Enterprise Crown corporations and other government business enterprises

Public Accounts of Canada 2020 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 select 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, 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:

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**
(in dollars)
Investments
	April 1, 2019	Payments and other charges	Receipts and other credits	March 31, 2020
Investments and accumulated profits/losses, Table 9.4	45,661,157,950	7,069,823,000	1,992,242,000	50,738,738,950
Loans and advances^{Link to footnote 1}
Families, Children and Social Development
Canada Mortgage and Housing Corporation
Housing	1,352,490,631	–	217,532,141	1,134,958,490
Joint projects	387,619,479	–	22,777,484	364,841,995
Real estate	8,463,595	–	740,727	7,722,868
Sewage treatment projects	9,914,402	–	4,763,388	5,151,014
Student housing projects	26,477,621	–	10,695,619	15,782,002
Subtotal	1,784,965,728	–	256,509,359	1,528,456,369
Finance
Department of Finance
Business Development Bank of Canada	22,235,000,000	26,945,000,000	25,775,000,000	23,405,000,000
Canada Lands Company Limited	454,030,000	1,760,000	23,920,000	431,870,000
Canada Mortgage and Housing Corporation	6,310,302,293	11,667,082,000	5,128,947,763	12,848,436,530
Farm Credit Canada	29,861,500,000	14,255,000,000	11,463,000,000	32,653,500,000
Subtotal	58,860,832,293	52,868,842,000	42,390,867,763	69,338,806,530
Global Affairs
Export Development Canada
Canada Development Investment Corporation	4,790,000,000	1,465,000,000	–	6,255,000,000
Total—Loans and advances	65,435,798,021	54,333,842,000	42,647,377,122	77,122,262,899
Less:
Loans expected to be repaid from future appropriations	2,884,653,957	166,154,799	–	2,718,499,158
Unamortized discounts and premiums	43,091,814	37,666,048	29,382,072	34,807,838
Total	2,927,745,771	203,820,847	29,382,072	2,753,306,996
Total	108,169,210,200	61,607,485,847	44,669,001,194	125,107,694,853
Table notes 1 General notes: The dash means that the amount is 0 or is rounded to 0. Table note 1 These loans are recorded at cost. Return to table note 1 referrer

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 7.02% 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 15% 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 7.27% to 7.45% 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 7.01% to 10.05% per annum, and are repayable over 20 to 50 years, with the final instalment due on April 1, 2030.

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 0.22% to 2.45% 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, an amount of $23.9 million was repaid and an amount of $5.2 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 0.40% to 3.94% 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 0.22% to 3.77% per annum.

Canada Development Investment Corporation

Canada Development Investment Corporation was incorporated in 1982 under the provisions of the Canada Business Corporations Act and is wholly-owned by Her 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.

During the year, two new wholly-owned subsidiaries, Trans Mountain Corporation (TMC) and Canada TMP Finance Ltd. were incorporated under the provisions of the Canada Business Corporations Act. The companies are subject to the Financial Administration Act and TMC is also subject to the Income Tax Act.

On August 31, 2018, TMC acquired entities from Kinder Morgan Cochin ULC that own and operate the Trans Mountain pipeline system (TMPL), the Puget Sound pipeline system as well as certain rights, designs and construction contracts related to the expansion of the TMPL known as the Trans Mountain Expansion Project.

Loans outstanding at year-end bear interest at a rate of 4.7% 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, 2020 and 2019 is as follows:

(in millions of dollars)

	2020	2019
Business Development Bank of Canada	371.5	299.3
Canada Development Investment Corporation	261.4	144.2
Canada Mortgage and Housing Corporation	303.0	323.5
Farm Credit Canada	512.9	414.1
Total	1,448.8	1,181.1

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, 2020
(in thousands of dollars)
Enterprise Crown corporations and other government business enterprises^{Link 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	Non-financial	Total assets	Borrowings	Other	Government, Crown corporations, and other entities	Total liabilities
Atlantic Pilotage Authority	10,546	–	12,935	23,481	4,779	5,139	–	9,918	13,563	–	–	13,563	23,481
Bank of Canada	89,501,000	105,356,553	773,040	195,630,593	–	163,852,669	31,195,335	195,048,004	552,589	25,000	5,000	582,589	195,630,593
Business Development Bank of Canada	32,899,210	4,844	249,304	33,153,358	141,621	690,664	23,429,413	24,261,698	4,854,982	27,778	4,008,900	8,891,660	33,153,358
Canada Deposit Insurance Corporation	1,554,613	4,180,205	20,129	5,754,947	–	2,271,629	3,627	2,275,256	3,479,691	–	–	3,479,691	5,754,947
Canada Development Investment Corporation	624,976	114,177	7,825,332	8,564,485	–	1,569,584	6,640,612	8,210,196	(negative 249,006)	603,294	1	354,289	8,564,485
Canada Lands Company Limited	599,232	62,345	560,335	1,221,912	37,500	79,896	418,670	536,066	504,676	181,170	–	685,846	1,221,912
Canada Mortgage and Housing Corporation	270,951,168	11,970,759	789,368	283,711,295	244,642,588	8,970,718	14,667,702	268,281,008	15,405,277	25,010	–	15,430,287	283,711,295
Canada Post Corporation	3,977,164	1,327,381	4,584,973	9,889,518	997,339	6,603,471	84,147	7,684,957	1,049,390	1,155,171	–	2,204,561	9,889,518
Export Development Canada	76,276,279	5,786	364,134	76,646,199	63,249,217	4,674,557	764	67,924,538	7,388,461	–	1,333,200	8,721,661	76,646,199
Farm Credit Canada	41,077,063	–	347,152	41,424,215	833,152	610,326	32,728,268	34,171,746	6,752,469	500,000	–	7,252,469	41,424,215
Freshwater Fish Marketing Corporation	13,188	–	51,170	64,358	35,964	28,394	–	64,358	–	–	–	–	64,358
Great Lakes Pilotage Authority	2,318	–	1,070	3,388	–	6,352	285	6,637	(negative 3,249)	–	–	(negative 3,249)	3,388
Halifax Port Authority^{Link to footnote 3}	9,451	619	235,722	245,792	21,624	17,594	877	40,095	154,840	50,857	–	205,697	245,792
Hamilton-Oshawa Port Authority^{Link to footnote 3}^{Link to footnote 5}	25,210	–	145,648	170,858	–	19,060	–	19,060	128,758	23,040	–	151,798	170,858
Laurentian Pilotage Authority	23,789	417	18,849	43,055	–	14,865	–	14,865	28,190	–	–	28,190	43,055
Montreal Port Authority^{Link to footnote 3}	92,685	4,215	477,302	574,202	13,158	141,146	5,897	160,201	179,884	234,117	–	414,001	574,202
Pacific Pilotage Authority	14,967	837	13,203	29,007	1,317	13,862	1	15,180	13,827	–	–	13,827	29,007
Prince Rupert Port Authority^{Link to footnote 3}	113,029	–	210,976	324,005	–	56,569	–	56,569	231,223	36,213	–	267,436	324,005
Quebec Port Authority^{Link to footnote 3}	28,463	1,137	179,300	208,900	11,986	33,225	46,616	91,827	59,811	57,262	–	117,073	208,900
Ridley Terminals Inc.^{Link to footnote 4}	–	–	–	–	–	–	–	–	–	–	–	–	–
Royal Canadian Mint	118,881	43,784	237,295	399,960	8,995	236,700	2,508	248,203	111,757	–	40,000	151,757	399,960
Saint John Port Authority^{Link to footnote 3}	41,007	–	80,966	121,973	–	13,828	–	13,828	46,486	61,659	–	108,145	121,973
Sept-Iles Port Authority^{Link to footnote 3}	37,259	8	291,140	328,407	38,379	171,207	–	209,586	107,114	11,707	–	118,821	328,407
Toronto Port Authority^{Link to footnote 3}	109,015	–	236,612	345,627	32,463	88,221	–	120,684	224,943	–	–	224,943	345,627
Vancouver Fraser Port Authority^{Link to footnote 3}	349,788	2,742	1,892,925	2,245,455	103,034	167,853	11,192	282,079	1,813,117	150,259	–	1,963,376	2,245,455
Other Canada Port Authorities^{Link to footnote 3}^{Link to footnote 6}	105,036	10,293	261,733	377,062	38,843	39,774	5,508	84,125	149,867	143,070	–	292,937	377,062
Total	518,555,337	123,086,102	19,860,613	661,502,052	310,211,959	190,377,303	109,241,422	609,830,684	42,998,660	3,285,607	5,387,101	51,671,368	661,502,052
Elimination adjustments		(negative 694,966)	(negative 265,928)	(negative 960,894)			(negative 28,264)	(negative 28,264)	(negative 932,630)			(negative 932,630)	(negative 960,894)
Total	518,555,337	122,391,136	19,594,685	660,541,158	310,211,959	190,377,303	109,213,158	609,802,420	42,066,030	3,285,607	5,387,101	50,738,738	660,541,158
Table notes 2 General notes: The dash means that the amount is 0 or is rounded to 0. A blank cell means there is no available data. Table note 2 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 2 referrer 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 Table note 4 The Government of Canada sold 90% its Ridley Terminals Inc. shares to a company in the private sector and transferred the remaining 10% shares to the First Nations. Return to table note 4 referrer Table note 5 In 2020, the Hamilton Port Authority and Oshawa Port Authority merged to become the Hamilton-Oshawa Port Authority. Return to table note 5 referrer Table note 6 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 6 referrer

**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, 2020
(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^{Link to footnote 7}	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	30,297	–	30,297	28,787	9	28,796	1,501	12,111	26	(negative 75)	–	–	13,563
Bank of Canada	229,985	2,083,521	2,313,506	620,030	377,337	997,367	1,316,139	527,112	–	61,901	(negative 1,322,563)	–	582,589
Business Development Bank of Canada	1,377,058	–	1,377,058	1,195,699	374,377	1,570,076	(negative 193,018)	7,714,125	–	92,953	(negative 128,400)	1,406,000	8,891,660
Canada Deposit Insurance Corporation	697,773	56,083	753,856	246,952	12,717	259,669	494,187	2,985,326	–	178	–	–	3,479,691
Canada Development Investment Corporation	674,717	12,896	687,613	477,158	155,237	632,395	55,218	320,095	77,040	26,565	(negative 124,629)	–	354,289
Canada Lands Company Limited	314,200	–	314,200	220,054	16,928	236,982	77,218	638,628	–	–	(negative 30,000)	–	685,846
Canada Mortgage and Housing Corporation	7,821,279	2,344,952	10,166,231	7,908,758	809,248	8,718,006	1,448,225	14,952,021	–	545,041	(negative 1,515,000)	–	15,430,287
Canada Post Corporation	8,713,931	264,645	8,978,576	8,958,516	110,375	9,068,891	(negative 90,315)	(negative 972,581)	–	3,267,457	–	–	2,204,561
Export Development Canada	2,772,175	–	2,772,175	3,288,676	(negative 5,855)	3,282,821	(negative 510,646)	9,448,932	17	(negative 216,642)	–	–	8,721,661
Farm Credit Canada	1,760,283	–	1,760,283	606,221	521,463	1,127,684	632,599	6,428,874	1	85,795	(negative 394,800)	500,000	7,252,469
Freshwater Fish Marketing Corporation	73,953	–	73,953	75,109	–	75,109	(negative 1,156)	–	1,156	–	–	–	–
Great Lakes Pilotage Authority	40,470	11	40,481	40,575	1,305	41,880	(negative 1,399)	(negative 1,850)	–	–	–	–	(negative 3,249)
Halifax Port Authority	45,904	–	45,904	32,886	2,155	35,041	10,863	195,742	–	(negative 908)	–	–	205,697
Hamilton-Oshawa Port Authority	31,590	–	31,590	24,951	–	24,951	6,639	142,078	4,111	(negative 1,030)	–	–	151,798
Laurentian Pilotage Authority	107,826	–	107,826	107,905	–	107,905	(negative 79)	28,269	–	–	–	–	28,190
Montreal Port Authority	131,104	728	131,832	96,250	4,888	101,138	30,694	379,597	3,118	592	–	–	414,001
Pacific Pilotage Authority	96,880	–	96,880	94,629	138	94,767	2,113	11,477	284	(negative 47)	–	–	13,827
Prince Rupert Port Authority	69,114	–	69,114	36,457	3,364	39,821	29,293	239,549	–	(negative 1,406)	–	–	267,436
Quebec Port Authority	44,098	3,030	47,128	35,360	2,274	37,634	9,494	108,150	–	(negative 571)	–	–	117,073
Ridley Terminals Inc.^{Link to footnote 8}	81,088	–	81,088	61,587	–	61,587	19,501	403,278	(negative 200,796)	(negative 2,998)	(negative 128,985)	(negative 90,000)	–
Royal Canadian Mint	1,510,391	96,806	1,607,197	1,540,952	37,440	1,578,392	28,805	164,061	–	(negative 1,109)	(negative 40,000)	–	151,757
Saint John Port Authority	25,920	–	25,920	20,320	854	21,174	4,746	102,311	–	1,088	–	–	108,145
Sept-Iles Port Authority	34,228	–	34,228	17,941	737	18,678	15,550	103,717	–	(negative 446)	–	–	118,821
Toronto Port Authority	59,912	–	59,912	57,149	–	57,149	2,763	223,489	–	(negative 1,309)	–	–	224,943
Vancouver Fraser Port Authority	421,882	1,232	423,114	162,848	7,891	170,739	252,375	1,715,798	598	(negative 5,395)	–	–	1,963,376
Other Canada Port Authorities	51,792	807	52,599	43,442	539	43,981	8,618	288,720	(negative 4,008)	(negative 393)	–	–	292,937
Total	27,217,850	4,864,711	32,082,561	25,999,212	2,433,421	28,432,633	3,649,928	46,159,029	(negative 118,453)	3,849,241	(negative 3,684,377)	1,816,000	51,671,368
Elimination adjustments								(negative 497,872)	(negative 133,759)	(negative 367,628)	66,629		(negative 932,630)
Total net results	27,217,850	4,864,711	32,082,561	25,999,212	2,433,421	28,432,633	3,649,928	45,661,157	(negative 252,212)	3,481,613	(negative 3,617,748)	1,816,000	50,738,738
Less equity adjustments							(negative 61,718)		61,718				–
Share of annual profit							3,588,210	45,661,157	(negative 190,494)	3,481,613	(negative 3,617,748)	1,816,000	50,738,738
Table notes 3 General notes: The accompanying notes for Table 9.3 are an integral part of this table. The dash means that the amount is 0 or is rounded to 0. A blank cell means there is no available data. Table note 7 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 7 referrer Table note 8 The Government of Canada sold 90% of its Ridley Terminals Inc. shares to a company in the private sector and transferred the remaining 10% shares to First Nations. Return to table note 8 referrer

Borrowings by enterprise Crown corporations and other government business enterprises

**Table 9.5**
**Borrowings by enterprise Crown corporations and other government business enterprises**
(in thousands of dollars)
Agent enterprise Crown corporations
	April 1, 2019	Borrowings and other credits	Repayments and other charges	March 31, 2020
Business Development Bank of Canada	137,157	7	(negative 4,457)	141,621
Canada Mortgage and Housing Corporation	237,516,123	43,748,713	36,622,248	244,642,588
Canada Post Corporation	997,157	182	–	997,339
Export Development Canada	55,216,700	62,559,262	54,526,745	63,249,217
Farm Credit Canada	817,565	5,349,693	5,334,106	833,152
Freshwater Fish Marketing Corporation	36,919	35,964	36,919	35,964
Royal Canadian Mint	11,990	–	2,995	8,995
Total—Agent enterprise Crown corporations	294,733,611	111,693,821	96,518,556	309,908,876
Non-agent enterprise Crown corporations and other government business enterprises
Atlantic Pilotage Authority	5,442	–	663	4,779
Canada Lands Company Limited^{Link to footnote 9}	15,100	22,400	–	37,500
Halifax Port Authority^{Link to footnote 10}	13,420	10,134	1,930	21,624
Montreal Port Authority^{Link to footnote 10}	14,599	–	1,441	13,158
Pacific Pilotage Authority	1,715	–	398	1,317
Quebec Port Authority^{Link to footnote 10}	–	11,986	–	11,986
Ridley Terminals Inc.	3,867	–	3,867	–
Sept-Iles Port Authority^{Link to footnote 10}	44,300	–	5,921	38,379
Toronto Port Authority^{Link to footnote 10}	34,694	–	2,231	32,463
Vancouver Fraser Port Authority^{Link to footnote 10}	103,034	4,755	4,755	103,034
Other Canada Port Authorities^{Link to footnote 10}	43,336	1,545	6,038	38,843
Total—Non-agent enterprise Crown corporations and other government business enterprises	279,507	50,820	27,244	303,083
Total	295,013,118	111,744,641	96,545,800	310,211,959
Borrowings expected to be repaid by enterprise Crown corporations and other government business enterprises	295,013,118	–	–	310,211,959
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 notes 4 General notes: The dash means that the amount is 0 or is rounded to 0. Table note 9 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 9 referrer Table note 10 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 10 referrer

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.

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
2020	59,576,596	189,953	59,766,549
2021	54,613,425	21,397	54,634,822
2022	51,655,757	11,815	51,667,572
2023	43,965,835	10,894	43,976,729
2024	47,623,245	10,151	47,633,396
Subsequent years	52,474,018	58,873	52,532,891
Total	309,908,876	303,083	310,211,959^{Link to footnote 11}
Table notes 5 Table note 11 The borrowings are composed in Canadian dollar equivalent of 40,762,941 USD, 10,551,658 GBP, 3,447 JPY, 2,802,303 AUD, 5,471,956 EUR, 1,277,654 NZD, 436,539 NOK, 148,497 HKD, 14,530 CLP, 247,453,646 CAD and 1,288,788 for other currencies. Return to table note 11 referrer

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)
	2020
Loan guarantees	3,640,612
Letters of credit	207,920
Performance guarantees and callable shares	85,529
Pending and threatened litigation and other claims	4,628
Total	3,938,689

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, 2020**
(in thousands of dollars)
	Transfer payment agreements	Loans	Capital expenditures	Operating leases and other	Total
Bank of Canada	–	–	15,372	102,763	118,135
Business Development Bank of Canada	–	4,334,930	–	196,190	4,531,120
Canada Deposit Insurance Corporation	–	–	515	9,211	9,726
Canada Development Investment Corporation	–	–	139,083	48,140	187,223
Canada Lands Company Limited	–	–	63,100	5,666	68,766
Canada Mortgage and Housing Corporation	9,765,000	2,910,703	–	212,000	12,887,703
Canada Post Corporation	–	–	–	3,000	3,000
Export Development Canada	–	19,178,351	–	440,000	19,618,351
Farm Credit Canada	–	7,994,300	–	138,706	8,133,006
Great Lakes Pilotage Authority	–	–	–	1,664,259	1,664,259
Halifax Port Authority	–	–	7,887	–	7,887
Pacific Pilotage Authority	–	5,300	5,598	–	10,898
Prince Rupert Port Authority	–	–	15,123	–	15,123
Royal Canadian Mint	–	–	1,622	70,764	72,386
Vancouver Fraser Port Authority	–	–	448,149	12,507	460,656
Total	9,765,000	34,423,584	696,449	2,903,206	47,788,239
Table notes 6 General notes: The dash means that the amount is 0 or is rounded to 0.

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, 2020**
(in thousands of dollars)
	Financial assistance
Canada Mortgage and Housing Corporation	2,215,672
Canada Post Corporation	22,210
Total	2,237,882

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Date modified:: 2020-12-16

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