Yes.
Evidence of meeting #78 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was debt.
A recording is available from Parliament.
Evidence of meeting #78 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was debt.
A recording is available from Parliament.
Senior Associate Deputy Minister, Department of Finance
It's a very good question. It's a topical issue. We look at it regularly, but the important consideration here is that the federal debt is like a supertanker: it's very hard to move rapidly. That's part of the reason.
We have done substantial analysis showing that the benefit of moving to a higher level of floating rate debt--i.e., to that 40%--will provide the Government of Canada with savings.
One other important point on debt strategy is that part of this budget is a proposal to consolidate the debt of a number of crown corporations, which will result in about $90 million of saving to the Government of Canada per annum, once done.
Conservative
The Chair Conservative Brian Pallister
Just repeat that last point again, the consolidation of crown debts....
Senior Associate Deputy Minister, Department of Finance
A number of crown corporations, not all, had effectively issued on their own behalf. They were guaranteed by the Government of Canada and they issued at a slight premium to the Government of Canada, so it's slightly more expensive, 25 to 50 basis points. We're going to bring that in-house and save that amount of money, which can be given back to Canadians or reinvested in priorities of the government.
Conservative
Senior Associate Deputy Minister, Department of Finance
It was $90 million per year.
Conservative
The Chair Conservative Brian Pallister
Wow, a $90 million saving.
Thank you very much for your testimony here today.
Now, members, to the votes.
FINANCE
Financial Transactions and Reports Analysis Centre of Canada
Vote 25--Program expenditures..........$41,312,000
(Vote 25 agreed to on division)
CANADA REVENUE AGENCY
Vote 1--Program expenditures and recoverable expenditures on behalf of the Canada Pension Plan and the Employment Insurance Act..........$2,607,505,000
(Vote 1 agreed to on division)
FINANCE
Finance Department
Vote 1--Operating expenditures..........$89,343,000
Vote 5--Grants and contributions..........$221,200,000
Vote L10--Issuance and payment of demand notes to the International Development Association..........
(Votes 1, 5, and L10 inclusive agreed to on division)
Canadian International Trade Tribunal
Vote 20--Program expenditures..........$9,306,000
(Vote 20 agreed to on division)
Office of the Superintendent of Financial Institutions
Vote 30--Program expenditures..........$784,000
(Vote 30 agreed to on division)
Shall the chair report vote 1, under Canada Revenue Agency; votes 1, 5, and L10 under Department of Finance; vote 20 under Canadian International Trade Tribunal, vote 25 under Financial Transactions and Reports Analysis Centre of Canada; and vote 30 under the Office of the Superintendent of Financial Institutions, less the amount voted in interim supply, to the House?