I'm presuming you're talking about the spectrum auction revenues. They go straight to the consolidated revenue fund. So yes, the money goes to the government and is lodged there. Before anyone bids, they are very well aware that they must comply with Canadian ownership and control, if they wish to get a licence. So they may win the bid, but they do not have the licence until the Canadian ownership and control requirements are satisfied.
On March 25th, 2010. See this statement in context.