Follow the Money
All figures below are from the Year 25 Annual Report (audited by Deloitte, year ending December 31, 2024), published at hepc8690.ca. These are the fund's own numbers.
Fund Size and Assets (December 31, 2024)
| Item | Amount |
|---|---|
| Original maximum obligation | $1.203 billion |
| Government of Canada share (72.73%) | $875 million |
| Provincial/Territorial share (27.27%) | $328 million |
| Current trust fund market value | $942,630,406 |
| Total paid to claimants (since 1999) | $1.361 billion |
| Approved claims | 15,373 |
The fund has paid out $1.361 billion and still has $942 million. This means the fund has earned well over $1 billion in investment income over its lifetime — on money that was set aside to compensate victims of contaminated blood.
Where the Money Is Invested
| Investment Type | Fair Value | % |
|---|---|---|
| Government of Canada fixed income | $704,396,000 | 75% |
| Fixed income pooled funds | $72,489,000 | 8% |
| International equities (pooled funds) | $155,318,000 | 16% |
| Investment earnings receivable / cash | $10,427,000 | 1% |
Administrative Costs (2024)
| Service Provider | 2024 Cost |
|---|---|
| Epiq (Administrator) | ~$478,000 |
| Joint Committee (class counsel) | $1,171,612 |
| MFS Investment Management | $486,937 |
| Fund Counsel | $168,217 |
| Concentra Trust (Trustee) | $178,040 |
| Eckler (actuarial) | ~$170,000 |
| Deloitte (audit) | $120,000 |
| TD Asset Management | $114,302 |
| Referees and Arbitrators | $65,689 |
| Court Monitor | $8,247 |
| Total administrative costs | ~$3.2 million |
The fund spends approximately $3.2 million per year on administration — paid from the fund that exists to compensate victims. The fund earned $55.7 million in investment income in 2024. Administrative costs represent about 5.7% of annual investment earnings.
The Three Accounts
| Account | Balance |
|---|---|
| Regular | $725,760,000 |
| Late Claims Benefits | $59,168,000 |
| Special Distribution Benefits | $153,045,000 |
| Total | $937,973,000 |
The Question
The fund has nearly one billion dollars. It earns more than fifty million dollars a year in investment income. It has more money today than it needs to pay all projected future claims.
So when a claimant's application sits unprocessed for months or years — when forms go unanswered, when benefits are delayed, when decisions are never rendered — the question is not whether the fund can afford to pay.
The question is why it doesn't.