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2023 to 2024 Financial Statements Discussion and Analysis - Administered Activities (unaudited)

Introduction

The Financial Statements – Administered Activities reflect the total assets and liabilities, tax and non‑tax revenues, expenses and recoveries, and cash flows administered by the Canada Revenue Agency (CRA) for the Government of Canada, provinces, territories, First Nations (FN), and other government organizations. Revenues and expenses are recorded on an accrual basis.

Tax revenues

The CRA collects the majority of federal tax revenues reported in the Public Accounts of Canada. For further information on the Government of Canada’s total revenues, please refer to the Annual Financial Report of the Government of Canada, available at: https://www.canada.ca/en/department-finance/services/publications/annual-financial-report.html.

Revenues administered for the Government of Canada ($ millions)

Table 1: Revenues administered for the Government of Canada for fiscal years 2024 and 2023 (in millions of dollars)

The table also shows the difference in the revenue numbers between the two years, and the percentage difference.

Income tax revenues

  • Individuals and Trusts: 217,733 in 2024 and 207,894 in 2023, difference of 9,839 or 4.7%
  • Corporations: 82,468 in 2024 and 93,945 in 2023, difference of (11,477) or (12.2%)
  • Non-resident tax withholdings: 12,541 in 2024 and 13,187 in 2023, difference of (646) or (4.9%)

Total income tax revenues: 312,742 in 2024 and 315,026 in 2023, difference of (2,284) or (0.7%).

Other taxes, duties, and charges

  • Goods and services tax revenues: 21,927 in 2024 and 16,387 in 2023, difference of 5,540 or 33.8%
  • Energy taxes: 5,523 in 2024 and 5,568 in 2023, difference of (45) or (0.8%)
  • Other excise taxes and duties: 3,867 in 2024 and 4,027 in 2023, difference of (160) or (4.0%)
  • Cannabis duties: 244 in 2024 and 227 in 2023, difference of 17 or 7.5%
  • Other administered revenues: 1,263 in 2024 and 895 in 2023, difference of 368 or 41.1%

Total other taxes, duties, and charges: 32,824 in 2024 and 27,104 in 2023, difference of 5,720 or 21.1%.

  • Employment insurance premiums: 30,157 in 2024 and 27,422 in 2023, difference of 2,735 or 10.0%
  • Fuel charge proceeds: 10,278 in 2024 and 7,740 in 2023,  difference of 2,538 or 32.8%
  • Interest, penalties, and other revenues: 14,189 in 2024 and 10,567 in 2023, difference of 3,622 or 34.3%

Revenues administered for the Government of Canada: 400,190 in 2024 and 387,859 in 2023, difference of 12,331 or 3.2%.

Revenues administered for the Government of Canada were $400,190 million, an increase of $12,331 million (3.2%) from 2022 to 2023. The changes in revenues are explained below.

Individuals and Trusts income tax

Individuals and Trusts income tax revenues increased by $9,839 million (4.7%). The increase reflects the growth in wages and employment, self-employment, and investment earnings during the 2023 and 2024 taxation years. This was partially offset by the timing of prior years’ reassessments along with an increase in the basic personal amount tax credit.

Corporations income tax

Corporations income tax revenues decreased by $11,477 million (12.2%). The decrease reflects lower corporate earnings, particularly in the financial and resource sectors, and to some extent, in the manufacturing sector. In addition, large instalments followed by large refunds due to economic uncertainties, negatively impacted revenues in 2023 to 2024 in favour of 2022 to 2023.

Non-resident tax withholdings

Non-resident tax withholdings revenues decreased by $646 million (4.9%). The decrease is due to lower dividend payouts to non-resident shareholders, mainly in the financial sector.

Goods and services tax (GST) revenues

GST revenues increased by $5,540 million (33.8%). The increase reflects the combination of the expiry of the one-time enhanced GST credit and the GST grocery rebate payments, the decrease in GST collected on importations, which is reported by the Canada Border Services Agency, that led to lower input tax credits claimed in 2023 to 2024, higher revenues in the service sector, and a slight growth in retail sales. These were offset in part by higher rebates.

Energy taxes

Energy taxes revenues decreased by $45 million (0.8%). The volume of motive fuel consumption remained stable.

Other excise taxes and duties

Other excise taxes and duties revenues decreased by $160 million (4%), mainly due to compliance activities conducted in 2022 to 2023 and lower tobacco production in 2023 to 2024. This was offset in part by the first full year's implementation of the excise tax on vaping products and higher duty rates on tobacco, alcoholic products, and beer.

Cannabis duties

Cannabis duties revenues increased by $17 million (7.5%). Revenue growth reflects higher cannabis sales.

Other administered revenues

Other administered revenues increased by $368 million (41.1%). The increase is due to the first full year's implementation of the Luxury Tax and the Underused Housing Tax, and an increase in Air Travellers Security Charge revenues.

Employment insurance premiums

Employment insurance (EI) premiums revenues increased by $2,735 million (10%). The increase stems from the growth in employment and wages, higher EI rates, and higher insurable earnings thresholds.

Fuel Charge Proceeds

Fuel charge proceeds increased by $2,538 million (32.8%). The growth is in line with the legislative increase in the excess emissions charge rate and the July 1, 2023, implementation of the fuel charge in Newfoundland and Labrador, New Brunswick, Nova Scotia, and Prince Edward Island.

Interest, penalties, and other revenues

Interest, penalties, and other revenues increased by $3,622 million (34.3%). The increase reflects higher prescribed interest rates and higher arrears interest. This was offset in part by lower revenues from large compliance files. Quarterly prescribed rates in 2023 to 2024 were 9%, 9%, 9% and 10%. The 2022 to 2023 rates were 5%, 6%, 7% and 8%.

Pension contributions, interest, and penalties administered for the Canada Pension Plan ($ millions)

Table 2: Pension contributions, interest, and penalties administered for the Canada Pension Plan for fiscal years 2024 and 2023 (in millions of dollars)

The table also shows the difference in the revenue numbers between the two years, and the percentage difference.

Pension contributions, interest, and penalties administered for the Canada Pension Plan: 81,881 in 2024 and 74,994 in 2023, difference of 6,887 or 9.2%.

Pension contributions, interest, and penalties administered for the Canada Pension Plan (CPP) increased by $6,887 million (9.2%). The increase stems from the growth in employment and wages, a higher pensionable earnings threshold, and to a lesser extent, the implementation of the second additional Canada Pension Plan (CPP) enhancement in taxation year 2024.

Figure 1 – Direct federal tax revenues

Direct federal tax revenues represent amounts collected by the CRA directly from taxpayers. They include income tax revenues, revenues from non-resident tax withholdings, EI premiums, CPP contributions, and interest, penalties and other revenues. 

2023 to 2024 Direct federal tax revenues

2022 to 2023 Direct federal tax revenues

Figure 1: The percentage of direct federal tax revenues for fiscal years 2024 and 2023 broken down by revenue type: income tax revenues, non-resident tax withholdings, Employment Insurance premiums, Canada Pension Plan, and interest, penalties, and other revenues.

2023 to 2024 Direct federal tax revenues

The total percentage is 66% and represents $439.0 million.

  • Income tax-individuals and trusts: 50%
  • Income tax-corporations: 19%
  • Non-resident tax withholdings:  3%
  • Employment insurance premiums: 6%
  • Canada Pension Plan: 19%
  • Interest, penalties, and other revenues: 3%

2022 to 2023 Direct federal tax revenues

The total percentage is 67% and represents $428.0 million.

  • Income tax-individuals and trusts: 49%.
  • Income tax-corporations: 22%.
  • Non-resident tax withholdings: 3%.
  • Employment insurance premiums: 6%
  • Canada Pension Plan: 18%
  • Interest, penalties, and other revenues: 2%

As shown in Figure 1, the distribution of direct federal tax revenues remained generally stable over the two fiscal years.

Figure 2 – Indirect federal tax and other revenues

Indirect federal tax revenues represent amounts collected by the CRA indirectly from taxpayers through the tax they pay on products and services they purchase. They include revenues from goods and services tax, energy taxes, other excise taxes and duties, cannabis duties, other administered revenues, and fuel charge proceeds. 

2023 to 2024 Indirect federal tax revenues

2022 to 2023 Indirect federal tax revenues

Figure 2: the percentage of Indirect federal tax and other revenues for fiscal years 2024 and 2023 broken down by revenue type: goods and services tax, energy taxes, other excise taxes and duties, other administered revenues, cannabis duties, and fuel charge proceeds.

2023 to 2024 Indirect federal tax revenues

The total percentage is 7% and represents $43.1 million.

  • Goods and services tax:  51%
  • Energy taxes: 13%
  • Other excise taxes and duties: 9%
  • Other administered revenues: 3%
  • Cannabis duties: 0%
  • Fuel charge proceeds: 24%

2022 to 2023 Indirect federal tax revenues

The total percentage is 5% and represents $34.8 million.

  • Goods and services tax: 47%
  • Energy taxes: 16%
  • Other excise taxes and duties: 11%
  • Other administered revenues: 3%
  • Cannabis duties: 1%
  • Fuel charge proceeds: 22%

As shown in Figure 2, the distribution of indirect federal tax and other revenues reflected a higher proportion of GST revenues and fuel charge proceeds.

Revenues administered for provincial and territorial governments and FN ($ millions)

Revenues administered for provincial and territorial governments and First Nations for fiscal years 2024 and 2023 (in millions of dollars)

The table also shows the difference in the revenue numbers between the two years, and the percentage difference.

Income tax revenues

  • Individuals and Trusts: 102,481 in 2024 and 98,079 in 2023, difference of 4,402 or 4.5%
  • Corporations: 35,824 in 2024 and 39,043 in 2023, difference of (3,219) or (8.2%)

Total income tax revenues: 138,305 in 2024 and 137,122 in 2023, difference of 1,183 or 0.9%.

  • Provincial portion of harmonized sales tax: 40,714 in 2024 and 38,599 in 2023, difference of 2,115 or 5.5%
  • Other revenues: 1,567 in 2024 and 1,386 in 2023, difference of 181 or 13.1%

Total revenues administered for provincial and territorial governments and First Nations: 180,586 in 2024 and 177,107 in 2023, difference of 3,479 or 2.0%.

Individuals and Trusts income tax

Individuals and Trusts income tax revenues increased by $4,402 million (4.5%). The increase reflects the growth in wages and employment, self-employment, and investment earnings during the 2023 and 2024 taxation years. This was partially offset by the timing of prior years’ reassessments.

Corporations income tax

Corporations income tax revenues decreased by $3,219 million (8.2%). The decrease reflects lower corporate earnings in the financial and resource sectors, and to some extent, in the manufacturing sector. In addition, large instalments followed by large refunds due to economic uncertainties, negatively impacted revenues in 2024 in favour of 2023.

Provincial portion of harmonized sales tax (HST)

The provincial portion of HST revenues increased by $2,115 million (5.5%). The increase reflects higher GST/HST revenues led by a reduction in input tax credits and an increase in revenues from the service sector along with a slight growth in retail sales. This was offset in part by higher provincial rebates and sales tax credits.

Other revenues

Other revenues increased by $181 million (13.1%). Revenues reflect higher cannabis sales and higher Quebec Sales Tax for Selected Listed Financial Institutions. The latter was due to the increase in the number of registrants.

Figure 3 – Revenues administered for provincial and territorial governments, and FN

2023 to 2024 Provincial, territorial and FN

2022 to 2023 Provincial, territorial and FN

Figure 3: The percentage of provincial and territorial governments and First Nations revenues for fiscal years 2024 and 2023 broken down by revenue type: income tax revenues, harmonized sales tax, and other revenues.

2023 to 2024 Provincial, territorial, and First Nations

The total percentage is 27% and represents $180.6 million.

  • Income tax - Individuals and Trust:  57%
  • Income tax - Corporations: 20%
  • Harmonized sales tax: 22%
  • Other revenues: 1%

2022 to 2023 Provincial, territorial, and First Nations

The total percentage is 28% and represents $177.1 million.

  • Income tax - Individuals and Trust: 55%
  • Income tax - corporations: 22%
  • Harmonized sales tax: 22%
  • Other revenues: 1%

As shown in Figure 3, the distribution of provincial and territorial, and FN revenues reflected higher Individuals and Trusts’ revenues and lower Corporations’ revenues in 2023 to 2024.

Expenses and recoveries administered for the Government of Canada ($ millions)

Table 4: Expenses and recoveries administered for the Government of Canada for fiscal years 2024 and 2023 (in millions of dollars)

The table also shows the difference in the expense and recovery numbers between the two years, and the percentage difference.

Transfers to individuals

  • Canada benefit programs for children: 26,339 in 2024 and 24,555 in 2023, difference of 1,784 or 7.3%
  • Canada Carbon Rebate: 9,648 in 2024 and 6,872 in 2023, difference of 2,776 or 40.4%
  • Canada’s COVID-19 Economic Response Plan: (4,815) in 2024 and (3,395) in 2023, difference of (1,420) or 41.8%
  • Canada workers’ benefit: 4,605 in 2024 and 3,203 in 2023, difference of 1,402 or 43.8%
  • Refundable tax credits: 495 in 2024 and 416 in 2023,  difference of 79 or 19.0%
  • Children’s special allowances: 390 in 2024 and 368 in 2023, difference of 22 or 6.0%
  • Canada dental benefit: 235 in 2024 and 157 in 2023,  difference of 78 or 49.7%
  • Canada housing benefit: 2 in 2024 and 387 in 2023, difference of (385) or (99.5%)

Total transfers to individuals: 36,899 in 2024 and 32,563 in 2023, difference of 4,336 or 13.3%.

Transfers to corporations

  • Refundable investment tax credit: 2,430 in 2024 and 2,052 in 2023, difference of 378 or 18.4%
  • Film and video tax credits: 918 in 2024 and 864 in 2023, difference of 54 or 6.3%
  • Canada’s COVID-19 Economic Response Plan: (584) in 2024 and 728 in 2023, difference of (1,312) or (180.2%)
  • Farmers fuel charge tax credit: 83 in 2024 and 82 in 2023, difference of 1 or 1.2%

Total transfers to corporations: 2,847 in 2024 and 3,726 in 2023, difference of (879) or (23.6%).

Other federal expenses

  • Doubtful accounts expense: 11,532 in 2024 and 6,110 in 2023,  difference of 5,422 or 88.7%
  • Interest expense: 1,214 in 2024 and 576 in 2023, difference of 638 or 110.8%
  • Fuel charge proceeds returned to provinces and territories: 51 in 2024 and 41 in 2023, difference of 10 or 24.4%

Total other federal expenses: 12,797 in 2024 and 6,727 in 2023, difference of 6,070 or 90.2%.

Total expenses administered for the Government of Canada: 52,543 in 2024 and 43,016 in 2023, difference of 9,527 or 22.1%.

Recoveries administered for the Government of Canada

  • Old age security benefits: (2,974) in 2024 and (2,658) in 2023, difference of (316) or 11.9%
  • Employment insurance benefits: (304) in 2024 and (269) in 2023, difference of (35) or 13.0%
  • Canada Recovery Benefit: (27) in 2024 and (151) in 2023, difference of 124 or (82.1%)

Total recoveries administered for the Government of Canada: (3,305) in 2024 and (3,078) in 2023, difference of (227) or 7.4%.

Total net expenses and recoveries administered for the Government of Canada: 49,238 in 2024 and 39,938 in 2023, difference of 9,300 or 23.3%.

Expenses administered for the Government of Canada increased by $9,527 million (22.1%). This reflects a higher doubtful accounts expense for amounts due from COVID-19 (individual) benefits recipients and GST registrants as well as higher GST write-offs. Furthermore, Canada Carbon Rebate payments increased in line with the prescribed rate, the Canada benefit programs for children’s base benefit payments increased, and advanced payments for the Canada workers’ benefit were introduced in 2023 to 2024. This was partially offset by a decrease of expenses triggered by post-payment verification activities conducted during the year for COVID-19 benefits and the end of the one-time top-up to the Canada Housing Benefit.

Recoveries administered for the Government of Canada increased by $227 million (7.4%). The increase reflects higher Old Age Security benefits recoveries due to a higher amount of benefits paid. This was partially offset by reduced recovery activities related to the Canada Recovery Benefit, which expired in 2021 to 2022.

Expenses administered for provincial and territorial governments and, Doubtful accounts expenses administered for the Canada Pension Plan ($ millions)

Table 5: Expenses administered for provincial and territorial governments and, Doubtful accounts expenses administered for the Canada Pension Plan for fiscal years 2024 and 2023 (in millions of dollars)

The table also shows the difference in the expenses administered for provincial and territorial governments, and Doubtful accounts expenses administered for the Canada Pension Plan numbers between the two years, and the percentage difference.

Transfers to individuals

  • Family benefit programs: 2,073 in 2024 and 1,864 in 2023, difference of 209 or 11.2%
  • Ontario energy and property tax credits: 1,687 in 2024 and 1,526 in 2023, difference of 161 or 10.6%
  • Provincial and territorial climate action tax credits and rebates: 1,230 in 2024 and 1,215 in 2023, difference of 15 or 1.2%
  • Ontario senior homeowners’ property tax grant: 179 in 2024 and 187 in 2023, difference of (8) or (4.3%)
  • Other property tax credits: 11 in 2024 and 25 in 2023, difference of (14) or (56.0%)
  • Other transfers: 1,147 in 2024 and 1,371 in 2023, difference of (224) or (16.3%)

Total transfers to individuals: 6,327 in 2024 and 6,188 in 2023, difference of 139 or 2.2%.

Transfers to corporations

  • Film and television production services tax credits: 2,078 in 2024 and 1,972 in 2023, difference of 106 or 5.4%
  • Refundable investment tax credits: 998 in 2024 and 792 in 2023, difference of 206 or 26.0%

Total transfers to corporations: 3,076 in 2024 and 2,764 in 2023, difference of 312 or 11.3%.

Total Expenses administered for provincial and territorial governments: 9,403 in 2024 and 8,952 in 2023, difference of 451 or 5.0%.

Doubtful accounts expense administered for the Canada Pension Plan: 238 in 2024 and 148 in 2023, difference of 90 or 60.8%.

Expenses administered for provincial and territorial governments increased by $451 million (5%). The increase reflects higher base benefit payments for the Ontario Child Benefit, the Alberta Child and Family Benefit, and the Ontario Energy and Property Tax Credit. The increase is also due to higher Ontario Film and Television Tax credits, British Columbia Interactive Digital Media Tax credits, Manitoba Film and Video Production Tax credits, and Saskatchewan manufacturing and processing investment tax credits. These were offset in part by the termination of the Ontario Jobs Training Tax Credit and the Ontario Staycation Tax Credit, and lower British Columbia Production Services Tax credits.

Doubtful accounts expense administered for the CPP increased by $90 million (60.7%). The growth is driven by the increase in the allowance for doubtful accounts for employers.

Five-year comparative financial information

Revenues administered for the Government of Canada ($ millions)

Five-year comparative financial information: Revenues administered for the Government of Canada for fiscal years 2024, 2023, 2022, 2021 and 2020 (in millions of dollars)

Income tax revenues

  • Individuals and Trusts: 217,733 in 2024, 207,894 in 2023, 198,428 in 2022, 174,770 in 2021 and 167,597 in 2020
  • Corporations: 82,468 in 2024, 93,945 in 2023, 78,816 in 2022, 54,112 in 2021 and 50,060 in 2020
  • Non-resident tax withholdings: 12,541 in 2024,13,187 in 2023, 10,789 in 2022, 8,107 in 2021 and 9,476 in 2020

Total income tax revenues: 312,742 in 2024, 315,026 in 2023, 288,033 in 2022, 236,989 in 2021 and 227,133 in 2020.

Other taxes, duties, and charges

  • Goods and services tax revenues: 21,927 in 2024, 16,387 in 2023, 21,583 in 2022, 12,870 in 2021 and 13,886 in 2020
  • Energy taxes: 5,523 in 2024, 5,568 in 2023, 5,333 in 2022, 4,868 in 2021 and 5,635 in 2020
  • Other excise taxes and duties: 3,867 in 2024, 4,027 in 2023, 3,885 in 2022, 3,983 in 2021 and 3,638 in 2020
  • Cannabis duties: 244 in 2024, 227 in 2023, 160 in 2022, 109 in 2021 and 52 in 2020
  • Other administered revenues: 1,263 in 2024, 895 in 2023, 413 in 2022, 11 in 2021 and 798 in 2020

Total other taxes, duties, and charges: 32,824 in 2024, 27,104 in 2023, 31,374 in 2022, 21,841 in 2021 and 24,009 in 2020.

  • Employment insurance premiums: 30,157 in 2024, 27,422 in 2023, 24,305 in 2022, 22,908 in 2021 and 22,610 in 2020
  • Fuel charge proceeds: 10,278 in 2024, 7,740 in 2023, 6,106 in 2022, 4,219 in 2021 and 2,655 in 2020 
  • Interest, penalties, and other revenues: 14,189 in 2024, 10,567 in 2023, 5,670 in 2022, 3,765 in 2021 and 5,784 in 2020

Revenues administered for the Government of Canada: 400,190 in 2024, 387,859 in 2023, 355,488 in 2022, 289,722 in 2021 and 282,191 in 2020. 

Pension contributions, interest, and penalties administered for the Canada Pension Plan ($ millions)

Five-year comparative financial information: Pension contributions, interest, and penalties administered for the Canada Pension Plan for fiscal years 2024, 2023, 2022, 2021 and 2020 (in millions of dollars)

Pension contributions, interest, and penalties administered for the Canada Pension Plan: 81,881 in 2024, 74,994 in 2023, 64,737 in 2022, 55,425 in 2021 and 56,251 in 2020.

Revenues administered for provincial and territorial governments and FN ($ millions)

Five-year comparative financial information: Revenues administered for provincial and territorial governments and First Nations for fiscal years 2024, 2023, 2022, 2021 and 2020 (in millions of dollars)

Income tax revenues

  • Individuals and Trusts: 102,481 in 2024, 98,079 in 2023, 93,131 in 2022, 82,416 in 2021 and 76,031 in 2020
  • Corporations: 35,824 in 2024, 39,043 in 2023, 36,721 in 2022, 25,090 in 2021 and 22,653 in 2020

Total income tax revenues: 138,305 in 2024, 137,122 in 2023, 129,852 in 2022, 107,506 in 2021 and 98,684 in 2020.

  • Provincial portion of harmonized sales tax: 40,714 in 2024, 38,599 in 2023, 35,109 in 2022, 28,840 in 2021 and 29,450 in 2020
  • Other revenues: 1,567 in 2024, 1,386 in 2023, 1,188 in 2022, 916 in 2021 and 640 in 2020

Total revenues administered for provincial and territorial governments and First Nations: 180,586 in 2024, 177,107 in 2023, 166,149 in 2022, 137,262 in 2021 and 128,774 in 2020. 

Expenses and recoveries administered for the Government of Canada ($ millions)

Five-year comparative financial information: Expenses and recoveries administered for the Government of Canada for fiscal years 2024, 2023, 2022, 2021 and 2020 (in millions of dollars)

Transfers to individuals

  • Canada benefit programs for children: 26,339 in 2024, 24,555 in 2023, 26,226 in 2022, 27,372 in 2021 and 24,347 in 2020
  • Canada Carbon Rebate: 9,648 in 2024, 6,872 in 2023, 3,762 in 2022, 4,547 in 2021 and 2,630 in 2020
  • Canada’s COVID-19 Economic Response Plan: (4,815) in 2024, (3,395) in 2023, 16,289 in 2022, 63,718 in 2021 and nil in 2020
  • Canada workers’ benefit: 4,605 in 2024, 3,203 in 2023, 2,259 in 2022, 1,479 in 2021 and 1,732 in 2020
  • Refundable tax credits: 495 in 2024, 416 in 2023, 308 in 2022, 242 in 2021 and 149 in 2020
  • Children’s special allowances: 390 in 2024, 368 in 2023, 372 in 2022, 382 in 2021 and 352 in 2020
  • Canada dental benefit: 235 in 2024, 157 in 2023, nil in 2022, nil in 2021 and nil in 2020
  • Canada housing benefit: 2 in 2024, 387 in 2023, nil in 2022, nil in 2021 and nil in 2020

Total transfers to individuals: 36,899 in 2024, 32,563 in 2023, 49,216 in 2022, 97,740 in 2021 and 29,210 in 2020.

Transfers to corporations

  • Refundable investment tax credit: 2,430 in 2024, 2,052 in 2023, 1,818 in 2022, 1,753 in 2021 and 1,804 in 2020
  • Film and video tax credits: 918 in 2024, 864 in 2023, 539 in 2022, 718 in 2021 and 650 in 2020
  • Canada’s COVID-19 Economic Response Plan: (584) in 2024, 728 in 2023, 29,801 in 2022, 84,211 in 2021 and nil in 2020
  • Farmers fuel charge tax credit: 83 in 2024, 82 in 2023, nil in 2022, nil in 2021 and nil in 2020

Total transfers to corporations: 2,847 in 2024, 3,726 in 2023, 32,158 in 2022, 86,682 in 2021 and 2,454 in 2020.

Other federal expenses

  • Doubtful accounts expense: 11,532 in 2024, 6,110 in 2023, 5,260 in 2022, 5,162 in 2021 and 4,144 in 2020  
  • Interest expense: 1,214 in 2024, 576 in 2023, 529 in 2022, 307 in 2021 and 201 in 2020
  • Fuel charge proceeds returned to provinces and territories: 51 in 2024, 41 in 2023, 52 in 2022, 18 in 2021 and 6 in 2020

Total other federal expenses: 12,797 in 2024, 6,727 in 2023, 5,841 in 2022, 5,487 in 2021 and 4,351 in 2020.

Total expenses administered for the Government of Canada: 52,543 in 2024, 43,016 in 2023, 87,215 in 2022, 189,909 in 2021 and 36,015 in 2020.

Recoveries administered for the Government of Canada

  • Old age security benefits: (2,974) in 2024, (2,658) in 2023, (2,677) in 2022, (2,048) in 2021 and (1,887) in 2020
  • Employment insurance benefits: (304) in 2024, (269) in 2023, (516) in 2022, (244) in 2021 and (272) in 2020
  • Canada Recovery Benefit: (27) in 2024, (151) in 2023, (665) in 2022, (266) in 2021 and nil in 2020

Total recoveries administered for the Government of Canada: (3,305) in 2024, (3,078) in 2023, (3,858) in 2022, (2,558) in 2021 and (2,159) in 2020.

Total net expenses and recoveries administered for the Government of Canada: 49,238 in 2024, 39,938 in 2023, 83,357 in 2022, 187,351 in 2021 and 33,856 in 2020.

Expenses administered for provincial and territorial governments and,
Doubtful accounts expenses administered for the Canada Pension Plan ($ millions)

Five-year comparative financial information: Expenses administered for provincial and territorial governments and, Doubtful accounts expenses administered for the Canada Pension Plan for fiscal years 2024, 2023, 2022, 2021 and 2020 (in millions of dollars)

Transfers to individuals

  • Family benefit programs: 2,073 in 2024, 1,864 in 2023, 1,814 in 2022, 1,767 in 2021 and 1,647 in 2020
  • Ontario energy and property tax credits: 1,687 in 2024, 1,526 in 2023, 1,487 in 2022, 1,572 in 2021 and 1,472 in 2020
  • Provincial and territorial climate action tax credits and rebates: 1,230 in 2024, 1,215 in 2023, 344 in 2022, 819 in 2021 and 422 in 2020
  • Ontario senior homeowners’ property tax grant: 179 in 2024, 187 in 2023, 160 in 2022, 258 in 2021 and 157 in 2020
  • Other property tax credits: 11 in 2024, 25 in 2023, 106 in 2022, 146 in 2021 and 121 in 2020
  • Other transfers: 1,147 in 2024, 1,371 in 2023, 948 in 2022, 714 in 2021 and 655 in 2020

Total transfers to individuals: 6,327 in 2024, 6,188 in 2023, 4,859 in 2022, 5,276 in 2021 and 4,474 in 2020.

Transfers to corporations

  • Film and television production services tax credits: 2,078 in 2024, 1,972 in 2023, 1,266 in 2022, 1,750 in 2021 and 1,655 in 2020
  • Refundable investment tax credits: 998 in 2024, 792 in 2023, 637 in 2022, 611 in 2021 and 669 in 2020

Total transfers to corporations: 3,076 in 2024, 2,764 in 2023, 1,903 in 2022, 2,361 in 2021 and 2,324 in 2020.

Total Expenses administered for provincial and territorial governments: 9,403 in 2024, 8,952 in 2023, 6,762 in 2022, 7,637 in 2021 and 6,798 in 2020.

Doubtful accounts expense administered for the Canada Pension Plan: 238 in 2024, 148 in 2023, 96 in 2022, 94 in 2021 and 108 in 2020.

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