Enterprise Crown corporations and other government business enterprises

Public Accounts of Canada 2016 Volume I—Top of the page Navigation

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 various Canada 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:

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, in dollars, 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 series of rows presents the investments. The second series of rows presents the loans and advances by enterprise Crown corporations and by other government business enterprises along with their respective subtotals and the total for loans and advances. The following rows present the subtraction of the loans expected to be repaid from future appropriations and the unamortized discounts and premiums. A final row presents the total for this table.

Table 9.2
Enterprise Crown corporations and other government business enterprises
(in dollars)

  April 1, 2015 Payments and other charges Receipts and other credits March 31, 2016
Investments
Investments and accumulated profits/losses (Table 9.5) 43,808,245,950 4,646,596,000 4,974,717,000 43,480,124,950
Loans and advancesLink to footnote 1
Canada Mortgage and Housing Corporation
Housing 2,280,080,715 151,785,599 2,128,295,116
Joint projects 511,852,460 29,127,071 482,725,389
Real estate 9,812,875 332,363 9,480,512
Sewage treatment projects 31,110,685 7,975,415 23,135,270
Student housing projects 82,776,644 15,152,875 67,623,769
Subtotal 2,915,633,379 204,373,323 2,711,260,056
Finance
Business Development Bank of Canada 15,675,699,993 25,590,000,000 24,323,600,000 16,942,099,993
Canada Lands Company Limited 332,520,852 27,800,000 20,506,052 339,814,800
Canada Mortgage and Housing Corporation 7,792,070,933 1,588,001,000 1,560,794,009 7,819,277,924
Farm Credit Canada 22,691,430,000 27,336,500,000 26,589,880,000 23,438,050,000
Subtotal 46,491,721,778 54,542,301,000 52,494,780,061 48,539,242,717
Total—Loans and advances 49,407,355,157 54,542,301,000 52,699,153,384 51,250,502,773
Less:
Loans expected to be repaid from future appropriations 3,791,894,511 220,771,798 3,571,122,713
Unamortized discounts and premiums 48,889,682 18,763,039 13,696,425 43,823,068
Total 3,840,784,193 239,534,837 13,696,425 3,614,945,781
Total 89,374,816,914 59,428,431,837 57,687,566,809 91,115,681,942

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, 2016 or 2015.

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 per cent to 16.10 per cent 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 5.13 per cent to 17.96 per cent 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 per cent to 15 per cent 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 per cent to 9.63 per cent 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 5.13 per cent to 10.05 per cent 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.

Loans outstanding at year end bear interest at rates from 0.42 per cent to 1.12 per cent 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 $27.8 million. An amount of $20.5 million was repaid during the year and an amount of $4.8 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.

Loans outstanding at year end bear interest at rates from 0.38 per cent to 3.94 per cent per annum.

Farm Credit Canada

Direct lending to Crown corporations

The Farm Credit Canada was established in 1959 by the Farm Credit Canada 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.

Loans outstanding at year end bear interest at rates from 0.28 per cent to 3.84 per cent 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, 2016 and 2015 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 rows present the corporations. A final row presents the total for this table.

(in millions of dollars)

  2015–2016 2014–2015
Business Development Bank of Canada 76.2 127.4
Canada Mortgage and Housing Corporation 438.9 595.4
Farm Credit Canada 132.8 214.0
Total 647.9 936.8

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. All 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, such as buildings, machinery and equipment in use or under construction, as well as inventories, prepayments 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 enterprise 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, 2016 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.

Table 9.3
Summary combined financial statements of enterprise Crown corporations and other government business enterprises by segment
(in thousands of dollars)

  Competitive, self-sustaining Bank of Canada Lending and insurance Marketing Other Total
Assets, liabilities and equity as at March 31, 2016
Assets
Financial
Third parties 4,281,539 7,498,745 364,297,822 10,359 39,674 376,128,139
Government, Crown corporations and other entities 2,399,919 91,151,717 7,543,424 4,073 101,099,133
Total financial assets 6,681,458 98,650,462 371,841,246 10,359 43,747 477,227,272
Non-financial assets 7,227,158 548,447 1,051,053 43,930 36,726 8,907,314
Total assets as reported 13,908,616 99,198,909 372,892,299 54,289 80,473 486,134,586
Elimination adjustments (negative 336,178) 504 (negative 420,545) (negative 102) (negative 756,321)
Total assets 13,572,438 99,199,413 372,471,754 54,289 80,371 485,378,265
Liabilities
Third parties
Borrowings 1,403,030 265,375,950 26,445 6,955 266,812,380
Bank of Canada notes in circulation and amounts owing to depositors 74,080,223 74,080,223
Other liabilities 10,090,255 1,945,079 14,170,010 27,844 28,430 26,261,618
Government, Crown corporations and other entities 469,951 22,681,677 51,725,894 529 74,878,051
Total liabilities as reported 11,963,236 98,706,979 331,271,854 54,289 35,914 442,032,272
Elimination adjustments (negative 134,131) (negative 134,131)
Total liabilities 11,963,236 98,706,979 331,137,723 54,289 35,914 441,898,141
Equity of Canada as reported 1,945,380 491,930 41,620,445 44,559 44,102,314
Elimination adjustments (negative 336,178) 504 (negative 286,414) (negative 102) (negative 622,190)
Equity of Canada 1,609,202 492,434 41,334,031 44,457 43,480,124
Total liabilities and equity 13,572,438 99,199,413 372,471,754 54,289 80,371 485,378,265
Contingent liabilities 137,930 64,696 2,754,778 2,957,404
Contractual obligations 1,804,342 238,597 45,167,346 11,674 47,221,959
Revenues, expenses and other changes in equity for the year ended March 31, 2016
Revenues
Third parties 13,999,079 15,808 11,812,339 259,507 209,706 26,296,439
Government, Crown corporations and other entities 426,124 1,712,334 2,180,136 86 4,318,680
Total revenues 14,425,203 1,728,142 13,992,475 259,507 209,792 30,615,119
Expenses
Third parties 11,690,583 454,250 9,055,341 219,508 210,242 21,629,924
Government, Crown corporations and other entities 255,340 115,885 1,161,205 1,595 1,534,025
Total expenses 11,945,923 570,135 10,216,546 219,508 211,837 23,163,949
Net income (loss) for the year 2,479,280 1,158,007 3,775,929 39,999 (negative 2,045) 7,451,170
Equity of Canada, beginning of the year as reported 5,180,584 482,855 38,659,916 46,839 44,370,194
Equity adjustments and other (negative 252) (negative 504) (negative 10) (negative 39,999) (negative 40,765)
Elimination adjustments (negative 336,178) 504 (negative 286,414) (negative 102) (negative 622,190)
Other comprehensive income (loss) (negative 2,356,926) (negative 34,285) (negative 312,122) (negative 235) (negative 2,703,568)
Equity transactions with the Government
Dividends (negative 2,234,073) (negative 1,114,143) (negative 653,268) (negative 4,001,484)
Capital (negative 1,123,233) 150,000 (negative 973,233)
Equity of Canada, end of the year 1,609,202 492,434 41,334,031 44,457 43,480,124
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; liability; Accumulted profits (losses); Contributed surplus; Capital stock; Equity of Canada; Total liabilities and equity. The column presenting assets is divided into three columns: Financial, subdivided into two columns—Third parties, and Government, Crown corporations and other entities; Non-financial; Total assets. The column presenting liabilities is divided into three columns—Third parties, subdivided into two columns—Borrowings, and Other; Government, Crown corporations and other entities; Total liabilities. 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 the subtraction of the elimination adjustments. A final row presents the total for this table.

Table 9.4
Financial position of enterprise Crown corporations and other government business enterprises
Assets, liabilities and equity as at March 31, 2016

(in thousands of dollars)

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
Canada Development Investment Corporation 268,650 126,997 242,438 638,085 176,880 176,880 (negative 142,090) 603,294 1 461,205 638,085
Canada Lands Company Limited 366,563 54,751 491,366 912,680 47,900 94,380 296,524 438,804 292,706 181,170 473,876 912,680
Canada Post Corporation 2,793,272 2,190,811 3,036,683 8,020,766 996,600 9,073,546 107,265 10,177,411 (negative 3,311,816) 1,155,171 (negative 2,156,645) 8,020,766
Halifax Port AuthorityLink to footnote 3 16,060 155 207,439 223,654 46,956 13,465 636 61,057 111,740 50,857 162,597 223,654
Hamilton Port AuthorityLink to footnote 3 18,009 111,706 129,715 7,561 7,561 103,788 18,366 122,154 129,715
Montreal Port AuthorityLink to footnote 3 67,949 6,043 290,887 364,879 54,671 1,196 55,867 73,813 235,199 309,012 364,879
Prince Rupert Port AuthorityLink to footnote 3 48,294 160,530 208,824 4,540 64,411 68,951 103,660 36,213 139,873 208,824
Quebec Port AuthorityLink to footnote 3 18,399 91 147,783 166,273 8,299 15,860 47,078 71,237 37,774 57,262 95,036 166,273
Ridley Terminals Inc. 118,337 180,376 298,713 25,904 74,026 99,930 (negative 1,259) 64,000 136,042 198,783 298,713
Royal Canadian Mint 104,043 18,447 276,141 398,631 34,567 96,528 9,614 140,709 217,922 40,000 257,922 398,631
Saint John Port AuthorityLink to footnote 3 21,879 74,178 96,057 5,357 5,357 29,041 61,659 90,700 96,057
Sept-Iles Port AuthorityLink to footnote 3 42,305 119 304,324 346,748 71,986 205,065 277,051 57,990 11,707 69,697 346,748
Toronto Port AuthorityLink to footnote 3 30,885 203,980 234,865 27,771 92,398 120,169 114,696 114,696 234,865
Vancouver Fraser Port AuthorityLink to footnote 3 266,138 163 1,266,446 1,532,747 103,270 90,968 1,985 196,223 1,186,265 150,259 1,336,524 1,532,747
Other Canada Port AuthoritiesLink to footnote 3Link to footnote 4 100,756 2,342 232,881 335,979 35,237 25,139 5,653 66,029 126,880 143,070 269,950 335,979
Total—Competitive, self-sustaining 4,281,539 2,399,919 7,227,158 13,908,616 1,403,030 10,090,255 469,951 11,963,236 (negative 998,890) 2,768,227 176,043 1,945,380 13,908,616
Bank of Canada 7,498,745 91,151,717 548,447 99,198,909 76,025,302 22,681,677 98,706,979 461,930 25,000 5,000 491,930 99,198,909
Lending and insurance
Business Development Bank of Canada 22,839,661 66,242 22,905,903 253,021 381,445 16,947,964 17,582,430 3,007,295 27,778 2,288,400 5,323,473 22,905,903
Canada Deposit Insurance Corporation 467,969 2,946,893 10,351 3,425,213 1,308,077 870 1,308,947 2,116,266 2,116,266 3,425,213
Canada Mortgage and Housing Corporation 251,653,163 4,596,531 539,162 256,788,856 217,674,098 8,401,135 10,775,097 236,850,330 19,913,516 25,010 19,938,526 256,788,856
Export Development Canada 59,548,229 273,193 59,821,422 46,686,894 3,745,031 500,987 50,932,912 7,555,310 1,333,200 8,888,510 59,821,422
Farm Credit Canada 29,788,800 162,105 29,950,905 761,937 334,322 23,500,976 24,597,235 4,805,945 547,725 5,353,670 29,950,905
Total—Lending and insurance 364,297,822 7,543,424 1,051,053 372,892,299 265,375,950 14,170,010 51,725,894 331,271,854 37,398,332 600,513 3,621,600 41,620,445 372,892,299
Marketing
Canadian Wheat Board, TheLink to footnote 5
Freshwater Fish Marketing Corporation 10,359 43,930 54,289 26,445 27,844 54,289 54,289
Total—Marketing 10,359 43,930 54,289 26,445 27,844 54,289 54,289
Other
Atlantic Pilotage Authority 3,089 10,224 13,313 4,110 3,103 7,213 6,100 6,100 13,313
Great Lakes Pilotage Authority 1,999 29 770 2,798 4,332 401 4,733 (negative 1,935) (negative 1,935) 2,798
Laurentian Pilotage Authority 21,934 16,030 37,964 10,618 10,618 27,346 27,346 37,964
Pacific Pilotage Authority 12,652 4,044 9,702 26,398 2,845 10,377 128 13,350 13,048 13,048 26,398
Total—Other 39,674 4,073 36,726 80,473 6,955 28,430 529 35,914 44,559 44,559 80,473
Total 376,128,139 101,099,133 8,907,314 486,134,586 266,812,380 100,341,841 74,878,051 442,032,272 36,905,931 3,393,740 3,802,643 44,102,314 486,134,586
Elimination adjustments (negative 456,348) (negative 299,973) (negative 756,321) (negative 134,131) (negative 134,131) (negative 622,190) (negative 622,190) (negative 756,321)
Total 376,128,139 100,642,785 8,607,341 485,378,265 266,812,380 100,341,841 74,743,920 441,898,141 36,283,741 3,393,740 3,802,643 43,480,124 485,378,265
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; Net income (loss); Equity beginning of year; Equity adjustments and other; Other comprehensive income (loss); Equity transactions with the Government; Equity end of year. The columns presenting revenues and expenses are divided into three columns, respectively—Third parties; Government, Crown corporations and other entities; Total. The column presenting equity transactions with the Government is divided into two columns: Dividends; Capital. The first series of rows presents the competitive, self-sustaining. The following row presents 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 the subtraction of the elimination and equity adjustments. A final row presents the share of annual profit.

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, 2016

(in thousands of dollars)

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 6 Total Third parties Government, Crown corporations and other entities Total Dividends Capital
Competitive, self-sustaining
Canada Development Investment Corporation 2,294,273 538 2,294,811 75,684 8,378 84,062 2,210,749 3,880,111 (negative 2,366,349) (negative 2,140,073) (negative 1,123,233) 461,205
Canada Lands Company Limited 315,398 315,398 273,994 7,389 281,383 34,015 449,861 (negative 10,000) 473,876
Canada Post Corporation 7,677,540 297,236 7,974,776 7,685,999 182,482 7,868,481 106,295 (negative 2,277,230) 14,290 (negative 2,156,645)
Halifax Port Authority 36,386 36,386 29,781 1,562 31,343 5,043 157,113 441 162,597
Hamilton Port Authority 23,440 23,440 20,446 20,446 2,994 118,837 323 122,154
Montreal Port Authority 106,049 784 106,833 54,478 4,844 59,322 47,511 266,327 (negative 4,826) 309,012
Prince Rupert Port Authority 45,791 11,782 57,573 27,566 2,749 30,315 27,258 112,269 346 139,873
Quebec Port Authority 26,607 3,379 29,986 30,015 1,336 31,351 (negative 1,365) 97,518 (negative 1,117) 95,036
Ridley Terminals Inc. 94,327 94,327 146,678 11,576 158,254 (negative 63,927) 262,710 198,783
Royal Canadian Mint 3,010,506 112,132 3,122,638 3,097,647 27,063 3,124,710 (negative 2,072) 344,384 (negative 390) (negative 84,000) 257,922
Saint John Port Authority 17,999 17,999 14,918 513 15,431 2,568 88,132 90,700
Sept-Iles Port Authority 8,690 18 8,708 13,230 128 13,358 (negative 4,650) 74,214 133 69,697
Toronto Port Authority 56,002 56,002 54,360 54,360 1,642 110,541 2,513 114,696
Vancouver Fraser Port Authority 239,690 63 239,753 123,979 6,996 130,975 108,778 1,229,603 (negative 1,857) 1,336,524
Other Canada Port Authorities 46,381 192 46,573 41,808 324 42,132 4,441 266,194 (negative 252) (negative 433) 269,950
Total—Competitive, self-sustaining 13,999,079 426,124 14,425,203 11,690,583 255,340 11,945,923 2,479,280 5,180,584 (negative 252) (negative 2,356,926) (negative 2,234,073) (negative 1,123,233) 1,945,380
Bank of Canada 15,808 1,712,334 1,728,142 454,250 115,885 570,135 1,158,007 482,855 (negative 504) (negative 34,285) (negative 1,114,143) 491,930
Lending and insurance
Business Development Bank of Canada 1,088,749 1,088,749 471,561 81,740 553,301 535,448 4,744,566 (negative 43,653) (negative 62,888) 150,000 5,323,473
Canada Deposit Insurance Corporation 367,317 33,650 400,967 84,186 1,330 85,516 315,451 1,800,628 187 2,116,266
Canada Mortgage and Housing Corporation 7,110,466 2,146,051 9,256,517 6,859,080 939,039 7,798,119 1,458,398 18,733,566 (negative 10) (negative 253,428) 19,938,526
Export Development Canada 2,045,586 435 2,046,021 1,198,138 (negative 3,272) 1,194,866 851,155 8,526,630 10,725 (negative 500,000) 8,888,510
Farm Credit Canada 1,200,221 1,200,221 442,376 142,368 584,744 615,477 4,854,526 (negative 25,953) (negative 90,380) 5,353,670
Total—Lending and insurance 11,812,339 2,180,136 13,992,475 9,055,341 1,161,205 10,216,546 3,775,929 38,659,916 (negative 10) (negative 312,122) (negative 653,268) 150,000 41,620,445
Marketing
Canadian Wheat Board, The 186,724 186,724 152,352 152,352 34,372 (negative 34,372)
Freshwater Fish Marketing Corporation 72,783 72,783 67,156 67,156 5,627 (negative 5,627)
Total—Marketing 259,507 259,507 219,508 219,508 39,999 (negative 39,999)
Other
Atlantic Pilotage Authority 22,481 22,481 22,924 100 23,024 (negative 543) 6,678 (negative 35) 6,100
Great Lakes Pilotage Authority 25,875 86 25,961 25,259 1,271 26,530 (negative 569) (negative 1,366) (negative 1,935)
Laurentian Pilotage Authority 88,767 88,767 85,351 85,351 3,416 23,930 27,346
Pacific Pilotage Authority 72,583 72,583 76,708 224 76,932 (negative 4,349) 17,597 (negative 200) 13,048
Total—Other 209,706 86 209,792 210,242 1,595 211,837 (negative 2,045) 46,839 (negative 235) 44,559
Total 26,296,439 4,318,680 30,615,119 21,629,924 1,534,025 23,163,949 7,451,170 44,370,194 (negative 40,765) (negative 2,703,568) (negative 4,001,484) (negative 973,233) 44,102,314
Elimination adjustments (negative 561,949) (negative 94,721) 34,480 (negative 622,190)
Total net results 26,296,439 4,318,680 30,615,119 21,629,924 1,534,025 23,163,949 7,451,170 43,808,245 (negative 135,486) (negative 2,669,088) (negative 4,001,484) (negative 973,233) 43,480,124
Less equity adjustments (negative 135,486) 135,486
Share of annual profit 7,315,684 43,808,245 (negative 2,669,088) (negative 4,001,484) (negative 973,233) 43,480,124

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. The following rows present the borrowings and the allowance for borrowings expected to be repaid by parties concerned.

Table 9.6
Borrowings by enterprise Crown corporations and other government business enterprises
(in thousands of dollars)

  Balance
April 1, 2015
Borrowings and other credits Repayments and other charges Balance
March 31, 2016
Agent enterprise Crown corporations
Business Development Bank of Canada 304,837 (negative 8,812) 43,004 253,021
Canada Mortgage and Housing Corporation 208,973,354 35,730,697 27,029,953 217,674,098
Canada Post Corporation 1,051,434 166 55,000 996,600
Export Development Canada 41,984,775 47,799,266 43,097,147 46,686,894
Farm Credit Canada 669,308 3,805,404 3,712,775 761,937
Freshwater Fish Marketing Corporation 23,126 26,445 23,126 26,445
Royal Canadian Mint 42,071 7,504 34,567
Total—Agent enterprise Crown corporations 253,048,905 87,353,166 73,968,509 266,433,562
Non-agent enterprise Crown corporations and other government business enterprises
Atlantic Pilotage Authority 4,529 419 4,110
Canada Lands Company LimitedLink to footnote 7 71,600 8,900 32,600 47,900
Canadian Wheat Board, The 901,630 901,630
Halifax Port AuthorityLink to footnote 8 52,704 15,036 20,784 46,956
Pacific Pilotage Authority 1,700 1,300 155 2,845
Prince Rupert Port AuthorityLink to footnote 8 7,024 2,484 4,540
Quebec Port AuthorityLink to footnote 8 7,440 859 8,299
Ridley Terminals Inc. 32,826 6,922 25,904
Sept-Iles Port AuthorityLink to footnote 8 79,065 131 7,210 71,986
Toronto Port AuthorityLink to footnote 8 24,503 5,128 1,860 27,771
Vancouver Fraser Port AuthorityLink to footnote 8 103,332 4,715 4,777 103,270
Other Canada Port AuthoritiesLink to footnote 8 30,067 7,611 2,441 35,237
Total—Non-agent enterprise Crown corporations and other government business enterprises 1,316,420 43,680 981,282 378,818
Total 254,365,325 87,396,846 74,949,791 266,812,380
Borrowings expected to be repaid by enterprise Crown corporations and other government business enterprises 254,365,325 266,812,380
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, 2016.

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. A final row presents the total for this table.

Table 9.7
Maturity and currency of borrowings by enterprise Crown corporations
and other government business enterprises

(in thousands of dollars)

Year of maturity Agent Non-agent Total
2016 51,451,214 109,359 51,560,573
2017 38,964,344 24,917 38,989,261
2018 45,945,497 23,724 45,969,221
2019 43,543,105 21,094 43,564,199
2020 35,390,898 14,362 35,405,260
Subsequent years 51,138,504 185,362 51,323,866
Total 266,433,562 378,818 266,812,380 Link to footnote 9

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. A final row presents the total for this table.

Table 9.8
Contingent liabilities of enterprise Crown corporations and other government business enterprises
(in thousands of dollars)

  March 31, 2016
Bank of Canada—Callable shares 64,696
Business Development Bank of Canada—Loan guarantees 352,406
Canada Development Investment Corporation—Performance guarantees 14,227
Canada Lands Company Limited—Letters of credit 87,051
Canada Mortgage and Housing Corporation
Claims and pending and threatened litigation 22,350
Letters of credit 107,436
Export Development Canada—Loan guarantees 2,271,586
Farm Credit Canada—Letters of credit 1,000
Montreal Port Authority—Claims and pending and threatened litigation 2,000
Quebec Port Authority—Letters of credit 200
Royal Canadian Mint—Performance guarantees 7,495
Sept-Iles Port Authority—Loan guarantees 26,000
Vancouver Fraser Port Authority—Performance guarantees 957
Total 2,957,404

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. A final row presents the total for this table.

Table 9.9
Contractual obligations of enterprise Crown corporations and other government business enterprises at March 31, 2016
(in thousands of dollars)

  Transfer payment agreements Loans Capital Expenditures Operating leases and other Total
Bank of Canada 81,270 157,327 238,597
Business Development Bank of Canada 3,232,309 300,694 3,533,003
Canada Deposit Insurance Corporation 14,321 14,321
Canada Development Investment Corporation 35,244 68,521 103,765
Canada Lands Company Limited 57,100 7,418 64,518
Canada Mortgage and Housing Corporation 14,773,611 165,975 95,000 15,034,586
Canada Post Corporation 906,266 906,266
Export Development Canada 23,394,004 87,000 23,481,004
Farm Credit Canada 3,029,700 100 74,632 3,104,432
Great Lakes Pilotage Authority 1,762 1,762
Halifax Port Authority 1,000 1,000
Hamilton Port Authority 30 30
Laurentian Pilotage Authority 8,057 8,057
Montreal Port Authority 52,515 5,586 58,101
Pacific Pilotage Authority 1,855 1,855
Prince Rupert Port Authority 2,604 2,604
Ridley Terminals Inc. 456,902 456,902
Royal Canadian Mint 3,338 119,626 122,964
Sept-Iles Port Authority 1,017 1,017
Vancouver Fraser Port Authority 64,944 22,025 86,969
Other Canada Port Authorities 200 6 206
Total 14,773,611 29,821,988 298,315 2,328,045 47,221,959

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 four columns: a detailed listing of components; Program; Transfer payments; Financial assistance. A final row presents the total for this table.

Table 9.10
Financial assistance to enterprise Crown corporations and other government business enterprises for the year ended March 31, 2016
(in thousands of dollars)

  Program Transfer payments Financial assistance
Canada Mortgage and Housing Corporation 2,008,369 2,008,369
Canada Post Corporation 22,210 22,210
Canadian Wheat Board, The 55,263 55,263
Total 2,030,579 55,263 2,085,842

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