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The Canadian federal government announced in 2023-24, $94.6 billion to transfer to the provinces and territories through major transfers (Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing), direct targeted support and trust funds), a $7 billion increase from the previous year, 2022-23.
A province that does not receive equalization payments is often referred to as a "have province", while one that does is called a "have-not province". [4] In 2023–24, all provinces and territories will receive $94.6 billion in major federal transfers, including $23.96 billion in equalization payments in 6 provinces. [5]
The CHT is made up of a cash transfer. In 2008-09, CHT cash transfer payments from the federal government to the provinces and territories were $22.6 billion and tax point transfers were worth $13.9 billion. The cash transfer is expected to grow to $28.6 billion in 2012-2013, a growth rate of approximately six per cent. [1]
The Canadian social safety net includes a broad spectrum of programs, many of which are run by the provinces and territories. Canada also has a wide range of government transfer payments to individuals, which totaled $176.6 billion in 2009—this cost only includes social programs that administer funds to individuals; programs such as medicare ...
National Bank of Canada: 006 Canadian Imperial Bank of Commerce (CIBC includes Simplii Financial) 010 HSBC Canada: 016 Canadian Western Bank: 030 Laurentian Bank of Canada: 039 Government of Canada [g] 117 [h] Canada Post [g] (money orders) 127 Bank of Canada (Canadian central bank) 177 Canada Savings Bond [g] (redemptions) 187 ATB Financial ...
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It was made independent from the Canada Health and Social Transfer program on 1 April 2004 to allow for greater accountability and transparency for federal health funding. In 2008/2009, the program transferred $10.6 billion in cash to the provinces and a further $8.5 billion in tax points. [1]
The Canadian Payments Association was established by the Canadian Payments Act in 1980. Among other responsibilities, it regulates and maintains directories of bank routing numbers in Canada. [4] In 2023, Payments Canada systems cleared and settled $112 trillion or $450 billion every business day. [5]