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 9.13 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 9.13
Provincial and territorial governments
(in dollars)

  April 1, 2016 Payments and other charges Receipts and other credits March 31, 2017
Finance
Department of Finance
Newfoundland and Labrador
Federal-provincial fiscal arrangements 271,188,100 4,519,800 266,668,300
Municipal Development and Loan Board 315,626 315,626
Winter capital projects fund 2,836,758 2,836,758
Subtotal 274,340,484 4,519,800 269,820,684
Prince Edward Island
Federal-provincial fiscal arrangements 653,352 108,912 544,440
Winter capital projects fund 63,079 63,079
Subtotal 716,431 108,912 607,519
Quebec
Federal-provincial fiscal arrangements (negative 45,657,750) 45,657,750 119,874,000 (negative 119,874,000)
Ontario
Federal-provincial fiscal arrangements 90,218,984 15,036,504 75,182,480
Saskatchewan
Federal-provincial fiscal arrangements 132,889,808 13,288,992 119,600,816
Subtotal 452,507,957 45,657,750 152,828,208 345,337,499
Less: portion expensed due to concessionary terms 33,475,867 26,027,050 7,102,707 52,400,210
Total 419,032,090 19,630,700 145,725,501 292,937,289

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.

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