Mr. Speaker, Canada Mortgage and Housing Corporation is involved in a variety of activities, ranging from housing programs aimed at Canadians in need to insurance and securitization which facilitate access to more affordable housing through the Canadian housing finance system. The activities relating to the housing programs are funded through government appropriations and are operated on a break-even basis.
Activities aimed at the efficiency of the housing finance markets are operated, as required by our mandate, in a commercially viable manner. Accordingly, none of CMHC's net income is derived from activities funded through budgetary appropriations.
CMHC's annual net income is derived solely from its activities that are not funded by annual parliamentary appropriations.
To answer the question, we have assumed that “budget surplus” meant CMHC's net income, including profits from lending activity, over the last five calendar years as set out below ($ million).
How has the government spent these surpluses? As a federal Crown corporation, CMHC's net financial results are accounted for on a fiscal year basis and consolidated with the government's financial statements, which means that CMHC's net income has been recognized in the goverment's revenues dollar for dollar.