According to a report released by The Fraser Institute, the federal government could reduce annual spending by $10.7 billion by eliminating eight “inefficient” programs.
The largest single item was the Canada infrastructure bank accounting for $3.5 billion, which conservatives recently noted has failed to complete a single project in nearly 6 years. This includes $655 million invested by the bank in a $1.7 billion underwater electricity cable project, which later went under due to inflation and financial volatility.
The second largest item is $2.4 billion for the ‘Strategic Innovation Fund,’ a program offering corporate welfare for companies to ‘grow Canada’s economy’ often aligned with its climate policies.
The third largest and, perhaps most risky if Conservatives form government in the next election, is the $1.7 billion for ‘journalism support’, the majority of which goes to the CBC/Radio Canada, which Conservative leader Pierre Poilievre has committed to defunding on multiple occasions.
“These programs represent instances where government spending does not appear to be accomplishing the stated goals, and where government involvement is questionable,” the report states.
Additional spending items include over half a billion for corporate subsidies for electric vehicle production, purchase subsidies, the two billion trees program, and green municipal fund.
The Fraser Institute estimated in September of 2024 that gross federal debt by the end of this fiscal year would reach $2.1 trillion, while the current deficit this year is $39.8 billion.
In the U.S., the recently created DOGE (Department of Government Efficiency) estimated on February 24 that they’ve saved $65 billion through cutting inefficiencies since President Trump was elected.
The savings come from cuts to foreign aid, contract terminations, renegotiations, asset sales and more.
