The Canadian Taxpayers Federation is calling on the federal government to end corporate welfare after records show businesses failed to repay more than $76 million in loans from the Atlantic Canada Opportunities Agency over the past five years, according to documents obtained through an access-to-information request.

“Ottawa is running a bank where the loans don’t get repaid and taxpayers cover the losses,” said Devin Drover, CTF Atlantic Director. “Try telling your bank you’re not paying back your car loan and see how that goes, but in Ottawa, businesses skip out on millions and nobody blinks.”

The Atlantic Canada Opportunities Agency hands out repayable contributions, which are loans funded by taxpayers, to businesses across Atlantic Canada. The records show numerous issues arose between 2022 and 2026:

• Businesses failed to repay $76.5 million as required.
• Nearly $28 million was written off, meaning taxpayers will never see that money again.
• Another $39.2 million is in default and $9.2 million is overdue.
• The worst year was the most recent, with $17.4 million overdue, in default or written off in 2025-26.

Dozens of companies received money, but the agency censored the amounts each business failed to repay, according to the records.

“Taxpayers are forced to bankroll these handouts, but the government won’t even tell us which company skipped out on which bill,” Drover said. “If you miss a payment to the taxman, the Canada Revenue Agency hunts you down, but when a business misses a payment to taxpayers, the government buries the paperwork.”

The CTF is calling on the federal government to stop handing out corporate welfare and cut taxes for all businesses instead.

“If a business can’t survive without a government handout, taxpayers shouldn’t be forced to prop it up,” Drover said. “The Carney government should shut down the corporate welfare machine and cut taxes so every business gets a fair shot.”

ACOA’s budget is projected to reach $389 million in the 2026-27 fiscal year.