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, in dollars, a summary of the balances and transactions for the various types of loans and advances made 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 series of rows presents the loans and advances by provincial and territorial governments, and related programs. The following rows present the subtotal for the series minus the portion expensed due to concessionary terms. A final row presents the total for this table.

Table 9.14
Provincial and territorial governments
(in dollars)

  April 1, 2015 Payments and other charges Receipts and other credits March 31, 2016
Finance
Newfoundland and Labrador
Federal-provincial fiscal arrangements 290,124,428 18,936,328 271,188,100
Municipal Development and Loan Board 315,626 315,626
Winter capital projects fund 2,836,758 2,836,758
Subtotal 293,276,812 18,936,328 274,340,484
Nova Scotia
Federal-provincial fiscal arrangements 33,319,584 33,319,584
Prince Edward Island
Federal-provincial fiscal arrangements 4,561,136 3,907,784 653,352
Winter capital projects fund 63,079 63,079
Subtotal 4,624,215 3,907,784 716,431
New Brunswick
Federal-provincial fiscal arrangements 20,832,056 20,832,056
Quebec
Federal-provincial fiscal arrangements 164,105,128 73,629,000 283,391,878 (negative 45,657,750)
Ontario
Federal-provincial fiscal arrangements 105,255,488 15,036,504 90,218,984
Manitoba
Federal-provincial fiscal arrangements 4,697,536 4,697,536
Saskatchewan
Federal-provincial fiscal arrangements 156,549,936 23,660,128 132,889,808
Alberta
Federal-provincial fiscal arrangements 2,297,264 2,297,264
British Columbia
Comprehensive Integrated Tax Coordination Agreement 319,800,000 319,800,000
Federal-provincial fiscal arrangements 60,097,064 60,097,064
Subtotal 379,897,064 379,897,064
Subtotal 1,164,855,083 73,629,000 785,976,126 452,507,957
Less: portion expensed due to concessionary terms 52,715,171 19,239,304 33,475,867
Total 1,112,139,912 73,629,000 766,736,822 419,032,090

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 per cent to 5.375 per cent 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 per cent to 9.5 per cent 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 was recovered in equal annual instalments with final payment received in March 2016.

The government has not collected interest on these amounts.

During the year, the account was closed.

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