SIBC March 31, 2025 financial statements – Seaway International Bridge Corporation

SIBC operates and manages the international toll bridge system linking Cornwall, Ontario, Akwesasne and Rooseveltown, New York. SIBC is a wholly-owned subsidiary Canadian Crown corporation to The Federal Bridge Corporation Limited (FBCL). It operates as a joint operation between FBCL (Canadian partner) and the Great Lakes St. Lawrence Seaway Development Corporation (American partner – GLS). SIBC collects the tolls and pays for the daily operations and maintenance of both the North and South Channel Bridges and international roadways, including the purchases of necessary vehicles and equipment. The bridges and buildings themselves are directly owned by the Canadian and American partners, who are responsible for all capital and major repairs. Consequently, SIBC returns all money to the owners annually after paying for annual operations. These funds are then re-invested back into roads, bridges and buildings.

Due to the pandemic, SIBC continues to be affected during the fiscal year ended March 31, 2025. Consequently, SIBC received $1.06 M (2024 – $1.14M) in funding from the Canadian federal government to cover the operating deficit. This funding allowed SIBC to continue with the operation and maintenance of the roads, bridges and buildings to provide safe crossing services for those allowed to cross the border.

Furthermore, the owners also invested in other projects that are not covered by the Owners’ balance held by SIBC, but rather paid for by additional Owner funds. During the March 31, 2025 fiscal year, FBCL has incurred $0.46M in additional capital assets and improvements.

Finally, during the course of the fiscal year, the Owners invested a further $0.24M into SIBC on updates to the Administration building, North Channel Bridge and South Channel Bridge. Additionally, the Owners will continue to provide funding of $1.15M for various capital projects in the upcoming fiscal year.

Large construction contracts at the crossing include a minimum of 15% First Nations content.

SIBC recognizes its responsibility as an entity of the Government of Canada to reduce the environmental impacts of its own operations and ensure the resilience of its facilities and infrastructure to climate change. SIBC’s parent Crown corporation’s ESG Framework includes a priority on Climate Action focusing on increasing its understanding of climate risks and opportunities and are working on better integrating climate-related questions into governance and internal processes at both FBCL and SIBC. A comprehensive Taskforce on Climate-Related Financial Disclosure (TCFD) is included in FBCL’s Annual Report which includes the impact on SIBC.

For additional information, refer to SIBC’s latest signed Financial Statement.