PacifiCan’s 2023 to 2024 Departmental Results Report

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From the Minister

Photo of The Honourable Harjit S. Sajjan, President of the King’s Privy Council for Canada and Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada

It is my pleasure to present PacifiCan’s Departmental Results Report for 2023-24 – the Agency’s second full year of operations.

As Minister responsible for PacifiCan, my commitment has been to bring the Government of Canada closer to British Columbians by establishing PacifiCan as their dedicated federal economic development partner.

Opening offices across our province in 2022-23 was an important step. With PacifiCan staff in Vancouver, Victoria, Campbell River, Prince George, Prince Rupert, Fort St. John, Kelowna and Cranbrook, British Columbians across our province have a Government of Canada economic development partner rooted in their regions.

PacifiCan’s vision is enduring prosperity for all British Columbians. And now, with the work done over the past year, PacifiCan is fully established and working closely in partnership to make that vision real. My highlights from the past year were the final major milestones in building PacifiCan.

First, I shared the good news of the location of PacifiCan’s new headquarters office in Surrey’s Innovation Corridor. This will enhance our service to one of our province’s fastest growing economic hubs and to the broader Fraser Valley region. The warm welcome we have already received from our community partners has been incredible.

Second, I announced the first programs designed by and for British Columbians. This included the Business Acceleration Pilot (BizAP), a program unique to B.C. in which PacifiCan will work with trusted partners to help our businesses grow by providing the tools and expert advice they need to realize their scale-up ambitions.

The Agency is now known for the partnerships we are building and for being proud champions for British Columbian innovators, communities and entrepreneurs. Together, we are building lasting prosperity.

I invite you to read on to learn more about how PacifiCan – and our partners – are propelling B.C. forward.

The Honourable Harjit S. Sajjan
President of the King’s Privy Council for Canada and Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada

Results – what we achieved

Core responsibilities and internal services

Core responsibility 1: Economic Development in British Columbia

In this section

Description

Pacific Economic Development Canada (PacifiCan) promotes growth and diversification in the British Columbian economy by enhancing innovation, improving business competitiveness, promoting the adoption of clean technologies and inclusive growth.

Progress on results

This section presents details on how the department performed to achieve results and meet targets for Economic Development in British Columbia. Details are presented by departmental result.

Table 1: Targets and results for Economic Development in British Columbia

Table 1 Provides a summary of the target and actual results for each indicator associated with the results under Economic Development in British Columbia.

Communities are economically diversified in British Columbia
Departmental result indicators Target Date to achieve target Actual results
Percentage of SMEs that are majority-owned by women in British Columbia 18.1% March 2024 2021–22: 15.4%
2022–23: 17.5%
2023–24: 17.6%Footnote 1
Percentage of SMEs that are majority-owned by youth in British Columbia 12.8% March 2024 2021–22: 14.8%
2022–23: 12.2%
2023–24: 12.4%Footnote 2
Percentage of SMEs that are majority-owned by Indigenous people in British Columbia 1.8% March 2024 2021–22: 1.8%
2022–23: 1.8%
2023–24: 1.6%Footnote 3
Percentage of SMEs that are majority-owned by visible minorities in British Columbia 12.1% March 2024 2021–22: 8.8%
2022–23: 11.4%
2023–24:11.5%Footnote 4
Percentage of SMEs that are majority-owned by persons with disabilities in British Columbia 1.2% March 2024 2021–22: 0.9%
2022–23: 0.5%
2023–24: 1.2%Footnote 5
Amount leveraged per dollar by PacifiCan in community projects 1.1 March 2024 2021–22: 1.2
2022–23: 0.95
2023–24: 0.89

Note 1: Data in the 2022-23 and 2023-24 actual results row are the actual results from British Columbia only. Data in the 2021-22 actual results columns include data from Alberta, Saskatchewan, Manitoba and British Columbia. The reason for this difference is that Western Economic Diversification Canada (WD), which was the Regional Development Agency (RDA) servicing the four western provinces at that time, transitioned into two separate organizations in 2021-22 – Prairies Economic Development Canada (PrairiesCan) and PacifiCan.

Businesses invest in the development and commercialization of innovative technologies in British Columbia
Departmental result indicators Target Date to achieve target Actual results
Value of business enterprise expenditure in research and development by firms receiving PacifiCan program funding (in dollars) $15.7M March 2024 2021–22: $77.9M
2022–23: $28.6M
2023–24: $48.7M
Percentage of professional, science and technology‑related jobs in British Columbia’s economy 35.8% March 2024 2021–22: 35.3%
2022–23: 34.4%
2023–24: 34.7%Footnote 6
Percentage of companies engaged in collaborations with higher education institutions in British ColumbiaFootnote 7 10% March 2024 2021–22: 10.2%
2022–23: 10.2%
2023–24: 23.9%Footnote 8

Note 1: Data in the 2022-23 and 2023-24 actual results row are the actual results from British Columbia only. Data in the 2021-22 actual results columns include data from Alberta, Saskatchewan, Manitoba and British Columbia. The reason for this difference is that WD, which was the RDA servicing the four western provinces at that time, transitioned into two separate organizations in 2021-22 – PrairiesCan and PacifiCan.

Businesses are innovative and growing in British Columbia
Departmental result indicators Target Date to achieve target Actual results
Number of high growth firms in British Columbia 2,072 March 2024 2021–22: 4,490
2022–23: 1,890
2023–24: 2,350Footnote 9
Value of exports of goods from British Columbia $70.4B March 2024 2021–22: $249.6B
2022–23: $64.7B
2023–24: $64.7BFootnote 10
Value of exports of clean technologies (in dollars) from British Columbia $2.5B March 2024 2021–22: $3.5B
2022–23: $2.45B
2023–24: $3.25BFootnote 11
Revenue growth rate of firms supported by PacifiCan programs 10% March 2024 2021–22: 13.5%
2022–23: 24.5%
2023–24: 15.7%

Note 1: Data in the 2022-23 and 2023-24 actual results row are the actual results from British Columbia only. Data contained in the 2021-22 actual results columns include data from Alberta, Saskatchewan, Manitoba and British Columbia. The reason for this difference is that WD, which was the RDA servicing the four western provinces at that time, transitioned into two separate organizations in 2021-22 – PrairiesCan and PacifiCan.

Additional information on the detailed results and performance information for PacifiCan’s program inventory is available on GC InfoBase.

Details on results

As a convenor, pathfinder, advisor and investor, PacifiCan worked in communities and with businesses and organizations across the province to support projects and initiatives that advance economic development in British Columbia. In 2023-24, PacifiCan invested over $141 million in 257 projects to help communities and businesses innovate, grow and export. Furthermore, in the same period, PacifiCan funding recipients supported over 2,800 SMEs, helped to create 5,500 jobs and helped businesses grow their revenue by $1.74 billion across British Columbia.

PacifiCan’s core responsibility was advanced through its key economic development programming:

To help high-growth potential companies across British Columbia to scale-up, PacifiCan launched the Business Acceleration Pilot (BizAP) in October 2023. This three-year pilot is the first economic development initiative delivered through PacifiCan’s core programs that was informed by, designed by, and implemented to respond directly to British Columbians’ needs and circumstances. By working with partners to accelerate the growth of existing businesses, BizAP’s goal is to increase the number of medium- and large-sized businesses operating in British Columbia. An important part of developing BizAP was active engagement with stakeholders and experts, which not only informed the purpose, design, and parameters of the pilot, but also reflected the Agency’s commitment to being placed-based and focused on opportunities unique in British Columbia.

Minister Sajjan delivers remarks at the BizAP launch event
Figure 1: Minister Sajjan delivers remarks at the BizAP launch event.
 

In addition to its core programs, PacifiCan continued to support the rebuilding of Lytton through the Lytton Homeowner Resilient Rebuild and the Lytton Business Restart Programs, implemented the Regional Quantum Initiative, and launched the new Tourism Growth Program (TGP). The TGP is a central component of Canada’s Tourism Growth Strategy, which charts a course for growth in Canada’s tourism sector. As a new three-year program, TGP is helping companies and not-for-profit organizations position British Columbia as a destination of choice for domestic and international visitors, while creating lasting prosperity in communities across the province. PacifiCan delivers the TGP in British Columbia through the leadership of its regional offices, responding to the unique needs of communities across the province. Because Indigenous tourism is vital to the economic development of Indigenous communities and supports the growth of the province’s tourism sector, approximately 15 percent of the TGP funding will be dedicated to Indigenous tourism initiatives.

In 2023-24, PacifiCan also continued to monitor and collect results from its time-limited programs that supported British Columbia’s economic recovery from the COVID-19 pandemic: the Jobs and Growth Fund (JGF), the Canada Community Revitalization Fund (CCRF), the Tourism Relief Fund (TRF), and the Aerospace Regional Recovery Initiative (ARRI). Originally announced in Budget 2021, these programs allowed PacifiCan to make strategic investments to position British Columbia for future economic growth. While these programs are no longer accepting applications, many projects are multi-year in nature and continued to demonstrate results. PacifiCan also continued to monitor and work with 285 small- and medium-sized businesses that received time limited funding to offset the negative impacts of COVID-19. Repayment monitoring continued for over 1800 projects repaying their Pacifican Regional Relief and Recovery Fund contributions. PacifiCan resources continued to be deployed to help recipients successfully conclude projects.

The following section describes the results for Economic Development in British Columbia in 2023–24 compared with the planned results set out in PacifiCan’s departmental plan for the year.

Communities are economically diversified in British Columbia

PacifiCan helps communities in British Columbia access economic development opportunities and build resilience. The Agency strives to increase the participation of underrepresented groups across the economy to ensure inclusive economic growth.

Results achieved

Community Futures Sunshine Coast
West Coast Wilderness Lodge, Egmont (PBSN)

West Coast Wilderness Lodge is a cornerstone of the Sunshine Coast community. This boutique resort offers corporate retreats and weekend getaways, drawing visitors to the region and creating jobs in their community.

Faced with challenges to secure conventional funding, the Lodge turned to Community Futures Sunshine Coast, a PBSN network partner supported by PacifiCan. Community Futures provided loans to support lodge upgrades and a zodiac boat for excursions to Princess Louisa Inlet. Funding from Community Futures also allowed the lodge to add six guest units and improve their overall financial stability.

With this support, West Coast Wilderness Lodge achieved significant growth and boosted the local tourism economy, including hiring 30 additional staff and increasing international visitors by 300 percent.

FPInnovations (CEDD)

FPInnovations is a not-for-profit research and development organization creating both economic opportunities and sustainable solutions in the forestry sector.

With $1.6 million in PacifiCan funding, FPInnovations is delivering the Indigenous Innovative Bioeconomy Demonstration Project. This program provides technical training and product development support for Indigenous communities looking to enter British Columbia’s forest bioeconomy. In the bioeconomy, forest materials are sustainably managed to make a variety of products, from housing insulation to face cream.

Through this program, Indigenous communities are also harnessing clean energy from forest materials and exploring new opportunities to generate revenue.

This program is fostering Indigenous participation and leadership in British Columbia’s emerging forest bioeconomy. With PacifiCan’s support, the program has already created over 500 jobs and supported 47 community-based projects.

Two workers at FPInnovations
Figure 2: FPInnovations is developing sustainable resource management and innovative forest product solutions.
Businesses invest in the development and commercialization of innovative technologies in British Columbia

PacifiCan supports firms to commercialize new technologies, scale up operations, and improve productivity. Most of the Agency’s funding in this area directly supports businesses as they accelerate their growth by improving productivity, scaling their business and commercializing technology.

Results achieved

Indigenous Digital Accelerator program (RIE)

Launched through Capilano University, the Indigenous Digital Accelerator program is working towards meeting the growing demand within British Columbia’s technology, digital creative and cultural sectors.

As the first Indigenous digital accelerator established in Western Canada, the Indigenous Digital Accelerator program is focused on addressing significant gaps in the participation of Indigenous peoples in the high tech and digital-creative industries.

Through dedicated space offered by Capilano University, the program provides start-ups and companies with hands-on mentoring and technical advice.

Over $1.9M in PacifiCan funding has helped Capilano University achieve results, including:

  • assisting nearly 20 British Columbia-based businesses,
  • providing advanced training to over 60 experts, and
  • providing training to over 30 youth participants.
the Indigenous Digital Accelerator team
Figure 3: The Indigenous Digital Accelerator program provides Indigenous entrepreneurs with access to technology-based training, national and international markets, and industries where Indigenous under representation exists.
Businesses are innovative and growing in British Columbia

PacifiCan supports British Columbian businesses to innovate, scale up and pursue long-term competitiveness and growth. PacifiCan programming is delivered in three ways: directly to businesses, through ecosystem organizations, and through community support.

Results achieved

Key risks

In 2023-24, affordability remained a key challenge for British Columbians due, in part, to high interest rates, and the highest average housing costs and debt loads in the country. Despite record population growth, labour shortages persisted in some of the province’s largest employment sectors, including construction and healthcare. High interest rates also placed financial pressure on businesses, many of which were still recovering from debt accrued during the COVID-19 pandemic.

A lack of business investment continues to create a challenging business environment in British Columbia. In 2023Footnote 13, $1.2 billion in venture capital was raised in the province, a 25% decline from 2022Footnote 14. This compromises innovation, productivity, long-term economic growth and employment opportunities for young people, who are increasingly migrating to other provinces where the cost of living is lower.

British Columbia’s economic development continues to vary significantly across the province, with capacity to lead and partner in economic development activities more limited in some regions than others.

Several major projects that drive regional economies wound down in 2023, creating further economic challenges, particularly in rural and remote communities. Over $100 billion worth of major projects in British Columbia were completed, with far fewer expected to start in 2024 ($20 billion). The value of new capital invested into proposed major projects declined in all regions of the province in 2023, relative to 2022, except the Kootenays (+16.7%), Thompson-Okanagan (+3.5%), and Mainland/Southwest (+3.2%). The largest decrease in new investment in major projects was in the North Coast (-38.2%) where investments in natural resources drive revenues and jobs.Footnote 15

To help British Columbians mitigate these risks, PacifiCan:

Resources required to achieve results

Table 2: Snapshot of resources required for Economic Development in British Columbia

Table 2 provides a summary of the planned and actual spending and full-time equivalents (FTEs) required to achieve results.

Table 2: Snapshot of resources required for Economic Development in British Columbia
Resource Planned Actual
Spending 167,145,217 180,430,991
Full-time equivalents 139 140

Complete financial and human resources information for PacifiCan’s program inventory is available on GC InfoBase.

Related government-wide priorities

Gender-based analysis plus

PacifiCan implements gender-based analysis plus by tailoring programs, services, policies and initiatives to meet the diverse needs of British Columbians. Supporting more inclusive economic participation provides more people the opportunity to contribute to and prosper from British Columbia’s growing economy. This includes fostering opportunities for underrepresented groups, such as Indigenous peoples, women, youth, 2SLGBTQI+, persons with disabilities, newcomers to Canada, and members of official language minority communities.

PacifiCan’s programming provides organizations owned or led by underrepresented groups with funding, business services and training. The Agency collects and analyses demographic information on the ownership and/or leadership of the organizations it supports to identify access issues, drive decisions with evidence, and monitor outcomes. In 2023-24, PacifiCan funded 44 small and medium sized organizations that were partially or fully owned by members of underrepresented groups. Collectively, the value of these projects was $74.3 million, representing approximately 61.5% of the total funding approved, advancing the Agency’s commitment to growing an inclusive economy.

The Agency has also developed a policy framework to guide PacifiCan’s support for Indigenous economic development in British Columbia. Specifically, it will guide PacifiCan’s efforts to increase Indigenous participation in PacifiCan’s programs and services, facilitating active engagement and fostering relationships with Indigenous partners throughout the province. To support Indigenous economic inclusion, the Agency set a 15% program funding target for Indigenous tourism under the TGP.

PacifiCan is also focusing on Indigenous inclusion in its workplace and culture; for example, by providing formal and informal learning opportunities and resources such as a guide to territorial acknowledgement. These efforts will support employees to expand their cultural competency and knowledge of Indigenous culture and issues.

The Agency continues to foster a safe, respectful, healthy workplace, and one that reflects Canada’s population. PacifiCan’s hiring managers undertook training and implemented tools designed to mitigate biases and barriers in the recruitment process. This work resulted in increasing representation in all equity groups. PacifiCan staff created a “Culture Canvas”, mapping out PacifiCan’s culture and values. In the creation of this internal guidance document, cultural priorities of health, wellness, diversity, authenticity, and psychological safety were some of the prevalent themes explored. The document is used as a reference to onboard and support staff actions, governance, and decision-making.

United Nations 2030 Agenda for Sustainable Development and the Sustainable Development Goals

PacifiCan contributes to four United Nations Sustainable Development Goals (SDGs). The Agency’s investments in clean growth supports SDG 8 – Decent Work and Economic Growth; its Indigenous procurement targets support SDG 10 – Reducing Inequalities; continued work in green procurement supports SDG 12 – Responsible Consumption and Production; and the development and implementation of a social procurement strategy supports SDG 13 – Climate Action.

More information on PacifiCan’s contributions to Canada’s Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in the Agency’s Departmental Sustainable Development Strategy.

Innovation

In 2023-24, PacifiCan established its first socio-economic research agenda. It provides a roadmap to a deeper understanding of the unique and differing economic realities of British Columbians living across the province. This work allows PacifiCan to build a more focused, locally informed approach to economic development that puts people at the center of fostering innovation, business growth, and strengthening resilience in urban, rural, and Indigenous communities.

As part of the research agenda, PacifiCan undertook two research projects to better understand the British Columbian economy:

These projects have helped to deepen knowledge about the British Columbian economy by making research findings and data tools publicly accessible.

PacifiCan also undertook an internal project to define place-based economic development within the Agency’s operating context. Canada’s Regional Development Agencies are inherently place-based organizations. Their raison d'être is to design and deliver Government of Canada economic development interventions in ways that are tailored to their respective regional economies. The project began from the premise that effective partnerships with local actors are fundamental for success because economic development is most likely to endure when it is aligned with the priorities, assets and capabilities of a community, creating value long after an investment is made, or action is taken. The project activities comprised research, staff engagement and analysis phases that informed a definition of place-based economic development and recommendations to advance PacifiCan’s place-based work.

PacifiCan defines place-based economic development as activities and partnerships that build strong, enduring regional economies by intentionally advancing initiatives in particular locations that:

This definition will serve as a touchstone for PacifiCan’s economic development work.

Program inventory

Economic Development in British Columbia is supported by the following programs:

Additional information related to the program inventory for Economic Development in British Columbia is available on the Results page on GC InfoBase.

Internal services

In this section

Description

Internal services are the services that are provided within a department so that it can meet its corporate obligations and deliver its programs. There are 10 categories of internal services:

Progress on results

This section presents details on how the department performed to achieve results and meet targets for internal services.

In 2023-24, PacifiCan worked closely with Public Services and Procurement Canada to establish PacifiCan’s head office in Surrey.

The Agency continued to collaborate with other government departments such as Prairies Economic Development Canada and the Atlantic Canada Opportunities Agency for shared internal services in Finance, Human Resources Compensation and Classification, Information Management and Information Technology, and Procurement and Contracting to efficiently serve its clients.

At the same time, PacifiCan made significant progress in building and strengthening some of its internal services capacity. For example, PacifiCan has built capacity in Real Property Management, Human Resources Labour Management and Staffing and continued to build Corporate Security.

PacifiCan enhanced internal communications with the launch of a new intranet, aimed at keeping employees informed, engaged, and connected. The Agency also introduced its first-ever Communications Strategy, including an internal communications and engagement plan, which establishes a roadmap to promote collaboration and transparency within the organization, and guide external communications and engagement to advance PacifiCan’s overall Strategic Plan and expand our reach.

Externally, PacifiCan improved its reach across social media platforms and refreshed its website, ensuring better visibility, accessibility and engagement with key audiences. The Agency also successfully launched new funding programs and announced more than 180 projects, supporting entrepreneurs, innovators, and communities throughout British Columbia. These efforts solidified PacifiCan’s role as a key partner in driving regional growth and innovation.

Since its inception, PacifiCan has embedded inclusivity in its core organizational values and practices. This is reflected in the organization’s Culture Canvas - a guide to organizational values, principles, and code of conduct for all employees.

Throughout 2023-24, PacifiCan strengthened its staffing recruitment processed by implementing tools, resources, and training to foster inclusive hiring practices. For example, hiring managers undertook required training on how to mitigate biases and barriers in the recruitment process, integrated these learnings into their hiring processes which were supported by agency specific tools. As a result, hiring managers understand how best to advance inclusive recruitment for the Agency. In addition, PacifiCan launched an Inclusion, Diversity, Equity and Accessibility working group to advance inclusion and accessibility.

Resources required to achieve results

Table 3: Resources required to achieve results for internal services this year

Table 3 provides a summary of the planned and actual spending and full-time equivalents (FTEs) required to achieve results.

Table 3: Resources required to achieve results for internal services this year
Resource Planned Actual
Spending 8,928,973 10,278,989
Full-time equivalents 33 51

The complete financial and human resources information for PacifiCan’s program inventory is available on GC InfoBase.

Contracts awarded to Indigenous businessesFootnote *

Government of Canada departments are to meet a target of awarding at least 5% of the total value of contracts to Indigenous businesses each year. This commitment is to be fully implemented by the end of 2024–25.

PacifiCan’s result for 2023-24:

Table 4: Total value of contracts awarded to Indigenous businessesFootnote *

As shown in the Table 4, PacifiCan awarded 30.02% of the total value of all contracts to Indigenous businesses for the fiscal year 2023-24.

Table 4: Total value of contracts awarded to Indigenous businesses
Contracting performance indicators 2023-24 Results
Total value of contracts awarded to Indigenous businessesFootnote ** (A) $450,847
Total value of contracts awarded to Indigenous and non‑Indigenous businessesFootnote *** (B) $1,501,607
Value of exceptions approved by deputy head (C) $0
Proportion of contracts awarded to Indigenous businesses [A / (B−C) × 100] 30.02%
Footnote *

For the purposes of measuring performance against the minimum 5% target for fiscal year 2023–24, the data in this table are based on how Indigenous Services Canada (ISC) defines “Indigenous business”, which is one that is owned and operated by Elders, band and tribal councils; registered in the Indigenous Business Directory; or registered on a modern treaty beneficiary business list.

Return to footnote * referrer

Footnote **

Includes contract amendments with Indigenous businesses and contracts that were entered into with Indigenous businesses by means of acquisition cards above $10,000 and may include subcontracts with Indigenous businesses.

Return to footnote ** referrer

Footnote ***

Includes contract amendments and contracts that were entered into by means of acquisition cards above $10,000.

Return to footnote *** referrer

In its 2023–24 Departmental Plan, PacifiCan forecasted that by the end of 2023–24 it would award 6.7% of the total value of its contracts to Indigenous businesses. However, due to greater demand than anticipated to upgrade and replace aging IT, there was a higher-than-expected number of contracts for this work. For example, IT equipment upgrades and replacements accounted for approximately 18% of contract amounts awarded to Indigenous business in 2023-24. By fiscal year end, 30.02% of contacts were awarded to Indigenous businesses.

Spending and human resources

In this section

Spending

This section presents an overview of the department's actual and planned expenditures from 2021–22 to 2026–27.

Budgetary performance summary

Table 5: Actual three-year spending on core responsibilities and internal services (dollars)

Table 5 presents how much money PacifiCan spent over the past three years to carry out its core responsibilities and for internal services.

Table 5: Actual three-year spending on core responsibilities and internal services (dollars)
Core responsibilities and internal services 2023–24 Main Estimates 2023–24 total authorities available for use Actual spending over three years (authorities used)
Economic Development in British Columbia 167,145,217 201,146,854
  • 2021–22: 164,985,169
  • 2022–23: 214,814,825
  • 2023–24: 180,430,991
Internal services 8,928,973 10,687,830
  • 2021–22: 3,720,617
  • 2022–23: 7,268,222
  • 2023–24: 10,278,989
Total 176,074,190 211,834,684
  • 2021–22: 168,705,786
  • 2022–23: 222,083,047
  • 2023–24: 190,709,980

Analysis of the past three years of spending

Note: PacifiCan was established on August 6, 2021.

The overall decrease in PacifiCan’s spending from 2022-23 to 2023-24 is attributed to the conclusion of time-limited programs, including the Haisla Bridge and the programs announced in Budget 2021. The time-limited programs announced in Budget 2021 provided targeted funding to support pandemic relief and recovery, which included the CCRF, TRF, JGF, ARRI and Major Festivals and Events Support Initiative (MFESI).

More financial information from previous years is available on the Finances section of GC Infobase.

Table 6: Planned three-year spending on core responsibilities and internal services (dollars)

Table 6 presents how much money PacifiCan’s plans to spend over the next three years to carry out its core responsibilities and for internal services.

Table 6: Planned three-year spending on core responsibilities and internal services (dollars)
Core responsibilities and internal services 2024–25 planned spending 2025–26 planned spending 2026–27 planned spending
Economic Development in British Columbia 111,806,519 107,080,242 101,410,753
Internal services 8,964,534 7,267,057 7,241,517
Total 120,771,053 114,347,299 108,652,270

Analysis of the next three years of spending

A decrease in the next three years’ planned spending is primarily due to the conclusion of the time-limited programs announced in Budget 2021 which include the CCRF, the TRF, the JGF, the ARRI, and the MFESI.

More detailed financial information from previous years is available on the Finances section of GC Infobase.

Funding

This section provides an overview of the department's voted and statutory funding for its core responsibilities and for internal services. For further information on funding authorities, consult the Government of Canada budgets and expenditures.

Graph 1: Approved funding (statutory and voted) over a six-year period

Graph 1 summarizes the department's approved voted and statutory funding from 2021-22 to 2026-27.

Approved funding (statutory and voted) over a six-year period
Graph 1: Approved funding (statutory and voted) over a six-year period
Text version of graph 1
 

2021-22

Thousands ($000)

2022-23

Thousands ($000)

2023-24

Thousands ($000)

2024-25

Thousands ($000)

2025-26

Thousands ($000)

2026-27

Thousands ($000)

Statutory 1,201 2,206 2,904 2,353 2,239 2,144
Voted 167,505 219,877 187,806 118,418 112,108 106,508
Total 168,706 222,083 190,710 120,771 114,347 108,652
 

Analysis of statutory and voted funding over a six-year period

Note: PacifiCan was established on August 6, 2021.

The decrease in PacifiCan’s statutory and voted funding from 2022-23 to 2023-24 is attributed to the conclusion of the time-limited programs, including the Haisla Bridge and the programs announced in Budget 2021. Budget 2021 programs include the CCRF, the TRF, the JGF, the ARRI, and the MFESI. In 2024-25, the authorities will return to ongoing program authorities’ level.

For further information on PacifiCan’s departmental voted and statutory expenditures, consult the Public Accounts of Canada.

Financial statement highlights

PacifiCan’s complete financial statements (unaudited) for the year ended March 31, 2024, are available online.

Table 7: Condensed Statement of Operations (unaudited) for the year ended March 31, 2024 (dollars)

Table 7 summarizes the expenses and revenues for 2023–24 which net to the cost of operations before government funding and transfers.

Table 7: Condensed Statement of Operations (unaudited) for the year ended March 31, 2024 (dollars)
Financial information 2023–24 actual results 2023–24 planned results Difference (actual results minus planned)
Total expenses 124,251,022 148,051,127 (23,800,105)
Total revenues 0 57 (57)
Net cost of operations before government funding and transfers 124,251,022 148,051,070 (23,800,048)

The 2023–24 planned results information is provided in PacifiCan’s Future-Oriented Statement of Operations and Notes 2023–24.

Table 8 summarizes actual expenses and revenues which net to the cost of operations before government funding and transfers.

Financial information 2023–24 actual results 2022–23 actual results Difference (2023-24 minus 2022-23)
Total expenses 124,251,022 172,062,761 (47,811,739)
Total revenues 0 0 0
Net cost of operations before government funding and transfers 124,251,022 172,062,761 (47,811,739)
a pie chart showing a breakdown of total expenses
Total expenses
Long text version

Total expenses ($124.3 million)

Business growth: 23.2%

Innovation: 23.4%

Community initiatives: 28.6%

Business services: 16.0%

Internal services: 8.8%

 

Total expenses were $124.3 million in 2023-24, a net decrease of $47.8 million (28 percent) over 2022-23. This decrease is primarily due to the conclusion of Budget 2021 programs including TRF ($35.5 million), CCRF ($14.4 million), and the MFESI ($7 million) and the completion of the Haisla Bridge ($23.5 million). These decreases are offset by increases in operating expenses ($7.9 million), REGI ($6.6 million), Western Diversification Program ($6.5 million), JGF ($4.3 million), ARRI ($3.6 million), and the National Quantum Strategy ($2.6 million).

Table 9: Condensed Statement of Financial Position (unaudited) as of March 31, 2024 (dollars)

Table 9 provides a brief snapshot of the department’s liabilities (what it owes) and assets (what it owns), which helps to indicate its ability to carry out programs and services.

Table 9: Condensed Statement of Financial Position (unaudited) as of March 31, 2024 (dollars)
Financial information Actual fiscal year (2023–24) Previous fiscal year (2022–23) Difference (2023–24 minus 2022–23)
Total net liabilities 79,191,483 85,891,992 (6,700,509)
Total net financial assets 77,765,471 84,690,207 (6,924,736)
Departmental net debt 1,426,012 1,201,785 224,227
Total non-financial assets 77,499 3,825 73,674
Departmental net financial position (1,348,513) (1,197,960) (150,553)
a pie chart showing a breakdown of total net liabilities
Total net liabilities
Long text version

Total net liabilities ($79.2 million)

Accounts payable and acrrued liabilities: 98.0%

Vacation pay and compensatory leave: 1.5%

Employee future benefits: 0.5%

 

Total net liabilities were $79.2 million in 2023–24, a net decrease of $6.7 million (8 percent) over 2022-23. This year-over-year net decrease is attributed to (i) reduction in accounts payable funded under the CCRF and the TRF, and (ii) the establishment of accounts payable balances for the RIE and BSP programs and the National Quantum Strategy.

a pie chart showing a breakdown of total net financial assets
Total net financial assets
Long text version

Total net financial assets ($77.8 million)

Due from Consolidated Revenue Fund: 99.7%

Accounts receivable and advances: 0.3%

 

Total net financial assets were $77.8 million in 2023-24, a decrease of $6.9 million (8 percent) over 2022-23. This year-over-year decrease in these assets primarily consists of "Due from Consolidated Revenue Fund" ($77.6 million) which is used to discharge PacifiCan's liabilities. Given PacifiCan's liabilities were lower than the previous fiscal year, the "Due from Consolidated Revenue Fund" also decreased.

Human resources

This section presents an overview of the department’s actual and planned human resources from 2021–22 to 2026–27.

Table 8: Actual human resources for core responsibilities and internal services

Table 8 shows a summary of human resources, in FTEs, for PacifiCan’s core responsibilities and for its internal services for the previous three fiscal years.

Table 8: Actual human resources for core responsibilities and internal services
Core responsibilities and internal services 2021–22 actual FTEs 2022–23 actual FTEs 2023–24 actual FTEs
Economic Development in British Columbia 69 123 140
Internal services 8 41 51
Total 77 164 191

Analysis of human resources over the last three years

Note: PacifiCan was established on August 6, 2021.

The increase in FTEs from 2021-22 to 2023-24 is attributed to staffing for the establishment of the Agency and new service locations. The FTE increase in internal services was to build the corporate functions for the new Agency.

Table 9: Human resources planning summary for core responsibilities and internal services

Table 9 shows information on human resources, in FTEs, for each of PacifiCan’s core responsibilities and for its internal services planned for the next three years. Human resources for the current fiscal year are forecasted based on year to date.

Table 9: Human resources planning summary for core responsibilities and internal services
Core responsibilities and internal services 2024–25 planned FTEs 2025–26 planned FTEs 2026–27 planned FTEs
Economic Development in British Columbia 122 122 115
Subtotal 122 122 115
Internal services 48 48 48
Total 170 170 163

Analysis of human resources for the next three years

The base human resource levels are expected to stabilize in 2024–25, as the Agency becomes fully established and time-limited programs conclude.

Corporate information

Departmental profile

Appropriate minister(s): The Honourable Harjit S. Sajjan, P.C., OMM, MSM, CD, M.P.

Institutional head: Naina Sloan, Acting President

Ministerial portfolio: President of the King’s Privy Council for Canada, Emergency Preparedness, and Pacific Economic Development Agency of Canada

Enabling instrument(s): Western Economic Diversification Act, R.S.C. 1985, c.11, (4th Supplement)

Year of incorporation / commencement: 2021

Other:

Offices – Vancouver, Victoria, Kelowna, Prince George, Surrey, Cranbrook, Fort St. John, Prince Rupert and Campbell River, British Columbia
Ottawa, Ontario

To be established: Headquarters – Surrey, British Columbia

Departmental contact information

Mailing address:

Pacific Economic Development Canada
1300-300 West Georgia Street, Vancouver, BC V6B 6B4

Telephone: 604-666-6256

TTY: 1-877-303-3388

Fax: 604-666-2353

Email: info@pacifican.gc.ca

Website(s): Pacific Economic Development Canada - Canada.ca

Supplementary information tables

The following supplementary information tables are available on PacifiCan’s website:

Federal tax expenditures

The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures each year in the Report on Federal Tax Expenditures. This report also provides detailed background information on tax expenditures, including descriptions, objectives, historical information and references to related federal spending programs as well as evaluations and GBA Plus of tax expenditures.

Definitions

appropriation
Any authority of Parliament to pay money out of the Consolidated Revenue Fund.
budgetary expenditures
Operating and capital expenditures; transfer payments to other levels of government, departments or individuals; and payments to Crown corporations.
core responsibility
An enduring function or role performed by a department. The intentions of the department with respect to a core responsibility are reflected in one or more related departmental results that the department seeks to contribute to or influence.
Departmental Plan
A report on the plans and expected performance of an appropriated department over a 3year period. Departmental Plans are usually tabled in Parliament each spring.
departmental priority
A plan or project that a department has chosen to focus and report on during the planning period. Priorities represent the things that are most important or what must be done first to support the achievement of the desired departmental results.
departmental result
A consequence or outcome that a department seeks to achieve. A departmental result is often outside departments’ immediate control, but it should be influenced by program-level outcomes.
departmental result indicator
A quantitative measure of progress on a departmental result.
departmental results framework
A framework that connects the department’s core responsibilities to its departmental results and departmental result indicators.
Departmental Results Report
A report on a department’s actual accomplishments against the plans, priorities and expected results set out in the corresponding Departmental Plan.
fulltime equivalent
A measure of the extent to which an employee represents a full personyear charge against a departmental budget. For a particular position, the fulltime equivalent figure is the ratio of number of hours the person actually works divided by the standard number of hours set out in the person’s collective agreement.
gender-based analysis plus (GBA plus)
An analytical tool used to assess support the development of responsive and inclusive how different groups of women, men and gender-diverse people experience policies, programs and policies, programs, and other initiatives. GBA Plus is a process for understanding who is impacted by the issue or opportunity being addressed by the initiative; identifying how the initiative could be tailored to meet diverse needs of the people most impacted; and anticipating and mitigating any barriers to accessing or benefitting from the initiative. GBA Plus is an intersectional analysis that goes beyond biological (sex) and socio-cultural (gender) differences to consider other factors, such as age, disability, education, ethnicity, economic status, geography (including rurality), language, race, religion, and sexual orientation.
government-wide priorities
For the purpose of the 2023–24 Departmental Results Report, government-wide priorities are the high-level themes outlining the government’s agenda in the November 23, 2021, Speech from the Throne: building a healthier today and tomorrow; growing a more resilient economy; bolder climate action; fight harder for safer communities; standing up for diversity and inclusion; moving faster on the path to reconciliation; and fighting for a secure, just and equitable world.
horizontal initiative
An initiative where two or more federal departments are given funding to pursue a shared outcome, often linked to a government priority.
non‑budgetary expenditures
Net outlays and receipts related to loans, investments and advances, which change the composition of the financial assets of the Government of Canada.
performance
What a department did with its resources to achieve its results, how well those results compare to what the department intended to achieve, and how well lessons learned have been identified.
performance indicator
A qualitative or quantitative means of measuring an output or outcome, with the intention of gauging the performance of an department, program, policy or initiative respecting expected results.
plan
The articulation of strategic choices, which provides information on how a department intends to achieve its priorities and associated results. Generally, a plan will explain the logic behind the strategies chosen and tend to focus on actions that lead to the expected result.
planned spending

For Departmental Plans and Departmental Results Reports, planned spending refers to those amounts presented in Main Estimates.

A department is expected to be aware of the authorities that it has sought and received. The determination of planned spending is a departmental responsibility, and departments must be able to defend the expenditure and accrual numbers presented in their Departmental Plans and Departmental Results Reports.

program
Individual or groups of services, activities or combinations thereof that are managed together within the department and focus on a specific set of outputs, outcomes or service levels.
program inventory
Identifies all the department’s programs and describes how resources are organized to contribute to the department’s core responsibilities and results.
result
A consequence attributed, in part, to a department, policy, program or initiative. Results are not within the control of a single department, policy, program or initiative; instead they are within the area of the department’s influence.
Indigenous business
For the purpose of the Directive on the Management of Procurement Appendix E: Mandatory Procedures for Contracts Awarded to Indigenous Businesses and the Government of Canada’s commitment that a mandatory minimum target of 5% of the total value of contracts is awarded to Indigenous businesses, a department that meets the definition and requirements as defined by the Indigenous Business Directory.
statutory expenditures
Expenditures that Parliament has approved through legislation other than appropriation acts. The legislation sets out the purpose of the expenditures and the terms and conditions under which they may be made.
target
A measurable performance or success level that a department, program or initiative plans to achieve within a specified time period. Targets can be either quantitative or qualitative.
voted expenditures
Expenditures that Parliament approves annually through an appropriation act. The vote wording becomes the governing conditions under which these expenditures may be made.

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