Annual Report on Travel, Hospitality and Conference Expenditures
Business Development Bank of Canada 2025 - 2026
As required by the Treasury Board Directive on Travel, Hospitality, Conference and Event Expenditures, this report provides information on travel, hospitality and conference expenditures for Business Development Bank of Canada for the fiscal year ended March 31, 2026.
Travel, hospitality and conference expenditures incurred by a federal department or agency relate to activities that support the department or agency’s mandate and the government’s priorities.
Mandate:
BDC has a mandate to support Canadian entrepreneurs in building strong and competitive businesses by providing financing, capital and advisory services, with focus on small and medium-sized enterprises. Due to the nature of our mandate and the frequency of interactions in the market, BDC has implemented policies to maintain appropriate governance on allowable travel and business expenses which are in line with the Treasury Board Directive on Travel, Hospitality, Conference and Event Expenditures.
Business Development Bank of Canada Travel, Hospitality and Conference Expenditures for Year ending March 31, 2026
Expenditure category |
Expenditures for year ended March 31, 2026 ($ thousands) |
Expenditures for year ended March 31, 2025 ($ thousands) |
Variance ($ thousands) |
|---|---|---|---|
| Travel | |||
Operational activities |
$2,800.00 |
$3,029.00 |
-$229.00 |
Key stakeholders |
$4,819.00 |
$4,026.00 |
$793.00 |
Internal governance |
$135.00 |
$219.00 |
-$84.00 |
Training |
$604.00 |
$510.00 |
$94.00 |
Other |
$0.00 |
$0.00 |
$0.00 |
| A. Total travel | $8,358.00 |
$7,784.00 |
$574.00 |
| B. Hospitality | $3,229.00 |
$3,476.00 |
-$247.00 |
| C. Conference fees | $140.00 |
$200.00 |
-$60.00 |
| Total [A+B+C] | $11,727.00 |
$11,460.00 |
$267.00 |
| International travel by minister and minister's staff (included in travel) | $187.00 |
$187.00 |
$0.00 |
Explanation of significant variances compared with previous fiscal year
Total travel:
The increase in travel expenditures in F2026 compared with F2025 is partially attributable to the implementation of a refined expense classification methodology. Beginning in F2026, employee meal per diems are recorded in dedicated travel accounts, while hospitality-related meals are recorded in a dedicated hospitality account. This change improved compliance with Treasury Board reporting requirements and resulted in the reclassification of certain meal expenses between Travel and Hospitality categories. Consequently, a portion of the year-over-year increase in Travel expenditures ($166,000) reflects this reporting change.
Travel expenses related to training activities were sightly higher in fiscal year 2026, owing to an increase in in-person training conferences offered to new employees and employees assuming new leadership roles.
Travel expenses related to stakeholders relations increased in fiscal year 2026, in line with growth in our client base. The increase is attributable to expanded business development activities and BDC's continued commitment to engaging with its clients.
Hospitality:
The decrease in hospitality expenditures in F2026 compared with F2025 is partially attributable to the implementation of a refined expense classification methodology. Beginning in F2026, employee meal per diems are recorded in dedicated travel accounts, while hospitality-related meals are recorded in a dedicated hospitality account. This change improved compliance with Treasury Board reporting requirements and resulted in the reclassification of certain meal expenses between Travel and Hospitality categories. Consequently, a portion of the year-over-year decrease in Hospitality expenditures ($166,000) reflects this reporting change.