative 2,845) 199,168 304,837
Canada Mortgage and Housing Corporation 206,578,457 39,165,379 36,770,482 208,973,354
Canada Post Corporation 1,051,273 161   1,051,434
Export Development Canada 36,392,525 34,547,250 28,955,000 41,984,775
Farm Credit Canada 614,904 1,544,185 1,489,781 669,308
Freshwater Fish Marketing Corporation 29,663 23,126 29,663 23,126
Royal Canadian Mint 49,581   7,510 42,071
Total — Agent enterprise Crown corporations 245,223,253 75,277,256 67,451,604 253,048,905
Non‑agent enterprise Crown corporations and other government business enterprises        
Atlantic Pilotage Authority 4,941   412 4,529
Blue Water Bridge Authority 93,623   93,623  
Canada Lands Company LimitedLink to footnote 8 49,000 26,100 3,500 71,600
Canadian Wheat Board, The 1,114,206 8,208,953 8,421,529 901,630
Halifax Port AuthorityLink to footnote 9 49,146 5,790 2,232 52,704
Pacific Pilotage Authority   1,700   1,700
Prince Rupert Port AuthorityLink to footnote 9 9,425   2,401 7,024
Quebec Port AuthorityLink to footnote 9 2,447 7,297 2,304 7,440
Ridley Terminals Inc. 37,202   4,376 32,826
Sept‑Iles Port AuthorityLink to footnote 9 72,568 10,650 4,153 79,065
Toronto Port AuthorityLink to footnote 9 17,385 8,428 1,310 24,503
Vancouver Fraser Port AuthorityLink to footnote 9 103,420 6,212 6,300 103,332
Other Canada Port AuthoritiesLink to footnote 9 27,323 4,536 1,792 30,067
Total — Non‑agent enterprise Crown corporations and other government business enterprises 1,580,686 8,279,666 8,543,932 1,316,420
Total 246,803,939 83,556,922 75,995,536 254,365,325
Borrowings expected to be repaid by enterprise Crown corporations and other government business enterprises 246,803,939     254,365,325
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        

Maturity and Currency of Borrowings by Enterprise Crown Corporations and Other Government Business Enterprises

Table 9.7 summarizes the maturity and currency of borrowings by agent and non-agent enterprise Crown corporations and other government business enterprises, as at March 31, 2015.

Table Summary

The table presents, in thousands of dollars, the maturity and currency of borrowings by enterprise Crown corporations and other government business enterprises. It consists of four columns: year of maturity; agent; non-agent; total.

(in thousands of dollars)

Table 9.7
Maturity and Currency of Borrowings by Enterprise Crown Corporations
and Other Government Business Enterprises

Year of maturity Agent Non-agent Total
2015 47,387,194 1,039,603 48,426,797
2016 38,410,767 22,862 38,433,629
2017 37,083,995 24,056 37,108,051
2018 40,919,751 21,036 40,940,787
2019 40,555,056 35,678 40,590,734
Subsequent years 48,692,142 173,186 48,865,328
Total 253,048,905 1,316,420 254,365,325Link to footnote 10

Contingent Liabilities of Enterprise Crown Corporations and Other Government Business Enterprises

Table 9.8 summarizes the contingent liabilities of enterprise Crown corporations and other government business enterprises. A contingent liability is defined as a potential liability which may become an actual liability when one or more future events occur or fail to occur.

Table Summary

The table presents, in thousands of dollars, the contingent liabilities of enterprise Crown corporations and other government business enterprises. It consists of two columns: a detailed listing of components; March 31 of the current year. The last row presents the total.

(in thousands of dollars)

Table 9.8
Contingent Liabilities of Enterprise Crown Corporations and Other Government Business Enterprises

  March 31, 2015
Bank of Canada — Callable shares 61,943
Business Development Bank of Canada — Loan guarantees 31,660
Canada Development Investment Corporation — Performance guarantee 8,500
Canada Lands Company Limited — Letters of credit 40,029
Canada Mortgage and Housing Corporation —  
Claims and pending and threatened litigation 23,835
Letters of credit 102,795
Export Development Canada — Loan guarantees 2,184,462
Farm Credit Canada — Letters of credit 4,500
Halifax Port Authority — Claims and pending and threatened litigation 800
Montreal Port Authority — Claims and pending and threatened litigation 2,200
Prince Rupert Port Authority —  
Claims and pending and threatened litigation 1,974
Performance guarantee 3,435
Quebec Port Authority — Letters of credit 200
Royal Canadian Mint — Loan guarantees 9,539
Sept‑Iles Port Authority — Loan guarantees 26,000
Vancouver Fraser Port Authority — Performance guarantee 957
Total 2,502,829

Contractual Obligations of Enterprise Crown Corporations and Other Government Business Enterprises

Table 9.9 summarizes the 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. Contractual obligations are classified into four main categories: transfer payment agreements, loans authorized but undisbursed, capital expenditures and operating leases.

Table Summary

The table presents, in thousands of dollars, the contractual obligations of enterprise Crown corporations and other government business enterprises at March 31 of the current year. It consists of six columns: a detailed listing of components; transfer payment agreements; loans; capital expenditures; operating leases and other; total.

(in thousands of dollars)

Table 9.9
Contractual Obligations of Enterprise Crown Corporations and Other Government Business Enterprises at March 31, 2015

  Transfer payment agreements Loans Capital expenditures Operating leases and other Total
Bank of Canada     185,448 195,503 380,951
Business Development Bank of Canada   3,159,962   136,047 3,296,009
Canada Deposit Insurance Corporation     375 12,480 12,855
Canada Development Investment Corporation     32,688 7,195 39,883
Canada Lands Company Limited     49,000 1,345 50,345
Canada Mortgage and Housing Corporation 15,648,232 156,497   103,000 15,907,729
Canada Post Corporation       943,000 943,000
Canadian Wheat Board, The     67,094   67,094
Export Development Canada   23,077,581   86,000 23,163,581
Farm Credit Canada   3,002,900 9,600 49,071 3,061,571
Great Lakes Pilotage Authority       1,657 1,657
Halifax Port Authority     3,000   3,000
Hamilton Port Authority       48 48
Laurentian Pilotage Authority       4,478 4,478
Pacific Pilotage Authority       2,376 2,376
Prince Rupert Port Authority     1,062   1,062
Ridley Terminals Inc.     35 430,770 430,805
Royal Canadian Mint     11,800 109,311 121,111
Vancouver Fraser Port Authority     39,828 25,408 65,236
Other Canada Port Authorities     2,200   2,200
Total 15,648,232 29,396,940 402,130 2,107,689 47,554,991

Financial Assistance to Enterprise Crown Corporations and Other Government Business Enterprises

Table 9.10 summarizes financial assistance for both agent and non-agent enterprise Crown corporations and other government business enterprises. It should be read in conjunction with Table 9.5. The purpose for which payments have been made is segregated between amounts recorded as program transactions and amounts recorded as transfer payments.

All amounts reported represent charges to appropriations or authorities approved by Parliament.

Table Summary

The table presents, in thousands of dollars, the financial assistance to enterprise Crown corporations and other government business enterprises at March 31 of the current year. It consists of six columns: a detailed listing of components; program; operating; capital; transfer payments; financial assistance.

(in thousands of dollars)

Table 9.10
Financial Assistance to Enterprise Crown Corporations and Other Government Business Enterprises for the Year Ended March 31, 2015

  Program Transfer payments Financial assistance
Canada Mortgage and Housing CorporationLink to footnote 11 2,053,213   2,053,213
Canada Post Corporation 22,210   22,210
Canadian Wheat Board, The   22,258 22,258
Total 2,075,423 22,258 2,097,681

Footnotes

Footnote 1

These loans are recorded at cost.

Return to footnote 1 referrer

Footnote 2

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 footnote 2 referrer

Footnote 3

Blue Water Bridge Authority was amalgamated with the Federal Bridge Corporation Limited on February 1, 2015.

Return to footnote 3 referrer

Footnote 4

Canada PortAuthorities,which are not Crown corporations but considered other government business enterprises, are agents of the Crown for their port activities.

Return to footnote 4 referrer

Footnote 5

Consists of the combined figures of the Canada Port Authorities of Belledune, Nanaimo, Oshawa, Port Alberni, Saguenay, St. John's, Thunder Bay, Trois-Rivières and Windsor.

Return to footnote 5 referrer

Footnote 6

Subsequent to the end of the final year, the commercialization of the Canadian Wheat Board was finalized.

Return to footnote 6 referrer

Footnote 7

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 footnote 7 referrer

Footnote 8

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 footnote 8 referrer

Footnote 9

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 footnote 9 referrer

Footnote 10

The borrowings are composed in Canadian dollar equivalent of 30,496,519 USD, 4,105,729 GBP, 24,016 JPY, 4,271,469 AUD, 1,021,490 EUR, 1,327,204 NZD, 162,247 NOK, 351,173 CHF, 59,001 CLP, 66,023 MXN, 212,169,266 CAD and 311,188 for other currencies.

Return to footnote 10 referrer

Footnote 11

Includes budgetary appropriations for Government programs known as the "Minister's Account".

Return to footnote 11 referrer

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