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.
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.
|April 1, 2015||Payments and other charges||Receipts and other credits||March 31, 2016|
|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|
|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|
|Federal-provincial fiscal arrangements||20,832,056||–||20,832,056||–|
|Federal-provincial fiscal arrangements||164,105,128||73,629,000||283,391,878||(negative 45,657,750)|
|Federal-provincial fiscal arrangements||105,255,488||–||15,036,504||90,218,984|
|Federal-provincial fiscal arrangements||4,697,536||–||4,697,536||–|
|Federal-provincial fiscal arrangements||156,549,936||–||23,660,128||132,889,808|
|Federal-provincial fiscal arrangements||2,297,264||–||2,297,264||–|
|Comprehensive Integrated Tax Coordination Agreement||319,800,000||–||319,800,000||–|
|Federal-provincial fiscal arrangements||60,097,064||–||60,097,064||–|
|Less: portion expensed due to concessionary terms||52,715,171||–||19,239,304||33,475,867|
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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