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CMHC rubberstamps $102 million in bonuses amid housing affordability crisis

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From the Canadian Taxpayers Federation

Author: Ryan Thorpe

The Canada Mortgage and Housing Corporation dished out more than $27 million in bonuses in 2023, according to access-to-information records obtained by the Canadian Taxpayers Federation.

That pushes the total bonuses at the CMHC to $102 million since the beginning of 2020.

“Why is the CMHC patting itself on the back and showering staff with bonuses when Canadians can’t afford homes?” said Franco Terrazzano, CTF Federal Director. “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.”

Ninety-eight per cent of the CMHC workforce took a bonus in 2023.

At least 2,283 CMHC staffers took home a bonus last year, costing taxpayers $27.2 million, with the average bonus coming in at about $11,800.

The CMHC’s 10 executives received $4.1 million in total compensation in 2023. That includes $3.1 million in salary (for an average of $311,000) and $831,000 in bonuses (for an average of $83,000).

The CMHC also paid executives $211,000 in other “benefits.”

More than 2,000 CMHC staffers, representing 89 per cent of its workforce, also got a pay raise last year. Not a single employee received a pay cut.

There are now 1,073 CMHC bureaucrats taking home a six-figure annual salary, a 15 per cent increase over 2022, representing nearly half (46 per cent) of its workforce. Those six-figure salaries cost taxpayers a combined $140 million in 2023.

“The CMHC could do more to end the housing affordability crisis by hiring a thousand carpenters, rather than paying a thousand bureaucratic pencil-pushers six-figure salaries,” Terrazzano said.

The CMHC is “driven by one goal: housing affordability for all,” according to its 2023-2027 corporate plan.

Polling from Ipsos and Global News in 2023 shows 63 per cent of Canadians who don’t own a home have “given up” on ever owning one. Nearly 70 per cent of respondents said home ownership in Canada is “only for the rich.”

In April 2024, the Royal Bank of Canada said it was the “toughest time ever to afford a home as soaring interest costs keep raising the bar.”

The RBC said ownership costs were propelled to a “new summit” in the fourth quarter of 2023, with a “household earning a median income (needing) to spend a staggering 62.5 per cent of it to cover the costs of owning an average home at market price.”

“Affordability worsened in all markets we track,” the RBC said, with the housing in Vancouver, Victoria and Toronto experiencing “the biggest deterioration,” and affordability in Ottawa, Montreal and Halifax being “at or near all-time worst levels.”

In the 2023 Budget, Finance Minister Chrystia Freeland said, “the government will also work with federal Crown corporations to ensure they achieve comparable spending reductions, which would account for an estimated $1.3 billion over four years.”

“The feds need to stop rewarding failure with bonuses,” Terrazzano said. “Freeland said she would find savings in Crown corporations and these bonuses should be the first thing on the chopping block.”

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DOGE discovered $330M in Small Business loans awarded to children under 11

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In a bombshell revelation at a White House cabinet meeting, Elon Musk announced that the Department of Government Efficiency (DOGE) had uncovered over $330 million in Small Business Administration (SBA) loans issued to children under the age of 11.

Key Details:

  • Elon Musk stated that DOGE found $330 million in SBA loans given to individuals under the age of 11.
  • The youngest recipient was reportedly just nine months old, receiving a $100,000 loan.
  • SBA has now paused the direct loan process for individuals under 18 and over 120 years old.

Diving Deeper:

At a cabinet meeting held Monday at the White House, President Donald Trump and Elon Musk detailed a staggering example of federal waste  uncovered by the newly-formed Department of Government Efficiency. Speaking directly to ongoing efforts to eliminate corruption and abuse in federal agencies, Musk explained that the SBA had awarded hundreds of millions in loans to children—some of whom were still in diapers.

“A case of fraud was with the Small Business Administration, where they were handing out loans — $330 million worth of loans to people under the age of 11,” Musk said. “I think the youngest, Kelly, was a nine-month year old who got a $100,000 loan. That’s a very precocious baby we’re talking about here.”

DOGE’s findings forced the SBA to abruptly change its loan procedures. In a post on X, the department revealed it would now require applicants to include their date of birth and was halting direct loans to those under 18 and above 120 years old. Musk commented sarcastically: “No more loans to babies or people too old to be alive.”

The discovery was just the latest in a series of contract cancellations and fraud crackdowns led by DOGE. According to Breitbart News, DOGE recently canceled 105 contracts totaling $935 million in potential taxpayer liabilities. The agency’s website currently lists over 6,600 terminated contracts, accounting for $20 billion in savings.

The president praised Musk and DOGE for rooting out government inefficiencies, noting his administration was focused on “cutting” people and programs that were not working or delivering results. “We’re not going to let people collect paychecks or taxpayer funds without doing their jobs,” Trump said.

Also during the cabinet session, USDA Secretary Brooke Rollins revealed her department had eliminated a $300,000 program aimed at teaching “food justice” to transgender and queer farmers in San Francisco. “I’m not even sure what that means,” Rollins said, “but apparently the last administration wanted to put our taxpayer dollars towards that.”

These revelations highlight what many conservatives have long suspected—that during prior administrations, including under President Joe Biden, massive amounts of federal funding were funneled into unserious, ideologically-driven projects and mismanaged government programs. Under the Trump administration’s second term, DOGE appears to be living up to its mission: trimming fat, exposing fraud, and putting American taxpayers first.

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Cuba has lost 24% of it’s population to emigration in the last 4 years

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A new study finds Cuba has lost nearly a quarter of its population since 2020, driven by economic collapse and a mass emigration wave unseen outside of war zones. The country’s population now stands at just over 8 million, down from nearly 10 million.

Key Details:

  • Independent study estimates Cuba’s population at 8.02 million—down 24% in four years.
  • Over 545,000 Cubans left the island in 2024 alone—double the official government figure.
  • Demographer warns the crisis mirrors depopulation seen only in wartime, calling it a “systemic collapse.”

Diving Deeper:

Cuba is undergoing a staggering demographic collapse, losing nearly one in four residents over the past four years, according to a new study by economist and demographer Juan Carlos Albizu-Campos. The report estimates that by the end of 2024, Cuba’s population will stand at just over 8 million people—down from nearly 10 million—a 24% drop that Albizu-Campos says is comparable only to what is seen in war-torn nations.

The study, accessed by the Spanish news agency EFE, points to mass emigration as the primary driver. In 2024 alone, 545,011 Cubans are believed to have left the island. That number is more than double what the regime officially acknowledges, as Cuba’s government only counts those heading to the United States, ignoring large flows to destinations like Mexico, Spain, Serbia, and Uruguay.

Albizu-Campos describes the trend as “demographic emptying,” driven by what he calls a “quasi-permanent polycrisis” in Cuba—an interwoven web of political repression, economic freefall, and social decay. For years, Cubans have faced food and medicine shortages, blackout-plagued days, fuel scarcity, soaring inflation, and a broken currency system. The result has been not just migration, but a desperate stampede for the exits.

Yet, the regime continues to minimize the damage. Official figures from the National Office of Statistics and Information (ONEI) put Cuba’s population at just over 10 million in 2023. However, even those numbers acknowledge a shrinking population and the lowest birth rate in decades—confirming the crisis, if not its full scale.

Cuba hasn’t held a census since 2012. The last scheduled one in 2022 has been repeatedly delayed, allegedly due to lack of resources. Experts doubt that any new attempt will be transparent or complete.

Albizu-Campos warns that the government’s refusal to confront the reality of the collapse is obstructing any chance at solutions. More than just a demographic issue, the study describes Cuba’s situation as a “systemic crisis.”

 

Havana (Cuba, February 2023)” by Bruno Rijsman licensed under CC BY-SA 2.0 DEED.
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