Over Half of $7B in Subsidies to Support ‘Innovative Projects’ Won’t Be Recovered: Federal Records

Over Half of $7B in Subsidies to Support ‘Innovative Projects’ Won’t Be Recovered: Federal Records
The Canadian flag flies near the Peace Tower on Parliament Hill in Ottawa on June 17, 2020. Adrian Wyld/The Canadian Press
Isaac Teo
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Over half of the billions paid out under a corporate subsidy program to support “innovative projects” in Canada will not be recovered, according to a written submission to the Senate national finance committee.

In its submission on June 19, the Innovation, Science and Economic Development Canada (ISED) told senators that more than half of the $7 billion spent under its Strategic Innovation Fund (SIF) was “non-repayable.”