Corporate Welfare at Industry Canada since John Diefenbaker
Between April 1, 1961 and March 31, 2012, and adjusted for inflation to 2012 dollars, Industry Canada disbursed $34.3 billion through to other governments, foundations, and businesses. $22.1 billion of that money was disbursed to business, $8.8 billion given in grants, and $13.3 billion provided in loans.
Pratt & Whitney Canada Corp. received the most money over the decades: almost $3.3 billion via 75 disbursements. Bombardier and De Havilland were the second and third largest recipients, each receiving disbursements worth $1.1 billion over the years.
Most of Canada?s largest companies (ranked by the number of employees), do not take financial assistance from Industry Canada. The top three employers?Onex Corp. (246,000 employees), George Weston Ltd. (155,000 employees), and Loblaw Companies (135,000 employees)?received no Industry Canada handouts in the 51 years surveyed.
Peer-reviewed research does not support many claims advanced by federal politicians and other proponents of such subsidies: that corporate welfare is responsible for economic growth or job creation. In fact, the companies with the highest employee counts?most of which do not take subsidies?are real-world examples of companies that have not needed taxpayer assistance to create jobs.