In reviewing the comments of the Standing Committee on Public Accounts dated May 19, 2016 a couple of interesting facts emerge.

1. CMHC has a balance sheet of about 1/2 trillion dollars of debt
2. The Government debt to GDP ratio that the Liberal Government professes is the relevant metric and not the overall debt level excludes CMHC's debt. CMHC's debt has an implicit government guarantee in the same way that Feddie Mac and Freddie Mae  did in the US where they received gov't bailouts in 2008/2009. There is only 1 taxpayer.
3. CMHC results are not included in the federal government budget of revenues and expenses. The investment in CMHC is reported as a line item of "investments" in the federal balance sheet. The dividends, when paid will be recorded as revenue.
4. Morneau's comments that the dividend will not impact the federal deficit can only mean that the government has already recorded ( accrued as revenue) the anticipated dividends in its current or future budget projections.