Canadian Taxpayers Federation;
Two years after former Industry Minister Bernier announced the new Strategic Aerospace and Defence Initiative (SADI), there have been seven announcements. On the last day of the fiscal year and hours before April Fools Day, Minister Clement announced a $250-million ‘repayable loan’ for Montreal’s CAE to build flight simulators.
It is taking some time for Industry Canada to wind-down its flagship program, Technology Partnerships Canada (TPC). The department hasn't updated its Repayment Status Report since July 10, 2008, and several companies still don't want taxpayers to know how much, if anything, they've repaid. However, taxpayers should know that CAE had repaid only about $32-million of the $300-million received from TPC. As well, total repayments for the program at $381.7-million amount to just 10.8 percent of the $3.5-billion approved between April 1, 1996 and March 31, 2006.
According to the Repayment Status Report, in fiscal year 2006-2007 – incidentally the eleventh year of a ten-year program – repayments to TPC totaled only $65.7-million. Yet, during the same year, the department paid out another $300-million. Now with the new Strategic Aerospace and Defence Initiative (SADI) expected to spend nearly $900-million over the next five years, the prospect of repayment is about as likely as the Maple Leafs winning the cup next year.
Nothing has changed. Does the Canadian taxpayer not deserve a full accounting of all loans and repayments at least every quarter because after all, this is where the money is coming from? It seems to me that the quality of governance over these loans is symptomatic of all Government programs and the primary driver of the current world economic crisis.
It's not Capitalist who kill countries, it's Politicians.
If this is the repayment record when times were good, what can we expect for repayment during this recession?
Rest assured that CAE will have an extensive and highly-qualified management team whose compensation will reflect the heavy weight of their money management responsibilities.
CAE also supplied the simulator for the nuclear reactor in China designed by AECL, which has cost tax-payers an estimated $17B so far...
Loans, subsidies...Canada is just one huge pig-trough.
It's heartwarming to know that some nice houses that I drive by are paid for by my taxes while my job is gone to Bangalor.
"the prospect of repayment is about as likely as the Maple Leafs winning the cup next year."
Aw, come off it. As low as the prospect of repayment may be, it can't be as low as the Leaf's prospects of winning anything beyond the spring golf turneys.
Once again the buying of votes from the "Leavings". Until Upper and Western Canada let the citizens east of the Ontario's eastern border find their own way without support from from the taxpayers west of the Ontario's eastern borders, these "Leavings" residents east of Ontario, will always be the ones asking for help. Only after finding their own way and if they wish to enter into a new understanding will a federation work. Give a person a fish and he will eat; give a "Leavings" resident a boat or plane or a car and they will be able to feed themselves. Wait a minute this has been done! Cheers; Mike Sr.
Harmonized tax is what will save Ontario!
Next year when gas and services will be slapped with 8% more tax, we'll all see enormous improvement in the economy. The businesses are so optimistic - they get to deduct PST, whoa!
When this crock passed, I made a resolution to never sell my products to Ontario anymore. Every order will be denied with 'Contact your MPP about that' notice.
Agreed Steve, once again money is hauled out of productive, profitable sectors of the economy that have the potential for sustained growth and are ploughed into glamorous losers. It's the eternal story of subsidies.
For my money, if foreign companies such as Embraer want to provide us with products for less than it costs to produce them then we should simply take advantage of the bargains, not try to compete with them in terms of how much tax money we can waste.
It is an on-going bad joke. Ratt has it right.
Nearly all our problems are caused by politicians who then promise to solve all our problems. They are mostly ugly ego maniacs who found a way to get into a form of show biz. It pays well too.
No one said it better than John Stossel in his recent documentary. You can watch it in six ten minute clips HERE
Department of Redundancy Department alert: ‘repayable loan’
Here's an idea that's so crazy, it just might work. Why not start up institutions that are in the business of lending money to individuals and companies? We could call them oh, I don't know, how about banks?, and let them determine the credit-worthiness of applicants.
Everyone with no respect including buisness, is on the dole. Except a few people trying to keep civilization together but losing the battle to the plunderers.
Now that corporations have feed at the tax payers expense. Its a habit hard to get rid of. Like a bad coke habit.
The society goes ever deeper into control by Government as independance become obsolete. These are just symptons of an ill society that has lost its way.
JMO
Did he say the Leafs are going to win the Cup next year? Cool!!
breaking news, another big Tamil terrorist rally in downtown Ottawa, police look overwhelmed, tamils definitely have the numbers to storm the Hill, appear to be massing outside PM office...developing....
Tamil watcher - you mean to tell us that there is a Liberal convention going on in Ottawa as we speak?
Isn't it time Quebec and the rest of the litter were weaned?
I work for a company that had a project that was absolutely ideal for a SADI grant. We were told we were 'too far along' to qualify.
Many other small Canadian companies we talked to were told the same thing. To see CAE get money for something they can easily self fund is beyond painful.
So you wonder why I am a western Seperatista? I am old enough to remember well the jerk who started us down this road to ruin. P.E.Trudeau. My town received the benefit of the federal industry incentive program of the early '80s. We got $75000 to build a pyramidic building designed to grow bananas year around in northern climes! Absolutely not kidding. This type of 'investment' was repeated across the country. The difference being that we got tens of thousands and eastern Canada got billions $$$. 30 years later and nothing has changed!
I lik muny and tuknology and my nu hi tech drink;brandow has a place.