Enterprise Crown corporations and other government business enterprises

Public Accounts of Canada 2025 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 is 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 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 select Crown corporations listed in Part I, all the Crown corporations listed in Part II, Schedule III of the Financial Administration Act, and the Bank of Canada. The Canada Pension Plan Investment Board, although a Crown corporation, 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 many self-sustaining government business enterprises that are not considered Crown corporations, but are controlled by the government and, usually 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 His Majesty for the conduct of all or part of their activities. This status is granted in either of the following ways:

designation by Parliament, through a special act of incorporation;
statutory authorization; or
proclamation by the Government Corporations Operation Act.

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 annual report entitled Inventory of Federal Organizations and Interests. Audited financial statements of parent Crown corporations are made available and published on their respective websites.

**Table 9.2**
**Enterprise Crown corporations and other government business enterprises^{Links to footnote * in Table 9.2}**
(in dollars)
Investments
	April 1, 2024	Payments and other charges	Receipts and other credits	March 31, 2025
Investments and accumulated profits/losses, Table 9.4	47,849,533,346	4,515,739,000	1,194,834,000	51,170,438,346
Other investments
Canada Housing Trust—Canada Mortgage Bonds	7,580,210,511	29,559,780,449	582,528,767	36,557,462,193
Loans and advances^{Links to footnote 1 in Table 9.2}
Finance
Department of Finance
Business Development Bank of Canada	29,490,425,323	31,596,145,310	27,285,757,190	33,800,813,443
Canada Lands Company Limited	296,592,812	815,884	22,952,542	274,456,154
Canada Mortgage and Housing Corporation	21,222,721,637	26,033,489,051	23,721,629,593	23,534,581,095
Farm Credit Canada	43,097,225,498	14,800,901,035	10,395,124,010	47,503,002,523
Subtotal	94,106,965,270	72,431,351,280	61,425,463,335	105,112,853,215
Global Affairs
Export Development Canada
Canada Development Investment Corporation	16,896,589,399	18,706,714,928	–	35,603,304,327
Department of Foreign Affairs, Trade and Development
Export Development Canada^{Links to footnote 2 in Table 9.2}	–	101,000,000	–	101,000,000
Subtotal	16,896,589,399	18,807,714,928	–	35,704,304,327
Housing, Infrastructure and Communities
Canada Mortgage and Housing Corporation
Housing	601,947,947	–	165,889,145	436,058,802
Joint projects	295,394,769	–	26,783,219	268,611,550
Real estate	5,389,092	–	924,401	4,464,691
Student housing projects	2,178,277	–	1,181,065	997,212
Subtotal	904,910,085	–	194,777,830	710,132,255
Total—Loans and advances	111,908,464,754	91,239,066,208	61,620,241,165	141,527,289,797
Less:
Loans expected to be repaid from future appropriations	1,993,888,073	–	95,077,560	1,898,810,513
Total	165,344,320,538	125,314,585,657	63,302,526,372	227,356,379,823
Table 9.2 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.2 Table note 1 These loans are recorded at cost. Return to table note 1 referrer in Table 9.2 Table note 2 Loan to FinDev Canada, a wholly owned subsidiary of Export Development Canada. Return to table note 2 referrer in Table 9.2

Canada Housing Trust—Canada Mortgage Bonds

The Canada Mortgage Bond program was implemented in 2001. Under this program, bonds are issued by Canada Housing Trust (CHT), a special purpose trust created by Canada Mortgage and Housing Corporation (CMHC) and sold to investors in denominations as low as $1,000. The proceeds of the bonds are used to purchase mortgages packaged into newly issued National Housing Act Mortgage Backed Securities from approved sellers. Canada Mortgage Bonds including accrued interest, timely payment of semi-annual interest and principal at maturity issued by the Trust carry the full faith and credit of the Government of Canada through CMHC.

The federal government acquired $28.8 billion of CHT issued Canada Mortgage Bonds in 2024-2025. The government will purchase up to an annual maximum of $30 billion under this program.

The investments bear interest at rates from 2.90% to 4.00% per annum.

Beginning February 10, 2025, the government made its Canada Mortgage Bond holdings available to borrow through a securities lending program. As of March 31, 2025, $1,834 million of Canada Mortgage Bond holdings were on loan to third parties. The market value of the collateralized securities held totaled $1,926 million, representing 105% of the market value of securities loaned.

Direct lending to Crown corporations

Business Development Bank of Canada

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, 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 0.44% to 4.89% 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. The Corporation conducts its business through Canada Lands Company CLC Limited (CLC) and Parc Downsview Park (PDP), its principal wholly-owned subsidiaries. CLC and PDP’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 and PDP may manage, develop and dispose of real properties, either in the capacity of owner or as agent of the government.

CLC and PDP have 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 are discounted using the Consolidated Revenue Fund lending rate applicable to Crown corporations and recorded at their discounted value.

During the year, no new notes have been issued and an amount of $0.8 million was amortized to income. The balance in the account represents the notes receivable net of the corresponding unamortized discount.

Canada Mortgage and Housing Corporation

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 0.01% to 4.70% per annum.

Farm Credit Canada

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 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 0.35% to 4.75% per annum.

Canada Development Investment Corporation

Canada Development Investment Corporation (CDEV) was incorporated in 1982 under the provisions of the Canada Business Corporations Act and is wholly-owned by His Majesty in Right of Canada. The Corporation is an agent Crown corporation listed in Schedule III, Part II of the Financial Administration Act and is not subject to the requirements of the Income Tax Act.

CDEV has eight wholly-owned subsidiaries: 16342451 Canada Inc., Canada Growth Fund Inc. ("CGF"), Canada Innovation Corporation ("CIC"), Canada Enterprise Emergency Funding Corporation ("CEEFC"), Canada Eldor Inc. ("CEI"), Canada Hibernia Holding Corporation (CHHC), Canada Indigenous Loan Guarantee Corporation ("CILGC"), and TMP Finance Ltd. (TMP Finance) which in turn owns Trans Mountain Corporation (TMC). The subsidiaries CGF and CEEFC are not consolidated.

During the year, a $19 billion refinancing facility was made available to TMP Finance to provide funding to TMC to refinance and pay down its Syndicated Facility and to repay the related guarantee fees. The refinancing included restructuring intercompany loans from TMP Finance to TMC, in addition to TMP Finance subscribing to additional TMC equity.

Loans outstanding at year-end bear interest at a rate of 3.01% per annum.

Advances to programs

Finance—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 5.61% to 16.10% 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 7.92% to 17.96% 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% to 11.08% per annum, and are repayable over 50 years, with the final instalment due on June 30, 2036.

Student housing projects

Advances made for student housing projects bear interest at rates from 7.64% to 10.05% per annum, and are repayable over 20 to 50 years, with the final instalment due on April 1, 2030.

Interest paid to the government

Interest paid to the Government of Canada with respect to these loans and investments in the years ended March 31, 2025 and 2024 is as follows:

**Table 9.2a:**(in millions of dollars)^{Links to footnote * in Table 9.2a}
	2025	2024
Business Development Bank of Canada	1,195.1	1,151.1
Canada Development Investment Corporation	748.4	779.0
Canada Housing Trust - Canada Mortgage Bond	731.9	–
Canada Mortgage and Housing Corporation	620.7	511.6
Farm Credit Canada	1,478.5	1,382.7
Total	4,774.6	3,824.4
Table 9.2a notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.2a

Summary financial statements of enterprise Crown corporations and other government business enterprises

Enterprise Crown corporations and other government business enterprises are 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.

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.

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 prepare their financial statements based on International Financial Reporting Standards.

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.

Table 9.3 and Table 9.4 present summarized financial information of enterprise Crown corporations and other government business enterprises. Balances reported under government, Crown corporations and other entities represent those between related parties. Of note, borrowings from third parties represent amounts repayable to financial institutions and other investors. Revenues include financial assistance from the government in respect of the current year's operations, when applicable. Equity adjustments 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.

**Table 9.3**
Financial position of enterprise Crown corporations and other government business enterprises
Assets, liabilities and equity as at March 31, 2025^{Links to footnote * in Table 9.3}
(in thousands of dollars)
Enterprise Crown corporations and other government business enterprises^{Links to footnote 1 in Table 9.3}	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	Non-financial	Total assets	Borrowings	Other	Government, Crown corporations, and other entities	Total liabilities
Atlantic Pilotage Authority	7,474	–	24,395	31,869	10,456	5,993	–	16,449	15,420	–	–	15,420	31,869
Bank of Canada	12,939,614	236,395,225	706,067	250,040,906	–	233,934,542	25,075,871	259,010,413	(negative 8,974,507)	–	5,000	(negative 8,969,507)	250,040,906
Business Development Bank of Canada	50,266,588	21,798	215,627	50,504,013	–	1,238,624	33,937,556	35,176,180	9,060,155	27,778	6,239,900	15,327,833	50,504,013
Canada Deposit Insurance Corporation	2,481,022	7,754,460	10,897	10,246,379	–	2,168,043	18,065	2,186,108	8,060,271	–	–	8,060,271	10,246,379
Canada Development Investment Corporation	2,316,120	123,303	35,347,247	37,786,670	–	1,898,715	36,762,115	38,660,830	(negative 1,477,455)	603,294	1	(negative 874,160)	37,786,670
Canada Growth Fund Inc.^{Links to footnote 2 in Table 9.3}	382,941	4,089,953	–	4,472,894	–	213	10,592	10,805	72,089	–	4,390,000	4,462,089	4,472,894
Canada Lands Company Limited	457,602	50,027	685,587	1,193,216	71,900	114,814	297,703	484,417	527,629	181,170	–	708,799	1,193,216
Canada Mortgage and Housing Corporation	321,436,356	13,869,442	741,858	336,047,656	247,492,345	13,487,594	60,454,189	321,434,128	14,588,518	25,010	–	14,613,528	336,047,656
Canada Post Corporation	6,897,152	267,585	7,165,913	14,330,650	1,788,399	6,885,211	612,226	9,285,836	3,889,643	1,155,171	–	5,044,814	14,330,650
Export Development Canada	75,895,538	–	194,751	76,090,197	61,374,298	3,036,757	338,940	64,749,995	5,294,202	–	6,046,000	11,340,202	76,090,197
Farm Credit Canada	57,948,649	–	206,365	58,155,014	1,224,645	562,163	47,718,095	49,504,903	8,650,111	–	–	8,650,111	58,155,014
Freshwater Fish Marketing Corporation	14,387	–	35,470	49,857	42,153	8,217	(negative 513)	49,857	–	–	–	–	49,857
Great Lakes Pilotage Authority	2,295	–	796	3,091	–	4,757	553	5,310	(negative 2,219)	–	–	(negative 2,219)	3,091
Halifax Port Authority^{Links to footnote 3 in Table 9.3}	16,551	–	291,314	307,865	19,977	11,218	1,255	32,450	224,558	50,857	–	275,415	307,865
Hamilton-Oshawa Port Authority^{Links to footnote 3 in Table 9.3}	43,541	–	212,972	256,513	26,605	25,526	–	52,131	181,342	23,040	–	204,382	256,513
Laurentian Pilotage Authority	20,915	–	22,711	43,626	–	17,100	–	17,100	26,526	–	–	26,526	43,626
Montreal Port Authority^{Links to footnote 3 in Table 9.3}	96,176	59,095	844,345	999,616	196,168	279,650	1,997	477,815	288,110	233,691	–	521,801	999,616
Pacific Pilotage Authority	22,989	3,543	41,354	67,886	4,419	40,153	6	44,578	23,308	–	–	23,308	67,886
Prince Rupert Port Authority^{Links to footnote 3 in Table 9.3}	194,462	–	440,585	635,047	–	148,728	70,659	219,387	379,447	36,213	–	415,660	635,047
Quebec Port Authority^{Links to footnote 3 in Table 9.3}	33,365	5,434	204,028	242,827	10,449	46,274	44,510	101,233	84,332	57,262	–	141,594	242,827
Royal Canadian Mint	50,009	29,488	283,615	363,112	12,079	178,390	2,285	192,754	130,358	–	40,000	170,358	363,112
Saint John Port Authority^{Links to footnote 3 in Table 9.3}	11,617	–	148,519	160,136	26,412	3,260	–	29,672	68,805	61,659	–	130,464	160,136
Sept-Iles Port Authority^{Links to footnote 3 in Table 9.3}	63,412	217	297,362	360,991	25,444	138,806	–	164,250	185,034	11,707	–	196,741	360,991
Toronto Port Authority^{Links to footnote 3 in Table 9.3}	133,070	–	248,517	381,587	21,636	89,254	–	110,890	270,697	–	–	270,697	381,587
Vancouver Fraser Port Authority^{Links to footnote 3 in Table 9.3}	151,838	8,273	2,631,789	2,791,900	40,000	221,587	3,979	265,566	2,376,075	150,259	–	2,526,334	2,791,900
Other Canada Port Authorities^{Links to footnote 3 in Table 9.3}^{Links to footnote 4 in Table 9.3}	167,246	16,546	357,803	541,595	52,998	127,023	6,837	186,858	211,667	143,070	–	354,737	541,595
Total	532,050,837	262,694,389	51,359,887	846,105,113	312,440,383	264,672,612	205,356,920	782,469,915	44,154,116	2,760,181	16,720,901	63,635,198	846,105,113
Elimination adjustments		(negative 12,196,640)	(negative 268,151)	(negative 12,464,791)			(negative 31)	(negative 31)	(negative 12,464,760)			(negative 12,464,760)	(negative 12,464,791)
Total	532,050,837	250,497,749	51,091,736	833,640,322	312,440,383	264,672,612	205,356,889	782,469,884	31,689,356	2,760,181	16,720,901	51,170,438	833,640,322
Table 9.3 notes General notes: A blank cell means there is no available data. Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.3 Table note 1 All enterprise Crown corporations listed at the margin in this table are parent Crown corporations. Although a Crown corporation, Canada Pension Plan Investment Board is designed to operate at arm's length from the Government and manages, on behalf of the Canada Pension Plan, funds not belonging to the Government, therefore, it is considered external to the Government reporting entity. The Public Sector Pension Investment Board is not included in the above list since its activities are included in the Government's results through pension accounting. Return to table note 1 referrer in Table 9.3 Table note 2 Canada Growth Fund Inc. is a federal Crown corporation, incorporated in December 2022 and is wholly owned by Canada Development Investment Corporation. Return to table note 2 referrer in Table 9.3 Table note 3 Canada Port Authorities, which are not Crown corporations but considered other government business enterprises, are agents of the Crown for their port activities. Return to table note 3 referrer in Table 9.3 Table note 4 Consists of the combined figures of the Canada Port Authorities of Belledune, Nanaimo, Port Alberni, Saguenay, St. John's, Thunder Bay, Trois-Rivières and Windsor. Return to table note 4 referrer in Table 9.3

**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, 2025^{Links to footnote * in Table 9.4}**
(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 entities^{Links to footnote 1 in Table 9.4}	Total	Third parties	Government, Crown corporations and other entities	Total	Net income (loss)	Equity beginning of year	Equity adjustments and other	Other comprehensive income (loss)	Dividends	Capital	Equity end of year
Atlantic Pilotage Authority	38,706	–	38,706	39,332	315	39,647	(negative 941)	16,393	–	(negative 32)	–	–	15,420
Bank of Canada	497,938	3,086,772	3,584,710	5,986,568	–	5,986,568	(negative 2,401,858)	(negative 6,660,109)	–	92,460	–	–	(negative 8,969,507)
Business Development Bank of Canada	2,512,721	–	2,512,721	904,482	1,204,288	2,108,770	403,951	16,526,455	–	134,427	(negative 337,000)	(negative 1,400,000)	15,327,833
Canada Deposit Insurance Corporation	1,054,622	184,600	1,239,222	(negative 21,769)	49,922	28,153	1,211,069	6,849,223	–	(negative 21)	–	–	8,060,271
Canada Development Investment Corporation	2,761,148	5,067	2,766,215	2,187,197	775,629	2,962,826	(negative 196,611)	(negative 685,687)	155,281	19,857	(negative 167,000)	–	(negative 874,160)
Canada Growth Fund Inc.	41,253	115,530	156,783	580	52,564	53,144	103,639	1,358,450	–	–	–	3,000,000	4,462,089
Canada Lands Company Limited	362,379	–	362,379	231,872	37,354	269,226	93,153	626,646	–	–	(negative 11,000)	–	708,799
Canada Mortgage and Housing Corporation	10,380,172	5,757,289	16,137,461	13,367,694	1,216,777	14,584,471	1,552,990	12,831,436	–	374,102	(negative 145,000)	–	14,613,528
Canada Post Corporation	8,765,681	333,697	9,099,378	9,804,260	(negative 109,817)	9,694,443	(negative 595,065)	5,257,025	–	382,854	–	–	5,044,814
Export Development Canada	4,885,514	1,079	4,886,593	4,575,382	(negative 7,236)	4,568,146	318,447	12,157,252	–	108,503	–	(negative 1,244,000)	11,340,202
Farm Credit Canada	3,006,382	–	3,006,382	926,403	1,490,785	2,417,188	589,194	8,735,598	–	15,319	(negative 690,000)	–	8,650,111
Freshwater Fish Marketing Corporation	68,901	–	68,901	81,934	–	81,934	(negative 13,033)	–	13,033	–	–	–	–
Great Lakes Pilotage Authority	51,398	19	51,417	49,331	3,179	52,510	(negative 1,093)	(negative 1,126)	–	–	–	–	(negative 2,219)
Halifax Port Authority	55,491	–	55,491	43,684	–	43,684	11,807	264,009	–	(negative 401)	–	–	275,415
Hamilton-Oshawa Port Authority	48,692	–	48,692	38,683	–	38,683	10,009	191,830	–	2,543	–	–	204,382
Laurentian Pilotage Authority	119,478	–	119,478	117,180	1,148	118,328	1,150	25,376	–	–	–	–	26,526
Montreal Port Authority	157,221	762	157,983	129,974	5,883	135,857	22,126	486,741	(negative 383)	13,317	–	–	521,801
Pacific Pilotage Authority	145,204	–	145,204	137,473	3,490	140,963	4,241	19,182	–	(negative 115)	–	–	23,308
Prince Rupert Port Authority	91,993	–	91,993	53,002	–	53,002	38,991	376,267	–	402	–	–	415,660
Quebec Port Authority	72,294	3,628	75,922	54,169	3,490	57,659	18,263	126,758	–	(negative 3,427)	–	–	141,594
Royal Canadian Mint	1,262,789	97,039	1,359,828	1,285,776	58,671	1,344,447	15,381	155,865	(negative 1)	113	(negative 1,000)	–	170,358
Saint John Port Authority	30,687	–	30,687	26,280	1,342	27,622	3,065	126,777	–	622	–	–	130,464
Sept-Iles Port Authority	37,544	–	37,544	23,248	–	23,248	14,296	182,445	–	–	–	–	196,741
Toronto Port Authority	87,125	–	87,125	70,309	–	70,309	16,816	246,261	–	7,620	–	–	270,697
Vancouver Fraser Port Authority	386,918	2,425	389,343	236,465	9,561	246,026	143,317	2,382,964	–	53	–	–	2,526,334
Other Canada Port Authorities	69,774	1,336	71,110	57,578	635	58,213	12,897	339,338	(negative 96)	2,598	–	–	354,737
Total	36,992,025	9,589,243	46,581,268	40,407,087	4,797,980	45,205,067	1,376,201	61,935,369	167,834	1,150,794	(negative 1,351,000)	356,000	63,635,198
Elimination adjustments								(negative 14,085,836)	1,684,476	(negative 230,400)	167,000		(negative 12,464,760)
Total net results	36,992,025	9,589,243	46,581,268	40,407,087	4,797,980	45,205,067	1,376,201	47,849,533	1,852,310	920,394	(negative 1,184,000)	356,000	51,170,438
Less equity adjustments							1,863,144		(negative 1,863,144)				–
Share of annual profit							3,239,345	47,849,533	(negative 10,834)	920,394	(negative 1,184,000)	356,000	51,170,438
Table 9.4 notes General notes: The accompanying notes for Table 9.3 are an integral part of this table. A blank cell means there is no available data. Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.4 Table note 1 Revenues with Government, Crown corporations and other entities include amounts generated from the sale of goods and services, investment income, financial assistance as well as grants where the corporations qualify as a member of a general class of recipients. Additional amounts representing capital investments received by the corporations are included under "Equity transactions with the government". Return to table note 1 referrer in Table 9.4

Borrowings by enterprise Crown corporations and other government business enterprises

**Table 9.5**
**Borrowings by enterprise Crown corporations and other government business enterprises^{Links to footnote * in Table 9.5}**
(in thousands of dollars)
Agent enterprise Crown corporations
	April 1, 2024	Borrowings and other credits	Repayments and other charges	March 31, 2025
Canada Mortgage and Housing Corporation	258,780,999	30,650,610	41,939,264	247,492,345
Canada Post Corporation	998,243	790,156	–	1,788,399
Export Development Canada	58,450,753	33,802,134	30,878,589	61,374,298
Farm Credit Canada	926,601	12,276,445	11,978,401	1,224,645
Freshwater Fish Marketing Corporation	36,886	42,153	36,886	42,153
Royal Canadian Mint	18,119	339	6,379	12,079
Total—Agent enterprise Crown corporations	319,211,601	77,561,837	84,839,519	311,933,919
Non-agent enterprise Crown corporations and other government business enterprises
Atlantic Pilotage Authority	9,760	1,501	805	10,456
Canada Development Investment Corporation^{Links to footnote 1 in Table 9.5}	17,095,167	1,774,863	18,870,030	–
Canada Lands Company Limited^{Links to footnote 2 in Table 9.5}	56,600	16,600	1,300	71,900
Halifax Port Authority^{Links to footnote 3 in Table 9.5}	17,854	4,466	2,343	19,977
Hamilton Oshawa Port Authority^{Links to footnote 3 in Table 9.5}	–	26,605	–	26,605
Montreal Port Authority^{Links to footnote 3 in Table 9.5}	199,264	7,099	10,195	196,168
Pacific Pilotage Authority	4,731	–	312	4,419
Quebec Port Authority^{Links to footnote 3 in Table 9.5}	30,885	–	20,436	10,449
Saint John Port Authority^{Links to footnote 3 in Table 9.5}	25,952	1,650	1,190	26,412
Sept-Iles Port Authority^{Links to footnote 3 in Table 9.5}	30,663	–	5,219	25,444
Toronto Port Authority^{Links to footnote 3 in Table 9.5}	23,913	–	2,277	21,636
Vancouver Fraser Port Authority^{Links to footnote 3 in Table 9.5}	140,000	23,593	123,593	40,000
Other Canada Port Authorities^{Links to footnote 3 in Table 9.5}	26,032	31,697	4,731	52,998
Total—Non-agent enterprise Crown corporations and other government business enterprises	17,660,821	1,888,074	19,042,431	506,464
Total—Enterprise Crown corporations and other government business enterprises	336,872,422	79,449,911	103,881,950	312,440,383
Agent enterprise Crown corporations—Borrowings held by the Government of Canada
Canada Mortgage and Housing Corporation
Canada Mortgage Bonds	7,580,000	29,559,991	582,529	36,557,462
Borrowings expected to be repaid by enterprise Crown corporations and other government business enterprises	344,452,422	–	–	348,997,845
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	–	–	–	–
Table 9.5 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.5 Table note 1 Borrowings of Canada Development Investment Corporation are those of its subsidiary, Trans Mountain Corporation, which is not an agent of the Crown. Return to table note 1 referrer in Table 9.5 Table note 2 Borrowings of Canada Lands Company Limited are those of its subsidiary, Canada Lands Company CLC Limited, which is not an agent of the Crown. Return to table note 2 referrer in Table 9.5 Table note 3 The Authority is an agent of the Crown only for its port activities. It is considered a non-agent of the Crown for borrowings purposes. Return to table note 3 referrer in Table 9.5

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 His Majesty, but may, at times, be guaranteed by the government.

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

**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	Agent	Total
		Third parties		Held by the Government of Canada
2026	53,877,932	141,475	54,019,407		54,019,407
2027	39,848,237	25,906	39,874,143		39,874,143
2028	54,509,066	25,333	54,534,399		54,534,399
2029	43,611,086	20,625	43,631,711		43,631,711
2030	45,425,362	40,517	45,465,879		45,465,879
Subsequent years	74,662,236	252,608	74,914,844	36,557,462	111,472,306
Total	311,933,919	506,464	312,440,383	36,557,462	348,997,845^{Links to footnote 1 in Table 9.6}
Table 9.6 notes General notes: A blank cell means there is no available data. Table note 1 The borrowings are composed in Canadian dollar equivalent of 37,674,256 USD, 3,942,408 GBP, 2,759,812 AUD, 15,858,296 EUR, 1,051,751 HKD, 286,398,902 CAD and 1,312,420 for other currencies. Return to table note 1 referrer in Table 9.6

Contingent liabilities of enterprise Crown corporations and other government business enterprises

The table below presents disclosed contingent liabilities of enterprise Crown corporations and other government business enterprises, which are not included in the Government of Canada's provision for contingent liabilities.

**Table 9.7**
**Contingent liabilities of enterprise Crown corporations and other government business enterprises**
(in thousands of dollars)
	2025
Loan guarantees	8,957,848
Letters of credit	232,566
Performance guarantees and callable shares	203,367
Pending and threatened litigation and other claims	1,743
Total	9,395,524

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.

**Table 9.8**
**Contractual obligations of enterprise Crown corporations and other government business enterprises as at March 31, 2025^{Links to footnote * in Table 9.8}**
(in thousands of dollars)
	Transfer payment agreements	Loans	Capital expenditures	Operating leases and other	Total
Atlantic Pilotage Authority	–	–	–	2,898	2,898
Bank of Canada	–	–	34,209	157,892	192,101
Business Development Bank of Canada	–	6,324,386	–	133,243	6,457,629
Canada Deposit Insurance Corporation	–	–	–	26,757	26,757
Canada Development Investment Corporation	–	–	6,648	1,342,721	1,349,369
Canada Lands Company Limited	–	–	73,500	–	73,500
Canada Mortgage and Housing Corporation	8,019,000	13,499,000	–	182,000	21,700,000
Export Development Canada	–	16,422,245	–	611,000	17,033,245
Farm Credit Canada	–	13,079,000	–	293,000	13,372,000
Great Lakes Pilotage Authority	–	–	–	1,862,346	1,862,346
Hamilton-Oshawa Port Authority	–	27,183	–	15	27,198
Montreal Port Authority	–	–	11,010	–	11,010
Pacific Pilotage Authority	–	–	–	722	722
Vancouver Fraser Port Authority	–	–	144,033	–	144,033
Total	8,019,000	49,351,814	269,400	4,612,594	62,252,808
Table 9.8 notes Table note * The dash means that the amount is 0 or is rounded to 0. Return to table note * referrer in Table 9.8

Financial assistance to enterprise Crown corporations and other government business enterprises

Table 9.9 presents charges to appropriations or authorities approved by Parliament. It should be read in conjunction with Table 9.4.

**Table 9.9**
**Financial assistance to enterprise Crown corporations and other government business enterprises for the year ended March 31, 2025**
(in thousands of dollars)
	Financial assistance
Canada Mortgage and Housing Corporation	5,466,399
Canada Post Corporation	22,210
Total	5,488,609

Public Accounts of Canada 2025 Volume I—Bottom of the page Navigation

Date modified:: 2025-11-07

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