A Nation Liquidated for Profit

A country is more than its land, more than its symbols, more than the myths it tells itself. A country is the sum of what its people own together.

For most of Canada’s history, that idea was understood. From its railways to its airlines, from its oil to its electricity, from its highways to its telecommunications, Canadians once owned the foundations of their economy. These were not just assets—they were national projects, built and maintained with public money, for public benefit.

They weren’t perfect, but they served a purpose: to ensure that the necessities of life—transportation, energy, communication, essential services—remained accessible, affordable, and accountable to the public rather than to shareholders.

But over the last fifty years, all of it was sold off.

Air Canada, Petro-Canada, CN Rail, Hydro One, Highway 407, the Canadian Wheat Board, Alberta Government Telephones, Manitoba Telecom Services, BC Ferries, Nova Scotia Power. Piece by piece, the infrastructure of the nation was stripped away. The justification was always the same: “Government shouldn’t be in the business of running businesses.” The public was told that privatization would mean efficiency, that competition would lower costs, that the private sector could do what the government could not.

It was a lie.

It is a lie.

The result has not been efficiency, but extraction. Higher prices, worse service, mass layoffs, declining wages, and corporate monopolies replacing public utilities. What had once been national projects, built with generations of taxpayer money, were handed to private interests—often at a fraction of their real value, always at public expense.

This is not just a list of privatizations. This is a record of a heist.

A theft of public wealth, carried out in the open, justified by politicians of every stripe.

This is what was ours.

This is what was taken.

The Blueprint for Selling Off a Country

Privatization never begins with a sale. It begins with sabotage.

The process follows a familiar pattern, repeated across industries, across decades, across governments:

1. Defund, degrade, and create a crisis.
   • Cut services, delay repairs, reduce staff. Let wait times grow, let complaints pile up.
   • The public, struggling with declining service, begins to lose faith.
   • The government steps forward and declares: "Look how inefficient this is!"
2. Introduce the "solution": privatization.
   • A manufactured crisis demands an urgent fix.
   • The government insists: "We can't afford to keep running this. The private sector can do it better."
   • The asset—built with public money—is quietly put up for sale.
3. Sell it off at a discount.
   • A deal is struck. A corporation, often politically connected, buys the asset for a fraction of its value.
   • The public, who has already paid for it, receives nothing.
   • Control is permanently lost.
4. The public now pays again—for something they once owned.
   • Fares rise, fees are introduced, services shrink.
   • The money that once went into public coffers—funding schools, hospitals, infrastructure—now goes to private investors.

This is how it happened. Again and again.

This is how Canada was liquidated.

What Was Ours, and What Was Taken

1. Air Canada: A National Airline, Turned Corporate Monopoly

For over fifty years, Canadians owned their own airline. Trans-Canada Airlines, later renamed Air Canada, was established in 1937 to ensure safe, affordable, nationwide air travel—even in regions where private carriers would never fly.

Guaranteed service to every part of the country.
Ticket prices regulated, ensuring affordability.
Thousands of unionized jobs, stable and well-paid.

Then, in 1988-89, Brian Mulroney privatized Air Canada.

The consequences were immediate:
Unprofitable routes were cut, leaving remote communities stranded.
Ticket prices soared, making air travel a luxury rather than a public service.
Mass layoffs and wage cuts followed as the airline focused on shareholder profits.

Air Canada was never meant to be just another corporate airline. It was supposed to serve the entire country, not just the bottom line.

2. Petro-Canada: A National Energy Company, Handed to Private Interests

In 1975, Canada did something radical: it created a national oil company.

Petro-Canada was established to:
Ensure that oil profits stayed in Canada.
Give the government a direct role in shaping energy policy.
Prevent foreign oil companies from controlling Canada’s resources.

It worked. But it was too much of a threat to corporate power.

• In 1991, Mulroney began selling off Petro-Canada.
• In 2004, Paul Martin’s Liberal government completed the privatization.

Today, Canada has no national energy company.

Billions in oil profits flow to foreign investors, not public coffers.
The government has no power to control prices, production, or exports.
Canada remains at the mercy of global oil markets, with no leverage.

Countries like Norway never privatized their oil company. Their government collects billions in oil revenue to fund healthcare, education, and infrastructure.

Canada? We gave it away.

3. CN Rail: The Steel Spine of the Nation, Sold for Scrap

A railway is not just a business. In a country as vast as Canada, it is the backbone of the economy, the steel threads that connect the country.

CN Rail was a public railway, owned and operated by the government, built to serve the entire country—not just its profitable corridors.

Then, in 1995, Jean Chrétien’s government privatized it for just $2.2 billion—a fraction of its worth.

The results?
Small communities lost rail service entirely.
Ticket prices climbed, making train travel unaffordable.
CN moved its headquarters to the U.S., cutting jobs in Canada.

CN Rail was never meant to be just another corporate monopoly. It was supposed to be a public utility, built for national development.

Now? It’s just another private business, charging Canadians for what they once owned.

Fun fact - - From the dividends of his CN Rail ownership alone, Bill Gates makes $2.2 billion every 15 years.

What Was Lost: The Real Cost of Privatization

The list goes on.

• Hydro One? Privatized. Electricity rates soared.
• Highway 407? Privatized. A toll road built with public money, now a permanent profit machine for private investors.
• The Canadian Wheat Board? Privatized. Farmers lost their ability to negotiate fair prices.
• BC Ferries? Privatized. Fares climbed, service declined.
• Nova Scotia Power? Privatized. Foreign investors now control the province’s energy grid.

This is what privatization has meant:

• Higher costs for consumers.
• Declining wages and mass layoffs.
• Loss of national control over essential industries.
• Public wealth siphoned off into private hands.

It was never about efficiency. It was never about reducing government waste. It was about shifting power.

It was about ensuring that what was once controlled by the public would now be controlled by corporations.

What Happens Next?

Privatization never stops. It only slows when people fight back.

Healthcare is next. Infrastructure is next. The erosion of public services has never stopped.

The question is not just what was lost.

The question is: Will we ever take it back?

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B

Proconsul 🇨🇦 (@proconsul.bsky.social)

Visionary Strategic Growth A guide for ambition, bridging strategy with implementation for modern business: clarity, structure, and sustainable impact. I listen. If it’s possible, I’ll show you how. proconsul.ghost.io

Bluesky Social

Canadians once owned their airline, oil, rail, and power. Built with public money, sold off for private profit.

They called it privatization, but it was theft.

Higher costs, worse service, lost control.

What was ours is gone.

Will we take it back?

It's important to know what was ours, and what was taken.

What Canadians Once Owned: A Complete Inventory of Privatized Public Assets (1974-2024)

This document aims to provide an exhaustive accounting of public assets, services, and resources that were once owned collectively by Canadians but have since been privatized, sold off, or transferred to private interests. The goal is to help Canadians understand what they once owned together and what has been lost from the public domain.

FEDERAL ASSETS SOLD OR PRIVATIZED

Under Brian Mulroney (1984-1993) - Progressive Conservative

Crown Corporations Fully Privatized

• Air Canada (1988-1989)
  • Canada's national airline, established in 1937 as Trans-Canada Airlines
  • Employed thousands of Canadians with stable, well-paying jobs
  • Provided service to remote communities regardless of profitability
  • Fully privatized through share offerings, completing in 1989
  • Consequences: Route cuts to less profitable areas, job losses through restructuring, focus shifted from service to profit maximization
• Petro-Canada (Started 1991)
  • Created in 1975 as Canada's national oil company
  • Established to give Canadians a "window on the industry" and secure Canadian ownership in energy sector
  • Began privatization in 1991 with 30% sold via IPO
  • Consequences: Lost public policy tool in energy sector, reduced Canadian control over natural resources
• Teleglobe Canada (1987)
  • Canada's international telecommunications carrier
  • Managed Canada's global communications infrastructure since 1950
  • Sold to Memotec Data Inc. for $488 million
  • Consequences: Lost public control over critical communications infrastructure
• Canadair (1986)
  • Crown aircraft manufacturer, essential to Canadian aerospace capacity
  • Sold to Bombardier for $120 million
  • Government had invested billions in developing aerospace expertise
  • Consequences: Public investments in R&D transferred to private profit
• de Havilland Aircraft of Canada (1986)
  • Historic Canadian aircraft manufacturer (established 1928, nationalized 1974)
  • Sold to Boeing for $155 million
  • Designed iconic Canadian aircraft including the Beaver and Twin Otter
  • Consequences: Foreign control of Canadian aerospace technology
• Canadian Arsenals Limited (1986)
  • Crown corporation producing military equipment and ammunition
  • Sold to SNC-Lavalin for $92.2 million
  • Consequences: Military production capacity moved to private sector
• Northern Transportation Company Limited (1985)
  • Crown shipping company serving northern communities
  • Sold to Inuvialuit Regional Corporation for $27.6 million
• Pecheries Canada (1984)
  • Federal fishing company
  • Sold to private investors
• CN Route (1987)
  • CN Rail's trucking division
  • Sold to private sector
• Canadian National Hotels/CN Hotels (1988)
  • Hotel chain owned by Canadian National Railway
  • Included iconic properties like Jasper Park Lodge, Château Laurier
  • Sold to Canadian Pacific Hotels
  • Consequences: Public lost ownership of historic landmark properties
• Fishery Products International (1987)
  • Created in 1984 to save the Newfoundland fishing industry
  • Privatized through share offering
  • Consequences: Reduced government ability to manage fishery resources sustainably
• Northern Canada Power Commission (1987)
  • Provided power to Northwest Territories and Yukon
  • Assets transferred to territorial governments, then later privatized
  • Consequences: Lost public control over northern energy infrastructure
• Nanisivik Mine (1985)
  • Crown-owned lead-zinc mine in Arctic
  • Sold to private mining interests

Partial Privatizations Under Mulroney

• Eldorado Nuclear Limited (1988)
  • Crown corporation controlling uranium mining
  • Merged with Saskatchewan Mining Development Corporation to form Cameco
  • Government maintained partial ownership initially
  • Consequences: Reduced public control over nuclear resource development
• Canada Development Investment Corporation (Various sales)
  • Holding company for government investments
  • Sold numerous assets including shares in various companies

Deregulation Under Mulroney

• Transportation Deregulation
  • Reduced government oversight of airlines, trucking, and railways
  • Allowed greater foreign ownership and reduced service requirements
  • Consequences: Reduced service to remote communities, industry consolidation
• Financial Services Deregulation
  • Allowed banks to enter new business lines (securities, insurance)
  • Consequences: Greater financial concentration, reduced regional banking
• Free Trade Agreement with US (1988) and NAFTA (1994)
  • Reduced government ability to manage economy and protect Canadian industries
  • Made future nationalizations more difficult through investor protection measures
  • Consequences: Lost policy tools for domestic economic development

Under Jean Chrétien (1993-2003) - Liberal

Completed Privatizations Initiated Under Previous Governments

• Canadian National Railway (CN) (1995)
  • Nation's largest railway, established as a Crown corporation in 1918
  • Employed over 34,000 Canadians
  • Owned vast real estate, infrastructure, and telecommunications assets
  • Privatized through IPO in 1995
  • Consequences: Reduced rail service to smaller communities, workforce reduced to maximize profit, focus shifted from nation-building to shareholder returns
• Petro-Canada (Continued privatization)
  • Further share offerings reduced government ownership
  • Complete privatization achieved by 2004 under Paul Martin
  • Consequences: Complete loss of public ownership in oil sector

New Privatizations Under Chrétien

• Nav Canada (1996)
  • Air navigation service provider
  • Converted to private non-profit corporation
  • Previously operated by Transport Canada
  • Consequences: Shifted from tax-funded to user-fee model
• Canadian National Railway Telecommunications (1992-1995)
  • One of Canada's largest telecommunications networks
  • Sold as part of CN privatization
  • Consequences: Lost public telecommunications infrastructure
• Route Canada (1995)
  • CN's intercity bus services
  • Discontinued or sold with CN privatization
• Canada Communication Group (1997)
  • Government printing operations
  • Sold to private sector

Under Paul Martin (2003-2006) - Liberal

• Petro-Canada (2004)
  • Completed privatization with government selling remaining shares
  • Consequences: Complete loss of public ownership in national oil company
• Additional Canada Development Investment Corporation Holdings
  • Various government investments sold to private sector

Under Stephen Harper (2006-2015) - Conservative

Crown Corporations and Assets Privatized

• Canadian Wheat Board (2012)
  • Farmer-controlled grain marketing agency established 1935
  • Provided collective marketing power for farmers
  • Eliminated single-desk marketing system, effectively privatizing
  • Sold to Saudi/US ownership (G3 Global Grain Group) in 2015
  • Consequences: Farmers lost collective bargaining power, profits now flow to foreign investors
• Atomic Energy of Canada Limited (AECL) - Commercial Division (2011)
  • Crown corporation developing nuclear technology since 1952
  • Designed CANDU reactor system - uniquely Canadian technology
  • Reactor division sold to SNC-Lavalin for $15 million
  • Government had invested billions in development
  • Consequences: Private ownership of publicly-developed technology, reduced research capacity
• Federal Office Buildings (2007)
  • Nine major government buildings sold to private investors
  • Government became tenant in buildings it once owned
  • Sale-leaseback arrangement generated short-term cash
  • Sold for $1.4 billion (including buildings in Ottawa, Edmonton, Toronto, Montreal)
  • Consequences: Long-term rental costs exceeding sale value, lost future asset appreciation
• Royal Canadian Mint - Retail Operations (2012)
  • Privatized retail coin sales operations
• Canada Post - Mail Sortation (2008-2015)
  • Increased private contracting for mail sorting services
  • Reduced public sector postal jobs

Regulatory Changes Enabling Privatization

• Environmental Assessment Process (2012)
  • Weakened through Canadian Environmental Assessment Act changes
  • Reduced public oversight of resource development
  • Consequences: Easier private development of previously protected areas
• Navigable Waters Protection (2012)
  • Reduced protection for waterways
  • Allowed greater private development on previously protected waters
  • Consequences: Lost public protections for thousands of lakes and rivers

Under Justin Trudeau (2015-Present) - Liberal

• Canada Infrastructure Bank (2017)
  • Created to facilitate private investment in public infrastructure
  • Shift from fully public infrastructure to public-private partnerships
  • Consequences: Higher long-term costs for infrastructure, private profit from essential services
• Trans Mountain Pipeline (Purchased 2018, privatization planned)
  • Government purchased for $4.5 billion
  • Stated intention to privatize after expansion
  • Consequences: Public bearing expansion risks, private sector to receive completed asset

PROVINCIAL ASSETS SOLD OR PRIVATIZED

Ontario

Under Mike Harris/Ernie Eves (1995-2003) - Progressive Conservative

• Highway 407 (1999)
  • 107 km toll highway built with public funds
  • Leased to private consortium for 99 years for $3.1 billion
  • Current estimated value: $30+ billion
  • Consequences: Lost toll revenue for 99 years, no public control over toll rates which have increased substantially
• Ontario Hydro (1999-2002)
  • Provincial electricity utility broken into separate companies
  • Bruce Nuclear leased to private consortium (Bruce Power)
  • Set stage for future privatization of Hydro One
  • Consequences: Beginning of loss of public control over electricity system
• GO Transit Maintenance (1996-2001)
  • Contracted out maintenance operations
  • Previously performed by public employees
  • Consequences: Lost public sector jobs, reduced oversight

Under Dalton McGuinty/Kathleen Wynne (2003-2018) - Liberal

• Hydro One (2015)
  • Provincial electricity transmission utility
  • 53% of shares sold to private investors
  • Generated $9 billion, of which $5 billion went to provincial debt
  • Consequences: Lost dividend revenue ($750 million annually), reduced public control over electricity transmission

Under Doug Ford (2018-Present) - Progressive Conservative

• Healthcare Services (2022-present)
  • Expanded private delivery of publicly funded healthcare
  • Shifted diagnostic procedures and surgeries to private clinics
  • Consequences: Potential workforce drain from public system, two-tier access concerns
• Ontario Place (2021-present)
  • Public waterfront land being leased for private development
  • 95-year lease approved for private spa and entertainment complex
  • Consequences: Reduced public access to waterfront, loss of public recreation space
• Greenbelt Lands (2022)
  • Attempted removal of protected status for portions of Greenbelt
  • Would have enabled private development on previously protected land
  • Plan paused after public backlash
  • Consequences: Potential loss of protected environmental lands

Alberta

Under Ralph Klein (1992-2006) - Progressive Conservative

• Alberta Government Telephones (AGT) (1990-1991)
  • Provincial telecommunications utility
  • Privatized as Telus
  • Government received $870 million
  • Consequences: Lost public telecommunications infrastructure and ongoing revenue
• Liquor Control Board of Alberta (1993)
  • Complete privatization of liquor retailing
  • 205 government stores closed, 1,500 public employees laid off
  • Replaced by private liquor stores
  • Consequences: Lost revenue stream, higher liquor prices, job losses
• Alberta Treasury Branches (Partial, 1997)
  • Restructured as ATB Financial, arms-length from government
  • While technically still government-owned, operates like private bank
  • Consequences: Shifted focus from public service to commercial operation
• Alberta Energy Company (1975/1993)
  • Government further reduced ownership stake
  • Eventually became fully private
  • Consequences: Lost public participation in energy development
• Alberta Resource Railway (1995)
  • Sold to CN Rail
  • Consequences: Private control of resource transportation infrastructure
• Alberta Special Waste Management System (1995)
  • Privatized waste management services
  • Consequences: Essential environmental services moved to profit model

Under Ed Stelmach/Alison Redford/Jim Prentice (2006-2015) - Progressive Conservative

• Registry Services (2013)
  • Motor vehicle and land registry services
  • Increased privatization of service delivery
  • Consequences: Higher user fees, service focused on profit centers

Under Jason Kenney/Danielle Smith (2019-Present) - United Conservative Party

• Provincial Parks Operations (2020)
  • Proposed privatization of 164 provincial parks and recreation areas
  • Partial reversal after public backlash
  • Some sites transferred to private operators
  • Consequences: Reduced public access to nature, profit motive in parks management
• Healthcare Services (2020-present)
  • Increased privatization of healthcare delivery
  • Orthopedic surgeries, diagnostic imaging moved to private clinics
  • Laundry services privatized
  • Consequences: Public system weakened, profit motive in healthcare

British Columbia

Under Gordon Campbell/Christy Clark (2001-2017) - BC Liberal

• BC Rail (2003)
  • Provincial railway operating since 1912
  • Sold to CN Rail for $1 billion
  • Included 2,300 km of track, extensive land holdings
  • Consequences: Lost control of provincial transportation infrastructure, reduced service to northern communities
• BC Ferries (2003)
  • Converted from Crown corporation to private company (though government remains sole shareholder)
  • Shifted from service focus to profit focus
  • Consequences: Higher fares, reduced sailings to smaller communities
• Medical Services Plan Administration (2004)
  • Contracted out to US company (Maximus)
  • Consequences: Private company handling sensitive health information
• BC Hydro Operations (2003-2010)
  • Numerous services contracted out to private companies
  • Accenture received $1.45 billion contract for customer services
  • Consequences: Higher costs, reduced public sector jobs
• Coquihalla Highway (2008)
  • Removed tolls but did not return full infrastructure value to public
  • Consequences: Public paid for construction but lost revenue-generating potential

Saskatchewan

Under Grant Devine (1982-1991) - Progressive Conservative

• Potash Corporation of Saskatchewan (1989)
  • Crown corporation controlling potash resources
  • Privatized through share offerings
  • Government received $630 million, far below asset value
  • Eventually became fully privatized and foreign-owned
  • Consequences: Lost control of key provincial resource and revenue stream
• Saskatchewan Oil and Gas Corporation (SaskOil) (1986)
  • Provincial oil company
  • Privatized through public share offering
  • Eventually acquired by foreign owners
  • Consequences: Lost public participation in resource development
• Saskatchewan Mining Development Corporation (1988)
  • Merged with Eldorado Nuclear to form Cameco
  • Government gradually reduced ownership
  • Consequences: Reduced public control over uranium resources

Under Brad Wall/Scott Moe (2007-Present) - Saskatchewan Party

• Saskatchewan Transportation Company (STC) (2017)
  • Provincial bus company operating since 1946
  • Complete shutdown and asset liquidation
  • Provided essential transportation to 253 communities
  • Consequences: Rural residents left without public transportation options
• Information Services Corporation (2013)
  • Land titles and information registry
  • Partially privatized (60% of shares sold)
  • Government received $147 million
  • Consequences: Public registry system now generating private profits
• Saskatchewan Liquor Stores (2016-present)
  • Ongoing privatization of government liquor stores
  • 39 public stores converted to private retailers
  • Consequences: Lost revenue stream, reduced public sector jobs
• SaskTel (Partial privatization through contracting)
  • Increased private service delivery within public company
  • Only major provincial telecom still publicly owned
  • Consequences: Reduced direct public employment

Manitoba

Under Gary Filmon (1988-1999) - Progressive Conservative

• Manitoba Telephone System (MTS) (1996)
  • Provincial telecommunications utility
  • Completely privatized through share offering
  • Government received $860 million
  • Eventually acquired by Bell (2017)
  • Consequences: Lost public control of communications infrastructure, higher rates
• Manitoba Data Services (1990)
  • Government computing services
  • Sold to private sector
  • Consequences: Essential government IT services transferred to profit model

Under Brian Pallister/Heather Stefanson (2016-Present) - Progressive Conservative

• Air Services (Lifeflight) (2019)
  • Air ambulance service
  • Contracted out to private operators
  • Consequences: Essential medical service shifted to profit model
• Manitoba Public Insurance services (2021)
  • Increased outsourcing of claims handling
  • Consequences: Reduced public sector jobs

Quebec

Under Jean Charest (2003-2012) - Liberal

• Hydro-Québec Distribution Services (2003-2012)
  • Increased private contracts for hydro services
  • Consequences: Reduced direct public employment
• Highway Maintenance (2010)
  • Increased private contracting for snow removal and maintenance
  • Consequences: Higher costs, reduced quality controls

Nova Scotia

Under John Buchanan/Donald Cameron (1978-1993) - Progressive Conservative

• Nova Scotia Power (1992)
  • Provincial electrical utility
  • Privatized through share offering
  • Government received $851 million
  • Consequences: Higher electricity rates, profit-focused utility management

New Brunswick

Under Bernard Lord (1999-2006) - Progressive Conservative

• NB Coal (2001)
  • Provincial coal company
  • Operations privatized
  • Consequences: Lost public control of resource
• New Brunswick Highway Operations (1990s-2000s)
  • Increased private maintenance contracts
  • Consequences: Higher costs, reduced public employment

Newfoundland and Labrador

Under Brian Peckford (1979-1989) - Progressive Conservative

• Newfoundland and Labrador Computer Services (1988)
  • Government computing services
  • Privatized to private investors
  • Consequences: Critical government services moved to profit model

Under Danny Williams (2003-2010) - Progressive Conservative

• Newfoundland and Labrador Housing Corporation Units (2008)
  • Sold several public housing developments to private sector
  • Consequences: Reduced public housing stock

Prince Edward Island

Under Pat Binns (1996-2007) - Progressive Conservative

• Provincial Lands (1990s-2000s)
  • Sold government land holdings to private developers
  • Consequences: Reduced public access, lost long-term land value

CANADIAN ASSETS AND CONTROL LOST THROUGH PRIVATIZATION: THE BALANCE SHEET

Critical Infrastructure Now Under Private Control

• Transportation: Air Canada, CN Rail, BC Rail, Highway 407, Saskatchewan Transportation Company
• Energy: Petro-Canada, portions of Ontario Hydro, Nova Scotia Power
• Communications: Teleglobe, Manitoba Telecom Services, Alberta Government Telephones
• Essential Services: Liquor distribution, healthcare services, registry services

Financial Impact on Canadians

• Higher Costs: Increased prices for electricity, telecommunications, transportation, and healthcare
• Lost Revenue Streams: Billions in annual dividends and profits now flowing to private shareholders instead of public coffers
• Service Reductions: Decreased services to rural communities, remote areas, and unprofitable routes
• Job Losses: Thousands of stable public sector jobs eliminated or converted to lower-wage private sector positions

Loss of Public Policy Tools

• Economic Development: Reduced ability to direct investment to underserved regions
• Crisis Response: Diminished capacity to mobilize resources during emergencies
• Resource Management: Weakened control over natural resources and essential services
• Income Inequality: Shift from public goods to private profit contributing to wealth concentration

Legacy of Privatization

The privatization of public assets in Canada represents one of the largest transfers of wealth from public to private hands in the nation's history. Assets built with taxpayer money over generations—railways, energy companies, telecommunications networks—were sold, often below market value, for short-term government revenue. The long-term consequences continue to affect Canadians through higher costs, reduced services, and diminished public capacity to implement economic and social policy.

PS -