Federal and provincial government spending on corporate subsidies reached record levels in 2024, more than tripling from 2015 and marking the highest amount recorded outside the COVID-19 pandemic, according to a new study.
In a report released this week, the Fraser Institute found there was a substantial uptick in what the authors refer to as “corporate welfare” spending starting in 2015, culminating in a 142 percent surge between 2019 and 2024.
Corporate welfare is an umbrella term that includes government subsidies, tax breaks, or other forms of financial assistance given to corporations and businesses. The Fraser Institute said these payments have an economic objective, such as job growth or to boost a particular industry….