How much does GM owe the Canadian government?



Did GM pay back the Canadian government loan?

Earlier today, General Motors announced that the company paid $4.7 billion to the U.S. government and $1.1 billion to the Canadian government, fulfilling its obligation agreed to when it received its initial bailout funds.

How much money did Canada give GM?

The federal government and the province of Ontario on Monday announced they would each contribute $259 million to General Motors Co. as it moves to revitalize its auto manufacturing operations in Canada.

Does GM still owe the government?





GM: repaid $23.1 billion of the $49.5 billion it got from the U.S. Treasury, including all of its outstanding loans. But Treasury still owns 500 million shares, or 32%, of GM stock.

How much did GM borrow from the federal government?

The U.S. bailout of GM and Chrysler, which received about $12.5 billion, saved 1.5 million jobs in the United States, according to the Center for Automotive Research.

Did GM ever pay back the bailout money?

They’d lost $10.6 billion by the time the U.S. Treasury department closed the books on the $49.5 billion bailout in December. GM (GM), which filed for bankruptcy five years ago this Sunday, has repaid everything it was obligated to pay Treasury.

Did taxpayers lose money on GM bailout?

U.S. taxpayers lost more than $11.2 billion as a result of the federal bailout of General Motors, according to a government report released Wednesday. The $11.2-billion loss includes a $826-million write-off in March from government investments in the “Old GM” before the company’s 2009 bankruptcy, the report said.

Why did Canada bail out GM?





The federal and Ontario governments provided $13.7 billion to GM and Chrysler (with about $10.5 billion for GM) to bail out the auto industry amid the economic downturn—and essentially save the company.

Is GM pulling out of Canada?

GM announced Monday it will shutter eight plants – one in Canada, four in the U.S. and three outside North America – by the end of 2019, a global restructuring that will slash 6,700 production jobs and save the company US$6 billion annually.

When did the government bail out GM?

December 19, 2008

December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be “withdrawn later”.

How much does GM still owe the taxpayers?

That leaves about $14.1 billion of the $49.5 billion loan still unpaid, and the Treasury Department with about 113 million shares of GM stock left to sell. To break even, Treasury would have to get about $125 per share for its remaining shares.



Which president bailed out General Motors?

The Presidential Task Force on the Auto Industry was an ad hoc group of United States cabinet-level and other officials that was formed by President Obama to deal with the financial bailout of automakers Chrysler and General Motors.

Does Ford still owe the government money?

Documents filed by Ford show the company owes payments of $591 million in 2020, $591 million in 2021 and $289 million in 2022.

Why did Ford not take a bailout?

Ford likes to say it “didn’t take the money” because unlike General Motors and Chrysler, it didn’t require a taxpayer bailout to survive the 2008-2009 credit crisis.

What would have happened if GM was not bailed out?

In the absence of a bailout, GM and Chrysler would each have been forced to file for bankruptcy like any other company in their circumstances.

Did the government bail out Ford?

Ford did not ask for a government bailout, but received other financial assistance. Ford supported the GM and Chrysler bailouts to protect its supply chain and dealer network.



How much does GM still owe the taxpayers?

That leaves about $14.1 billion of the $49.5 billion loan still unpaid, and the Treasury Department with about 113 million shares of GM stock left to sell. To break even, Treasury would have to get about $125 per share for its remaining shares.

Does Ford still owe the government money?

Documents filed by Ford show the company owes payments of $591 million in 2020, $591 million in 2021 and $289 million in 2022.

When did GM take the bailout?

December 19, 2008

December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be “withdrawn later”.

Did Ford Motor Company take the bailout?

Ford did not ask for a government bailout, but received other financial assistance. Ford supported the GM and Chrysler bailouts to protect its supply chain and dealer network.



Which president bailed out the auto industry?

The Presidential Task Force on the Auto Industry was an ad hoc group of United States cabinet-level and other officials that was formed by President Obama to deal with the financial bailout of automakers Chrysler and General Motors.

Which automaker did not take bailout?

Let’s be honest here: Ford has gotten a free pass and earned market shares for being the only US automaker that “didn’t take bailout money,” when they did in fact, take government loans with the condition of making cars that the government wanted.