Canada’s $6.4 billion corporate welfare budget

Harperites throw cash at crony capitalists.

By Mark Milke, The Fraser Institute

If there was a theme in the recent federal budget, it was how chock full it was with new corporate welfare. The underlying refrain was how big government will help big business with your tax dollars.

For example, early on in Budget 2013, it is clear that crony capitalism is scattered throughout the budget.

On page six, Ottawa promises $1-billion to the aerospace sector over five years through the Strategic Aerospace and Defence Initiative; that’s the main government program for disbursing taxpayer cash to the aerospace sector.

In addition, the federal government promises a new program for aerospace companies with an initial cost to taxpayers of $110 million over four years and then $55-million every year after that.

So, over the next five years, Canada’s aerospace sector will receive almost $1.2 billion in new corporate welfare money.

That’s only the start of the corporate welfare list. Ottawa will deposit $920 million into the Federal Economic Development Agency for Southern Ontario, a corporate welfare slush fund, and spend $92 million on forestry businesses (page seven)….

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