Business
Bank of Canada showers executives with $3.5 million in bonuses in 2022

From the Canadian Taxpayers Federation
Author: Franco Terrazzano
The Bank of Canada lavished millions of dollars in bonuses on its executives last year amid seven interest rate hikes and the worst inflation crisis in four decades, according to access-to-information records obtained by the Canadian Taxpayers Federation.
All but two of the central bank’s 82 executives (97.5 per cent) received an “at-risk pay” bonus. Twenty-five received a “performance pay” bonus.
The average bonus among Bank of Canada executives last year was $43,700, for a total cost of more than $3.5 million.
“Executives at the Bank of Canada shouldn’t be showering themselves with big bonuses when Canadians can’t afford gas, groceries or mortgages,” said Franco Terrazzano, CTF Federal Director. “Most organizations don’t give 98 per cent of their executives bonuses when they have their worst year in four decades.”
Executive bonuses at the Bank of Canada total nearly $21 million since 2015. Since then, the size of the executive class at the Bank of Canada spiked by 18 per cent.
Table: Executive bonuses at Bank of Canada, 2015-2022
Year |
Number of executives |
Bonuses |
2015 |
69 |
$683,794 |
2016 |
70 |
$550,064 |
2017 |
71 |
$2,572,915 |
2018 |
73 |
$2,923,613 |
2019 |
78 |
$3,261,123 |
2020 |
79 |
$3,594,681 |
2021 |
79 |
$3,785,902 |
2022 |
82 |
$3,588,324 |
Total |
|
$20,960,416 |
The records provided by the Bank of Canada indicate its executives did not receive “at-risk” bonus pay in 2015 or 2016.
It was a bumpy year for the Bank of Canada in 2022.
The Bank of Canada’s mandate is to keep “an inflation target of two per cent inside a control range of one to three per cent.”
But inflation was 6.8 per cent in 2022, representing “a 40-year high, the largest increase since 1982,” according to Statistics Canada. The Bank of Canada also failed to meet its inflation target in 2021.
After Bank of Canada Governor Tiff Macklem told Canadians in 2020 that interest rates would remain low for a “long time,” the central bank turned around and hiked interest rates seven times in 2022.
In 2022, Macklem admitted “we got some things wrong” and the deputy governor acknowledged “we haven’t managed to keep inflation at our target,” adding that Canada’s central bankers “should be held accountable.”
“Handing out big bonus cheques is an odd way to hold your organization accountable,” Terrazzano said. “Canadians have every right to be furious when they find out executives at their central bank were taking bonuses as inflation and interest rates soared.”
Speaking at an event organized by the Canadian Federation of Independent Business in July 2022, Macklem told companies not to adjust wages for inflation, sparking outrage among labour leaders.
All told, bonuses at the Bank of Canada total about $55 million since 2020, according to separate access-to-information records obtained by the CTF.
Business
The Truth Is Buried Under Sechelt’s Unproven Graves

From the Frontier Centre for Public Policy
Millions spent, no exhumations. What are we actually mourning?
From Aug. 15 to 17, 2025, the Canadian flag flew at half-mast above the British Columbia legislature. The stated reason: to honour the shíshálh Nation and mourn the alleged discovery of 81 unmarked graves of Indigenous children near the former St. Augustine’s Residential School in Sechelt.
But unlike genuine mourning, this display of grief lacked a body, a name or a single verifiable piece of evidence. As MLA Tara Armstrong rightly observed in her open letter to the Speaker, this symbolic act was “shameful”—a gesture unmoored from fact, driven by rumour, emotion and political inertia.
The flag was lowered in response to claims from University of Saskatchewan archaeologist Dr. Terry Clark. According to announcements from both 2023 and 2025, Dr. Clark “discovered” 81 unmarked graves using ground-penetrating radar—a tool that detects changes in soil, not bones. Its signals require interpretation—and in this case, the necessary context never arrived.
Even more concerning, there has been no release of names or records. Chief Lenora Joe of the shíshálh Nation said the names of the children are “well known” to Elders. Yet none have been made public: not a single missing child reported, no date of disappearance, no death certificate, not even a family willing to speak openly.
Instead, we’re being asked to accept deeply held recollections as conclusive proof—without corroborating evidence.
The original 40 anomalies—first announced in April 2023—appear to be located beneath the paved parking lot of the band’s administrative and cultural hub, the House of Hewhiwus complex. This land has been excavated before. At no point were any human remains discovered. As former Chief Warren Paull confirmed, “remains were never found” and the stories circulating then “don’t include burial at all.” The pattern of red dots in the band’s video—a tidy grid beneath the asphalt—looked less like sacred ground and more like a plumbing schematic.
The grief narrative, meanwhile, was presented with great care. Professionally produced videos showed solemn Elders, blurred radar images and mournful speeches—all designed to evoke emotion while discouraging inquiry. In one video, Chief Joe warned that asking questions would “cause trauma.”
But reconciliation doesn’t mean blind acceptance. Silencing questions isn’t healing—it risks turning reconciliation into a one-way narrative.
In a 2025 follow-up, Dr. Clark reported another 41 anomalies—this time likely in the community’s own cemetery on Sinku Drive. Brief footage confirms that GPR was conducted among existing gravesites, where decayed wooden markers would naturally result in “unmarked” burials. As Tara Armstrong noted, finding undocumented graves in or near a cemetery is about as surprising as spotting seagulls at a landfill.
Even so, political leaders continued to validate the narrative.
The B.C. government endorsed the claims with another round of symbolic mourning. In doing so, it lent the power of the state to what increasingly resembles collective fiction. Since 2021, similar claims across Canada have triggered government apologies, funding announcements and media headlines—often without physical evidence.
Residential schools were bureaucratic institutions. They kept meticulous enrolment and death logs. The Truth and Reconciliation Commission, with eight years of access to these archives, conducted more than 6,500 interviews and reviewed thousands of documents. It found no cases of children who disappeared without a trace. Despite this, $2.6 million in federal funds was spent in 2025 alone on the Sechelt investigation.
This isn’t reconciliation: it’s mythmaking dressed up as healing. Worse still, it undermines real tragedies by replacing verifiable history with folklore dressed up in government robes.
Governments should not promote unverified stories with ceremonial gestures. Flags lowered at half-mast should honour actual deaths, not narrative convenience. Public policy, especially around historical reckoning, must be rooted in fact, not feelings.
If reconciliation is to mean anything, it must be anchored in shared truth. And the truth is, we cannot mourn 81 phantom children because they almost certainly never existed.
Canadians must start insisting on evidence. The standard of proof should be no different here than in any serious allegation. The principle that underpins our justice system—innocent until proven guilty—must also guide our view of history.
State-sponsored guilt rituals disconnected from verifiable fact are not justice.
They are theatre.
And not even good theatre.
Marco Navarro-Genie is vice-president of research at the Frontier Centre for Public Policy and co-author, with Barry Cooper, of Canada’s COVID: The Story of a Pandemic Moral Panic (2023). With files from Nina Green.
Business
Ottawa’s so-called ‘Clean Fuel Standards’ cause more harm than good

From the Fraser Institute
To state the obvious, poorly-devised government policies can not only fail to provide benefits but can actually do more harm than good.
For example, the federal government’s so-called “Clean Fuel Regulations” (or CFRs) meant to promote the use of low-carbon emitting “biofuels” produced in Canada. The CFRs, which were enacted by the Trudeau government, went into effect in July 2023. The result? Higher domestic biofuel prices and increased dependence on the importation of biofuels from the United States.
Here’s how it works. The CFRs stipulate that commercial fuel producers (gasoline, diesel fuel) must use a certain share of “biofuels”—that is, ethanol, bio-diesel or similar non-fossil-fuel derived energetic chemicals in their final fuel product. Unfortunately, Canada’s biofuel producers are having trouble meeting this demand. According to a recent report, “Canada’s low carbon fuel industry is struggling,” which has led to an “influx of low-cost imports” into Canada, undermining the viability of domestic biofuel producers. As a result, “many biofuels projects—mostly renewable diesel and sustainable aviation fuel—have been paused or cancelled.”
Adding insult to injury, the CFRs are also economically costly to consumers. According to a 2023 report by the Parliamentary Budget Officer, “the cost to lower income households represents a larger share of their disposable income compared to higher income households. At the national level, in 2030, the cost of the Clean Fuel Regulations to households ranges from 0.62 per cent of disposable income (or $231) for lower income households to 0.35 per cent of disposable income (or $1,008) for higher income households.”
Moreover, “Relative to disposable income, the cost of the Clean Fuel Regulations to the average household in 2030 is the highest in Saskatchewan (0.87 per cent, or $1,117), Alberta (0.80 per cent, or $1,157) and Newfoundland and Labrador (0.80 per cent, or $850), reflecting the higher fossil fuel intensity of their economies. Meanwhile, relative to disposable income, the cost of the Clean Fuel Regulations to the average household in 2030 is the lowest in British Columbia (0.28 per cent, or $384).”
So, let’s review. A government mandate for the use of lower-carbon fuels has not only hurt fuel consumers, it has perversely driven sourcing of said lower-carbon fuels away from Canadian producers to lower-cost higher-volume U.S. producers. All this to the deficit of the Canadian economy, and the benefit of the American economy. That’s two perverse impacts in one piece of legislation.
Remember, the intended beneficiaries of most climate policies are usually portrayed as lower-income folks who will purportedly suffer the most from future climate change. The CFRs whack these people the hardest in their already-strained wallets. The CFRs were also—in theory—designed to stimulate Canada’s lower-carbon fuel industry to satisfy domestic demand by fuel producers. Instead, these producers are now looking to U.S. imports to comply with the CFRs, while Canadian lower-carbon fuel producers languish and fade away.
Poorly-devised government policies can do more harm than good. Clearly, Prime Minister Carney and his government should scrap these wrongheaded regulations and let gasoline and diesel producers produce fuel—responsibly, but as cheaply as possible—to meet market demand, for the benefit of Canadians and their families. A radical concept, I know.
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