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ARCHIVED—Canada Small Business Financing Act
Annual Report 2010-2011
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5. Capital Leasing Pilot Project
The Capital Leasing Pilot Project (CLPP) was discontinued on March 31, 2007. Nevertheless, claims continue to be processed and administration fee revenues received on leases registered. There were 37 claims paid in 2010-11 representing $1.7 million and 5 claims not paid due to non-compliance with program requirements. For detailed information, see Table 9 in the Appendix.
Since the project started in 2002, revenues totalled $6.5 million and claim expenses totalled $9.4 million, resulting in a net cost of approximately $3.0 million as at March 31, 2011.
The maximum liability of the CLPP when it was discontinued was $15.7 million. As at March 31, 2011, the Crown's contingent liability was calculated at $4.7 million. Contingent liability—the amount that the government may be called upon to pay to lessors—is the lower of the maximum liability less claims paid to lessors and 85 percent of the outstanding lease balance amounts.
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