Enterprise Crown corporations and other government business enterprises

Public Accounts of Canada 2017 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 9.2
Enterprise Crown corporations and other government business enterprises
(in dollars)

  April 1, 2016 Payments and other charges Receipts and other credits March 31, 2017
Investments
Investments and accumulated profits/losses (Table 9.4) 43,480,124,950 6,777,153,000 2,195,026,000 48,062,251,950
Loans and advancesLink to footnote 1
Families, Children and Social Development
Canada Mortgage and Housing Corporation
Housing 2,128,295,116 51,000,000 258,771,354 1,920,523,762
Joint projects 482,725,389 40,023,812 442,701,577
Real estate 9,480,512 370,398 9,110,114
Sewage treatment projects 23,135,270 6,684,565 16,450,705
Student housing projects 67,623,769 19,459,582 48,164,187
Subtotal 2,711,260,056 51,000,000 325,309,711 2,436,950,345
Finance
Department of Finance
Business Development Bank of Canada 16,942,099,993 27,538,000,000 25,669,499,993 18,810,600,000
Canada Lands Company Limited 339,814,800 147,947,723 32,232,523 455,530,000
Canada Mortgage and Housing Corporation 7,819,277,924 2,048,529,000 2,493,595,582 7,374,211,342
Farm Credit Canada 23,438,050,000 22,427,800,000 20,182,150,000 25,683,700,000
Subtotal 48,539,242,717 52,162,276,723 48,377,478,098 52,324,041,342
Total—Loans and advances 51,250,502,773 52,213,276,723 48,702,787,809 54,760,991,687
Less:
Loans expected to be repaid from future appropriations 3,571,122,713 217,692,556 3,353,430,157
Unamortized discounts and premiums 43,823,068 16,900,361 16,214,299 43,137,006
Total 3,614,945,781 234,592,917 16,214,299 3,396,567,163
Total 91,115,681,942 59,225,022,640 50,914,028,108 99,426,676,474

The results and financial position of enterprise Crown corporations and other government business enterprises are detailed in Table 9.3 and Table 9.4. 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, 2017 or 2016.

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 5.25 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 7.45 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 0.38 per cent to 0.55 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 $147.9 million. An amount of $32.2 million was repaid during the year and an amount of $5.6 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 0.43 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, 2017 and 2016 is as follows:

(in millions of dollars)

  2016–2017 2015–2016
Business Development Bank of Canada 81.7 76.2
Canada Mortgage and Housing Corporation 511.0 438.9
Farm Credit Canada 140.9 132.8
Total 733.6 647.9

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.

Table 9.3 and Table 9.4 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, 2017, is provided in Table 9.9.

Table 9.3
Financial position of enterprise Crown corporations and other government business enterprises
Assets, liabilities and equity as at March 31, 2017

(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
Atlantic Pilotage Authority 4,693 9,595 14,288 3,671 3,382 7,053 7,235 7,235 14,288
Bank of Canada 7,572,511 95,910,085 677,410 104,160,006 80,886,033 22,775,655 103,661,688 468,318 25,000 5,000 498,318 104,160,006
Business Development Bank of Canada 25,246,132 70,633 25,316,765 162,910 419,448 18,816,907 19,399,265 3,476,322 27,778 2,413,400 5,917,500 25,316,765
Canada Deposit Insurance Corporation 452,999 3,383,084 8,970 3,845,053 1,608,517 557 1,609,074 2,235,979 2,235,979 3,845,053
Canada Development Investment Corporation 311,839 127,648 220,617 660,104 173,035 1,425 174,460 (negative 117,651) 603,294 1 485,644 660,104
Canada Lands Company Limited 566,661 57,423 563,134 1,187,218 33,000 167,088 431,436 631,524 374,524 181,170 555,694 1,187,218
Canada Mortgage and Housing Corporation 260,349,582 5,279,248 560,315 266,189,145 225,306,336 9,496,876 9,979,627 244,782,839 21,381,296 25,010 21,406,306 266,189,145
Canada Post Corporation 3,143,705 1,848,482 2,973,037 7,965,224 996,776 7,460,229 108,446 8,565,451 (negative 1,755,398) 1,155,171 (negative 600,227) 7,965,224
Export Development Canada 61,797,140 331,552 62,128,692 49,226,032 3,810,311 1,300 53,037,643 7,757,849 1,333,200 9,091,049 62,128,692
Farm Credit Canada 32,834,167 180,105 33,014,272 815,244 349,051 26,109,198 27,273,493 5,193,054 547,725 5,740,779 33,014,272
Freshwater Fish Marketing Corporation 11,645 42,118 53,763 25,115 28,648 53,763 53,763
Great Lakes Pilotage Authority 438 11 1,079 1,528 4,635 174 4,809 (negative 3,281) (negative 3,281) 1,528
Halifax Port AuthorityLink to footnote 3 16,947 214 206,825 223,986 35,724 14,407 969 51,100 122,029 50,857 172,886 223,986
Hamilton Port AuthorityLink to footnote 3 15,955 122,875 138,830 7,691 7,691 112,773 18,366 131,139 138,830
Laurentian Pilotage Authority 21,863 457 16,542 38,862 10,475 10,475 28,387 28,387 38,862
Montreal Port AuthorityLink to footnote 3 45,138 11,694 347,405 404,237 72,226 17 72,243 96,795 235,199 331,994 404,237
Pacific Pilotage Authority 13,308 509 8,927 22,744 2,478 10,944 5 13,427 9,317 9,317 22,744
Prince Rupert Port AuthorityLink to footnote 3 67,758 170,425 238,183 1,328 47,324 48,652 153,318 36,213 189,531 238,183
Quebec Port AuthorityLink to footnote 3 15,755 35 144,734 160,524 5,199 13,373 44,100 62,672 40,590 57,262 97,852 160,524
Ridley Terminals Inc. 122,100 175,094 297,194 18,774 75,895 94,669 2,483 64,000 136,042 202,525 297,194
Royal Canadian Mint 102,942 42,917 272,322 418,181 27,043 203,884 19,767 250,694 127,487 40,000 167,487 418,181
Saint John Port AuthorityLink to footnote 3 21,439 77,673 99,112 5,038 5,038 32,415 61,659 94,074 99,112
Sept-Iles Port AuthorityLink to footnote 3 38,604 6 301,951 340,561 65,089 194,017 81 259,187 69,667 11,707 81,374 340,561
Toronto Port AuthorityLink to footnote 3 27,891 221,633 249,524 42,914 83,903 126,817 122,707 122,707 249,524
Vancouver Fraser Port AuthorityLink to footnote 3 316,974 1,520 1,321,922 1,640,416 103,212 96,039 2,708 201,959 1,288,198 150,259 1,438,457 1,640,416
Other Canada Port AuthoritiesLink to footnote 3Link to footnote 4 89,307 5,019 249,815 344,141 31,910 34,759 6,021 72,690 128,381 143,070 271,451 344,141
Total 393,207,493 106,668,352 9,276,708 509,152,553 276,902,755 105,277,228 78,298,393 460,478,376 41,352,794 3,393,740 3,927,643 48,674,177 509,152,553
Elimination adjustments (negative 360,252) (negative 316,420) (negative 676,672) (negative 64,746) (negative 64,746) (negative 611,926) (negative 611,926) (negative 676,672)
Total 393,207,493 106,308,100 8,960,288 508,475,881 276,902,755 105,277,228 78,233,647 460,413,630 40,740,868 3,393,740 3,927,643 48,062,251 508,475,881

Table 9.4
Revenues, expenses and other changes in equity of enterprise Crown corporations
and other government business enterprises for the year ended March 31, 2017

(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 5 Total Third parties Government, Crown corporations and other entities Total Dividends Capital
Atlantic Pilotage Authority 24,204 24,204 22,970 96 23,066 1,138 6,100 (negative 3) 7,235
Bank of Canada 49,471 1,584,936 1,634,407 476,621 123,394 600,015 1,034,392 491,930 72 82,501 (negative 1,110,577) 498,318
Business Development Bank of Canada 1,086,229 1,086,229 533,036 87,219 620,255 465,974 5,323,473 71,702 (negative 68,649) 125,000 5,917,500
Canada Deposit Insurance Corporation 425,244 35,433 460,677 340,057 915 340,972 119,705 2,116,266 8 2,235,979
Canada Development Investment Corporation 197,975 536 198,511 107,572 15,500 123,072 75,439 461,205 (negative 51,000) 485,644
Canada Lands Company Limited 507,942 507,942 402,486 17,138 419,624 88,318 473,876 (negative 6,500) 555,694
Canada Mortgage and Housing Corporation 7,114,238 3,190,791 10,305,029 7,991,711 878,463 8,870,174 1,434,855 19,938,526 32,925 21,406,306
Canada Post Corporation 7,624,217 299,617 7,923,834 7,645,931 179,757 7,825,688 98,146 (negative 2,156,645) 1,458,272 (negative 600,227)
Export Development Canada 2,105,208 2,105,208 1,191,068 (negative 3,539) 1,187,529 917,679 8,888,510 70,860 (negative 786,000) 9,091,049
Farm Credit Canada 1,205,123 1,205,123 445,849 145,507 591,356 613,767 5,353,670 41,642 (negative 268,300) 5,740,779
Freshwater Fish Marketing Corporation 75,329 75,329 74,851 74,851 478 (negative 478)
Great Lakes Pilotage Authority 25,917 22 25,939 26,065 1,220 27,285 (negative 1,346) (negative 1,935) (negative 3,281)
Halifax Port Authority 42,368 42,368 30,583 1,933 32,516 9,852 162,597 437 172,886
Hamilton Port Authority 29,930 29,930 21,133 21,133 8,797 122,154 188 131,139
Laurentian Pilotage Authority 91,229 91,229 90,188 90,188 1,041 27,346 28,387
Montreal Port Authority 107,166 496 107,662 82,867 4,300 87,167 20,495 309,012 2,487 331,994
Pacific Pilotage Authority 77,925 77,925 81,378 284 81,662 (negative 3,737) 13,048 6 9,317
Prince Rupert Port Authority 69,642 12,714 82,356 30,618 3,274 33,892 48,464 139,873 1,194 189,531
Quebec Port Authority 30,991 3,217 34,208 30,719 1,453 32,172 2,036 95,036 780 97,852
Ridley Terminals Inc. 65,897 65,897 49,747 12,408 62,155 3,742 198,783 202,525
Royal Canadian Mint 2,444,457 112,292 2,556,749 2,494,026 38,345 2,532,371 24,378 257,922 (negative 89,205) 3,392 (negative 29,000) 167,487
Saint John Port Authority 20,544 20,544 16,584 586 17,170 3,374 90,700 94,074
Sept-Iles Port Authority 19,801 19,801 8,045 193 8,238 11,563 69,697 114 81,374
Toronto Port Authority 60,551 60,551 54,929 54,929 5,622 114,696 2,389 122,707
Vancouver Fraser Port Authority 238,060 64 238,124 127,899 7,031 134,930 103,194 1,336,524 (negative 1,261) 1,438,457
Other Canada Port Authorities 47,188 444 47,632 44,454 343 44,797 2,835 269,950 (negative 22) (negative 1,312) 271,451
Total 23,786,846 5,240,562 29,027,408 22,421,387 1,515,820 23,937,207 5,090,201 44,102,314 (negative 89,633) 1,766,321 (negative 2,320,026) 125,000 48,674,177
Elimination adjustments (negative 622,190) (negative 80,294) 90,558 (negative 611,926)
Total net results 23,786,846 5,240,562 29,027,408 22,421,387 1,515,820 23,937,207 5,090,201 43,480,124 (negative 169,927) 1,856,879 (negative 2,320,026) 125,000 48,062,251
Less equity adjustments (negative 169,927) 169,927
Share of annual profit 4,920,274 43,480,124 1,856,879 (negative 2,320,026) 125,000 48,062,251

Borrowings by enterprise Crown corporations and other government business enterprises

Table 9.5 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 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 9.5
Borrowings by enterprise Crown corporations and other government business enterprises
(in thousands of dollars)

  Balance
April 1, 2016
Borrowings and other credits Repayments and other charges Balance
March 31, 2017
Agent enterprise Crown corporations
Business Development Bank of Canada 253,021 (negative 18,489) 71,622 162,910
Canada Mortgage and Housing Corporation 217,674,098 40,704,474 33,072,236 225,306,336
Canada Post Corporation 996,600 176 996,776
Export Development Canada 46,686,894 46,758,568 44,219,430 49,226,032
Farm Credit Canada 761,937 4,805,688 4,752,381 815,244
Freshwater Fish Marketing Corporation 26,445 25,115 26,445 25,115
Royal Canadian Mint 34,567 7,524 27,043
Total—Agent enterprise Crown corporations 266,433,562 92,275,532 82,149,638 276,559,456
Non-agent enterprise Crown corporations and other government business enterprises
Atlantic Pilotage Authority 4,110 439 3,671
Canada Lands Company LimitedLink to footnote 6 47,900 14,500 29,400 33,000
Halifax Port AuthorityLink to footnote 7 46,956 2,498 13,730 35,724
Pacific Pilotage Authority 2,845 367 2,478
Prince Rupert Port AuthorityLink to footnote 7 4,540 3,212 1,328
Quebec Port AuthorityLink to footnote 7 8,299 3,100 5,199
Ridley Terminals Inc. 25,904 7,130 18,774
Sept-Iles Port AuthorityLink to footnote 7 71,986 115 7,012 65,089
Toronto Port AuthorityLink to footnote 7 27,771 17,627 2,484 42,914
Vancouver Fraser Port AuthorityLink to footnote 7 103,270 4,720 4,778 103,212
Other Canada Port AuthoritiesLink to footnote 7 35,237 111 3,438 31,910
Total—Non-agent enterprise Crown corporations and other government business enterprises 378,818 39,571 75,090 343,299
Total 266,812,380 92,315,103 82,224,728 276,902,755
Borrowings expected to be repaid by enterprise Crown corporations and other government business enterprises 266,812,380 276,902,755
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 9.6 summarizes the maturity and currency of borrowings by agent and non-agent enterprise Crown corporations and other government business enterprises as at March 31, 2017.

Table 9.6
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
2017 48,726,945 82,885 48,809,830
2018 47,925,993 24,118 47,950,111
2019 47,082,473 21,337 47,103,810
2020 36,990,695 115,249 37,105,944
2021 50,183,358 21,397 50,204,755
Subsequent years 45,649,992 78,313 45,728,305
Total 276,559,456 343,299 276,902,755Link to footnote 8

Contingent liabilities of enterprise Crown corporations and other government business enterprises

Table 9.7 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 9.7
Contingent liabilities and Crown corporations and other government business enterprises
(in thousands of dollars)

  March 31, 2017
Bank of Canada—Callable shares 63,938
Business Development Bank of Canada—Loan guarantees 341,754
Canada Development Investment Corporation—Performance guarantees 14,227
Canada Lands Company Limited—Letters of credit 65,308
Canada Mortgage and Housing Corporation
Claims and pending and threatened litigation 9,056
Letters of credit 125,274
Export Development Canada—Loan guarantees 2,532,124
Montreal Port Authority—Claims and pending and threatened litigation 800
Quebec Port Authority—Letters of credit 200
Royal Canadian Mint—Performance guarantees 12,644
Sept-Iles Port Authority—Loan guarantees 26,000
St. John's Port Authority—Claims and pending and threatened litigation 3,583
Vancouver Fraser Port Authority—Performance guarantees 957
Total 3,195,865

Contractual obligations of enterprise Crown corporations and other government business enterprises

Table 9.8 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 9.8
Contractual obligations of enterprise Crown corporations and other government business enterprises at March 31, 2017
(in thousands of dollars)

  Transfer payment agreements Loans Capital Expenditures Operating leases and other Total
Bank of Canada 16,293 110,037 126,330
Business Development Bank of Canada 3,811,911 328,491 4,140,402
Canada Deposit Insurance Corporation 13,789 13,789
Canada Development Investment Corporation 28,250 58,516 86,766
Canada Lands Company Limited 38,400 8,964 47,364
Canada Mortgage and Housing Corporation 12,380,022 253,788 433,400 13,067,210
Canada Post Corporation 872,708 872,708
Export Development Canada 22,874,265 121,000 22,995,265
Farm Credit Canada 3,928,000 320,692 4,248,692
Great Lakes Pilotage Authority 1,250 1,250
Halifax Port Authority 1,220 1,220
Hamilton Port Authority 281 281
Laurentian Pilotage Authority 7,294 7,294
Montreal Port Authority 50,897 2,011 52,908
Royal Canadian Mint 2,901 95,452 98,353
Vancouver Fraser Port Authority 56,157 18,811 74,968
Other Canada Port Authorities 4 4
Total 12,380,022 30,867,964 194,118 2,392,700 45,834,804

Financial assistance to enterprise Crown corporations and other government business enterprises

Table 9.9 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 9.4. 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 9.9
Financial assistance to enterprise Crown corporations and other government business enterprises for the year ended March 31, 2017
(in thousands of dollars)

  Program Transfer payments Financial assistance
Canada Mortgage and Housing Corporation 3,129,131 3,129,131
Canada Post Corporation 22,210 22,210
Total 3,151,341 3,151,341

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