18.3 Definitions

The following definitions, in alphabetical order, have been adopted for the purpose of this chapter:

Borrowings

Contracts entered into for the use of money such as certificates of indebtedness (bonds), notes and loans payable.

Consolidated Crown corporation

A Crown corporation that relies on Government funding as its principal source of revenue. Appendix A identifies these corporations by the indicator (C).

Contingent liability

Possible obligations that may result in the future sacrifice of economic benefits arising from existing conditions or situations involving uncertainty. That uncertainty will ultimately be resolved when one or more future events not wholly within the government's control occurs or fails to occur. Resolution of the uncertainty will confirm the incurrence or non-incurrence of a liability.

Contractual obligation

Obligations of a government to others that will become liabilities in the future when the terms of those contracts or agreements are met.

Crown corporation

A corporation which at March 31 falls within the definition of section 83 of the Financial Administration Act or section 85 of the Financial Administration Act (FAA). These include the corporations listed in Parts I and II of Schedule III of the Financial Administration Act as well as the Bank of Canada, the Canada Council for the Arts, the Canadian Broadcasting Corporation, the Canadian Race Relations Foundation, the International Development Research Centre, the National Arts Centre Corporation and Telefilm Canada (refer to the complete list in Appendix A). It also includes any unconsolidated wholly-owned subsidiaries.

Enterprise Crown corporation

A Crown corporation that is able to raise substantial portions of its revenues through commercial business activities outside of the government reporting entity and which is self-sustaining. Appendix A identifies these corporations by the indicator (E).

Government of Canada (Government)

As a reporting entity, the Government of Canada comprises all organizations that are controlled by the Government.

Government organization

An organization including a department, an agency and any other organization that is part of the Government of Canada reporting entity. (Refer to the complete list in Appendix B.)

Insurance program or guarantee fund

A program where the insured, an outside party (not employees), pays an insurance fee which is credited to an insurance fund or guarantee fund or provision operated or maintained by an enterprise Crown corporation. The amount of the fee is based on the estimated amount of insurance fund or provision needed to meet future claims and administrative expenses. Insurance programs such as employee group insurance, dental plans, etc., are not included in this definition.

Other consolidated entities

Other reporting entities, as defined below, who rely on Government funding as their principal source of revenue. Appendix A identifies these other entities by the indicator (C).

Other reporting entities

Organizations not listed in the FAA meeting the definition of control for financial reporting purposes. These organizations are included in the Government reporting entity if their revenues, expenses, assets, or liabilities are significant.

Other government business enterprise

A corporation that is not considered a Crown corporation within the meaning of the FAA, but which is controlled by the Government and in most cases accountable to Parliament through a Minister of the Crown for the conduct of its affairs. It is able to raise substantial portions of its revenues through commercial business activities outside of the Government reporting entity and is self-sustaining. Appendix A identifies these other government business enterprises by the indicator (E).

Wholly-owned subsidiary

A corporation that is wholly-owned by one or more parent Crown corporations directly or indirectly through any number of subsidiaries each of which is wholly-owned directly or indirectly by one or more parent Crown corporations.