Liberals write off $6.3 billion in loans as part of money never to be collected

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OTTAWA — The federal government is writing off more than $6.3 billion in loans to businesses and students — money it never expects to get back.

The figure, contained within annual public accounts documents, marks a new high for the Trudeau government.

It has already written off some $3 billion in loans in each of the past two years.

Part of the total for 2017 to 2018 includes a $2.6 billion write off that came through Export Development Canada.

Separate from the writeoffs, the government is also forgiving other debts and loans to the tune of about $1.1 billion.

The amount includes nearly $344 million that officials don’t expect to recover from student loan recipients.

The Canadian Press