These are extraordinary times for the global economy and they call for extraordinary global measures. The global economy is in the most synchronized recession in the post-war period fuelled in part by the worst financial market crisis since the 1930s. The Government has developed an Economic Action Plan to boost confidence and economic growth and support Canadians and their families during this period of economic weakness.
With this stimulus plan, Canada will emerge from this recession stronger, with a modernized, greener infrastructure, a renewed science and research base, a more skilled labour force, lower taxes and a more competitive economy.
The Government’s Economic Action Plan comprises five main elements:
The Government’s Economic Action Plan is based on three guiding principles—that stimulus should be timely, targeted, and temporary to:
Budget 2009 will provide almost $40 billion in support of the Canadian economy over the next two years. In total, these measures are equivalent to 2.5 per cent of gross domestic product (GDP).
Including incremental funds from other orders of government, Budget 2009 will provide almost $30 billion, or 1.9 per cent of GDP, in support of the Canadian economy in 2009 alone. Over the next two years, the Economic Action Plan will invest over $50 billion, or 3.2 per cent of GDP (Table 3.1).
|(millions of dollars—cash basis)|
|Action to Help Canadians and Stimulate Spending||5,880||6,945||12,825|
|Action to Stimulate Housing Construction||5,365||2,395||7,760|
|Immediate Action to Build Infrastructure||6,224||5,605||11,829|
|Action to Support Businesses and Communities||5,272||2,255||7,527|
|Total federal stimulus||22,742||17,200||39,942|
|Total stimulus (with leverage)||29,298||22,316||51,613|
|As a share of GDP (%)|
|Total federal stimulus||1.5||1.1||2.5|
|Total stimulus (with leverage)||1.9||1.4||3.2|
|Notes: Totals may not add due to rounding. These cost estimates reflect projected cash expenditures over the next two years. The budgetary impact is somewhat smaller because some of these expenditures relate to construction and renovation costs of federal assets (for which only depreciation is recorded on a budgetary basis) and loans to third parties (where there is a budgetary impact only in the event that there is a risk of loss).|
The Economic Action Plan builds on tax relief provided in the October 30, 2007 Economic Statement, delivered just before the U.S. economy entered recession. At that time, the Government stated: "Given this global economic uncertainty, now is the time to act…to make broad-based tax reductions that will strengthen our economy, stimulate investment and create more and better jobs." These tax reductions will continue to support growth and job creation.
As described in Annex 1, measures in this budget will create or maintain 190,000 jobs. When combined with the actions set out in the October 2007 Economic Statement over 250,000 jobs will be created or maintained by the end of 2010.
The response to the global economic crisis will only succeed if governments work cooperatively and in a coordinated manner. In implementing this stimulus plan, Canada is joining other nations in taking significant steps to offset the impacts of the global economic downturn (Table 3.2). The Government’s actions in this budget fulfill Canada’s commitments at the recent G20 leaders’ summit to provide timely stimulus to domestic demand, while maintaining long-run fiscal sustainability.
|1 American Recovery and Reinvestment
Sources: Government releases; analyst estimates.
Comparing the size of fiscal stimulus measures across countries is difficult. In Canada’s case, the estimate consists of the measures announced in this budget, including the expected contribution of provincial governments. The estimate does not include the impact of the permanent tax reductions announced in the 2007 Economic Statement and taking effect in 2008 and 2009.
In contrast, the estimate for the U.S. stimulus package includes tax reductions that offset the expiration of temporary tax cuts in 2008. These tax reductions account for about one-third of the proposed U.S. package. This means that in economic terms the stimulus package proposed in this budget is about equal to that under discussion in the United States.
As well as contributing to global efforts to provide economic stimulus, Canada will also do its part to implement global agreements that strengthen the governance and legitimacy of the International Monetary Fund and the World Bank, which are key international institutions that promote global growth and stability.
In addition to the positive short-run support to the economy, the Government’s Economic Action Plan and other measures in this budget contribute to achieving objectives set out in Canada’s long-term economic plan, Advantage Canada.
Specifically, Budget 2009 will ensure that Canada develops strategic economic advantages to make the country more competitive and help promote long-run growth by:
The Government plans to move forward aggressively to implement these measures, appropriately balancing effective stewardship and governance of taxpayer dollars with speed of implementation.
To expedite implementation of measures in this budget, the Government will seek Parliamentary authority to make payments totalling close to $4 billion under the Budget Implementation Act. The Government is also tabling a Notice of Ways and Means Motion to seek Parliamentary approval to implement the tax reductions proposed in the budget. In addition, the Government will adjust the Main Estimates for 2009–10 to ensure that new funding flows quickly.
The measures proposed in this budget are of sufficient breadth and magnitude to have a significant impact on the economy in the near term. Consistent with the focus on stimulus, in cases where time-limited spending does not evolve as set out in this budget, amounts will lapse and will not be carried forward beyond 2010–11. The Government is expecting all partners in this stimulus plan to act with urgency and will reinforce this with a strong, consistent, "use it or lose it" theme.
Over the spring and summer of 2009, the Government’s focus will be on implementing the measures set out above. The Government will provide an initial report on progress this summer, and responsible ministers will provide an update to Parliament the first week following the summer recess. The Government will reassess and, if necessary, reallocate funding in the 2009 Economic and Fiscal Update.
The Government is responding to gaps in credit markets by providing up to $200 billion through the Extraordinary Financing Framework to improve access to financing for Canadian households and businesses, by:
Budget 2009 will further strengthen our financial system by:
Canadians need and deserve a more efficient, streamlined securities regulatory system that reinforces financial stability, strengthens enforcement, protects investors and is more accountable. To this end, the Government will:
The Government will assist consumers of financial products by:
The Government is acting to address issues facing federally regulated private pension plans by:
The turmoil in global financial markets has revealed serious weaknesses in the international financial system. It has also clearly demonstrated how essential strong financial institutions, capital markets, and financial sector regulation are to economic growth and prosperity.
Canada has shown exceptional resilience through the deepening crisis. Our financial system is better equipped to cope with the challenging global financial climate than those of many other nations.
Nevertheless, Canada is not immune to this global crisis and Government action has been required in a number of areas to support financial sector stability. A notable example was the decision taken by the federal government, in conjunction with three provincial governments, to support the restructuring plan for non-bank asset-backed commercial paper. This action enhanced financial stability and the health of Canada’s capital markets in challenging times.
Dislocations in global credit markets have raised wholesale borrowing costs for Canadian financial institutions and have sharply reduced the liquidity of private sector financial assets. Parts of Canada’s credit markets have ceased to function well, and there has been a significant re-pricing of risk in financial assets, increasing the cost to business borrowers.
Further, policy actions taken in other countries to support their financial institutions risk putting Canadian institutions at a competitive disadvantage.
Tighter credit conditions are now rippling into the real economy. If the Government did not take further action, this could deepen the economic downturn in Canada.
The Government has taken a number of significant and effective measures to mitigate the impact of the global credit crunch on Canadian financial institutions so that they can continue to provide Canadian consumers and businesses with access to financing.
The Government is taking further action to strengthen the capacity of Canadian financial institutions to expand credit and to respond to gaps in credit markets. It is providing up to $200 billion in existing and new measures to support the extension of financing to Canadians and Canadian businesses during the current extraordinary period.
Under the Extraordinary Financing Framework (EFF), action will be taken when it is necessary to:
Interventions under the EFF will aim to:
To help manage the EFF, the Government will form the Advisory Committee on Financing. This committee will include users and suppliers of financing, along with other experts. The committee will advise on financing conditions and the design, scope and scale of initiatives under the EFF.
Together with the rest of the Government’s comprehensive Economic Action Plan, the EFF will provide a solid foundation for economic recovery.
The EFF is expected to generate a positive return for the Government overall and therefore has no expected fiscal cost. The Government will undertake additional borrowing to make the EFF possible; this will increase the amount of Government of Canada debt sold to financial markets (Annex 4). As this debt will be matched with sound assets, the EFF will not lead to any increase in the federal debt (accumulated deficit).
The Government will extend the Insured Mortgage Purchase Program (IMPP) by authorizing the purchase of up to an additional $50 billion in insured mortgages in the first half of 2009–10. This is in addition to the $75 billion to be purchased in 2008–09 announced earlier. Extending and enhancing this successful program will reassure lenders that stable long-term financing will continue to be available, helping them to continue lending to Canadian consumers and businesses.
As the mortgages that will be purchased already carry government backing, they represent no additional risk to the taxpayer. The competitive auction process used to purchase the mortgages is also designed to protect taxpayers by ensuring that the rate of return on the purchased mortgages exceeds the Government’s cost of borrowing. As a result, the IMPP program will continue to earn a positive financial return for the Government while at the same time filling a key gap in financing markets. The program has facilitated a reduction in prime and mortgage rates since its introduction.
An increasing number of creditworthy Canadian businesses are experiencing difficulty in obtaining adequate access to financing either because their credit limit has been reduced or their traditional sources of financing are no longer available.
The Government will therefore enhance the resources and scope of action available to Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) so that they can extend additional financing to Canadian businesses in the current extraordinary circumstances. EDC and BDC are financial Crown corporations whose mandates are to assist Canadian businesses through all phases of the economic cycle. BDC focuses on small and medium-sized businesses whose financial needs exceed the parameters of conventional financing. EDC provides trade finance and risk-management services to Canadian exporters and investors.
The Government will increase the authorized capital limits of EDC and BDC by $1.5 billion each, and increase their associated borrowing limits as necessary. The Government will also increase EDC’s contingent liability limit to $45 billion to enable EDC to grow and enhance its guarantee and insurance programs, and increase the Canada Account limit from $13 billion to $20 billion. These actions follow on the additional $350 million in capital committed to both EDC and BDC in the November 2008 Economic and Fiscal Statement.
As it is very important to be able to bring this additional financing to market quickly, the Government will enable EDC to support financing in the domestic market, including in the area of accounts receivable insurance, for a temporary period. This measure will allow EDC to fill gaps and complement the activities of financial institutions and insurance providers in the domestic market. EDC and BDC will be working closely to ensure that their activities are complementary.
One way in which BDC and EDC will make use of these additional flexibilities and resources is the new Business Credit Availability Program (BCAP). This program will improve access to financing for Canadian businesses during this period of economic uncertainty through enhanced cooperation between private sector financial institutions and the financial Crown corporations. Through this program, EDC and BDC will provide at least $5 billion in additional loans and other forms of credit support and enhancement at market rates to businesses with viable business models whose access to financing would otherwise be restricted. By working in close cooperation with private sector financial institutions, this program will fill gaps in market access and lever additional lending by private sector institutions where joint participation facilitates private action.
Participating private sector lenders will commit to:
The Government will monitor the program with participating lenders to ensure it is meeting its objectives.
How the availability of financing is supported under the EFF
A lobster fisherman in PEI supplies many high-end restaurants along the Eastern seaboard. Due to the U.S. economic downturn, sales are slumping and some customers are becoming delinquent in their payments. As a result, the fisherman is having to rely more on his working capital line of credit with his local bank to finance inventories and ongoing operations. The fisherman recently sought an increase in his credit line to carry him over to the new season. The bank notified him that although he remained a valued client and was current in his payments, it could not accommodate an increase to his line of credit due to competing pressures for limited financial resources. Through the BCAP, however, the bank will be able to get support from a financial Crown corporation to allow the fisherman’s financing needs to be met on commercial terms.
The additional $350 million in capital committed to each of EDC and BDC in the November 2008 Economic Statement taken together will support about $3 billion in increased credit granting capacity that the financial Crown corporations will make available to businesses affected by the financial crisis.
In addition, the Government has increased the provision of financing in the economy by making available $2 billion in low-cost loans to municipalities through the Canada Mortgage and Housing Corporation.
The Government, through EDC, has contributed almost $3 billion in short-term loans to support the automotive industry in Canada.
Total additional credit provision by the financial Crown corporations under the Extraordinary Financing Framework is therefore about $13 billion.
The Government will increase the maximum eligible loan amount a small business can access under the Canada Small Business Financing Program for loans made after March 31, 2009. The current limit, which has not changed in the past 15 years, will be raised from $250,000 to $350,000 and to $500,000 for loans made for acquiring real property. Under the program, the Government guarantees 85-per-cent of loans made by eligible institutions to qualifying businesses. Currently, institutions with a portfolio of eligible loans above $500,000 can claim reimbursement on losses of up to 10 per cent of the value of their portfolio. Budget 2009 increases this limit to 12 per cent for loans made after March 31, 2009 in order to encourage increased lending to small business. In addition, regulatory amendments will reduce the program’s associated paperwork burden. These changes are expected to result in more than $300 million in additional lending.
As noted above, the disruption in financial markets has created a shortage of available financing in some areas. Chief among these is financing for vehicles and equipment for consumers and businesses, large and small.
The Government will create the Canadian Secured Credit Facility, with an allocation of up to $12 billion, to purchase term asset-backed securities (ABS) backed by loans and leases on vehicles and equipment. The facility will be run under high standards for transparency and credit enhancement to protect the taxpayer. This facility will be priced on commercial terms, and will therefore be expected to generate a positive return for the Government.
Federally regulated financial institutions are eligible to sell into the facility and provincially regulated financial institutions may be eligible on the approval of the Minister of Finance. Other firms interested in the facility must work with the Office of the Superintendent of Financial Institutions to establish a plan to become subject to federal regulation.
The Government will consult market participants on the potential merits of changing the legislative and regulatory regime governing leasing activities by federally regulated financial institutions.
The Canadian Lenders Assurance Facility (CLAF), announced in November 2008, will allow Canada’s deposit-taking financial institutions to access competitive global credit markets by providing a guarantee on their term debt similar to those offered to banks in other countries. To further support the sector, the Government is announcing its intention to extend the deadline for issuing guaranteed instruments under the CLAF from April 30, 2009 to December 31, 2009.
To ensure that life insurers, who access credit and compete for business at a global level, are not put at a competitive disadvantage relative to foreign insurers that benefit from guarantee programs provided by their home governments, the Government will create the Canadian Life Insurers Assurance Facility (CLIAF). The CLIAF will provide insurance on the wholesale term borrowing of federally regulated life insurance companies. The facility will be modelled on the Canadian Lenders Assurance Facility.
The CLIAF will also be made available to provincially regulated life insurers on the same commercial terms as other eligible institutions on the approval of the Minister of Finance and with an indemnity from the relevant provincial government.
The Bank of Canada has contributed importantly to improving access to financing through supporting the liquidity of the financial system. In Budget 2008, the Government modernized the authorities of the Bank of Canada to support the stability of the financial system. The Bank has used this modernized framework to increase its provision of extraordinary liquidity through a number of facilities. The Bank of Canada’s provision of liquidity reached as high as $41 billion in December 2008.
The Bank of Canada stands ready to provide extraordinary liquidity as required to support the financial system.
The Canada Mortgage and Housing Corporation maintains the Canada Mortgage Bond (CMB) program, whose overall objective is to improve access to lower cost mortgages for Canadians and enhance liquidity in the mortgage market. During the financial market turmoil, the program has been providing an important and growing source of funds for financial institutions. In the fall of 2008, a new quarterly 10-year maturity was launched, raising $2 billion. It is expected that the new maturity will raise up to $10 billion in incremental funding for financial institutions through 2009.
Canada’s financial system is stable, well-capitalized, and underpinned by one of the most effective regulatory frameworks in the world. However, the recent financial turmoil has demonstrated that it is prudent to ensure that the Government is equipped with a broad range of flexible tools to safeguard financial stability and to address potential problems in credit markets as they arise. While the Canadian financial system has been among the most resilient in the world, it is important that the tools available in Canada keep up with new powers across the G7.
The Government will propose new authority for the Minister of Finance to enter into transactions that promote financial stability and maintain efficient and well-functioning markets—including providing loans, lines of credit, and the provision and payment of guarantees.
To strengthen the regulatory framework of financial institutions, the Government will propose to provide the Canada Deposit Insurance Corporation (CDIC) with greater flexibility to enhance its ability to safeguard financial stability in Canada.
The Government will propose an authority to allow it to inject capital into federally regulated financial institutions. This authority will only be exercised if the Minister of Finance determines—following consultations with the Superintendent of Financial Institutions, the Governor of the Bank of Canada and the Chair of CDIC, and after consideration of other measures—that this will promote the stability of the financial system in Canada.
These additional tools are in keeping with Canada’s commitment to fulfill the G7 Plan of Action to stabilize financial markets and restore the flow of credit in support of global economic growth announced on October 10, 2008.
Looking ahead, the Government of Canada is fully engaged in a coordinated, international effort to address the financial crisis and help prevent future crises. In addition to participating in the work of the Financial Stability Forum, under the direction of the G7 finance ministers and Central Bank governors, Canada played a leadership role in developing a Plan of Action at the G20 Summit on Financial Markets and the World Economy in November 2008.
The G20 leaders are committed to implementing principles for reform in five broad areas in order to address the causes and weaknesses that led to the market turmoil:
Canada’s leadership role in the G20 includes co-chairing the G20 working group on Enhancing Sound Regulation and Strengthening Transparency, and as part of that effort, Canada will be making recommendations to support a macroprudential orientation for regulatory frameworks. A macroprudential approach takes a system-wide view of how government regulation and other interventions in the financial sector affect business cycles and the broader economy.
Canada has shown leadership by being an early adopter of international recommendations on financial system reform and the Government will take further steps to strengthen the stability of our financial system and maintain this leadership position.
Since its first mandate, the Government has been working with provinces and territories and leading the call for a more efficient, streamlined securities regulatory system that reinforces financial stability, strengthens enforcement, protects investors and is more accountable. In February 2008, the Government appointed an expert panel, under the leadership of the Honourable Tom Hockin, P.C., to provide the Government and provincial and territorial ministers responsible for securities regulation with recommendations on the best way forward to improve securities regulation in Canada.
On January 12, 2009, the Expert Panel on Securities Regulation released its final report, Creating an Advantage in Global Capital Markets, and a draft securities act. The central recommendation is the establishment of a single securities regulator administering a single federal securities act for Canada.
The report makes a number of recommendations to improve securities regulation, including focusing on regulatory outcomes and moving toward a proportionate and more principles-based approach. The Expert Panel also recommends that a council of ministers composed of the federal Minister of Finance and a minister designated by each participating jurisdiction be established. This Council would provide provincial and territorial ministers a strong voice in securities regulation, serve as a forum to discuss emerging issues and support the distinct needs of regions and industrial sectors across Canada. The Council would consider proposed legislative amendments to the securities act. The report highlights the role of a securities regulator in protecting investors, reducing systemic risk and contributing to financial market stability and calls for this to be explicitly addressed in legislation.
Overall, the report recommends an approach that would give Canada a competitive advantage by reducing unnecessary compliance costs for issuers, strengthening our ability to respond to financial instability, enhancing enforcement and better serving the needs of investors. As well, the Expert Panel’s recommended regulatory structure would help provide clearer national accountability, maintain a high level of local service, and continue to meet the distinct needs of regional markets.
The Government intends to move forward quickly with willing provinces and territories on a Canadian securities regulator that respects constitutional jurisdiction, regional interests, and expertise on the basis of the Expert Panel’s report. Canadians expect improved regulation of their capital markets and the seriousness of the current financial and economic crisis requires bold action.
All provinces and territories are invited to participate with the Government in the transition toward a Canadian securities regulator. To facilitate this transition, the Government proposes to establish and fund an office to assist in the transition. This office would provide for the participation of nominees from willing provinces and territories. It would be expected to deliver a transition plan within one year. The plan should ensure that the resources of securities regulators from willing provinces and territories are effectively integrated so that, for example, employees would be able to find employment opportunities with the Canadian securities regulator.
A number of provinces have already indicated their willingness to work collaboratively in this time of financial turmoil and the Government will continue to engage provinces, territories and stakeholders as it moves ahead.
In addition, the Government intends to table a securities act this year based on the recommendations of the panel that would allow willing provinces and territories to participate in the Canadian securities regulator. The securities act will include guiding principles and core objectives with requirements for performance measurement against these objectives. The act will provide for a greater investor voice in policy making; better, more coordinated enforcement; and the creation of an independent adjudicative tribunal. It will also give a financial stability mandate to the Canadian securities regulator and integrate it into Canada’s financial stability framework that already includes the Department of Finance, the Bank of Canada, the Office of the Superintendent of Financial Institutions, the Canada Deposit Insurance Corporation and the Financial Consumer Agency of Canada.
Finally, the Government is prepared to discuss with participating jurisdictions financial arrangements as Canada moves from provincial and territorial securities regulators to a Canadian securities regulator. The Government also intends to provide the resources necessary to establish a Canadian securities regulator as quickly as possible.
A strong and stable financial system depends on the ability of its users to make informed decisions when managing the risk associated with using credit.
Canadians need to have access to credit on terms that are fair and transparent. The Government is proposing to strengthen the disclosure requirements on federally regulated financial institutions that issue credit cards so that consumers are better equipped to make informed decisions. The Government will take a more principles-based approach in improving the disclosure of information to consumers. Improvements will be sought in areas such as the provision of clear and simple summary information on credit card application forms and contracts, and clear and timely advance notice of changes in rates and fees.
The Government will propose to further enhance consumer protection by limiting business practices that are not beneficial to consumers. For example, the Government will require a minimum grace period on new purchases made with a credit card and move to improve debt collection practices of federally regulated financial institutions.
Another way to enable consumers to look after their best interests is to raise the level of financial literacy. Financial literacy is the ability to understand personal and broader financial matters, apply that knowledge and assume responsibility for one’s financial decisions. Financial literacy is an important life skill that empowers consumers to make the best financial decisions in their particular circumstances. While a number of initiatives are currently underway to improve financial literacy for Canadians, it is time to better organize efforts. To that effect, the Government will establish an independent task force, which will make recommendations to the Minister of Finance on a cohesive national strategy on financial literacy. The task force will include representatives of the business and education sectors, volunteer organizations, and academics, and will be supported by a federal secretariat. The task force is expected to be launched in the spring of 2009. A positive outcome for the group will require the collaboration of the provinces, private sector and community organizations.
As announced on August 1, 2008, the Government will move forward on measures to make mortgage insurance more transparent, understandable and affordable. This will include enhanced disclosure to consumers about the characteristics of mortgage insurance. While lenders are already required to itemize the cost of mortgage insurance as part of their disclosure to borrowers, the new measure will set out additional mandated disclosures to help consumers better understand the mortgage insurance transaction. The Government will also propose new measures to ensure that Canadian consumers are charged no more for mortgage insurance than the true cost of obtaining that insurance.
In the November 2008 Economic and Fiscal Statement, the Government announced temporary solvency funding relief for federally regulated pension plans for solvency funding payments in respect of 2008 solvency deficiencies. In addition to that funding relief, federally regulated pension plans are able, subject to rules established by the Office of the Superintendent of Financial Institutions (OSFI), to take advantage of the smoothing of asset value changes over a period of not more than five years to stabilize short-term fluctuations. One of these rules, as currently applicable, prevents the use of asset values in excess of 110 per cent of market value.
In order to assist OSFI to provide further pension funding flexibility by increasing the 110 per cent limit on asset value smoothing, the Government will take action to improve pension plan member protection by making the amount of any deferral of funding that results from the use of an asset value in excess of 110 per cent subject to a deemed trust.
OSFI will be issuing detailed guidance on this subject in the near future.
On January 9, 2009, the Government released a consultation document seeking views from Canadians on the legislative and regulatory framework for federally regulated pension plans. As part of this process, the Parliamentary Secretary to the Minister of Finance will be engaging with Canadians through public meetings across Canada to examine issues pertaining to defined benefit, defined contribution and other private pension plans to ensure that the framework pertaining to these pension plans is appropriate. Given the importance of some of the issues involved, the Government will accelerate its timeline so that consultations will be completed within 90 days.
Canada Pension Plan
The Canada Pension Plan (CPP) is a public pension plan that covers workers in Canada and is under the joint stewardship of federal, provincial and territorial governments. The CPP provides a secure, lifelong benefit of a guaranteed amount (indexed to the cost of living), based on an individual’s earnings.
To ensure that the CPP remains on solid footing, it is regularly reviewed by federal, provincial and territorial (F/P/T) governments, who have successfully co-stewarded the Plan since its inception. FPT ministers of Finance expect to conclude their review of the CPP this year. The Government of Canada will work with the provinces and territories to implement any changes recommended in this review.
One of the strengths of the Canadian financial system is a continuously modernized legislative and regulatory framework that responds to the changing needs in the sector. The Government will make technical and consequential amendments to improve the financial sector framework as well as propose technical amendments to the Canada Pension Plan Investment Board Act and regulations.
A strong financial system that is protected from illicit financing contributes to the integrity of our financial institutions and enhances the security of all citizens, both at home and abroad. The Government will propose new measures to ensure that Canada is keeping step with our international partners to uphold global security, including measures that safeguard the financial system from illicit financing.
|(millions of dollars)|
|Canada Small Business Financing Program||6||9||15|
|Canadian securities regulator||154||154|
|National strategy on financial literacy||2||3||5|
|Note: Totals may not add due to rounding.|