The Canada Mortgage and Housing Corporation (CMHC) is raising eyebrows after it was determined that the federal corporation gave out $27.2 million in bonuses.
According to a report by the Canadian Taxpayers Federation (CTF), an advocacy group, 98% of CMHC employees received $27.2 million in bonuses in 2023. Over 2,200 employees received an average bonus of $11,800. Including the bonuses handed out in 2023, the total since 2020 has reached $102 million.
In addition, the report states that 1,073 CMHC bureaucrats receive a six-figure salary each year, costing taxpayers $140 million in 2023.
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CMHC aims to focus on sustainability and stability in Canada’s housing system through programs and research. It’s also a resource for newcomers looking for housing in Canada and assists with “affordable and market rental housing.”
“Why is the CMHC patting itself on the back and showering staff with bonuses when Canadians can’t afford homes?” asked CTF Federal Director Franco Terrazzano. “If the CMHC’s number one goal is housing affordability, then it doesn’t make sense to hand out $100 million in bonuses during a housing affordability crisis.”
The past few years have been the toughest times for Canadians to afford a home, according to an RBC report.
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“High rates have intensified stress for many mortgage holders contending with substantial payment increases at term renewal time,” reads the report. “Importantly, high rates have seriously crimped house hunters’ purchasing budget.”
Canadians took to social media to express their outrage.
How about the $27 million given out in bonuses to CMHC employees for doing what? Nothing? That could have helped a lot of people!
— Marilyn Staple (@mkstaple) April 6, 2024
Another tax payer funded organization that needs to be trimmed
— mp_Tracker (@track_mp) April 4, 2024
Keep up the good work. We need to expose how wasteful and inefficient our government is, and recognize that most of the funding ends up in politicians/affiliates pocket, never getting anything done for people.
— will salinas hurtado (@tweetingwil) April 4, 2024
Minister of Finance of Canada Chrystia Freeland stated in Budget 2023 that the government will work with federal Crown corporations to reduce spending by $1.3 billion over four years, from 2024 to 2025.
“In total, these proposals represent savings of $15.4 billion over the next five years,” stated Freeland.
Terrazzano said, “The feds need to stop rewarding failure with bonuses. Freeland said she would find savings in Crown corporations, and these bonuses should be the first thing on the chopping block.”