FTMFOLLOW
THE MONEY
THE LEDGER · BILL C-47 (44-1) · S.C. 2023, c. 26 The argument

THE GRAPH One bill · walked end to end · 59 nodes · 65 edges

The Ledger

The argument on the front page asked for a permanent, queryable accountability graph. This is that graph, built to the full vocabulary and populated for a single bill: Budget Implementation Act, 2023, No. 1. Every node and every edge carries a citation. Nothing here is asserted without a link, and the places where Canada does not publish a joinable record are marked as gaps rather than filled in.

47

Acts amended or created

59/65

Nodes / edges, all sourced

10/18

Node types populated

4

Joins Canada will not make

The bill ledger

Ten rows. One link per claim.

An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 — sponsored by the Deputy Prime Minister and Minister of Finance, Chrystia Freeland (University—Rosedale). First reading 2023-04-20, royal assent 2023-06-22, enacted as S.C. 2023, c. 26.

What government saidRow 01 · 2023-03-28
Budget 2023 confirmed a $15 billion Canada Growth Fund whose mandate is to build a portfolio that "unlocks private sector investment in Canadian businesses and projects".
What Parliament passedRow 02 · 2023-06-22
Budget Implementation Act, 2023, No. 1 — An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023. Sponsored by the Deputy Prime Minister and Minister of Finance. 15 recorded divisions, including two time-allocation motions. Royal assent 22 June 2023 as S.C. 2023, c. 26.
What laws changedRow 03 · 2023-06-22
47 Acts amended or enacted across 4 Parts and 39 Divisions, derived mechanically from the table of provisions.
What authority movedRow 04 · 2023-06-22
Part 4, Division 32 amended the Public Sector Pension Investment Board Act from s. 511 and the Fall Economic Statement Implementation Act, 2022 from s. 514 — putting a PSP subsidiary in charge of the Growth Fund.
What money was authorizedRow 05 · 2023-03-28
$15 billion in total capitalisation, of which up to $7 billion for contracts for difference and offtake agreements.
Who manages itRow 06 · 2023-06-22
Canada Growth Fund Investment Management Inc., a wholly-owned subsidiary of PSP Investments, as exclusive, arm's length and independent investment manager.
Who received itRow 07 · 2023-12-20
Entropy Inc. — $200 million direct investment plus a carbon contract for difference of up to 185,000 tonnes a year for 15 years at $86.50 per tonne.
Who lobbied for itRow 08 · None
Not joinable. The Registry of Lobbyists publishes monthly communication reports, but nothing keys a communication to a division of a budget bill or to a Growth Fund transaction.
What was deliveredRow 09 · 2023-12-20
One announced project at the time of the first contract: Glacier Phase 2, approximately 2.8 million tonnes of reductions over 15 years.
What happenedRow 10 · None
Unknown. No Auditor General or Parliamentary Budget Officer report on the Canada Growth Fund was located in either office's report index on 2026-09-05 — three years after the money was authorized. For the Canada Infrastructure Bank, both offices had reported.
The walk

Law → outcome. Thirteen stages, no breaks.

The chain the front page specified, traversed on real records. Each stage is a node in the graph; the type is the schema type it occupies.

01 Law Bill C-47 (44-1) → S.C. 2023, c. 26 bill · Parliament of Canada 02 Diff 47 Acts touched across 39 divisions statute · Justice Laws Website 03 Authority Division 32, PSP Investment Board Act from s. 511 statute · Justice Laws Website 04 Manager CGFIM — wholly-owned subsidiary of PSP Investments corporation · Canada Growth Fund 05 Owner Public Sector Pension Investment Board pension fund · Canada Growth Fund 06 Institution Canada Growth Fund Inc. corporation · Canada Growth Fund 07 Appropriation $15 billion capitalisation appropriation · Department of Finance Canada 08 Programme Up to $7 billion for contracts for difference program · Department of Finance Canada 09 Contract $200M plus a 15-year contract at $86.50 per tonne contract · Department of Finance Canada 10 Counterparty Entropy Inc., Calgary corporation · Department of Finance Canada 11 Project Glacier Phase 2, Alberta Peace Country project · Department of Finance Canada 12 Influence GAP — no join from lobbying reports to a bill division or a transaction — · Office of the Auditor General of Canada / Office of the Parliamentary Budget Officer 13 Outcome GAP — no Auditor General or Budget Officer report located, 2026-09-05 — · Office of the Auditor General of Canada / Office of the Parliamentary Budget Officer
What the joins produce

Six statements no single record makes

Each of these needs two or more published sources placed side by side. Each is factual, each is linked, and none of them appeared as a headline.

The Fund exists to unlock private sector investment. Its exclusive manager is a wholly-owned subsidiary of a federal public-sector pension board.

On the record

Mandate: to "unlock private sector investment in Canadian businesses and projects".

Placed against

CGFIM is "a wholly-owned subsidiary of PSP Investments" and "the exclusive, arm's length and independent investment manager of CGF".

corporation:canada-growth-fund → corporation:cgfim → pension_fund:psp-investments

The money was authorized by one omnibus bill and the manager installed by a different one a year later. Neither bill's public record points at the other.

On the record

The Fall Economic Statement Implementation Act, 2022 carries the Fund.

Placed against

Division 32 of the Budget Implementation Act, 2023, No. 1 amends that Act from s. 514 and the PSP Investment Board Act from s. 511.

bill:c-47-44-1 → statute:fall-economic-statement-implementation-act-2022 + statute:public-sector-pension-investment-board-act → corporation:cgfim

A bill amending 49 Acts was time-allocated twice, and every one of the nine report-stage amendments was negatived — the same procedural signature as Bill C-44 six years earlier.

On the record

15 recorded divisions; divisions 306 and 350 are time allocation.

Placed against

Divisions 356 through 364 — nine report-stage amendments, all negatived.

bill:c-47-44-1 → statute:sc-2023-c-26

Three years after $15 billion was authorized, neither the Auditor General nor the Parliamentary Budget Officer has published on the Fund.

On the record

$15 billion capitalisation, up to $7 billion for contracts for difference.

Placed against

No report located in either office's index on 2026-09-05.

appropriation:cgf-15b → GAP
Schema coverage

10 of 18 node types carry records

The schema is the full vocabulary from the specification. Populating it for one bill shows exactly which parts of Canada’s political economy are recordable today and which are not. The empty cells are the finding, not an omission.

bill

1

statute

48

regulation

0

department

1

minister

1

official

0

appropriation

1

program

1

contract

1

corporation

3

subsidiary

0

director

0

shareholder

0

lobbyist

0

financial institution

0

pension fund

1

crown corporation

0

project

1

Edge types populated: 8 of 14 Empty = no joinable Canadian record for this bill

amended

53

repealed

0

authorized

3

funded

2

contracted

3

subcontracted

0

owned

1

financed

1

guaranteed

0

lobbied

0

employed

1

regulated

0

transferred

0

invested

1

Decision desk

The joins Canada does not publish

This desk holds no secrets. Every dataset below is public. What is missing is the key that would let one be read against another.

bill division → registered lobbying communications

The question
Which registrants contacted which office holders about the Growth Fund, and when.
Published?
Yes — monthly communication reports name the office holder, the registrant and the subject matter.
Why it will not join
Subject matter is free text. Nothing keys a communication to Division 32 of a budget bill, to the Fund, or to a transaction.

"Lobbied for it, then received it" cannot be queried for this Fund at all.

appropriation → investment → beneficial owner

The question
Following the $15 billion to the people who ultimately benefit.
Published?
Partly. Individual investments are announced by the Department of Finance and the Fund.
Why it will not join
Announcements are prose. There is no machine-readable register of Growth Fund positions, amounts and counterparties keyed to the appropriation.

Cumulative exposure per counterparty cannot be computed from the public record.

contract for difference → contingent liability

The question
What the public owes if the carbon price falls below the contracted strike price.
Published?
The strike price and volume were announced for the first contract.
Why it will not join
No published schedule of contracted volumes and strike prices across all contracts, and no stated method for valuing the contingent liability.

The size of the public's downside is not derivable from what is published.

commitment → outcome, at the level of the division

The question
Whether Division 32 did what it was said to do.
Published?
No.
Why it will not join
No Auditor General or Budget Officer report located; departmental results are not keyed to a bill division.

The last stage of the walk is empty, and nothing in the system will fill it on its own.

The omnibus diff

47 Acts, one bill, four Parts, twenty-one Divisions

Derived mechanically from the table of provisions of S.C. 2023, c. 26. This is the dependency graph the front page said someone has to construct. It took a script and one public page.

Every Act touched by C-47 52 references
Part 4 divisions carry their own subject matter; a single Act can be touched by several divisions
PartDivDivision subject ActRelationFrom s.
1 Air Travellers Security Charge Act amended 89
1 Electronic Filing and Provision of Information (GST/HST) Regulations amended 113
1 Excise Act, 2001 amended 93
1 Excise Tax Act amended 85
1 Greenhouse Gas Pollution Pricing Act amended 96
1 Income Tax Act amended 80
1 Income Tax Regulations amended 112
1 Tax Rebate Discounting Act amended 86
2 Excise Tax Act amended 123
2 Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations amended 124
31 Excise Act and Excise Act, 2001 (Alcohol Products)Excise Act amended 125
31 Excise Act and Excise Act, 2001 (Alcohol Products)Excise Act, 2001 amended 127
32 Air Travellers Security Charge Act (Charge Rates)Air Travellers Security Charge Act amended 128
41 Bank ActConsequential Amendments to the Financial Consumer Agency of Canada Act amended 147
41 Bank ActRelated Amendments to the Financial Consumer Protection Framework Regulations amended 148
42 Private Sector Pension PlansConsequential Amendment to the Canadian Human Rights Act amended 179
42 Private Sector Pension PlansPension Benefits Standards Act, 1985 amended 159
42 Private Sector Pension PlansPooled Registered Pension Plans Act amended 178
43 Measures Related to Money Laundering and to Digital Assets and Other MeasuresBudget Implementation Act, 2021, No. 1 amended 209
43 Measures Related to Money Laundering and to Digital Assets and Other MeasuresCriminal Code amended 211
43 Measures Related to Money Laundering and to Digital Assets and Other MeasuresMutual Legal Assistance in Criminal Matters Act amended 225
43 Measures Related to Money Laundering and to Digital Assets and Other MeasuresParliament of Canada Act amended 223
43 Measures Related to Money Laundering and to Digital Assets and Other MeasuresProceeds of Crime (Money Laundering) and Terrorist Financing Act amended 181
43 Measures Related to Money Laundering and to Digital Assets and Other MeasuresSeized Property Management Act amended 228
47 Canada Innovation Corporation ActCanada Innovation Corporation Act enacted 238
47 Canada Innovation Corporation ActFinancial Administration Act amended 240
47 Canada Innovation Corporation ActPublic Service Superannuation Act amended 241
410 Economic SanctionsJustice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) amended 265
410 Economic SanctionsProceeds of Crime (Money Laundering) and Terrorist Financing Act amended 260
410 Economic SanctionsSpecial Economic Measures Act amended 259
412 Service Fees ActConsequential Amendment to the Canadian Food Inspection Agency Act amended 279
418 College of Immigration and Citizenship Consultants ActCitizenship Act amended 299
418 College of Immigration and Citizenship Consultants ActImmigration and Refugee Protection Act amended 300
421 Oceans Protection PlanCanada Shipping Act, 2001 amended 350
421 Oceans Protection PlanMarine Liability Act amended 308
421 Oceans Protection PlanRelated Amendment to the Oil Tanker Moratorium Act amended 428
421 Oceans Protection PlanWrecked, Abandoned or Hazardous Vessels Act amended 429
423 Air Travel ComplaintsCanada Transportation Act amended 472
424 Customs ActRelated Amendment to the Quarantine Act amended 480
432 Canada Growth FundFall Economic Statement Implementation Act, 2022 amended 514
432 Canada Growth FundPublic Sector Pension Investment Board Act amended 514
433 Legislation Related to Financial InstitutionsBank Act amended 578
433 Legislation Related to Financial InstitutionsConsequential Amendment to the Winding-up and Restructuring Act amended 609
433 Legislation Related to Financial InstitutionsInsurance Companies Act amended 608
433 Legislation Related to Financial InstitutionsOffice of the Superintendent of Financial Institutions Act amended 518
433 Legislation Related to Financial InstitutionsTrust and Loan Companies Act amended 539
436 Canadian Environmental Protection Act, 1999Consequential Amendments to the Canada Emission Reduction Incentives Agency Act amended 625
438 Employment Insurance Board of AppealDepartment of Employment and Social Development Act amended 656
438 Employment Insurance Board of AppealEmployment Insurance Act amended 664
438 Employment Insurance Board of AppealFederal Courts Act amended 657
438 Employment Insurance Board of AppealIncome Tax Act amended 662
438 Employment Insurance Board of AppealLabour Adjustment Benefits Act amended 660
What Parliament actually did

Seventeen recorded divisions

Two time-allocation motions carried; twelve report-stage amendments negatived. Retrieved as structured data from LEGISinfo, not transcribed.

Every recorded division on C-47 15 votes
No.DateSubjectYeas NaysResult
306 Time allocation for Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023174148 Agreed To
307 2nd reading of Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (reasoned amendment)116210 Negatived
308 2nd reading of Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023177149 Agreed To
350 Time allocation for Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023175145 Agreed To
356 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 1)116208 Negatived
357 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 3)115209 Negatived
358 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 15)114206 Negatived
359 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 112)114206 Negatived
360 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 122)115207 Negatived
361 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 126)112208 Negatived
362 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 233)114208 Negatived
363 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 441)112208 Negatived
364 Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 (report stage amendment) (Motion 730)113207 Negatived
365 Concurrence at report stage of Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023178145 Agreed To
366 3rd reading and adoption of Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023177146 Agreed To
Committee consideration 0 meetings
CommitteeMeetingDate
Evidence

Every source, once

Primary records unless marked otherwise. Three were read by machine rather than by hand, which is the point of the exercise.

primary · legisinfo

LEGISinfo — Bill C-47 (44-1), structured record

Parliament of Canada

machine-read into the graph

primary · sc2023c26

S.C. 2023, c. 26 — Budget Implementation Act, 2023, No. 1, table of provisions

Justice Laws Website

machine-read into the graph

primary · sc2023c26div32

S.C. 2023, c. 26, Part 4, Division 32 — Canada Growth Fund (ss. 511–516)

Justice Laws Website

machine-read into the graph

primary · cgf

Canada Growth Fund — Who We Are

Canada Growth Fund

primary · fin_entropy

Deputy Prime Minister welcomes the Canada Growth Fund's first carbon contract for difference

Department of Finance Canada

absence · outcome_search

Search of the Auditor General and Parliamentary Budget Officer report indexes for the Canada Growth Fund, 2026-09-05 — no report located

Office of the Auditor General of Canada / Office of the Parliamentary Budget Officer

Method and limits

How this was built, and what it is not

What a machine did

The bill record — stages, sponsor, fifteen recorded divisions — was read as structured data from LEGISinfo. The 47-Act amendment graph was derived by parsing the table of provisions of S.C. 2023, c. 26 on the Justice Laws site, with the same script that parsed C-44. Both joins are reproducible: re-run them and you get this page.

Where the machine stopped, and what that measures

Earlier than it did on C-44. That bill filled 15 of the 18 node types; this one fills 10. That is not a thinner page, it is a thinner public record. The Growth Fund's capitalisation, its manager and its first contract had to be read out of the Fund's own governance page and a Department of Finance news release, because there is no machine-readable register of Growth Fund positions keyed to the appropriation that funds them.

What a person did

Assembled the Growth Fund chain by hand from two published sources, and checked the Auditor General and Parliamentary Budget Officer report indexes for anything on the Fund. Neither returned a report. That absence is recorded as a source in its own right rather than left as a silence.

One claim this page does not make

It is widely reported that Division 32 exempts the manager from PSP Investments' usual investment policies, standards and procedures. That may well be correct, but it could not be verified against the statutory text of ss. 511–516 within this build, so it does not appear as a node, an edge or a finding. An unverified claim is worth less than an admitted gap.

What this is not

It is not an allegation. Nothing here asserts that any person or institution broke a rule. Every step is a published statute, a published appointment or a published transaction; the finding is that no Canadian system joins them. It is also not complete — eight node types and six edge types are empty, because the records that would fill them are not published, not keyed to anything, or not machine-readable.

Depth one

This is one bill. The schema is the whole vocabulary, so the next bill adds rows rather than a rebuild. That is the difference between an article and an accounting system.

The data and the code

The graph is served as it was built: graph.json — 59 nodes, 65 edges, 6 sources, every record carrying its citation. The three machine joins are published with it, so the claim above is checkable rather than asserted: extract_statutes.py parses the table of provisions into the amendment graph, build_graph.py assembles nodes and edges and refuses any record without a citation, and gen_site.py renders this page from the result. Take it and extend it.

Pass it on

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