ARCHIVED - 2007-08 Part II - Main Estimates

•  
• Table of Contents
•  

This page has been archived.

Finance

Department
Auditor General
Canadian International Trade Tribunal
Financial Transactions and Reports Analysis Centre of Canada
Office of the Superintendent of Financial Institutions

---

Ministry Summary

Vote	(thousands of dollars)	2007-2008	2006-2007	Difference
		Main Estimates	Main Estimates
	Finance
	Department
1	Operating expenditures	89,343	93,135	(3,792)
5	Grants and contributions	221,200	404,200	(183,000)
(S)	Minister of Finance - Salary and motor car allowance	75	73	2
(S)	Territorial Financing (Part I.1 - Federal-Provincial
	Fiscal Arrangements Act )	2,142,450	2,070,000	72,450
(S)	Payments to International Development Association	318,269	318,269	. . . . .
(S)	Contributions to employee benefit plans	12,344	12,429	(85)
(S)	Purchase of Domestic Coinage	145,000	83,100	61,900
(S)	Interest and Other Costs	34,697,000	34,395,000	302,000
(S)	Statutory Subsidies ( Constitution Acts, 1867-1982 , and
	Other Statutory Authorities)	32,000	32,000	. . . . .
(S)	Fiscal Equalization (Part I - Federal-Provincial Fiscal
	Arrangements Act )	11,676,353	11,282,000	394,353
(S)	Canada Health Transfer (Part V.1 - Federal-Provincial
	Fiscal Arrangements Act )	21,348,400	20,140,000	1,208,400
(S)	Canada Social Transfer (Part V.1 - Federal-Provincial
	Fiscal Arrangements Act )	8,800,000	8,500,000	300,000
(S)	Youth Allowances Recovery ( Federal-Provincial
	Fiscal Revision Act, 1964 )	(661,000)	(699,000)	38,000
(S)	Alternative Payments for Standing Programs (Part VI -
	Federal-Provincial Fiscal Arrangements Act )	(3,010,000)	(2,995,000)	(15,000)
	Appropriations not required
-	Pursuant to section 29 of the Financial Administration
	Act , to authorize the Minister on behalf of Her
	Majesty in Right of Canada to guarantee payment to
	the holders of mortgages insured by private insurers
	approved by the Superintendent of Financial
	Institutions to sell mortgage insurance in Canada of
	not more than 90% of the net claims of the holders
	of the insured mortgages in the event of the
	insolvency or liquidation of the private insurer,
	subject to the limitation that the aggregate
	outstanding principal amount of all mortgages
	covered by the guarantee shall not exceed
	$100,000,000,000 at any time; and to repeal
	Vote 16b, Appropriation Act No. 4, 2003-2004	. . . . .	. . . . .	. . . . .
	Items not required
-	Payments to International Monetary Fund's Poverty
	Reduction and Growth Facility	. . . . .	3,400	(3,400)
	Total budgetary	75,811,434	73,639,606	2,171,828
L10	Issuance and payment of demand notes to the
	International Development Association	. . . . .	. . . . .	. . . . .
(S)	Payments and encashment of notes issued to the
	European Bank for Reconstruction and
	Development - Capital Subscriptions	5,247	7,471	(2,224)
	Total non-budgetary	5,247	7,471	(2,224)
	Total Department	75,816,681	73,647,077	2,169,604
	Auditor General
15	Program expenditures	71,441	64,920	6,521
(S)	Contributions to employee benefit plans	9,148	8,828	320
	Total Agency	80,589	73,748	6,841
	Canadian International Trade Tribunal
20	Program expenditures	9,306	8,609	697
(S)	Contributions to employee benefit plans	1,376	1,396	(20)
	Total Agency	10,682	10,005	677
	Financial Transactions and Reports Analysis Centre
	of Canada
25	Program expenditures	41,312	28,110	13,202
(S)	Contributions to employee benefit plans	3,581	3,018	563
	Total Agency	44,893	31,128	13,765
	Office of the Superintendent of Financial
	Institutions
30	Program expenditures	784	768	16
(S)	Spending of revenues pursuant to subsection 17(2) of
	the Office of the Superintendent of Financial
	Institutions Act	. . . . .	. . . . .	. . . . .
	Total Agency	784	768	16

---

Department

Strategic Outcome

To create a fiscal, economic, social and global advantage for Canada by providing appropriate policies and sound advice with respect to economic, social and financial conditions and to the government's overall agenda.

Program Activity Descriptions

Tax Policy
Develops and evaluates federal taxation policies and legislation in the following areas: personal income tax, business income tax, and sales and excise tax.

Economic and Fiscal Policy
Analyzes Canada's economic and fiscal situation; advises on fiscal matters; and provides analytical support on a wide range of economic and financial issues related to the government's macroeconomic policies.

Financial Sector Policy
Provides policy analysis on Canada's financial sector and on the regulation of federally chartered financial institutions; manages the federal government's borrowing program; and provides support regarding Crown corporation borrowing and financial market and exchange rate policy.

Economic Development and Corporate Finance
Provides policy and advice regarding financial implications of government's microeconomic policies and programs; proposals for funding of programs; sectoral policy analysis; and corporate restructuring regarding Crown corporations and other corporate holdings.

Federal-Provincial Relations and Social Policy
Provides policy and advice on federal-provincial-territorial relations and social policy issues and their economic and fiscal implications.

International Trade and Finance
Manages the Department's participation in international financial institutions (including the International Monetary Fund, the World Bank Group, the Organisation for Economic Co-operation and Development and the European Bank for Reconstruction and Development), international groups such as the G-7, G-20 and the Asia-Pacific Economic Cooperation forum, as well as trade and investment policy issues.

Public Debt
Manages the funding of interest and service costs of the public debt and the issuing costs of new borrowing.

Domestic Coinage
Responsible for the payment of the production and distribution costs for domestic circulating coinage.

Transfer Payments to Provinces/Territories
Administers the transfer payments pursuant to statutes and agreements with provinces and territories.

International Financial Organizations
Administers international financial obligations and subscriptions.

Program by Activities

(thousands of dollars)			2007-2008 Main Estimates					2006-2007
			Budgetary			Non-budgetary	Total	Main
	Operating	Grants	Contributions	Less:	Total	Loans,		Estimates
			and other	Revenues		investments
			transfer	credited		and advances
			payments	to the vote
Tax Policy	32,653	. . . . .	. . . . .	128	32,525	. . . . .	32,525	30,748
Economic and Fiscal Policy	14,991	. . . . .	. . . . .	59	14,932	. . . . .	14,932	14,504
Financial Sector Policy	18,093	. . . . .	. . . . .	71	18,022	. . . . .	18,022	20,444
Economic Development and Corporate
Finance	8,280	. . . . .	. . . . .	32	8,248	. . . . .	8,248	7,755
Federal-Provincial Relations and Social
Policy	12,284	. . . . .	. . . . .	48	12,236	. . . . .	12,236	16,690
International Trade and Finance	15,861	. . . . .	. . . . .	62	15,799	. . . . .	15,799	15,496
Public Debt	34,697,000	. . . . .	. . . . .	. . . . .	34,697,000	. . . . .	34,697,000	34,395,000
Domestic Coinage	145,000	. . . . .	. . . . .	. . . . .	145,000	. . . . .	145,000	83,100
Transfer Payments to Provinces/Territories	. . . . .	. . . . .	40,328,203	. . . . .	40,328,203	. . . . .	40,328,203	38,330,000
International Financial Organizations	. . . . .	176,200	363,269	. . . . .	539,469	5,247	544,716	733,340
	34,944,162	176,200 40,691,472		400	75,811,434	5,247	75,816,681 73,647,077

Transfer Payments

(dollars)	2007-2008	2006-2007
	Main Estimates	Main Estimates
Grants
International Financial Organizations
Compensation to Canadian agencies or entities established by an Act of
Parliament for reduction of debts of debtor countries	125,000,000	298,000,000
Debt payments to international organizations on behalf of poor countries	51,200,000	51,200,000
Total grants	176,200,000	349,200,000
Contributions
International Financial Organizations
Compensation to Canadian agencies or entities established by an Act of	45,000,000	55,000,000
Parliament for reduction of debts of debtor countries
Total contributions	45,000,000	55,000,000
Other Transfer Payments
Transfer Payments to Provinces/Territories
(S) Territorial Financing (Part I.1 - Federal-Provincial Fiscal
Arrangements Act )	2,142,450,000	2,070,000,000
(S) Statutory Subsidies ( Constitution Acts, 1867-1982 , and Other
Statutory Authorities)	32,000,000	32,000,000
(S) Fiscal Equalization (Part I - Federal-Provincial Fiscal
Arrangements Act )	11,676,353,000	11,282,000,000
(S) Canada Health Transfer (Part V.1 - Federal-Provincial Fiscal
Arrangements Act )	21,348,400,000	20,140,000,000
(S) Canada Social Transfer (Part V.1 - Federal-Provincial Fiscal
Arrangements Act )	8,800,000,000	8,500,000,000
(S) Youth Allowances Recovery ( Federal-Provincial Fiscal Revision
Act, 1964 )	(661,000,000)	(699,000,000)
(S) Alternative Payments for Standing Programs (Part VI -
Federal-Provincial Fiscal Arrangements Act )	(3,010,000,000)	(2,995,000,000)
International Financial Organizations
(S) Payments to International Development Association	318,269,000	318,269,000
Total other transfer payments	40,646,472,000	38,648,269,000
Items not required
(S) Payments to International Monetary Fund's Poverty Reduction and
Growth Facility	. . . . .	3,400,000
Total items not required	. . . . .	3,400,000
Total	40,867,672,000	39,055,869,000

Note: Amounts shown are the cash contributions authorized by Part V.1 of the Federal-Provincial Fiscal Arrangements Act . The following table shows the total federal contribution in respect of the Canada Health Transfer and the Canada Social Transfer including the tax point portion of the transfer:

	(Thousands
	of dollars)
Total Cash Transfer Payments - Main Estimates	30,148,400
Plus Tax Transfers	21,104,712
Total	51,253,112

---

Auditor General

Strategic Outcome

Through legislative auditing, we contribute to a well-managed and accountable government for Canadians.

Program Activity Descriptions

Legislative Auditing
We conduct independent audits and studies that provide objective information, advice and assurance to Parliament, government and Canadians.

Program by Activities

(thousands of dollars)	2007-2008 Main Estimates		2006-2007
	Budgetary	Total	Main
	Operating		Estimates
Legislative Auditing	80,589	80,589	73,748
	80,589	80,589	73,748

Transfer Payments

(dollars)			2007-2008	2006-2007
			Main Estimates	Main Estimates
Items not required
CCAF-FCVI Inc.			. . . . .	380,000
Total			. . . . .	380,000

---

Canadian International Trade Tribunal

Strategic Outcome

Fair, timely and effective disposition of international trade cases and government mandate inquiries in various areas of the Tribunal's jurisdiction.

Program Activity Descriptions

Adjudication of Trade Cases (quasi-judicial role)
The Tribunal acts as an administrative court when carrying out its quasi-judicial functions. It conducts inquiries that are open to the public. It has rules and procedures similar to those of a court of law, but not quite as formal. The Tribunal is a superior court of record and can subpoena witnesses, hear evidence and hold public hearings. Transparency and fairness are key pillars of the Tribunal's inquiry process. The Tribunal's decisions may be appealed to, as appropriate, the Federal Court of Canada or the Federal Court of Appeal or reviewed by the Federal Court of Appeal or by a bi-national panel under the North American Free Trade Agreement (NAFTA). Governments that are members of the World Trade Organization (WTO) may challenge some of the Tribunal's decisions before a dispute settlement panel under the WTO Understanding on Rules and Procedures Governing the Settlement of Disputes. The Tribunal may also conduct inquiries (safeguard inquiries) to determine if Canadian producers are being seriously injured by increased imports of goods and report with recommendations, as required, to the government.

General Economic Inquiries and References (advisory role)
The Canadian International Trade Tribunal Act contains broad provisions under which the government or the Minister of Finance may ask the Tribunal to conduct an inquiry on any economic, trade, tariff or commercial matter. In such an inquiry, the Tribunal acts in an advisory capacity, with powers to conduct research, receive submissions, hold hearings and report with recommendations, as required, to the government or the Minister of Finance.

Program by Activities

(thousands of dollars)	2007-2008 Main Estimates		2006-2007
	Budgetary	Total	Main
	Operating		Estimates
Adjudication of Trade Cases (quasi-judicial role)	10,058	10,058	9,922
General Economic Inquiries and References (advisory
role)	624	624	83
	10,682	10,682	10,005

---

Financial Transactions and Reports Analysis Centre of Canada

Strategic Outcome

Financial intelligence that contributes to the detection and deterrence of money laundering and terrorist activity financing in Canada and abroad.

Program Activity Descriptions

Collection, Analysis and Dissemination of Financial Information
Technology-driven financial intelligence analysis and case disclosures that are widely used and accepted by law enforcement and intelligence agencies with a program that fosters compliance by the reporting entities.

Program by Activities

(thousands of dollars)	2007-2008 Main Estimates						2006-2007
	Budgetary					Total	Main
	Operating	Contributions					Estimates
		and other
		transfer
		payments
Collection, Analysis and Dissemination of Financial
Information	43,093	1,800				44,893	31,128
	43,093	1,800				44,893	31,128

Transfer Payments

(dollars)					2007-2008		2006-2007
				Main Estimates			Main Estimates
Contributions
Collection, Analysis and Dissemination of Financial Information
Contribution to the Egmont Group Secretariat to support development
and operations						1,800,000	. . . . .
Total						1,800,000	. . . . .

---

Office of the Superintendent of Financial Institutions

Strategic Outcome

Regulate and supervise to contribute to public confidence in Canada's financial system and safeguard from undue loss.

Program Activity Descriptions

Regulation and Supervision of Federally Regulated Financial Institutions
This is the largest program activity within the Office of the Superintendent of Financial Institutions (OSFI), representing over 85% of its costs. Costs for this program are recovered through assessments, service charges and user fees paid by the federally regulated financial institutions. Costs are also recovered via Memoranda of Understanding; financial statements indicate this third revenue stream as "cost-recovered services".

Regulation and Supervision of Federally Regulated Private Pension Plans
This program activity incorporates risk assessment and intervention and rule-making and approvals related to federally regulated private pension plans under the Pension Benefits Standards Act . The costs for this program are recovered from pension plan fees based on the number of members in each federally regulated pension plan.

International Assistance
This program activity incorporates activities related to providing help to other countries that are building their supervisory and regulatory capacity. The costs for this program are recovered via Memoranda of Understanding between OSFI and organizations such as the Canadian International Development Agency and the International Monetary Fund.

Strategic Outcome

Contribute to public confidence in Canada's public retirement income system.

Program Activity Descriptions

Office of the Chief Actuary
This office provides a range of actuarial services, under legislation, to the Canada Pension Plan and some federal government departments.

Program by Activities

(thousands of dollars)		2007-2008 Main Estimates			2006-2007
		Budgetary		Total	Main
	Operating	Capital	Less:		Estimates
			Revenues
			credited
			to the vote
Regulation and Supervision of Federally Regulated
Financial Institutions	69,222	6,692	75,914	. . . . .	. . . . .
Regulation and Supervision of Federally Regulated
Private Pension Plans	6,513	. . . . .	6,513	. . . . .	. . . . .
International Assistance	2,026	. . . . .	2,026	. . . . .	. . . . .
Office of the Chief Actuary	6,066	. . . . .	5,282	784	768
	83,827	6,692	89,735	784	768

•  
• Table of Contents
•