As I said, it will depend on how those capital expenditures are presented.
In the financial statements, only expenditures that result in assets for the Government of Canada, federal assets, should be shown as capital expenditures. In this case, transfer payments to a province, where the province might be using them for a capital investment or an infrastructure build, would, in the budget, be seen as a capital expenditure but would be shown as an operating expenditure in the financial statements because transfer payments of a federal government are operating expenditures.
That's why I said it could create some confusion, and it'll be important to be clear. The statements need to be prepared in accordance with public sector accounting standards in order to try to maintain that clean opinion.
