The CTF has released a federal report entitled On the Dole: Businesses, Lobbyists, and Industry Canada's Subsidy Programs. The information was compiled through freedom of information requests made to Industry Canada.
Here are some of the lowlights.
- Between fiscal years 1982 and 2005, $18.4-billion of assistance was authorized through 47,960 separate grants, contributions, loans, interest contributions and loan guarantees from 150 different programs. Of the total, $7.1-billion is considered repayable funding yet only $1.25-billion or 17.6% of that amount has been repaid. All said, less than 7% of the total subsidy portfolio has been recouped by Ottawa;
- Technology Partnerships Canada (TPC), which is Ottawa's flagship corporate welfare program, has authorized $3-billion since its inception in 1996 and recovered only $169-million. This is a repayment record of less than 6%. Taxpayers were originally told every TPC investment dollar would return $1.74 in repayments from businesses;
- The Top 50 subsidy recipients have received a third of all money authorized or $5.9-billion;
- The Top 3 recipients have secured $2.6-billion in federal handouts. They are Pratt & Whitney ($1.5-billion authorized plus another $350-milion announced in Dec. 2006 that is not included in this report), Bombardier ($745-million authorized plus another $350-million announced in Nov. 2006), and General Motors Canada ($360-million); and
- Industry Canada has 2,234 lobbyist registrations and is the most lobbied department in Ottawa. In many instances transparency regulations were sidestepped or broken
To view the complete report click here
Wednesday, January 10, 2007
Posted by Neil Desai at 9:38 AM
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