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GCSurplus is a Canadian government department responsible for handling moveable Crown assets that a federal department or agency has declared as surplus under the Surplus Crown Assets Act (R.S., c. S-20, s. 1). [1] Surplus assets are typically auctioned off to the public through the GCSurplus website. [2]
Government property sold at public auction may include surplus government equipment, abandoned property over which the government has asserted ownership, property which has passed to the government by escheat, government land, and intangible assets over which the government asserts authority, such as broadcast frequencies sold through a spectrum auction.
For this auction, the band was divided into seven licence blocks in 14 areas, creating a total of 98 licences for the government to sell. [4] During this 22-day auction, 108 rounds of bidding occurred. [5] On February 25, 2014, The Globe and Mail reported that, according to sources, some rounds of bidding reached a total of over $7 billion. [6]
The government's claim of a surplus was not reflected in any way in the amount of the debt. The Independent Financial Commission of Inquiry August 30, 2018 report was tabled to "establish a budgetary baseline" and to clarify Canadian Public Sector Accounting Standards requirements that the Ontario government must follow for the Auditor General ...
The policy shift represented "the biggest reduction in Canadian government spending since demobilization after World War Two." [19] By FY 1995-1996 the federal net debt to GDP ratio peaked at 68%, and a budget surplus was achieved within four years. [19] The Financial Crisis and the COVID-19 Pandemic In 2010, Canada's debt-to-GDP ratio was 77% ...
In spite of the high incomes and large income from corporate taxes, Alberta has an income tax rate that is much lower than the Canadian average, but by 2017, it also had a $10.5-billion deficit. Tombe said that if Alberta had a tax rate similar to the Canadian average, the province would have a surplus not a deficit. [28]
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The department is responsible for the procurement for other government departments and serves as the central purchasing agent, real property manager, treasurer, accountant, pay and pension administrator, integrity adviser and linguistic authority; it was recognized in 2018 as one of Canada's Best Diversity Employers. [1]
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