Corporate Welfare Bargains at Industry Canada
This Alert reviews payments made to businesses over the last 30 years by Canada's federal department of industry, a practice known as corporate welfare. The information was gathered through an Access to Information request to Industry Canada. This report closely examines corporate welfare at the department where subsidies to some of Canada's largest corporations originate; it does not delve into individual businesses but instead focuses on the programs overseen by Industry Canada, and repayments and interest paid to the same department. The report finds that $6.6 billion was disbursed with no repayment ever expected; another $7.4 billion was given out and expected to be repaid eventually, though only 28.8% has been. Further, it turns out that only $9-million in interest has been received by the Department of Industry over the past three decades.
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