BC1 2023 Eng

CBC/RADIO-CANADA’S COMMITMENT
TO TRANSPARENCY AND ACCOUNTABILITY

As Canada's national public broadcaster, we take very seriously our obligation to be transparent and accountable
to Canadians. Our corporate website provides information about our activities and the way we manage our
public resources.
MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 2

MESSAGES
From the Chair
This past year has recon rmed how essential public broadcasting is to
inform and connect people across the country. Canadians turned to
CBC/Radio-Canada for trusted news and veri ed information on important
stories about their communities, the country and the world, including the
devastating impact of post-tropical storm Fiona on Canada’s East Coast,
the occupation of downtown Ottawa and the war in Ukraine.
For more than 80 years, our national public broadcaster has brought
everyone living in Canada together through its award-winning news,
current affairs and entertainment programming. CBC/Radio-Canada
continues to serve Canadians across all platforms, re ecting their realities
and perspectives in its programming and putting the spotlight on our
homegrown creative talent.
The Board of Directors supports the work of CBC/Radio-Canada’s
management teams as they strive to re ect contemporary Canada. We
are especially proud to support Progress in Progress, the Corporation’s
2022-2025 Equity, Diversity and Inclusion Plan. And there’s more to
come, as CBC/Radio-Canada gets set to launch its rst National Indigenous Strategy and its rst National
Accessibility Plan, based on engagement sessions in communities across the country over the last year.
In a time of decline in trust in public institutions and media, CBC/Radio-Canada became the rst Canadian
broadcast media company to be certi ed by Reporters Without Borders for the transparency and editorial
practices of our news services. This Journalism Trust Initiative certi cation underscores the foundational
protections that Canadians count on in their public broadcaster. At a time of rising disinformation and polarization,
the role of the public broadcaster in connecting all Canadians to the news at home and abroad has become more
essential than ever.
Another highlight of 2022 was the official opening of the new Maison de Radio-Canada in Montreal. This new
multiplatform content creation and media production centre is one of the rst fully Internet protocol-based digital
broadcast facilities in the world, cementing the role of CBC/Radio-Canada as a public broadcasting leader.
As Canada’s media and creative sectors continue to grapple with fast-paced technological and societal change,
Canadians can continue to count on their national public broadcaster to lift their voices and tell their stories, to
each other and to the world.
Michael Goldbloom
Chair of the Board
3
From the President and CEO
After three years of a pandemic, CBC/Radio-Canada continued to serve
and bring everyone in Canada together through our news, information
and entertainment programming on all platforms. However, it has been a
challenging year. Foreign digital services continue to saturate the market
and this is hurting the Canadian media ecosystem. All Canadian media
are struggling to adapt and CBC/Radio-Canada is not immune to
these challenges.
The year kicked off with the CRTC’s ve-year renewal of our broadcast
licences, which recognizes the signi cant and growing contribution of our
digital streaming services and our commitment to re ecting Canada’s
diversity in our workforce and in the Canadian content ecosystem.
Keeping Canadians informed with accurate and reliable information is a
cornerstone of our mandate. That is why, in 2022, CBC/Radio-Canada
strengthened its local, national and international news offering. In Asia,
we opened a permanent CBC bureau in Mumbai and appointed a
Radio-Canada correspondent in Taipei. While we were forced to withdraw from Russia and China, it has not
diminished our determination to continue to bring Canadians the important stories involving these countries. Here
at home, we have new permanent bureaus in Grande Prairie and Lethbridge, Alta., and in Cranbrook and Nanaimo,
B.C. We also marked the rst anniversary of our Library Partnership Program. Through activities and workshops in
local public libraries, we have been strengthening our connections with people in more than 80 communities
across the country. And this is just the beginning of our efforts to deepen our relationship with new Canadians,
youth and other hard-to-reach audiences.
On the digital front, we launched CBC News Explore, a free streaming news service to satisfy streaming audiences’
growing demand for high-quality, fact-based Canadian journalism. We also introduced 10 new editions of the
Vidéojournal, a French-language digital newscast for mobile users, for a total of 18 newscasts across the country,
notably in Alberta, northern Ontario and Nova Scotia.
And we continued to showcase programming that has been recognized as some of the best in the world —
programming that highlights the diverse realities of life in our country. As just two examples, Sort Of, the CBC
dramedy about a gender- uid millennial in Toronto, received a prestigious Peabody Award, while Radio-Canada’s
rst-ever Indigenous-led drama Pour toi Flora won the best miniseries prize at Content London’s International
Drama Awards.
As always, I want to acknowledge the dedication of our news, programming, technical and corporate teams that
bring all of this to life. Our vision for the future is clear: making CBC/Radio-Canada the most inclusive, innovative
and accessible media company in the country, and making Canadians proud of their national public broadcaster.
Catherine Tait
President and CEO

Business Highlights
2022-2023 marked a milestone year for CBC/Radio-Canada as we initiated a series of projects and strategies
aimed at maintaining high-quality journalism, responsible and transparent business practices, and equity, diversity
and inclusion in both our programming and workforce. We launched a resource guide to help journalists and
newsrooms manage the emerging threat of online harm and held events at Simon Fraser and Carleton universities
to discuss trust in news with both practising and aspiring journalists.
Recognizing the role we should play to mitigate the impact of climate change, we have developed our rst Task
Force on Climate-related Financial Disclosure (TCFD). These disclosures bring transparency to our climate-related
risks and opportunities on business decisions that will help facilitate the transition to a sustainable low-carbon
economy, a commitment we announced in June 2023.
Furthermore, we announced the development of our National Indigenous Strategy and our National Accessibility
Plan, designed to ensure that we are truly re ecting contemporary Canada in the stories we tell and how we
tell them.
We also worked hard to bring everyone living in Canada the content that mattered to them from at home and
around the world — from coverage of Pope Francis’s visit to Canada, to the war in Ukraine, to the death of Queen
Elizabeth II. We also secured the Canadian broadcast rights for the Olympic Games until 2032 and the Paralympic
Games until 2026, ensuring that the high-quality, accessible coverage of these events that Canadians have come
to expect from their public broadcaster will continue for the next several years.
To nd out how else we’ve been working to better serve everyone living in Canada, take a look at some of our
highlights from the last year.
1 CUSTOMIZED DIGITAL SERVICES
● Our commitment to supporting journalism and news professionals online was highlighted by the
publication of our digital Newsroom Guide for Managing Online Harm.
● The Canadian Radio-television and Telecommunications Commission (CRTC) renewed our ve-year
broadcast licences in a landmark decision that recognized, for the rst time ever, the contributions of our
digital streaming services to the Canadian content ecosystem.
● We launched CBC News Explore, a free 24/7 streaming channel offering audiences a new way to discover
original news-focused shows, along with the best news, current affairs and documentary videos by CBC
journalists across the country and around the world.
● To allow greater access and discoverability of our content, ICI TOU.TV is now available to Helix TV
customers directly via the Helix app.
5
2 ENGAGING WITH YOUNG AUDIENCES
● Our 2022 Annual Public Meeting highlighted a panel discussion on the best ways to inform and connect
with the next generation and featured CBC Kids News, Street Cents, MAJ and Rad teams tackling head-on
the issues facing Canada's youth.
● Radio-Canada welcomed elementary and high school students to the new Maison de Radio-Canada to
work in teams to record a podcast, produce a news report or create a TV commercial.
● CBC solidi ed its commitment to kids programming by launching CBC Kids Reads, an invitation for a new
generation of book lovers to participate in the literary celebration that is Canada Reads.
● We also rebooted a classic with the return of Street Cents, making nancial literacy relevant, relatable and
entertaining by presenting daily short-form video content on TikTok.
3 PRIORITIZING OUR LOCAL CONNECTIONS
● We proudly announced the opening of permanent bureaus in Cranbrook and Nanaimo in British Columbia
and Grande Prairie and Lethbridge in Alberta as part of our efforts to strengthen local connections. We
also expanded our coverage with pop-up bureaus in Quebec and the Atlantic, including the communities
of Laval, Rouyn-Noranda, Sheshatshiu and Listuguj.
● This year CBC expanded its commitment to local news, creating 14 new journalism positions focused on
deepening community connections across the country. The positions included community producers,
permanent reporters, video journalists and positions to support Indigenous-language programming in the
North and to increase the telling of Indigenous stories in the West through the expansion of the CBC
Indigenous team.
● Across the country, our teams partnered with public libraries to bring exciting new programs, events and
content to Canadians, and we launched CBC Corner, which is a digital space developed for public libraries
that brings together the wide variety of CBC and Radio-Canada program offerings.

4 REFLECTING CONTEMPORARY CANADA
● We continued to work toward our goals outlined in the 2022-2025 EDI Plan, Progress in Progress.
● As part of our goal to build a National Accessibility Plan, we held 27 consultations with over 900 people
around the country, each one an opportunity for Canadians facing accessibility barriers to express their
concerns and ideas.
● CBC partnered with BIPOC TV & Film and the Canadian Film Centre to create a new accelerator program,
the CBC-BIPOC TV & Film Showrunner Catalyst, which will support the career advancement of senior
writers who identify as Indigenous, Black or People of Colour through hands-on and personally tailored
on-set experience.
● Radio-Canada offered remarkable productions showcasing Black stories and experiences, including the
four-part documentary series Afro Canada and the podcast Résistance, which evokes the tumultuous
history of slavery in both the United States and Canada. Similarly, CBC’s multiplatform offer included the
CBC News’ Being Black in Canada series Friends and Allies and the expansion of last year’s Quebec-based
Black Changemakers series into Atlantic Canada for 2023.
● In September, CBC News also broke new ground when Adrienne Arsenault became the rst woman to be
appointed chief correspondent for CBC and took the helm of CBC’s agship newscast The National.
● In support of our commitment to re ecting contemporary Canada, Radio-Canada launched its new
dramatic series Pour toi Flora, broadcast on ICI TÉLÉ in prime time, which was directed and produced by
Indigenous creators.
5 TAKING CANADA TO THE WORLD
● In partnership with international public service media organizations RTBF (Belgium), SRG SSR
(Switzerland) and ZDF (Germany), we launched the new Public Spaces Incubator, an initiative that will
develop and test innovative solutions that encourage accessible and meaningful online conversations on
issues of public interest.
● We joined forces with Radio France to promote our French-language podcasts as we aim to take Canada to
the world. A brand new co-production, the podcast Mesrine : l'orgueil et le sang, is available exclusively on
Radio-Canada’s OHdio and Radio France’s platforms.
● CBC Podcasts and BBC World Service launched their rst collaboration, a new original true crime podcast,
Love, Janessa, which premiered January 23 on BBC Sounds, CBC Listen and most podcast apps. This
world-spanning, in-depth investigative series demonstrates CBC’s commitment to rich narrative
storytelling and creating work for global audiences.
7
The Record for the
2023 Porter most-awarded
Canadian lm
Canadian
Screen
12
Awards Brother
Awards
Sort Of
12
66 7
Awards
Awards
Awards
37e Prix Gémeaux Infoman
70 Bye bye 2021

Awards
Découverte
2023 New York

Festivals Radio
39
Awards
Awards
The Outlaw Ocean Podcast earned the Grand Award in the
Narrative/Documentary Podcast category.
Radio-Canada CBC CBC

2 Gold News 1 Grand
2 Silver 2 Bronze 3 Gold
2 Bronze 3 Silver
3 Bronze
2023 Gracie Awards CBC News

Compass
2
(PEI)
CBC Radio
Awards
The House

CBC Year in Review
Expanding our programming
CBC Entertains joins our strong CBC News brand as a new way to introduce audiences to the wide variety of our
program offerings on all platforms. Just like everybody knows that CBC News is where Canadians turn whenever
there’s a big story, CBC Entertains will serve as a headline to help Canadians explore the amazing amount of
entertaining content across TV, CBC GEM, CBC Listen and podcasts. The rst CBC Entertains public campaign hit
public spaces in January.
The winter season saw the launch of two exciting new unscripted series for CBC TV and CBC GEM. Push takes
audiences into the inner world of the “Wheelie Peeps,” an unlikely group of friends and wheelchair users, bonded
by their shared experience of navigating life on wheels. Bollywed is a heartwarming docu-series centred around the
Singh family, who have been operating the iconic bridal shop, Chandan Fashion, in Toronto’s Little India for the
last 37 years. The series shines a fascinating light on the booming and glamorous world of Bollywood culture and
fashion, and offers an authentic glimpse into an intergenerationally run business.
Bollywed | CBC
CBC reinforced its status as Canada’s go-to destination for Canadian comedy with the renewal of our original
series Sort Of and Run the Burbs, which join This Hour Has 22 Minutes as part of CBC’s 2023-2024 comedy slate.
CBC comedies were recently recognized with 54 Canadian Screen Award nominations, including Best Comedy
Series for the Peabody Award-winning comedy Sort Of, and Best Sketch Comedy Program or Series for This Hour
Has 22 Minutes.
Finally, tied to our environmental strategy, CBC News climate stories were branded under Our Changing Planet in
July 2022 and became available on CBC News, CBC Radio One and CBC TV, as well as on our new Climate and
Environment site, which features all of the climate journalism happening across the organization. Susan Ormiston
also became our rst International Climate Correspondent.
9
Radio-Canada Year in Review
Offering our programming across multiple platforms
In 2022-2023, Radio-Canada continued to expand its digital programming.
This winter season, we celebrated the return of many series on ICI TOU.TV, including the second season of Sans
rendez-vous and the third season of Les mecs. In February, ICI TOU.TV also welcomed AMI-télé, the rst and only
French-language channel to present content entirely with videodescription.
The rst seasons of Ça ne se demande pas, Des familles comme les autres and the series Viens souper and Ces
animaux qui nous veulent du bien have been added to ICI TOU.TV to showcase the perspectives and experiences
of people in Canada living with disabilities.
We have expanded the scope and breadth of content on our OHdio app, offering users increased customizable
offerings to better meet their individual interests and needs. In March, we launched OH! ENFANTS À BORD, a
brand new content section designed for parents. Instinct paternel and Destination bébé help parents navigate
family life.
On ICI TÉLÉ, New Year’s Eve programming once again featured a slate of specials. The 4.7 million viewers of Bye
bye 2022 made it the second most-watched French-language show in Canadian history.1 STAT, the new daily
series that replaced District 31, was also a huge success on ICI TÉLÉ and on ICI TOU.TV this year.
At the heart of international news

Radio-Canada is committed to providing a rsthand view of the world through its foreign bureaus and
correspondents, and its journalists and reporters deployed in the eld, wherever current events require. To
understand international stories and their impact on the world, our media professionals travelled to 36 countries
in 2022.
We brought our foreign correspondents together for two live interviews at the Maison de Radio-Canada in
Montreal in January. Anne-Marie Dussault hosted a special En direct du monde broadcast on ICI TÉLÉ, ICI RDI,
ICI TOU.TV, Radio-Canada.ca, Radio-Canada's Facebook and YouTube pages, and Alec Castonguay hosted a special
edition of Midi info on ICI PREMIÈRE.
En direct du monde | Radio-Canada
1
Source: Numeris TV PPM, francophones in Quebec aged 2+, December 31, 2022, average minute audience
TABLE OF CONTENTS
ABOUT US 12
MEASURING OUR PERFORMANCE 17
PEOPLE 22
TECHNOLOGY AND INFRASTRUCTURE 23
LOOKING AHEAD 25
FINANCIAL SUSTAINABILITY 26
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) 36
RISK MANAGEMENT AND GOVERNANCE 37
ACCOUNTING MATTERS 48
FINANCIAL REVIEW 48
MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS 49
In this management’s discussion and analysis of nancial condition and results of operations (MD&A), “we”, “us”, “our” and “the
Corporation” mean CBC/Radio-Canada. Refer to CBC/Radio-Canada’s audited consolidated nancial statements for the year
ended March 31, 2023 when reading this MD&A. All amounts in this MD&A are in thousands of Canadian dollars, except
where noted.
To help you better understand this MD&A, note the following:
SEASONALITY
The majority of our revenue comes from advertising, which follows seasonal patterns based on our programming schedule. It
also varies according to market and general economic conditions, as well as schedule performance. Subscriber-based revenue is
more stable on a quarter-by-quarter basis. Operating expenses tend to follow a seasonal pattern because they are also
in uenced by the programming schedule. Government appropriations are recognized in income based on the annual budget,
which re ects seasonal impacts on expenditures and revenue.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements regarding objectives, strategic initiatives, and expected nancial and
operational results. Forward-looking statements are typically identi ed by words such as “may”, “should”, “could”, “would” and
“will”, as well as expressions such as “believe”, “expect”, “forecast”, “anticipate”, “intend”, “plan”, “estimate” and other similar
expressions. Forward-looking statements are based on the following broad assumptions: CBC/Radio-Canada’s government
funding remains consistent with amounts announced in the federal budget, and the broadcasting regulatory environment will
not change signi cantly. Key risks and uncertainties are described in the Risk Management and Governance section of this
report. However, some risks and uncertainties are by de nition difficult to predict and are beyond our control. They include, but
are not limited to, economic, nancial, advertising market, technical and regulatory conditions. These and other factors may
cause actual results to differ substantially from the expectations stated or implied in forward-looking statements.
PERFORMANCE INDICATORS
We rely on data from both internal tools and third parties to measure our performance metrics. While these data are based on
what we believe to be reasonable calculations for the applicable periods of measurement, there are inherent challenges in
collecting this information, particularly as the media industry undergoes a digital transformation. For example, Canadians now
consume media content on multiple devices from an ever-growing array of content providers. As media consumption habits
change, we are, together with audience measurement suppliers, re ning methodologies and introducing new measurement
technologies to ensure the accuracy and completeness of data gathered. As a result, changes in the way data are collected could
result in certain information provided in future periods not being comparable with information disclosed in prior periods. Since
some of these data are used to measure our strategic and operational indicators, we may be required to make adjustments to
targets and historical results to enhance comparability of the data and follow industry best practices.
CHANGES IN PRESENTATION
This year, we have streamlined both the MD&A and consolidated nancial statements in order to improve the overall readability
of the report and help better summarize our nancial results. As a result, we discontinued the use of our non-IFRS measure
‘Budget Results’ from the Financial Highlights and Year in Review - Our Results sections. This non-IFRS measure was introduced
in 2013 following the adoption of the revised IFRS Pension Standard (IAS 19R - Employee Bene ts). Upon reassessment of the
metric, management believes that readers now understand the impacts of IAS 19R on our net results, and the metric is no
longer useful.
11
ABOUT US
WHO WE ARE OUR MISSION OUR VISION OUR VALUES

CBC/Radio-Canada Integrity
We are Canada’s celebrates Canadian Your Stories,
national public Creativity
culture and supports Taken to Heart
broadcaster and we democratic life through Relevance
are guided by the a wide range of content
Broadcasting Act. Inclusiveness
that informs, enlightens
and entertains.
Our legislated mandate is to inform, enlighten and entertain all Canadians. The Broadcasting Act further states
that our programming should:
● Be predominantly and distinctively Canadian;

● Strive to be of equivalent quality in English and
● Re ect Canada and its regions to national and in French;
regional audiences, while serving the special
● Contribute to a shared national consciousness
needs of those regions;
and identity;
● Actively contribute to the ow and exchange of
● Be made available throughout Canada by the most
cultural expression;
appropriate and efficient means and as resources
● Be in English and in French, re ecting the become available for the purpose; and
different needs and circumstances of each official
● Re ect the multicultural and multiracial nature
language community, including the particular
of Canada.
needs and circumstances of English and French
linguistic minorities;
We pay special attention to the needs and re ection of the Indigenous Peoples in Canada. We offer programming
in eight Indigenous languages (Chipewyan, Cree, Gwich’in, Inuktitut, Inuvialuktun, Sahtu Got'ine Godi, Dehcho
Dene Yati and Tlicho) via CBC North.
We are required by section 46(2) of the Broadcasting Act to provide an international service, Radio Canada
International (RCI). RCI (rcinet.ca) is currently available in seven languages: English, French, Spanish, Arabic,
Chinese, Punjabi and Tagalog.
We are required to comply with licensing and other regulatory obligations established by the Canadian
Radio-television and Telecommunications Commission (CRTC), as well as any requirements under the
Radiocommunication Act that may apply to our use of the radiocommunication spectrum.
Our organizational values are at the core of how we work. These values support our strategic plan and underpin
the behaviours and culture needed to achieve our mission and vision. Our values articulate the best of what we are
and how we want to be recognized by Canadians, and they guide the implementation of our strategic plan
and initiatives.

Our Operations
As of March 31, 2023, we employed 6,597 permanent employees, 2,065 temporary employees2 and 767 contract
employees. Our people come from a multitude of backgrounds and cultures. They are an integral part of our
success in re ecting contemporary Canada.
This map shows the locations of our CRTC-licensed radio and television stations across Canada, as well as our designated digital station and our
affiliate station. Note that digital services are also offered in the other stations. The map does not include our additional newsgathering locations
and international news bureaus, whether permanent or pop-ups.
As Canada's national public broadcaster, we are inspired daily by our mission, vision and values to connect all
Canadians and to showcase our stories, culture and news to Canada and the world. Our head office is in Ottawa.
Our two main networks are based in Toronto (English) and Montreal (French), with community-based locations
across the country, including 27 television stations, 88 radio stations and one digital-only station. We have ve
discretionary television channels and four Canada-wide radio networks, two in each official language.
Internationally, we have ve permanent foreign bureaus, and we have the capacity to set up pocket bureaus in
other locations as needed.
2
Starting this scal year, temporary employees also include short-term employees (i.e., employees hired for a period of less than 13 weeks) due to the change in
data reporting of our new Human Resources solution.
13
Our Services
Listeners across North America can access both CBC Radio One and ICI PREMIÈRE through SiriusXM Satellite
Radio. We also partner with other francophone public broadcasters to broadcast French-Canadian video content
internationally through TV5MONDE.
Our Operating Environment

Every year, CBC/Radio-Canada produces an overview of the Canadian media industry that identi es key shifts and
emerging trends. This allows the Corporation to adjust strategies to best meet its mandate to serve all Canadians.
Key highlights of the 2022 Enviroscan are summarized below.
INCREASING DIGITAL MEDIA CONSUMPTION

Audiences are engaging with media in a multitude of ways and are maintaining high levels of interest and demand
for audio and audiovisual services in Canada. Younger Canadians are embracing mobile platforms, streaming
services and other digital platforms. Overall, audiences continue to move to digital services.
After decades as the most popular and lucrative audiovisual medium, linear TV is in decline as consumers continue
to move to streaming services. And while AM/FM radio is still used by most Canadians as an audio source in-car,
people have access to a near limitless amount of online audio content. Consumption of digital video and audio
continues to rise, as do the number of digital streaming services and online entertainment subscription options
available to our audiences. Additionally, it is clear that the trend toward a mobile- rst society continues, with most
Canadians using their phones to access the Internet in 2022. The bottom line is that Canadians are increasingly
choosing digital platforms for their viewing and listening needs.
In June, the CRTC recognized, for the rst time ever, the signi cant contribution of our digital streaming services
– CBC Gem, ICI TOU.TV, CBC Listen and Radio-Canada OHdio – to the Canadian regulated system. And while we
have no intention of abandoning linear services, the reality is that a growing number of Canadians now choose to
consume content exclusively on digital platforms. These audiences are the future, and we are committed to
growing our digital content offer in order to put CBC/Radio-Canada front and centre.

FOSTERING AN OPEN AND INCLUSIVE SOCIETY
The media industry has been changing to adopt more inclusive, diverse and equitable representation in Canada.
Media plays a critical role in helping to build and support Canadian identity in all its forms, and CBC/Radio-Canada
is at the forefront of this change as we continue our work to improve the re ection and representation of
equity-deserving groups: Indigenous Peoples, racialized people, persons with disabilities and members of the
LGBTQ2+ communities. Our 2022-2025 Equity, Diversity and Inclusion (EDI) plan, Progress in Progress, has
targets to spur action to ensure everyone has the same access to opportunities at CBC/Radio-Canada. With its
guidance, we will share regular highlights and lessons learned along the way. We have been rolling out an Inclusive
Newsrooms training program to help leaders understand what inclusion means, how to implement it in production
and storytelling, and how it can re ect and connect with diverse audiences. By 2025, all new original scripted and
unscripted series commissioned from independent producers will require at least one of the key creative roles to
be held by those who self-identify as Indigenous, racialized persons or persons with disabilities. We launched our
rst three-year National Accessibility Plan on May 29, 2023. We are also working on developing a National
Indigenous Strategy to deepen our relationships with Indigenous Peoples, creators, journalists, suppliers,
communities and employees across the country. The work has involved leaders in areas across the organization
and dialogue with Indigenous communities across Canada.
2022-2025 Equity, Diversity and Inclusion Plan
15
BUILDING TRUST AND COMBATTING ONLINE HARM
Recent surveys from numerous sources around the globe indicate that trust in governments, some select
institutions and even some professions is in decline. Trusted sources of news and information for Canadians are
vital to our democracy. News and current affairs are one of the core competencies for public service media,
informing citizens with independent, impartial, accurate and relevant news and helping them to better understand
the world. This critical trust relationship is something CBC/Radio-Canada strives for in all its interactions with
everyone living in Canada. For example, CBC News and Radio-Canada Info services are the rst Canadian
broadcast media to be awarded the Journalism Trust Initiative (JTI) certi cation by Reporters Without Borders
(RSF). JTI scrutinizes a news service's transparency and editorial practices and makes its compliance public.
The ongoing rise of online harm targeting media professionals – particularly women and racialized Canadians –
remains a serious concern. In addition to its emotional toll, such harm threatens to drive out the very voices and
perspectives we need for a well-informed, democratic society. This last year, CBC/Radio-Canada’s successful
#NotOK campaign launched the publicly available Newsroom Guide for Managing Online Harm, which provides
advice on how to support news media professionals who experience incidents of online harm. We stand rmly
together with media organizations across the country to condemn the threat of online harm, and continue to work
to ensure the safety of our journalists as they do their important work for Canadians.
DIGITAL SPOTLIGHT
The Harmonization Project
This year, CBC/Radio-Canada declared a mission accomplished for an enormous project years in the making: the
harmonization of ICI TOU.TV and CBC GEM, our French and English-language streaming services.
The two services have always shared a common goal: to deliver great content to as many Canadians as possible.
However, they were also technically distinct products, each with their own back-end processes and support
systems in place. Seeing opportunities to build on each other’s expertise, optimize resources and leverage
common features, our digital teams made it a priority to work together to harmonize the technology driving the
platforms in a huge technical undertaking that required unprecedented levels of collaboration and cooperative
problem solving.
Visitors will note that the services now have a new, mirrored look and feel, but the parallels run much deeper than
that. Led by CBC Digital Strategy and Products and Radio-Canada Digital Media (Médias numériques), the
harmonization project has merged the two platforms by blending multiple systems, including the CMS,
subscription and billing system, the ad engine, and more. The teams involved created components that will
eventually see the services supported on over 20 apps, greatly increasing their availability.
Our digital teams truly delivered on what was a tremendously ambitious technical vision, bringing a sleeker and
more re ned user experience to Canadians accessing content on CBC GEM and ICI TOU.TV.
CBC Gem and ICI TOU.TV: Streaming in perfect harmony

MEASURING OUR PERFORMANCE
Our Performance – Mandate and Vision
Tracking and assessing the perception of our performance is essential to demonstrating our accountability to
Canadians. The Mandate and Vision Perception Survey allows us to monitor Canadians’ perceptions of their
national public broadcaster and how well they believe our services ful ll the Corporation’s mandate. The data are
collected via surveys conducted with representative samples of Canadians.
Highlights based on the 2022-2023 survey results follow.
17
Our Performance – Your Stories, Taken to Heart
Below are the key performance indicators that measure and track our progress with respect to our strategic plan,
Your Stories, Taken to Heart, and its ve strategic priorities: customized digital services, engaging with young
audiences, prioritizing our local connections, re ecting contemporary Canada and taking Canada to the world.3
These priorities continue to shape our strategic initiatives until 2024.
Targets are speci c to the markets we operate in and consider a number of factors such as market realities,
competition and service penetration rate. In 2022-2023, we aimed to sustain the growth in digital engagement
and reach achieved during the pandemic. Instead, some of our metrics and targets were only partially met due to
continued fragmentation of audiences in an ever more competitive media environment combined with news
fatigue after two years of the COVID-19 crisis.4
PERFORMANCE
RESULTS TARGETS RESULTS AGAINST TARGETS
INDICATORS 2021-2022 2022-2023 2022-2023 TARGET5 2023-2024 EXPLANATION
CUSTOMIZED DIGITAL SERVICES

Digital reach (Monthly average unique visitors)6
CBC/Radio-Canada 24.2M 22.1M 21.4M 19.7M This year, the target for digital reach
was partially met. This is because the
CBC 20.7M 18.8M 17.4M 16.5M
forecast for the target
under-estimated both the number
and the competitive threat of new
Radio-Canada 6.1M 5.5M 5.2M 4.9M entrants to the market, in particular
foreign streaming and gaming
services.
Digital engagement (Monthly average minutes per visitor)7
CBC/Radio-Canada 48 min/vis 43 min/vis 40 min/vis 37 min/vis Digital engagement partially met the
target. High engagement that we
CBC 33 min/vis 31 min/vis 28 min/vis 27 min/vis
saw from audiences during the
pandemic was not sustainable; and
intense competition in the digital
Radio-Canada 57 min/vis 52 min/vis 50 min/vis 45 min/vis
space has contributed to lower than
anticipated engagement.
ENGAGING WITH YOUNG AUDIENCES

Digital visits to kids content (Monthly average visits)8
CBC/Radio-Canada 3,642K 3,777K 2,858K 2,463K While still above pre-pandemic
results, digital visits to kids content
CBC 3,187K 3,322K 2,450K 2,145K
were lower than projected. Increased
competition for kids’ attention
among digital giants, social
Radio-Canada 454K 455K 407K 318K
platforms and gaming are
contributors.
df
Target met or exceeded Target partially met

Our performance data is evolving as the media industry continues to undergo a digital transformation. Canadians consume media content on multiple devices from
an ever-growing array of content providers. As media consumption habits change, measurement suppliers and the Corporation are re ning and introducing new
methodologies to ensure accuracy and completeness of data. Since some of these are used to measure our strategic and operational performance, adjustments to
targets and historical results may be required to enhance comparability.
3
Our fth strategic priority – taking Canada to the world – is measured via an internal KPI.
4
The most recent data from the Media Technology Monitor (MTM) shows that over three quarters of Canadians report that they actively avoid news at least some of
the time. This jumps to over 8 in 10 among those under the age of 50 (MTM 18+, Fall 2022).
5
A target is considered ‘partially met’ if the result falls within 90-99% of the target and is considered ‘met or exceeded’ if it falls at 100% or above the target.
Anything below 90% of the target is considered ‘not met’.
6
Source: Comscore Media Metrix® Multi-Platform, total audience (desktop 2+, mobile 18+), average of monthly unique visitors, April to March, Canada.
Unduplicated reach of CBC/Radio-Canada | CBC | Radio-Canada digital platforms.
7
Source: Comscore Media Metrix® Multi-Platform, total audience (desktop 2+, mobile 18+), average of monthly minutes per visitor to CBC/Radio-Canada | CBC |
Radio-Canada digital platforms | CBC News/Regions | Radio-Canada Info/Régions, April to March, Canada.
8
Source: Adobe Analytics, average of monthly visits to kids content on CBC (CBC Kids sites, CBC Kids News and CBC Gem) and Radio-Canada (Appli des petits,
Zone Jeunesse and ICI TOU.TV), April to March. CBC/Radio-Canada is the sum of CBC and Radio-Canada visits.
PERFORMANCE
PRIORITIZING OUR LOCAL CONNECTIONS
Digital engagement with News/Regions (Monthly average minutes per visitor)7
CBC fell below target for digital
CBC 23 min/vis 23 min/vis 20 min/vis 19 min/vis
engagement with News/Regions as
interest in news was lower than
anticipated and has decreased since
Radio-Canada 14 min/vis 13 min/vis 12 min/vis 12 min/vis the pandemic. Radio-Canada partially
met its target for the same reasons
noted above.
REFLECTING CONTEMPORARY CANADA

Employment equity representation (% of new external hires)10
CBC/Radio-Canada 44.5% 43.0% 45.2% 41.0% Due to the transition to our new
Human Resource system in February
CBC 64.7% 55.0% 60.2% 50.0%
2023, we have actual results to Q3
2022-2023. The nal quarter and year
result is a projection based on the
Radio-Canada 29.0% 26.0% 26.8% 26.0%
results observed in the past three
years.
Our Performance – Media Lines

We use Media Lines reporting to measure performance against our operational targets, which mostly focus on
audience reach and share through our various platforms and revenue across all our services. While the Corporation
continues to monitor the performance of its discretionary television services, we have not reported our subscriber
data for competitive reasons.
PERFORMANCE
TELEVISION (Audience Share)11
CBC Television fell below target as
both CBC audiences and total
CBC Television 5.8% 4.9% 4.4% 4.1%
available audiences across the
segment declined.
CBC News Network exceeded the
CBC News annual target, due to a few major news
2.1% 1.8% 2.0% 1.7%
Network stories in the year, such as the death
of the Queen and the war in Ukraine.
ICI TÉLÉ's audience share exceeded
its target for the year, driven largely by
ICI TÉLÉ 24.8% 22.5% 23.2% 22.8%
new offerings such as the rst season
of STAT.
The combined share of our
discretionary TV services exceeded its
ICI RDI, ICI ARTV target for the year mostly due to ICI
5.6% 5.2% 5.8% 5.4%
and ICI EXPLORA RDI’s coverage of major news stories,
including the war
in Ukraine.
9
10
This metric is made up of three groups: Indigenous Peoples, persons with disabilities and racialized people.
11
Source: Numeris PPM, persons aged 2+, CBC Television: September to April (regular season); CBC News Network (April-March). Francophones in Quebec aged 2+,
ICI TÉLÉ: September to April (regular season); ICI RDI, ICI ARTV and ICI EXPLORA (April-March).
19
PERFORMANCE
RADIO
CBC Radio One and CBC Radio and CBC Music partially
16.2% 15.8% 14.2% 13.5%
CBC Music13 met targets in both share and reach
as Canadians spend less time
CBC Radio One and listening to terrestrial radio and CBC
10.9M 10.9M 10.4M 10.0M
CBC Music14 Music.
The combined audience share for
ICI PREMIÈRE and ICI PREMIÈRE and ICI MUSIQUE is
ICI MUSIQUE15 well above the target driven by
22.1% 20.7% 23.4% 22.4%
agship shows and also new
offerings such as La journée (est
encore jeune).
REVENUE (Conventional, discretionary, online)16
CBC $368M $218M $223M $221M Revenue target was achieved or
slightly above target due to
Radio-Canada $376M $225M $225M $222M sustained post-pandemic demand
by advertisers.
12
13
Source: Numeris Radio PPM, persons aged 2+ in the Toronto, Vancouver, Calgary, Edmonton and Montreal-anglophone markets.
14
Source: Numeris Radio PPM, persons aged 2+, total Canada.
15
Source: Numeris Radio PPM, Montreal central francophones aged 2+, September to March (regular season).
16
Includes advertising revenue, subscription revenue and other revenue (e.g., content sales).
Measuring our Canadian Content
Regulatory requirements for Canadian content on television are speci ed by the Canadian Radio-television and
Telecommunications Commission (CRTC), which sets conditions of license for ICI TÉLÉ and CBC Television. As
shown in the table below, in the previous two broadcast years, ICI TÉLÉ and CBC Television met or exceeded the
CRTC’s Canadian content conditions of license, both over the whole day and in prime time.
YEARLY RESULTS RESULTS

CONDITIONS SEP 1, 2020 TO SEP 1, 2021 TO
OF LICENSE AUG 31, 2021 AUG 31, 2022
ICI TÉLÉ
Broadcast day 75% 82% 78%
Prime time 80% 95% 94%
CBC Television
Broadcast day 75% 76% 75%
Prime time 80% 83% 81%
The Library Partnerships
21
PEOPLE
Our Workforce
We value the relationships with our employees and aim to provide the best employment experience for them. As
required by the Employment Equity Act, we are committed to providing equal employment opportunities to the
four designated groups. We also strive to ensure that our equity, diversity and inclusion efforts involve and
represent a range of experiences, identities, abilities and perspectives, both in our content and in the workplace.
BREAKDOWN OF DESIGNATED GROUPS AMONG OUR WORKFORCE AS OF JANUARY 1, 202317
INDIGENOUS PERSONS WITH

WOMEN RACIALIZED PEOPLE
PEOPLES DISABILITIES
CBC/Radio-Canada Workforce 49.4% 2.3% 4.0% 17.9%
Available Labour Force 41.9% 2.5% 8.2% 19.2%
Year in Review
Supporting our employees
As of March 2023, we announced the end of our internal COVID-19 crisis response and returned to regular leave
procedures. Although we’ve wrapped up our pandemic activities, our teleworking policy remains as we continue to
move forward with our exible approach. We’ve also implemented our new Human Resource system, Workday, to
improve and simplify our processes and enhance our people analytics capacities to support data-driven decision
making. We also launched our new well-being portal on April 3, 2023. Well-being is vital to our employees and to
our business success. This new portal provides one-stop access to a wide range of health, well-being and lifestyle
resources, including physical, nancial, emotional/mental and family/social support, creating a better
employee experience.
We are also pleased to go into this new year following successful negotiations with the Association of
Professionals and Supervisors (APS) and the Syndicat des travailleuses et travailleurs de Radio-Canada (STTRC),
resulting in agreements in place until 2025. These negotiations were dedicated to achieving a collaborative,
effective and productive relationship between management and unions as we move forward, and aimed to solidify
this relationship ahead of the upcoming negotiations between CBC/Radio-Canada and the Canadian Media Guild
in 2024.
Fostering an equitable, diverse and inclusive workplace
Guided by our EDI Plan, we continue to deliver on our commitment in our workforce. Through targeted initiatives
aimed primarily at members of under-represented groups such as DEL (leadership training), INSPIRE
(mentorship) and the EDI Development Fund (development and internships), we invested in our employees to
create a better employee experience.
17
Due to the transition to our new Human Resources Information Management System, the results are as at January 1, 2023.
TECHNOLOGY AND INFRASTRUCTURE
Our Assets
With 74 content production sites, one of the world’s largest broadcast transmission networks (727 radio
transmitters and 27 digital television transmitters distributed across 520 sites) and a real estate portfolio of 2.7
million square feet, CBC/Radio-Canada has a wide range of capital assets; $2.0 billion on a historical cost basis
(with a net book value of $786 million) as at March 31, 2023. We also have a nance lease for the new Maison de
Radio-Canada (MRC) with a net book value of $185 million.
Our infrastructure costs by asset type
CBC/Radio-Canada has a base capital appropriation from the Government of Canada of $85.9 million per year. As
required by subsection 54(4) of the Broadcasting Act, we present our capital budget to the Minister of Canadian
Heritage in our Corporate Plan and then submit it to the government for approval.
23
Year in Review
Attracting top talent
In this tough job market, we’re actively on the lookout for engaged, tech-savvy and motivated people to join the
great teams that make up Technology & Infrastructure (T&I). To this end, we participated in jobs fairs this last
year at FCTM, Concordia University and McGill University, where we engaged students looking to kick-start their
careers. They learned about what it would be like to join T&I at CBC/Radio-Canada as we shared information about
the kinds of projects we take on and work we do ful lling our mandate and serving the Canadian public. We also
shared news and information that would be of potential interest to those looking to join our organization at a
seminar delivered to students from the École de Technologie Supérieure Optical Communication course.
Group of students from École de technologie supérieure at the new Maison de Radio-Canada
Modernizing our facilities

The new Maison de Radio-Canada headquarters in Montreal meets the highest standards of sustainable
development, equivalent to LEED Silver certi cation, and includes environmentally responsible management of
residual materials, water consumption and electricity. It also uses advanced methodologies with respect to
content production.
This year, our teams were involved in organizing various tours of the facility for stakeholders interested in learning
more about the work that went into this milestone project, and about how the cutting-edge technologies we
integrated into its design have enhanced how we work and made new ways of working together possible. These
clients included groups from organizations such as the Canadian Armed Forces and CoreNet.
On top of this, some of T&I’s work was showcased in various media recently, including when CBC/Radio-Canada
received an AudioAward for the new Maison de Radio-Canada project, and when the Transmission Team was
recognized for their work in remote locations on the Midday Cafe podcast with Leonard Linklater.

LOOKING AHEAD
As we move into 2023-2024, we are excited to push forward with several important initiatives aimed at making
CBC/Radio-Canada as innovative, sustainable and inclusive as possible. This year, we look forward to adding our
National Indigenous Strategy, which is the result of an extensive consultation process and will guide the way we
work and build relationships with Indigenous Peoples, and our National Accessibility Plan, which also follows a
public consultation process and will inform how we will address the representation of people with disabilities in
media, the barriers they face when consuming our content and how we can improve our relationships with
different communities. Our current strategic plan, Your Stories, Taken to Heart, ends in 2024 and in anticipation of
this, work is underway to develop our new corporate strategy.
The Journey Forward — The National Indigenous Strategy
On the programming side, we are happy to continue as Canada’s Olympic and Paralympic broadcasters for the next
Games, with those rights being secured until 2032 and 2026, respectively. Following the CRTC’s renewal of our
broadcast licences, for the rst time, we will be permitted to include some program expenditures on certain digital
services toward our regulatory requirements, including our video streaming services, CBC GEM and ICI TOU.TV. As
well, a certain percentage of our spending on independent production will now be dedicated to Indigenous
producers and to producers located in Official Language Minority Communities (OLMCs), and there will be an
overall spending requirement related to independent producers and production companies from the following
groups: Indigenous Peoples, OLMCs, racialized people, LGBTQ2+, and persons with disabilities.
25
FINANCIAL HIGHLIGHTS
For the year ended March 31 2023 2022 % change
Revenue 515,584 651,417 (20.9)
Government funding 1,271,846 1,240,014 2.6
Expenses (1,906,598) (2,011,475) (5.2)
Results before other gains and losses and taxes (119,168) (120,044) (0.7)
Other gains and losses (8,440) (680) N/M
Results before income taxes (127,608) (120,724) 5.7
Income tax recovery 2,499 28,651 (91.3)
Net results under IFRS for the year (125,109) (92,073) 35.9
N/M = not meaningful
Net results under IFRS for the year were a loss of $125.1 million compared to a loss of $92.1 million last year.
These results are further explained below.
This year revenue decreased by 20.9%, mainly because last year’s results
included additional advertising and licensing revenue from the coverage of
2022-2023: 516M the Tokyo 2020 and the Beijing 2022 Olympic Games, held in a single scal
2021-2022: 651M year due to the pandemic.
TOTAL DECREASE
Excluding the impact of the Olympic Games, our revenue from ongoing
REVENUE - 135M (-21%)
activities increased, primarily due to higher digital advertising revenue and
nancing income.
2022-2023: 1,272M Government funding recognized in income increased by 2.6%.

2021-2022: 1,240M Last year’s funding was comparatively lower due to an advance of $36.7
TOTAL INCREASE million made to 2020-2021 funding to assist with anticipated risks during
GOVERNMENT + 32M (+3%) the pandemic.
FUNDING
Our expenses decreased by 5.2% as last year’s results included the rights
and costs to cover the Tokyo 2020 and the Beijing 2022 Olympic Games.
2022-2023: 1,907M
Excluding the impact of the Olympic Games, our expenses from ongoing
2021-2022: 2,011M activities increased mainly due to in ationary pressures and higher content
TOTAL DECREASE spend on our conventional platforms.
EXPENSES - 104M (-5%)
These increased operating costs were partly offset by the effect of our
pension fund contribution holiday and a lower pension expense.

FINANCIAL SUSTAINABILITY
CBC/Radio-Canada depends on both its parliamentary appropriation and commercial revenue, including
advertising, to support the programs and services it provides to Canadians. While we expect the post-pandemic
revenue to be sustained in the short-term, the medium-term prospects are subject to market conditions.
Advertising revenue will continue to be under pressure as big digital players attract a larger share of this revenue.
Revenue and Other Sources of Funds

CBC/Radio-Canada has four sources of direct funding: government appropriations for operating and capital
expenditures, advertising revenue, subscriber fees, and nancing and other income:
Government funding: This year, operating funding was $1,174.9 million, capital funding recognized in income was
$92.9 million and working capital was $4.0 million.
Advertising revenue: This includes ongoing sales of advertising on our conventional television channels, digital
platforms and discretionary television services. Advertising revenue driven by events, such as the Olympic Games,
can have a material impact on the Corporation’s self-generated revenue. Over the long term, TV advertising
revenue is decreasing as a proportion of our total source of funds, mainly as a result of the market’s shift to digital
advertising platforms.
Subscriber fees: These are fees from our discretionary services: CBC News Network, documentary, CBC Gem, ICI
EXPLORA, ICI ARTV, ICI RDI, ICI TOU.TV EXTRA and Curio.ca. Subscriber fees from our traditional platforms are
experiencing downward pressure from the continuing cord-cutting and cord-shaving trends. Online entertainment
subscriptions to our digital platforms are increasing.
Financing and other income: This includes ongoing income from activities such as the rental of real estate
assets, content sales, leasing of space at transmission sites and host broadcasting sports events.
27
Financial Condition, Cash Flows and Liquidity
We rely on parliamentary appropriations and the cash generated from our operations to fund our operating
activities and our capital needs in an environment highly dependent on technology. Speci cally, our main sources
of liquidity are parliamentary appropriations for operating, capital and working capital requirements, and revenue
such as the sale of advertising on our various platforms. Our cash ows from operating, investing and nancing
activities for the year are summarized below.
Our cash balance at March 31, 2023 was $108.8 million, compared to $83.0 million on March 31, 2022.
Cash position
Cash – beginning of the year 82,960 90,107 (7.9)
Changes in the year
Cash from (used in) operating activities 53,771 (27,228) N/M
Cash from (used in) investing activities 47,015 92,051 (48.9)
Cash (used in) from nancing activities (74,938) (71,970) 4.1
Net change 25,848 (7,147) N/M
Cash – end of the year 108,808 82,960 31.2
Cash from (used in) operating activities

Cash from (used in) operating activities includes cash in ows from our drawdowns of parliamentary appropriations for operating expenditures
and working capital. Fluctuations in working capital have a signi cant impact on cash received or disbursed in the course of our operations.
Cash from operating activities was $53.8 million this year, compared to $27.2 million used in operating activities
last year. Changes in cash from operating activities were mostly driven by the payment of income taxes in the rst
quarter of 2021-2022 and higher trade receivables in last year’s results related to the Beijing 2022
Olympic Games.

Cash from (used in) investing activities
Cash from (used in) investing activities includes cash from our drawdowns of parliamentary appropriations for capital expenditures.
Cash from investing activities was $47.0 million, a decrease of $45.0 million relative to last year. Our purchases
and redemptions of Canada Mortgage Bonds resulted in a net cash out ow of $11.0 million, compared to a net
cash in ow of $46.9 million in the previous year. In addition, we had lower additions to property and equipment
and intangible assets by $8.6 million.
Cash from (used in) nancing activities

Cash from (used in) nancing activities includes cash out ows for interest payments, repayments of the Broadcast Centre Trust bonds, payments
of notes payable and payments to meet obligations under our leases.
Cash from nancing activities was $74.9 million this year, an increase of $3.0 million compared to last year. This
increase was mainly due to a nal lease payment in the rst quarter of 2022-2023.
Borrowing plan
The Broadcasting Act, section 46.1, confers on CBC/Radio-Canada the authority to borrow up to $220.0 million, or
such greater amount as may be authorized by Parliament, subject to approval of the Minister of Finance. Section
54 (3.1) of the Act requires that our borrowing plan be included in our Corporate Plan. Borrowing to meet working
capital purposes is prohibited.
When we sold long-term accounts receivable in 2009 as part of our Financial Recovery Plan, which addressed the
impact of the global economic slowdown and declining television advertising revenue, we provided a guarantee to
investors to obtain the best possible value for selling the receivables. This guarantee was deemed to be borrowing.
The outstanding amounts against the borrowing authority are as follows:
Total borrowing authority available 220,000

Authority used as at March 31, 2023
Guarantee on accounts receivable monetization (48,405)
Remaining authority 171,595
Under the Broadcasting Act, section 47 (1), we are an agent of the Crown and therefore have the constitutional
immunities, privileges and prerogatives that are enjoyed by the Crown. The Crown is also fully liable and nancially
exposed for all our actions and decisions while we are operating within our mandate. Therefore, our assets and
liabilities are the assets and liabilities of the Government of Canada.
29
Year in Review – Our Results
Revenue
Advertising
English Services 139,532 248,969 (44.0)
French Services 149,108 170,581 (12.6)
288,640 419,550 (31.2)
Subscriber fees
French Services 61,060 60,575 0.8
122,325 122,234 0.1
Financing, investment and other income
French Services 26,811 23,163 15.7
Corporate Services 46,759 40,803 14.6
104,619 109,633 (4.6)
TOTAL 515,584 651,417 (20.9)
Our revenue decreased ( 20.9%) compared to last year, with the main variances by revenue streams noted
below.
Advertising ( 31.2%)
Our advertising revenue depends on the different events of signi cant importance we cover throughout the year, the overall health of the
economy and advertising market, and the success of our programming schedule.

TV advertising 215,501 333,856 (35.5)
Digital advertising 73,139 85,694 (14.7)
288,640 419,550 (31.2)
Our total advertising revenue decreased by $130.9 million ( 31.2%).
TV advertising revenue remained stable since last year while digital advertising revenue
Ongoing activities continued to bene t from sustained demand, mainly in video advertising.
Most of the decrease in revenue is due to additional amounts recognized last year from
Olympics our broadcast of the Tokyo 2020 and Beijing 2022 Olympic Games, held in a single scal
year due to the pandemic.

Subscriber fees ( 0.1%)
Our subscriber revenue is driven by the rates for our discretionary services, digital platforms, and our subscriber base. Our discretionary TV
services are declining year over year due to the adverse effects of the cord-shaving trend affecting the cable industry and as a result, the market
is seeing a shift to online entertainment subscriptions.

Discretionary TV platforms 96,775 98,399 (1.7)
Digital platforms 25,550 23,835 7.2
122,325 122,234 0.1
Our subscriber revenue was stable ( 0.1%) when compared to last year as our continued subscriber growth on
our digital platforms more than offset subscriber volume declines on our discretionary channels.
Financing, investment and other income ( 4.6%)

Financing, investment and other income depends on the different events and transactions that take place throughout the year, as it includes
production revenue from host broadcasting services and revenue from the sale of content. It also re ects revenue from our rentals, sponsorships
and retransmission rights. More information about our revenue streams is provided in note 15 Revenue of our Consolidated
Financial Statements.
Key variances of nancing, investment and other income are as follows:
Higher other income arising from increased demand for our production services, higher
Ongoing activities
content sales and higher nancing income.
Last year, we generated additional licensing revenue from covering the Tokyo 2020 and
Olympics
Beijing 2022 Olympic Games.
Operating expenses
Television, radio and digital services costs
English Services 996,570 1,101,080 (9.5)
French Services 816,114 816,807 (0.1)
1,812,684 1,917,887 (5.5)
Other operating expenses
Transmission, distribution and collection 60,162 58,387 3.0
Corporate management 11,980 11,054 8.4
Finance costs 21,772 24,147 (9.8)
93,914 93,588 0.3
TOTAL 1,906,598 2,011,475 (5.2)
Our total operating expenses decreased by $104.9 million ( 5.2%) compared to last year, with the main variances
noted below.
31
Television, radio and digital services costs ( 5.5%)
Television, radio and digital services costs depend on the different events of importance we cover throughout the year and on our ongoing
programming schedule. They represent the costs we incur in relation to the production of our programs, including the cost of our technical labour
and facilities.
Our television, radio and digital services costs decreased by $105.2 million ( 5.5%).
Our costs were higher due to in ationary pressures and incremental content spend on our
conventional platforms. In addition, there were additional costs incurred to cover a heavy
news cycle marked by, amongst others, the war in Ukraine, the Ontario and Quebec
elections, Guy La eur’s national funeral, the Royal Specials, and Queen Elizabeth II ’s
Ongoing activities
funeral.
This was partly offset by lower operating costs due to the pension fund contribution
holiday and a lower pension expense.
Last year’s costs were higher as they included additional programming rights and
Olympics
production costs for the coverage of the Tokyo 2020 and Beijing 2022 Olympic Games.
Other operating expenses ( 0.3%)

Other operating expenses include costs related to the broadcasting of the Corporation’s programs (“transmission, distribution and collection
costs”), corporate management costs, and nance costs.
Other operating expenses remained stable ( 0.3%) compared to last year.
Government funding
Parliamentary appropriations for operating expenditures 1,174,971 1,139,694 3.1
Parliamentary appropriations for working capital 4,000 4,000 -
Amortization of deferred capital funding 92,875 96,320 (3.6)
TOTAL 1,271,846 1,240,014 2.6
Parliamentary appropriations for operating expenditures are recognized based on the amounts voted by Parliament.
Capital funding is recorded as deferred capital funding. It is amortized and recognized as revenue over the same periods as the related property,
equipment and intangible assets are used in CBC/Radio-Canada’s operations.
Parliamentary appropriations for operating expenditures increased by $35.3 million ( 3.1%) in 2022-2023.
In both 2022-2023 and 2021-2022, we recognized an additional $21.0 million investment made by the
Government of Canada to help CBC/Radio-Canada manage its critical operating requirements during
the pandemic.
Last year’s government funding was comparatively lower since $36.7 million had been transferred to our
2020-2021 appropriation for operating expenditures due to the uncertain impact of the pandemic on our
cash ows.
Amortization of deferred capital funding was lower by $3.4 million ( 3.6%), consistent with our lower
asset base.

Other gains and losses
Loss on disposal of property and equipment and intangibles (8,440) (680) N/M
TOTAL (8,440) (680) N/M
In 2022-2023, our loss on disposal is mainly due to net losses from the retirement of the old Maison de
Radio-Canada (MRC) assets and from the regular course of our operations.
Last year’s loss on disposal of $0.7 million was mainly due to net losses from the retirement of assets in the
regular course of our operations.
Income tax
Income tax recovery 2,499 28,651 (91.3)
TOTAL 2,499 28,651 (91.3)
In 2022-2023, we recovered the remaining amount of income taxes paid in 2020-2021. In 2020-2021, we
recognized a $31.1 million income tax expense due to our positive taxable net results.
Last year, we recognized a $28.7 million income tax recovery as a result of our tax loss.
Total comprehensive income (loss)

Net results for the year (125,109) (92,073) 35.9
Other comprehensive income (loss)
Remeasurements of de ned bene t plans (239,561) 813,426 N/M
Total comprehensive income (loss) for the year (364,670) 721,353 N/M
Remeasurements of de ned bene t plans are driven by signi cant non-cash uctuations in our pension plan’s obligations and assets that occur
when actual results or interest rates differ from our actuarial assumptions. We recognize these movements immediately in other comprehensive
income each year.
Total comprehensive loss recognized this year was $364.7 million, compared to a comprehensive income of
$721.4 million in the prior year. In addition to our net results, total comprehensive income includes
remeasurements of de ned bene t plans as described above.
A loss of $239.6 million was recognized this year on remeasurements of de ned bene t plans. This was mostly
due to a loss on plan assets of $601.2 million, resulting from a lower return on plan assets than estimated in our
actuarial assumptions. In addition, we recognized a loss of $429.5M for the effect of the asset ceiling on our
funded pension plan asset. These losses were partly offset by a 90 basis-point increase in the discount rate, which
decreased the de ned bene t obligation by $791.2 million.
A gain of $813.4 million was recognized last year on remeasurements of de ned bene t plans. This was mostly
due to a 70 basis-point increase in the discount rate, which decreased the de ned bene t obligation by $599.6
million and a gain on plan assets of $213.8 million, resulting from a higher return on plan assets than estimated in
our actuarial assumptions.
33
Seasonality and quarterly nancial information
The following table shows condensed nancial data for the previous eight quarters. This quarterly information is
unaudited, but has been prepared on the same basis as the annual Consolidated Financial Statements. Analysis of
our results by quarter is available in our quarterly reports available here.
2022-2023
Q1 Q2 Q3 Q4 Total
Revenue 131,358 112,287 141,989 129,950 515,584
Government funding 288,559 307,211 320,316 355,760 1,271,846
Expenses (414,382) (433,814) (496,873) (561,529) (1,906,598)
Results before other gains and losses and taxes 5,535 (14,316) (34,568) (75,819) (119,168)
Other gains and losses 40 (159) (1,011) (7,310) (8,440)
Results before income taxes 5,575 (14,475) (35,579) (83,129) (127,608)
Income tax recovery - - 2,412 87 2,499
Net results under IFRS for the period 5,575 (14,475) (33,167) (83,042) (125,109)
2021-2022
Q1 Q2 Q3 Q4 Total
Revenue 118,052 182,043 147,147 204,175 651,417
Government funding 273,756 294,582 300,237 371,439 1,240,014
Expenses (398,138) (480,726) (492,853) (639,758) (2,011,475)
Results before other gains and losses and taxes (6,330) (4,101) (45,469) (64,144) (120,044)
Other gains and losses 10 812 (801) (701) (680)
Results before income taxes (6,320) (3,289) (46,270) (64,845) (120,724)
Income tax recovery - - - 28,651 28,651
Net results under IFRS for the period (6,320) (3,289) (46,270) (36,194) (92,073)
Our operating results are subject to seasonal uctuations that materially impact quarter-to-quarter results. The
seasonality of our revenue is re ective of general market, economic and viewership patterns affecting all
conventional broadcasters. Revenue from our ongoing activities generated during the rst half of the year is
usually lower because the summer season attracts fewer TV viewers. In contrast, revenue from our ongoing
activities in the third quarter is comparably higher as TV audiences are larger and more advertisers purchase
airtime in anticipation of the holiday season.
Government funding is recognized in the Corporation’s income based on budgeted net expenses for the quarter.
Monthly and quarterly budgets are established from the annual budget approved by the Board of Directors at the
beginning of each year and re ect expected funding for the year and seasonal impacts on expenditures
and revenue.
Expenses from our ongoing activities also tend to follow a seasonal pattern because they are in uenced by the
programming schedule. Operating costs tend to be higher in the fourth quarter as the Corporation incurs costs
preparing for the fall broadcast season and completes project deliverables due by the end of the scal year.
Other factors may impact net results from quarter to quarter. These may include foreign exchange gains or losses,
asset write-offs and sales. When appropriate, these are recorded as other gains and losses.
Our results of 2021-2022 were impacted by our broadcast of the Tokyo 2020 Olympic Games and the Beijing
2022 Olympic Games.

Outlook
Advertising revenue post COVID-19
Total advertising revenue has surpassed pre-pandemic levels with growth in digital revenue outpacing television
revenue decline. The decline of conventional TV audiences is challenging to predict; however, sustaining overall
advertising revenue in the long term is dependent on digital revenue.
Budget reductions
On March 28, 2023, the government proposed to phase in a three per cent reduction of eligible spending by
departments and agencies by 2026-2027. Additionally, the government announced that they will work with federal
Crown corporations to ensure comparable spending reductions. Following this announcement, we will work toward
integrating the corresponding changes in our strategic planning as more information becomes available.
Modernizing of broadcasting legislation

The Government of Canada has committed to modernizing Canada’s media legislation: the Broadcasting Act, the
Telecommunications Act and the Radiocommunication Act. Any changes could affect our nancial outlook,
including new and proposed legislation, such as the Online Streaming Act, and Bill C‐18, Online News Act. We are
working with the government to ensure a healthy media ecosystem that continues to support the public
broadcaster and its ability to serve all Canadians.
Olympic and Paralympic Games

In early April 2022, the International Olympic Committee (IOC) announced that CBC/Radio-Canada secured the
exclusive broadcast rights in Canada for the following Olympic and Paralympic Games: Milano Cortina 2026, Los
Angeles 2028, Winter Games 2030 (the host of which is yet to be selected) and Brisbane 2032. Including the
Olympic Games Paris 2024, for which we have already been awarded the rights, we will continue to serve as
Canada's Olympic network for the next ve Olympic Games.
35
TASK FORCE ON CLIMATE-RELATED FINANCIAL
DISCLOSURES (TCFD)
The environment matters to Canadians, and it matters to their public broadcaster. There is a global call for
responsible and meaningful action on climate change, and CBC/Radio-Canada is playing a leading role in greening
the Canadian media industry, transforming itself into a world class, sustainable public service media company.
Our Strategy and Commitments

Greening Our Story is CBC/Radio-Canada’s rst ever corporate strategy on environmental sustainability. As the
public broadcaster, we recognize that we have a responsibility to take action against climate change. Our mission
is to build an environmentally sustainable public service media company that current and future generations can
be proud of, with a vision of embedding environmentally sustainable thinking in all we do.
In June 2023, we committed to the Environment and Climate Change Canada’s Net Zero Challenge, an initiative
that will lead us on the path to carbon neutrality by 2050.
Refer to Greening Our Story, for more information about the strategy and our commitments. Progress made in
relation to the strategy are outlined in our Annual Environmental Sustainability Reports.
Our TCFD Report

As the public broadcaster, we recognize the role we must play to mitigate the impact of climate change on both
society and our operations. We are therefore supportive of the recommendations of the TCFD and are pleased to
share our rst set of TCFD disclosures for the year ended March 31, 2023.
The TCFD promotes a series of recommendations that encourages companies to transparently disclose
climate-related risks and opportunities in support of nancial stability. Through 11 disclosure recommendations,
covering four different pillars (governance, strategy, risk management, and metrics and targets), the
recommendations establish comparable and consistent guidelines for organizations to disclose (and manage)
climate impacts on business and investment decisions.
Peyto Lake, Alberta

RISK MANAGEMENT AND GOVERNANCE
Risk Management
We occupy an important place in the Canadian broadcasting system and face a unique set of risks. Like all
broadcasters, we must adapt to accelerated technological changes, shifts in demographics, evolving consumer
demands, increasing regulatory scrutiny and structural changes in the media ecosystem. We are seeing media
professionals confront intimidation and harm, as well as continued sources of disinformation and misinformation.
Moreover, given our mandate to serve all Canadians, we also face a unique set of public expectations and
nancial challenges.
It is our policy to develop, implement and practise effective risk management to ensure risks and opportunities
that impact our strategies, objectives and operations are identi ed, assessed and managed appropriately.
Our Risk Management Program is integrated into business processes across the Corporation. Responsibility for
risk management is shared among the following groups:
1 BOARD 2 AUDIT 3 SENIOR 4 MEDIA AND

COMMITTEE EXECUTIVE SUPPORT
OF THE BOARD TEAM BUSINESS
UNITS
The Board oversees The Audit The Senior Executive Media and support
our key risks at a Committee monitors Team identi es and business units
governing level, key risks, discussing manages risks, initially identify and
obtains a quarterly their status with reports on our key assess risks through
update on key risk risks to the Audit the annual business
management at
status, approves Committee and the plan process, and
signi cant policies, quarterly meetings Board, recommends develop and execute
and ensures that the and ensuring that policies, and detailed plans to
processes and management has oversees nancial manage risks. Risks
systems required to programs for reporting and are prioritized based
manage risks are evaluating the internal control on their potential
in place. effectiveness of systems. impacts and their
internal controls. likelihood of
occurring.
In addition, our Internal Auditor plans its audits in accordance with the results of a risk assessment process and
provides assurance that major risks are covered on a rotational basis in its annual audit plan.
The following table discusses the key risks we face as at March 31, 2023 and looking forward.
37
1. CHANGING MEDIA LANDSCAPE
Key Risks Risk Mitigation Future Impacts
The media and entertainment sector Continue our focus on digital content. Serve audiences on
remains under pressure from a rapidly Increase discoverability through marketing and the platforms they
changing media ecosystem and changing cross-promoting content on our own platforms. want to increase
audience consumption patterns. Maintain a harmonized over-the-top streaming engagement with
● Content will be increasingly prioritized platform between CBC and Radio-Canada with a single our content,
to streaming services over traditional increase the public
data pool, competitive user experiences and
distribution, further accelerating the functionalities. value and
decline in the traditional relevance of our
Ensure alignment of objectives for revenue between services, and
distribution model. the digital strategy and the potential revenue
● Users are always looking for new increase
monetization. advertising and
features, interactivity and exibility, Adapt our performance measurement indicators to
which requires sustained investments. subscription
optimize decision making based on audience revenue.
● The development of a scalable and consumption habits and revenue pacing and trends.
robust platform is costly. Capacity
constraints and retention of staff may
impact ongoing development
timelines.
The impact of major international players
on the digital market increases the
pressure on our share of advertising
spend.
2. EMPLOYEE EXPERIENCE AND WELL-BEING

The capacity to deliver on our new Launch and implement the People Strategy framework, The well-being of
People Strategy may not align with which will comprise an Expanded Working Group our employees,
employees’ and candidates’ mobilized to plan the strategy deployment. People and including our
expectations. It could cause Culture’s strategy encompasses (among other media
disengagement and retention issues, initiatives): professionals, is an
and make it difficult to attract top talent. ● supporting a Future of Work (FoW) Advisory ongoing priority
There is high demand for the job skills Committee that impacts
necessary to carry out our strategies and ● rolling out a well-being roadmap retention,
a gap in compensation with the market productivity and
● conducting strategic workforce planning our ability to
in certain job categories, impacting our
retention and ability to attract top talent. ● implementing a Talent Acquisition (TA) model and a achieve our
retention roadmap objectives.
The actions we undertake to ensure the
health and safety of our employees, ● succession planning The modernization
including continuously monitoring the ● conducting the annual engagement survey to of the employee
physical security and online harm of our monitor engagement levels and address areas of experience is an
media professionals and providing tools concern. important aspect
and training, can be perceived as Monitor the impact of in uenza and respiratory viruses of remaining
insufficient. Stress and workload may in our workplace. relevant, meeting
further contribute to this issue. This may our objectives and
Continue to work with the government on including
slow, delay or impact the achievement of being an employer
legislative protection for media professionals. The
objectives. of choice, which
cross-functional operational Committee on Online Harm
supports our
Under-representation of the country’s of Professional Media continues to implement new
demography in our workforce recruitment and
initiatives to support our media professionals
retention
composition could pose reputational risk Continue our work related to our EDI Plan, as well as on initiatives.
and decrease our relevance. Re ecting our new three-year National Accessibility Plan and our
contemporary Canada is critical to our Re ecting
rst National Indigenous Strategy.
overall strategy. contemporary
Canada is critical
to advancing our
overall strategic
plan.

3. LEGISLATIVE, REGULATORY AND FUNDING CONTEXT

The government has committed to Promote and share our strategic plan with stakeholders, Continue
modernizing the Broadcasting Act, the both internally and externally. implementing our
Telecommunications Act and the Continue to demonstrate our value and relevance to strategic plan to
Radiocommunication Act. Since our stakeholders and reinforce the need for adequate stable ensure that the
mandate is de ned by the Broadcasting funding with parliament. public media
Act, any legislative changes could affect services we
Work with the government on the next steps to help
our services. build a media ecosystem that puts audiences rst and provide, and the
Any legislative changes to our mandate, operating model
serves all Canadians.
independence or business model could that supports
Monitor and participate in the various processes those services,
profoundly impact our future and our
launched by the government. evolves in parallel
opportunity to address our challenged
business model. Retain exibility when making operating decisions to with the changing
enhance agility. expectations of
While our CRTC licences were renewed
until August 31, 2027, the Governor in Develop, implement or modify strategies and Canadians and the
Council referred parts of the licence contingency plans, as required. shifts within our
renewal decision back to the CRTC for industry.
reconsideration.
4. REPUTATION AND BRAND MANAGEMENT

CBC/Radio-Canada is among the most Increase the credibility and trust Canadians have in us Ensure that our
prominent and most discussed brands in by acting responsibly and being accountable to behaviour improves
the country. It is a sign of our Canadians. our credibility and
importance that Canadians have Continue to work with other public broadcasters to public support.
opinions about their public broadcaster. underscore the importance of public media in
At any time, our activities can generate combatting misinformation and encouraging democratic
public and media attention. debate around the globe.
There is a risk that negative perceptions Build a positive work culture by continuing to promote a
of us, if unaddressed, could undermine safe, respectful and inclusive workplace through our
credibility and public support. Code of Conduct and mandatory training on a variety of
topics.
Ensure our issues management and crisis management
is responsive and responsible, and that it supports
transparency and decisive action.
39
5. FINANCIAL SUSTAINABILITY AND PRIORITIZATION
Given that our parliamentary Continue to invest in prime-time television, which is Mitigate the
appropriations are not fully indexed for still the biggest driver of earned revenue for the effects of lower
cost increases, and traditional advertising company, while managing the shift from traditional to revenues, in ation
and subscription revenues are declining, digital services. and other cost
signi cant risks are posed to the Develop budgets that re ect the underlying economic increases that
sustainability of our traditional business. trends and incorporate conservative assumptions and reduce resources
Our capital funding envelope is prepare realistic contingency plans for various scenarios available for our
insufficient to address all capital and for major capital, operational or production projects. strategic priorities.
demands, such as large infrastructure Continue tight monitoring of revenue targets, control of Adjust our
projects, equipment refresh and costs and reallocation of funding to areas of strategic strategic plan as
leasehold improvements, resulting in the priorities. Monitor revenue pacing and trends to support necessary to
continual prioritizing of key projects and revenue optimization strategy. respond to further
project timelines within our available advertising
Continue to leverage new partnerships and accelerate
capital budget. our focus on digital revenue opportunities. weakening and
Our operating environment remains lower subscription
Continue to demonstrate the value and importance of revenue.
challenged as conventional television public broadcasting to parliamentarians and key
advertising and subscription revenues government decision makers to secure funding.
decline.
Record in ation, interest rate increases
and a potential recession may increase the
pressure on revenue as advertisers and
consumers manage their discretionary
spending.
6. INFORMATION & TECHNOLOGY SECURITY AND DATA GOVERNANCE

6a) Emerging Cyber Issues

The number, cost and complexity of cyber Monitor and assess network security, cloud Continue to
incidents for all companies worldwide technologies and system vulnerabilities, and implement and
continue to grow despite increased continuously update incident response playbooks re ne identi ed
awareness of and attention to based on emerging attack techniques. strategies to
cybersecurity. Ensure vendor security controls remain adequate minimize
Recruiting and retaining individuals skilled during the full contract period. disruption to our
in cybersecurity is a challenge as demand Deliver an Identity and Access Management (IAM) online services,
greatly exceeds supply. roadmap to better control access to information and broadcast
operations and the
The "work from home" paradigm leads to technology assets.
more complexity in controlling remote audience
Develop new targeted cybersecurity awareness experience.
access to CBC/Radio-Canada’s training. Increase the frequency and scope of phishing
information and technology assets. campaign simulations.
Threat actors are targeting Continue to improve cybersecurity training for media
CBC/Radio-Canada media professionals professionals. Support the online harm program and
online. online incident reporting process.

6b) Vulnerabilities

The exploitation of internet protocol (IP) Monitor, assess and enhance IP vulnerability Continue to
vulnerabilities has the potential to governance and mitigation strategies, including implement and
signi cantly disrupt operations and updating tracking tools and developing contingency re ne identi ed
damage our brand. plans. strategies to
The growing number of unveri ed or Enhance the sourcing initiation process to ensure that minimize
unapproved end-user cloud and software new end-user cloud and software applications require disruption to our
applications used by employees may lead Information Security reviews. online services,
to data leakage or breach or to broadcast
Continue to deploy methods or tools to monitor for
non-compliance with licensing terms and operations and the
unveri ed cloud and software applications or
nancial penalties. vulnerable software. audience
The refresh/replacement of obsolete experience.
Continue the computer replacement/refresh as a part
equipment or devices is impacted by of asset management activities.
supply chain issues, which are Onboard corporate mobile devices into the new mobile
exacerbated by a surge in demand for device management solution to improve security on
consumer devices and digital mobile devices and reduce obsolescence.
transformations. Obsolete computers,
mobile devices and underlying operating Review vulnerabilities due to obsolete equipment and
systems may lead to compatibility and devices and develop mitigation strategies to minimize
security issues. impacts.
6c) Data Management and Governance

Data management needs to be properly Implement the records management policy to support Continue to
aligned with the business to efficiently classi cation obligations that address personal implement and
mitigate data risks and support business information. Train employees tasked with applying the re ne identi ed
intelligence. Important aspects of data new policy. strategies to
governance are data integrity for business Continue to develop data loss protection processes to ensure our data
decisions and reporting, data protection detect and avoid poor practices mainly in the use of management
for compliance with regulations and payment cardholder information and personal practices mitigate
legislation, and the security of data to information. risks while aligning
ensure that it is used and shared with business
appropriately. needs.
6d) Privacy

With increased societal vigilance on Continue to assess the risks associated with collecting, Continue to
privacy matters and related ethical handling and storing personal information. implement and
considerations, our activities and Establish guidelines on privacy and processes to re ne identi ed
decisions might see increased scrutiny. ensure our response to digital ecosystem changes do strategies to
Expectations of users with regards to how not expose the Corporation. ensure how the
institutions handle their information and Pursue the Consent Management Platform project. Corporation
communicate with them are constantly collects, handles
Monitor, assess and develop strategies to implement
evolving. This, along with a regulatory and stores
proposed changes from the Privacy Commissioner to
framework that is in ux, shapes our digital rights or powers. personal
monetization strategies. information meets
There is a risk that personal information is stakeholder
used without appropriate consent or that expectations while
a breach occurs on information that has supporting the
been collected. achievement of the
personalization
pillar of the
strategic plan.
41
7. HIGH-PROFILE PROJECTS
Human Resources (HR) System Project – Workday Project

There is a risk that the new HR system, Continue to ensure a strong governance structure is in Monitor the pre-
Workday, will not achieve desired place to lead the HR system project. and
objectives to transform the employee user Continue to re ne mitigation measures to reduce the post-implementati
experience, deliver streamlined and overall impact on the timeline, costs and/or payroll on activities and
value-added business processes, and be processing when in production. re ne as needed to
agile and exible to evolve with changing Implement action plans for de ciencies identi ed in minimize the
business needs, and that it could be over internal audits conducted to provide an independent impacts to the
budget or negatively impact essential people programs
assessment of risks and controls of the project.
payroll functions. and payroll
Continue to provide change management activities. processing and
Workload and capacity continue to impact
cost pressures
the project timelines and uncertainty and
while ensuring that
stress may increase.
the new HR system
achieves its
desired objectives.
8. LABOUR RELATIONS
Conversations are underway with unions Continue transparent communications to employees Continue both
to implement and negotiate new and unions and involve employees in the development ongoing
collective agreements. of strategic initiatives. conversations with
There is a risk of disruption to operations Implement clear negotiation mandates that ensure unions and
due to: exibility in working conditions and reduce the identi ed
● jurisdictional claims between bargaining jurisdictional barriers between bargaining units, where strategies.
units, resulting in reduced exibility applicable.
● labour stoppage. Develop a strategy to address jurisdictional claims by
unions.
Update contingency plans in case of labour disruption.
Work collaboratively with unions, where possible, to
better understand the issues and work towards
mutually satisfactory solutions.

Board and Management Structure
Board of Directors
Michael Goldbloom 1, 2 Catherine Tait 2 Guillaume Aniorté 2, 4, 5 Sandra Mason 1, 2

Chair of the Board President and CEO Montreal, QC Toronto, ON
Lennoxville, QC Ottawa, ON
Rita Shelton Deverell 2, 3, 5 Bill Tam 1, 2, 3 René Légère 2, 4, 5 Jennifer Moore Rattray 1, 2, 4, 6
Coldwater, ON Vancouver, BC Moncton, NB Winnipeg, MB
François R. Roy 1, 2 Sandra Singh 2, 4, 5 Marie Wilson 2, 3, 5

Montreal, QC Vancouver, BC Yellowknife, NWT
1
Member of the Audit Committee
2
Member of the Broadcasting and Innovation Committees
3
Member of the Technology and Infrastructure Committee
4
Member of the Strategic Planning Committee
5
Member of the Human Resources and Governance Committee
6
Jennifer Moore Rattray is currently on leave of absence as of February 24, 2023.
7
Suzanne Guèvremont resigned on November 18, 2022.
43
Senior Executive Team
Catherine Tait Michel Bissonnette Daniel Boudreau Miguel Baz

President and CEO Executive Vice-President, Executive Vice-President, Vice-President, Legal
Radio-Canada Technology and Services, General Counsel
Infrastructure and Corporate Secretary
Claude Galipeau Marco Dubé Carol Najm Barbara Williams

Executive Vice-President, Vice-President, People Vice-President Executive Vice-President,
Corporate Development and Culture and Chief Financial Officer CBC

Committee Mandates
Audit Committee – Assists the Board in discharging its stewardship and oversight responsibilities by monitoring
the integrity of our nancial information that will be provided to Parliament and other stakeholders, our systems of
internal controls and risk management (which management and the Board have established), the audit process,
and our nancial performance against business and corporate plans.
Broadcasting and Innovation Committees – Assist the Board in discharging its stewardship and oversight
responsibilities with respect to the ful llment of our public broadcasting mandate and innovation as it relates to
programming and services of our media components. The Standing Committees on English and French Language
Broadcasting are established pursuant to the Broadcasting Act.
Technology and Infrastructure Committee – Assists the Board in discharging its stewardship and oversight
responsibilities with respect to our infrastructure assets, including real estate, eet and transmission holdings, as
well as broadcasting, telecommunications and technology solutions.
Strategic Planning Committee – Assists the Board in discharging its stewardship and oversight responsibilities
with respect to our strategic direction.
Human Resources and Governance Committee – Assists the Board in discharging its stewardship and oversight
responsibilities on matters relating to human resources strategies, compensation, corporate governance, the
conduct of the Board's affairs and other related matters.
Year in Review
Access to information and proactive disclosure
During 2022-2023, the Corporation answered 133 Access to Information Act (ATIA) requests, involving the review
of more than 20,000 pages provided by business areas across the company. The average time taken to answer
these requests was 50 days, equal to our average response time over the last ve years. Of these 133 requests, 89
(67%) were closed in under 50 days.
The Corporation’s deemed refusal rate for 2022-2023 was 1.70%. This is an improvement on last year’s rate of
2.04%, and keeps us well under the 5% threshold set by the Office of the Information Commissioner (OIC) for an
A-rating. By the end of 2022-2023 the number of requests with active complaints registered against them by the
OIC stood at seven. This is the lowest this measure has been since 2007, when the Corporation became subject
to the ATIA.
Since 2011, the Corporation has proactively posted records of general interest released under the ATIA. The
Corporation also posts records related to meetings of its Board of Directors as if they had been asked for under
the ATIA. In the year just ended, 5,093 and 1,882 pages were posted to these sites respectively, where they were
visited a combined total of 11,321 times. Each of these visits represents a transaction with a member of the
public that was completed electronically without requiring individuals to engage formally to obtain records and
information. All of this translates into signi cant resource savings for the Corporation and substantial time savings
and transparency for the public.
45
Annual Public Meeting
Our annual public meeting (APM) took place on September 28, 2022. The hybrid event, themed “News for the
Next Generation,” focused on discussing the best ways to inform and connect with younger audiences, which
included a myth-busting real talk on how the public broadcaster engages with them. The event was broadcast live
on social media and YouTube. Closed captions, ASL (American Sign Language) and LSQ (Quebec Sign Language)
were offered to make the event even more accessible to Canadians.
Journalistic Standards and Practices

CBC/Radio-Canada has an extensive code of Journalistic Standards and Practices and editorial control
mechanisms to guide employees and to ensure that our programming remains balanced and accurate, particularly
in today’s social media environment. You can view CBC/Radio-Canada’s Journalistic Standards and Practices on
our corporate website.
Ombuds
Public complaints, expressions of concern or communications about News and Current Affairs programming are
dealt with through the offices of both ombuds: Pierre Champoux, the Radio-Canada Ombudsman, and Jack Nagler,
the CBC Ombudsman. Complainants dissatis ed with responses from programs may have their concerns resolved
through the ombuds review process. The ombuds are completely independent of programming staff and
programming management, and report directly to the President and CEO and, through the President and CEO, to
the Board of Directors. The role of the ombuds is pivotal in strengthening our accountability and transparency to
Canadians. Communications not directly related to our News and Current Affairs programming were forwarded to
the relevant programming departments or Audience Relations.
HANDLED COMPLAINTS,
EXPRESSIONS OF CONCERN OR HANDLED LAST YEAR
OTHER COMMUNICATIONS WITHIN MANDATE (2021-2022)
CBC
3,296 2,552 8,457
(English Services)
Radio-Canada
1,817 1,378 2,343
(French Services)
TOTAL 5,113 3,930 10,800
Values and Ethics Commissioner
The Office of the Values and Ethics Commissioner continued to provide advice and guidance on ethical issues and
to offer alternative options for employees to raise concerns and/or le complaints under the Code of Conduct
and/or related policies. The role of the Office has continued to evolve with the addition of a senior mediator whose
mandate is to lead and facilitate a wide range of expert con ict resolution interventions for CBC/Radio-Canada,
including mediation, facilitated conversations and group intervention for various types of issues.
NUMBER OF REQUESTS FOR ADVICE WITHIN MANDATE APRIL 2022 TO MARCH 2023 122
NUMBER OF INTERNAL COMPLAINTS WITHIN MANDATE 22
NUMBER OF COMPLAINTS FROM THE PUBLIC WITHIN MANDATE 91
NUMBER OF INTERVENTIONS BY THE MEDIATOR 35

Director Compensation
The Chair of the Board and the President and CEO are compensated in accordance with the terms of the
Order-in-Council appointing them. The President and CEO receives an annual salary as a senior executive of the
Corporation, but no additional compensation to serve as a Director. The Chair of the Board receives an annual
retainer (from $14,500 to $17,100) and a per diem fee (from $565 to $665) for meetings, travel time and special
executive, analytical or representational responsibilities. Directors are entitled to receive only one meeting fee for
each day of work (24 hours) even if they attend more than one meeting during that period.
MEETINGS BOARD OF DIRECTORS AUDIT COMMITTEE OTHER COMMITTEES
Regular Attendance in For the rst 6 regular For the rst 6 regular For the rst 4 regular
Meetings person (including meeting days: meeting days: meeting days:
meetings by $2,000/day $1,300/day for members $1,000/day for members
video-conference) and $1,550 for the Chair and $1,250 for the Chair
Thereafter: $625/day Thereafter: $625/day Thereafter: $625/day
Participation $625/day $250/day $250/day

by telephone or $312.50/half-day
Conference $250/day $250/day $250/day

Call Meetings
Compensation data for our Directors is summarized in Note 22 Related parties to the annual Consolidated
Board of Directors Attendance

BROADCASTING TECHNOLOGY HUMAN
AND AND STRATEGIC RESOURCES AND
BOARD AUDIT INNOVATION INFRASTRUC- PLANNING GOVERNANCE
MEMBERS BOARD COMMITTEE COMMITTEES TURE COMMITTEE COMMITTEE COMMITTEE
# of regular meetings 8 5 2 4 2 4
Michael Goldbloom1 8/8 1/1 2/2

Catherine Tait 8/8 2/2
Guillaume Aniorté 6/8 2/2 2/2 4/4
2
Suzanne Guèvremont 6/6 3/3 1/1 2/2
René Légère 8/8 2/2 2/2 4/4
Sandra Mason 8/8 5/5 2/2

3
Jennifer Moore Rattray 5/7 3/4 2/2 1/1
François R. Roy 6/8 4/5 1/2
Rita Shelton Deverell 8/8 2/2 4/4 4/4
Sandra Singh 6/8 2/2 1/2 4/4
Bill Tam 8/8 5/5 2/2 4/4

Marie Wilson 8/8 2/2 4/4 4/4
**Regularly scheduled in-person meetings were held by videoconference.
There were no conference call meetings held this year.
1. Michael Goldbloom joined the Audit Committee in February 2023.

2. Suzanne Guèvremont resigned November 18, 2022.
3. Jennifer Moore Rattray is currently on leave of absence as of February 24, 2023.
47
ACCOUNTING MATTERS
Our Consolidated Financial Statements for the year ended March 31, 2023 were prepared in accordance with
IFRS. They were approved by the Corporation’s Board of Directors on June 27, 2023. Discussion and analysis of
our nancial condition and results of operations are based upon our Consolidated Financial Statements.
Accounting Developments
There were no new accounting standards that impacted our Consolidated Financial Statements for the year ended
March 31, 2023.
Key Accounting Estimates and Critical Judgments

Our key signi cant accounting estimates and critical judgments are disclosed in the relevant notes to our
Consolidated Financial Statements for the year ended March 31, 2023. The preparation of nancial statements in
accordance with generally accepted accounting principles (GAAP) requires management to make estimates,
assumptions and judgments that affect the reported amounts of assets and liabilities at the date of the nancial
statements and the reported amounts of revenue and expenses during the reporting period. Actual results could
differ from those estimates. Our critical accounting estimates and signi cant judgments are disclosed to, and
discussed with, the Audit Committee on a regular basis.
Transactions with Related Parties

Transactions with de ned bene t plans
Starting on April 21, 2022, CBC/Radio-Canada has been required to take a contribution holiday in accordance with
the Income Tax Act, as discussed in Note 13. We provided management and administrative services to our de ned
bene t pension plans.
FINANCIAL REVIEW
Internal Controls
The Corporation has an internal control program based on the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) framework, which requires periodic reviews of key controls over nancial reporting.
This program is consistent with industry best practices, with an aim to maintain and strengthen policies and
procedures that ensure the reliability of nancial information and the safeguarding of assets. A dedicated internal
control team reviews and evaluates key internal controls over nancial reporting on an ongoing basis.
This program is supported by the Corporation’s internal auditors who conduct audits and reviews (some of which
relate to nancial reporting and operations) using a risk-based approach and agreed upon through discussions
with the Senior Executive Team and the Audit Committee.
In 2022-2023, the Corporation assessed the design and operating effectiveness of key internal controls over
nancial reporting. The assessment did not identify any material weaknesses in the operating effectiveness of the
internal controls, but identi ed some opportunities for improvements for which management has developed an
action plan. The Corporation will continue to address opportunities for improvement in the coming year.

MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED
FINANCIAL STATEMENTS
The Consolidated Financial Statements and all other information presented in this Annual Report are the
responsibility of management and have been reviewed and approved by the Board of Directors of the Corporation.
Some of the information in the Consolidated Financial Statements is based on management’s best estimates and
judgment, and gives due consideration to materiality. These Consolidated Financial Statements have been
properly prepared in accordance with International Financial Reporting Standards. Management considers that
the nancial statements fairly present the Corporation’s nancial position, results from operations and cash ows.
Management of the Corporation maintains books of accounts, records, nancial and management controls, and
information systems that are designed to provide reliable and accurate nancial information on a timely basis. The
controls are designed to provide reasonable assurance that assets are safeguarded, that resources are managed
economically and efficiently in the attainment of corporate objectives, that the operations of the Corporation are
carried out effectively, and that transactions are in accordance with the applicable provisions of Part X of the
Financial Administration Act and regulations, Part III of the Broadcasting Act, and the bylaws of the Corporation.
The Corporation’s Internal Auditor has the responsibility for assessing the Corporation’s systems, procedures and
practices. The Auditor General of Canada conducts an independent audit of the annual Consolidated Financial
Statements and reports on her audit to the Minister of Canadian Heritage.
The Board of Directors’ Audit Committee, consisting of independent Directors, reviews and advises the Board on
the Consolidated Financial Statements and the Auditor General’s report thereto. The Audit Committee oversees
the activities of Internal Audit and meets with management, the internal auditor and the Auditor General on a
regular basis to discuss the nancial reporting process, as well as auditing, accounting and reporting issues.
Catherine Tait Carol Najm

President and Chief Executive Officer Vice-President and Chief Financial Officer
Ottawa, Canada
June 27, 2023
49
INDEPENDENT AUDITOR’S REPORT
To the Minister of Canadian Heritage
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated nancial statements of the Canadian Broadcasting Corporation and its
subsidiaries (the Group), which comprise the consolidated statement of nancial position as at 31 March 2023,
and the consolidated statement of income (loss), consolidated statement of comprehensive income (loss),
consolidated statement of changes in equity and consolidated statement of cash ows for the year then ended,
and notes to the consolidated nancial statements, including a summary of signi cant accounting policies.
In our opinion, the accompanying consolidated nancial statements present fairly, in all material respects, the
consolidated nancial position of the Group as at 31 March 2023, and its consolidated nancial performance and
its consolidated cash ows for the year then ended in accordance with International Financial Reporting
Standards (IFRSs).
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Group in accordance with the ethical
requirements that are relevant to our audit of the consolidated nancial statements in Canada, and we have
ful lled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
Management is responsible for the other information. The other information comprises the information included
in the annual report, but does not include the consolidated nancial statements and our auditor’s report thereon.
Our opinion on the consolidated nancial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated nancial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated nancial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT | ANNUAL REPORT 2022-2023 50

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated nancial statements in
accordance with IFRSs, and for such internal control as management determines is necessary to enable the
preparation of consolidated nancial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the consolidated nancial statements, management is responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or
has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s nancial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated nancial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Canadian generally accepted auditing standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users
taken on the basis of these consolidated nancial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the consolidated nancial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast signi cant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the consolidated nancial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
● Evaluate the overall presentation, structure and content of the consolidated nancial statements,
including the disclosures, and whether the consolidated nancial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
● Obtain sufficient appropriate audit evidence regarding the nancial information of the entities or business
activities within the Group to express an opinion on the consolidated nancial statements. We are
responsible for the direction, supervision, and performance of the group audit. We remain solely
responsible for our audit opinion.
51
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we
identify during our audit.
Report on Compliance with Speci ed Authorities
Opinion
In conjunction with the audit of the consolidated nancial statements, we have audited transactions of the
Canadian Broadcasting Corporation coming to our notice for compliance with speci ed authorities. The speci ed
authorities against which compliance was audited are the applicable provisions of Part X of the Financial
Administration Act and regulations, Part III of the Broadcasting Act and the by laws of the Canadian Broadcasting
Corporation.
In our opinion, the transactions of the Canadian Broadcasting Corporation that came to our notice during the
audit of the consolidated nancial statements have complied, in all material respects, with the speci ed
authorities referred to above. Further, as required by the Financial Administration Act, we report that, in our
opinion, the accounting principles in IFRSs have been applied on a basis consistent with that of the preceding
year.
Responsibilities of Management for Compliance with Speci ed Authorities
Management is responsible for the Canadian Broadcasting Corporation’s compliance with the speci ed authorities
named above, and for such internal control as management determines is necessary to enable the Canadian
Broadcasting Corporation to comply with the speci ed authorities.
Auditor’s Responsibilities for the Audit of Compliance with Speci ed Authorities
Our audit responsibilities include planning and performing procedures to provide an audit opinion and reporting on
whether the transactions coming to our notice during the audit of the consolidated nancial statements are in
compliance with the speci ed authorities referred to above.
Nathalie Chartrand, CPA, CA

Principal
for the Auditor General of Canada
Ottawa, Canada
27 June 2023
INDEPENDENT AUDITOR'S REPORT | ANNUAL REPORT 2022-2023 52

52
TABLE OF CONTENTS - CONSOLIDATED FINANCIAL
STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 54

CONSOLIDATED STATEMENT OF INCOME (LOSS) 55
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) 55
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 56
CONSOLIDATED STATEMENT OF CASH FLOWS 57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023 58
BUSINESS AND ENVIRONMENT 58
1. GENERAL INFORMATION 58
2. SIGNIFICANT ACCOUNTING POLICIES 58
3. NEW AND FUTURE CHANGES IN ACCOUNTING POLICIES 62
ASSETS AND LIABILITIES 63
4. TRADE AND OTHER RECEIVABLES 63
5. OTHER ASSETS 64
6. PROGRAMMING 65
7. PROPERTY AND EQUIPMENT 67
8. INTANGIBLE ASSETS 69
9. RIGHT-OF-USE (ROU) ASSETS 71
10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 72
11. FINANCIAL OBLIGATIONS 72
12. LEASE LIABILITIES 74
13. PENSION PLANS AND EMPLOYEE-RELATED LIABILITIES 76
14. PROVISIONS AND CONTINGENT LIABILITIES 86
INCOME, EXPENSES AND CASH FLOWS 87
15. REVENUE 87
16. GOVERNMENT FUNDING 93
17. FINANCE COSTS 94
18. INCOME TAXES 95
19. SUPPLEMENTAL CASH FLOW INFORMATION 96
OTHER 97
20. FINANCIAL INSTRUMENTS 97
21. CAPITAL MANAGEMENT 102
22. RELATED PARTIES 102
23. COMMITMENTS 104
24. CONTINGENT ASSETS 104
53
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at March 31
(in thousands of Canadian dollars) NOTE 2023 2022*
ASSETS
Current
Cash 108,808 82,960
Restricted cash 1,954 -
Bonds 74,476 59,692
Trade and other receivables 4 138,554 233,041
Income tax receivable 18 87 24,428
Programming 6 291,947 300,433
Prepaid expenses 45,372 41,834
Other assets* 5 12,926 12,297
674,124 754,685
Non-current
Property and equipment 7 748,256 776,467
Intangible assets 8 37,315 40,056
Right-of-use (ROU) assets 9 307,968 324,544
Programming 6 51,874 48,156
Bonds 10,280 14,422
Pension plan asset 13 1,318,529 1,621,166
Deferred charges 34,034 29,049
Other assets* 5 32,853 41,873
2,541,109 2,895,733
TOTAL ASSETS 3,215,233 3,650,418
LIABILITIES
Current
Accounts payable and accrued liabilities 10 119,024 107,111
Financial obligations 11 38,230 36,938
Deferred income and other liabilities* 12,628 18,477
Lease liabilities 12 18,047 22,285
Employee-related liabilities 13 206,010 217,607
Provisions 14 18,076 25,057
412,015 427,475
Non-current
Financial obligations 11 136,592 170,109
Deferred income and other liabilities 17,923 24,482
Lease liabilities 12 290,625 298,688
Deferred capital funding 16 528,340 512,889
Pension and post-employment bene ts plans 13 203,015 225,382
1,176,495 1,231,550
TOTAL LIABILITIES 1,588,510 1,659,025
EQUITY
Retained earnings 1,625,836 1,990,558
Total equity attributable to the Corporation 1,625,836 1,990,558
Non-controlling interests 2 887 835
TOTAL EQUITY 1,626,723 1,991,393
TOTAL LIABILITIES AND EQUITY 3,215,233 3,650,418
Commitments (Note 23) and Contingencies (Notes 14 and 24)
The accompanying notes form an integral part of the consolidated nancial statements.
* Certain comparative gures have been reclassi ed to conform to the current year presentation.
APPROVED BY THE BOARD OF DIRECTORS AND AUTHORIZED FOR ISSUANCE ON JUNE 27, 2023
___________________________________ ___________________________________
DIRECTOR DIRECTOR
CONSOLIDATED FINANCIAL STATEMENTS | ANNUAL REPORT 2022-2023
54
CONSOLIDATED STATEMENT OF INCOME (LOSS)
For the year ended March 31
REVENUE 15
Advertising 288,640 419,550
Subscriber fees 122,325 122,234
Other income* 104,619 109,633
515,584 651,417
GOVERNMENT FUNDING 16
Parliamentary appropriation for operating expenditures 1,174,971 1,139,694
Parliamentary appropriation for working capital 4,000 4,000
Amortization of deferred capital funding 92,875 96,320
1,271,846 1,240,014
EXPENSES
Television, radio and digital services costs 1,812,684 1,917,887
Transmission, distribution and collection costs 60,162 58,387
Corporate management costs 11,980 11,054
Finance costs 17 21,772 24,147
1,906,598 2,011,475
Results before other gains and (losses) and income taxes (119,168) (120,044)
OTHER GAINS AND (LOSSES)
Loss on disposal of property and equipment and intangibles (8,440) (680)
Results before income taxes (127,608) (120,724)
Income tax recovery 18 2,499 28,651
Net results for the year (125,109) (92,073)
Net results attributable to:
The Corporation (125,161) (92,153)
(125,109) (92,073)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(LOSS)
(in thousands of Canadian dollars) NOTE 2023 2022
COMPREHENSIVE INCOME (LOSS)
Other comprehensive income (loss) - not subsequently reclassi ed to
net results
Remeasurements of de ned bene t plans 13 (239,561) 813,426
Total comprehensive income (loss) for the year (364,670) 721,353
Total comprehensive income (loss) attributable to:
The Corporation (364,722) 721,273
(364,670) 721,353
55
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Retained
earnings
and total equity
attributable to Non-controlling
(in thousands of Canadian dollars) NOTE the Corporation interests Total
Balance as at March 31, 2022 1,990,558 835 1,991,393
Changes during the year
Net results for the year (125,161) 52 (125,109)
Remeasurements of de ned bene t plans 13 (239,561) - (239,561)
Total comprehensive income (loss) for the year (364,722) 52 (364,670)
Retained
earnings
and total equity
attributable to Non-controlling
(in thousands of Canadian dollars) NOTE the Corporation interests Total
Changes during the year
Net results for the year (92,153) 80 (92,073)
Remeasurements of de ned bene t plans 13 813,426 - 813,426
Total comprehensive income (loss) for the year 721,273 80 721,353

56
CONSOLIDATED STATEMENT OF CASH FLOWS
OPERATING ACTIVITIES
Adjustments for:
Depreciation and amortization 7,8,9 115,863 110,584
Financing and investment income 15 (9,791) (5,789)
Finance costs 17 21,772 24,147
Pension and other post-employment plans expenses 13 62,673 117,655
Employer's contribution for Pension and other post-employment plans 13 (21,964) (75,075)
Income tax recovery 18 (2,499) (28,651)
Income taxes received (paid), net of refund 26,840 (26,926)
Net change in programming asset [non-current] (3,195) (10,668)
Amortization of deferred capital funding 16 (92,875) (96,320)
Loss on disposal of property and equipment and intangibles 8,440 680
Net gains from the change in fair value of nancial instruments (141) (451)
Change in deferred charges (4,985) 484
Change in deferred income and other liabilities [non-current] (7,082) (6,521)
Amortization of bond premium 362 652
Change in Restricted Cash (1,954) -
Net change in non-cash working capital 19 87,416 61,044
Cash from (used for) operating activities 53,771 (27,228)
INVESTING ACTIVITIES
Acquisition of property and equipment and intangible assets 7,8 (67,101) (75,724)
Parliamentary appropriations for capital funding 16 108,326 106,730
Acquisition of bonds (70,763) (105,068)
Acquisition of other assets* 5 (3,852) (3,814)
Collection of bonds 59,758 151,973
Collection of other assets* 5 12,055 11,484
Net proceeds from disposal of property and equipment 215 1,370
Interest received 8,377 5,100
Cash from investing activities 47,015 92,051
FINANCING ACTIVITIES
Payment of lease liabilities 12 (21,457) (18,343)
Repayment of nancial obligations 11 (31,412) (29,408)
Interest paid (22,069) (24,219)
Cash used for nancing activities (74,938) (71,970)
Change in cash 25,848 (7,147)
Cash, beginning of the year 82,960 90,107
Cash, end of the year 108,808 82,960

57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED MARCH 31, 2023
BUSINESS AND ENVIRONMENT
This Section sets out the Corporation’s accounting policies that relate to the entire nancial statements. Where an
accounting policy is speci c to one note, the policy is described in the note to which it relates. This section also shows
new and future changes in policies, if any, and whether they are effective in 2023 or later years. We explain how these
changes are expected to impact the nancial position and performance of the Corporation.
1. GENERAL INFORMATION
CBC/Radio-Canada (“the Corporation”, “We”, “Us”, “Our”) was rst established by the 1936 Broadcasting Act. The
Corporation, a federal Crown Corporation domiciled in Canada, is an agent of His Majesty and all assets and liabilities are
those of the Government. Our registered office is located at 181 Queen Street, Ottawa ON K1P 1K9. The Corporation is
accountable to Parliament through the Minister of Canadian Heritage and in accordance with section 85(1.1) of the
Financial Administration Act, the Corporation is exempt from certain sections of this Act1.
As the national public broadcaster, we provide radio, television and digital services in both official languages, delivering
predominantly and distinctly Canadian programming to re ect Canada and its regions to national and regional audiences.
We hold licences, granted by the Canadian Radio-television and Telecommunications Commission (CRTC), for all our
conventional television, radio and specialty services. We are required to meet speci c regulatory obligations in return for
the privilege of holding these broadcasting licences and have elected to record these non-monetary grants at their
nominal value of nil.
2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Presentation
These consolidated nancial statements were prepared in accordance with International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the Accounting Standards
Board Canada. We have consistently applied the same accounting policies throughout all periods presented, as if these
policies had always been in effect. These consolidated nancial statements were prepared on a historical cost basis,
except for pension plans and post-employment bene ts which are measured on an actuarial basis.
All amounts are in Canadian dollars, which is our functional currency, and rounded to the nearest thousand, unless
otherwise noted.
Changes in Presentation
We have undertaken a review of our consolidated nancial statements and corresponding disclosures this year. The
objective of this review was to provide more useful information to our nancial statements users, while also summarizing
key nancial information in a clearer and simpli ed manner.
1
The Corporation is exempt from Divisions I to IV of Part X of the Act, except for sections 89.8 to 89.92, subsection 105(2) and sections
113.1, 119, 131 to 148 and 154.01.
58
As a result, we made a number of changes. In the Consolidated Statement of Financial Position we combined Marketable
securities, Promissory notes receivable, Investment in nance lease and Assets as held for sale under the new line title
Other assets and we combined Derivative nancial instrument with Deferred revenue and other liabilities. In the
Consolidated Statement of Income (Loss), we combined Financing and investment income with Other income. These
changes impacted the presentation of some items in the Consolidated Statement of Cash Flows. We also removed certain
accounting policy information and note disclosures that were deemed not material, as they did not include any signi cant
additional information. We removed note disclosures related to Cash, Bonds, and Deferred income and other liabilities.
Additionally, we have combined certain nancial information to improve the relevance and clarity of the information
presented. The changes are identi ed with an asterisk (*) throughout the consolidated nancial statements.
B. Basis of Preparation
This section includes accounting policies that relate to the basis of preparation of these consolidated statements as a
whole. It also describes estimates Management developed and critical judgments made in the process of applying our
policies, and how they affect the amounts reported in the consolidated nancial statements. These critical accounting
estimates and judgments could have a signi cant effect on the amounts reported since materially different amounts
could result from different conditions or using different assumptions. Where an accounting policy is applicable to a
speci c note to the nancial statements, the policy is described within that note, together with any related estimates and
judgments.
i) Principles of Consolidation
ACCOUNTING POLICIES CRITICAL ACCOUNTING

ESTIMATES AND
JUDGMENTS
We consolidate the nancial statements of our subsidiary (Documentary Channel We consolidate the CBC
“documentary”) and structured entities (the Broadcast Centre Trust and the CBC Monetization Trust and the
Monetization Trust) from the date we gained control. The subsidiary and Broadcast Centre Trust, as
structured entities are entities we continue to control. Control is achieved by we assess that we control
having each of the following: these investees, as de ned
in IFRS 10 Consolidated
● Power over the investee through giving us the right to direct the
relevant activities of the investee;
● Exposure, or rights, to variable returns from involvement with the

investee; and
● The ability for us to exercise our power over the investee to affect the
returns of the investee.
The accounting policies of the subsidiary and structured entities are consistent
with our accounting policies. All inter-company transactions, balances, income and
expenses are eliminated on consolidation. Changes in our interests in the
subsidiary that do not result in a loss of control are accounted for as equity
transactions.
59
Information about our Subsidiary and Structured Entities
Subsidiary
Our Canadian subsidiary is documentary:
documentary
Ownership 2023 & 2022: 82%
Principal Activity Discretionary television service broadcasting documentaries
Our determination of control over the entity Majority interest and active participation on documentary’s Board of
Directors and Board sub-committees.
Since documentary’s scal year end is August 31, additional nancial statements corresponding to our reporting period
are prepared for consolidation purposes.
There are no signi cant restrictions imposed on our ability to access or use assets and settle the liabilities of
documentary. Speci cally, there are no signi cant restrictions imposed on us or our subsidiary relating to the ability to
transfer funds to investors.
Consolidated Structured Entities

We have two structured entities:
The Broadcast Centre Trust (BCT) – In order to nance the construction of the Canadian Broadcasting Centre (“the
building”), the BCT issued $400 million of bonds on January 30, 1997 maturing in May 2027, which are guaranteed by the
rent payments for the premises that we occupy. The rent payable by us to the BCT covers all interest and principal on the
bonds, all other payments on the bonds and all operating expenses and liabilities of the BCT. The BCT is:
● A lessee under a long-term lease with us for the land on which the building is located in Toronto and for which
rent was paid in the amount of one dollar on October 1, 1988; and
● A lessor under a long-term sub-lease with us for the building.
Through our rent payments to the BCT, we also guarantee the bonds payable. See Note 11 for further details.
The Broadcast Centre Trust
Nature of Trust Charitable trust
Our determination of control over the entity Entity designed to conduct a narrow well-de ned leasing activity on our
behalf, while CBC/Radio-Canada management holds ultimate decision
making powers over relevant activities.
Other Information March 31 year-end
The CBC Monetization Trust – In 2003, we sold two parcels of land to Ontrea Inc. in exchange for the consideration of
two promissory notes receivable. The CBC Monetization Trust was created in 2009 for the purpose of acquiring our
interest in the promissory notes receivable.
Through the CBC Monetization Trust, we have two promissory notes receivable and an investment in a nance lease
relating to the sale and rental of parcels of land. These notes receivables are pledged as collateral for their total carrying
value to our borrowings through notes payable. See Notes 5 and 11 for further information.

60
CBC Monetization Trust
Nature of Trust Charitable trust

Our determination of control over the entity We bear the majority of the risks associated with the collection of the
Trust’s receivables through the guarantee we have provided.
Entity designed to conduct a narrow well-de ned activity to monetizing

long-term receivables as part of the Recovery Plan implemented to
manage budgetary shortfalls in 2009-2010.
Prede ned contractual arrangement gives us the majority of decision

making powers over relevant activities that expose us to variable returns.
Other Information December 31 year-end
Additional nancial statements prepared for consolidation purposes.
We do not have interests in joint arrangements or unconsolidated structured entities.
During the current year, we have not provided, and have no current intention to provide any further nancial and other
support to our consolidated structured entities.
ii) Operating Expenses

Television, Radio and Digital Services Costs
Television, radio and digital services costs are expensed when incurred or amortized and include all costs related to the
production of programs, including direct out-of-pocket expenditures, departmental and administration expenses, the cost
of activities related to technical labour and facilities. A portion of our indirect expenses that are attributable to the costs
of generating programming (such as services provided by People and Culture, Finance, Technology and Infrastructure
(T&I), as well as a portion of depreciation and amortization) are also included in the related program costs. Television,
radio and digital services costs also include other programming-related activities, such as Marketing and Sales,
Merchandising and Communications.
Transmission, Distribution and Collection Costs
Transmission, distribution and collection costs are expensed when incurred and include all costs related to the
broadcasting of our programs, including direct out-of-pocket expenditures, departmental and administration expenses,
and the cost of activities related to technical labour. A portion of the expenses that are attributable to the cost of
transmission and distribution, such as services provided by People and Culture, Finance, T&I, as well as a portion of
depreciation and amortization are included in the related expenses.
iii) Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated using
another valuation technique. For nancial reporting purposes, fair value measurements are categorized as Level 1, 2 or 3
based on the degree to which the inputs to the fair value measurements are observable and the signi cance of the inputs.
Our fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value.
The three levels of the fair value hierarchy are:
Level 1 – Fair value measurement derived from quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2 – Fair value measurements derived from inputs that are directly (i.e. as prices) or indirectly (i.e. derived from
prices) observable other than Level 1 inputs.
Level 3 – Fair value measurements derived from valuation techniques that require inputs which are both based on
unobservable market data and signi cant to the overall fair value measurement.
61
iv) Asset Impairment
The carrying amounts of our property and equipment, intangible assets, right-of-use (ROU) assets and programming
assets are reviewed at each reporting date at the cash-generating unit (CGU) level to determine whether there is any
indication of impairment. For the purpose of impairment testing, a CGU is the smallest identi able group of assets that
generates cash in ows from continuing use that are largely independent of the cash in ows of other assets or groups of
assets. Assets are tested at the CGU level when they cannot be tested individually.
Assets that are not yet available for use are tested for impairment at every reporting period regardless of whether an
impairment indicator exists.
Under our business model, no assets are considered to generate cash ows that are largely independent of the cash ows
of other assets and liabilities. Instead, all assets interact to create the “broadcast network production operation” which
includes real estate, equipment and intangible assets. These operations are funded by overall parliamentary
appropriations, national and local advertising and other commercial revenue. Overall levels of cash ows re ect public
policy requirements and decisions. They re ect budgetary funding provided to us in its entirety. If there are indicators of
impairment present, the asset’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount
of an asset exceeds its estimated recoverable amount.
v) Deferred Charges
Deferred charges are primarily composed of services paid in advance that will be received in a period that exceeds twelve
months from the date of our Consolidated Statement of Financial Position.
vi) Deferred Income

Deferred income relates to considerations received in advance for facilities, production, and other services not yet
provided.
vii) Additional Signi cant Accounting Policies

To ease the reading of these consolidated nancial statements, additional signi cant accounting policies, estimates and
judgments (with the exception of those identi ed in Note 2) are disclosed throughout the notes, with the related nancial
disclosures. See table below for reference purposes:
CRITICAL CRITICAL
ACCOUNTING ACCOUNTING
ACCOUNTING ACCOUNTING ESTIMATES AND ACCOUNTING ACCOUNTING ESTIMATES AND
AREA PAGE POLICIES JUDGMENT AREA PAGE POLICIES JUDGMENT
Provisions and
Trade and Other
Contingent
Receivables 63 ✓ ✓ 86 ✓ ✓
Liabilities
(Note 4)
(Note 14)
Revenue
Programming
65 ✓ ✓ (Note 15) 87 ✓ ✓
(Note 6)
Property and
Government Funding
Equipment 67 ✓ ✓ 93 ✓ ✓
(Note 16)
(Note 7)
Intangible Assets Finance Costs
69 ✓ ✓ 94 ✓
(Note 8) (Note 17)
Right-of-Use (ROU) Income Taxes
71 ✓ ✓ 95 ✓ ✓
Assets (Note 9) (Note 18)
Accounts Payable
Financial
and Accrued
72 ✓ Instruments 97 ✓ ✓
Liabilities
(Note 20)
(Note 10)
Lease Liabilities Related Parties
74 ✓ ✓ 102 ✓
(Note 12) (Note 22)
Pension and
Post-employment Commitments
76 ✓ ✓ 104 ✓ ✓
bene ts plans (Note 23)
(Note 13)

62
3. NEW AND FUTURE CHANGES IN ACCOUNTING POLICIES
A. Adoption of New and Revised International Financial Reporting Standards
At the date of this report, there were no new pronouncements issued by the IASB or the IFRS Interpretations Committee
that materially impacted these consolidated nancial statements.
B. Future Accounting Changes

At the date of this report, there were no future accounting standards or amendments issued by the IASB that are
expected to signi cantly impact our consolidated nancial statements.
ASSETS AND LIABILITIES
This section shows the assets used to ful ll our mandate and the liabilities incurred as a result. On the following
pages there are notes covering working capital, non-current assets and liabilities, provisions and pension.
4. TRADE AND OTHER RECEIVABLES

Trade and other receivables represent amounts we expect to collect from other parties. Our trade and other receivables
are mainly derived from the sale of broadcast advertising and subscriptions.

ESTIMATES AND
JUDGMENTS
Trade and other receivables are recognized initially at fair value and subsequently Determining when there is
measured at amortized cost less a provision for expected credit losses. We reasonable expectation that
recognize a provision for expected credit losses for receivables based on a we will not be able to collect
lifetime expected credit loss determined in accordance with Note 20 Financial some amounts due requires
Instruments. judgment.
Before accepting new advertising customers, we conduct a credit assessment. An

external credit scoring agency may be used to assess the potential customer's
credit quality and de ne credit limits by customer.
Limits and scoring attributed to customers are reviewed at least once a year to
determine whether adjustments are required. In addition, we monitor our
customers throughout the year for any indications of deterioration in credit
quality.
When a trade receivable is deemed to be uncollectible, it is written off against

the provision for expected credit losses. Subsequent recoveries of amounts
previously written off are credited to the Consolidated Statement of Income
(Loss) in Television, radio and digital services costs.
Supporting Information
March 31, 2023 March 31, 2022
Trade receivables 127,838 201,373
Parliamentary appropriations receivable (Refer to Note 16) - 21,000
Provision for expected credit losses (Refer to Note 20.B) (476) (473)
Other receivables 11,192 11,141
Total 138,554 233,041
63
5. OTHER ASSETS
March 31, 2023 March 31, 2022
Investment in Finance Lease 21,785 26,204
Promissory Notes Receivable 20,088 24,106
Marketable securities 3,852 3,814
Assets classi ed as held for sale 54 46
Total 45,779 54,170
Current 12,926 12,297
Non-current 32,853 41,873
A. Investment in Finance Lease

The investment in nance lease, which is held by CBC Monetization Trust, relates to the rental of two parcels of land in
Toronto that bear an implicit annual interest rate of 7.15% and with terms ending in May 2027. These receivables are
pledged as collateral for their total carrying value to our borrowings through notes payable.
B. Promissory Notes Receivable

At March 31, 2023, through the CBC Monetization Trust, a structured entity, we hold two promissory notes receivable
relating to the sale of parcels of land. These notes, which mature in May 2027, bear a xed annual interest rate of 7.15%,
with payments made in arrears in equal blended monthly installments.
The notes have a carrying value of $20.1 million as at March 31, 2023 ($24.1 million - March 31, 2022) and are pledged
as collateral for their total carrying value to our borrowings through notes payable (see Note 11.B).

64
6. PROGRAMMING
Programming consists of programs that require our involvement during the production and acquired licence agreements
for programming material.

ESTIMATES AND
JUDGMENTS
Completed programming and programming in the process of production (excluding We are required to determine an
acquired licence agreements) is recorded at cost less accumulated amortization and appropriate amortization rate for
accumulated write-offs, on an individual basis. Costs include materials and services, each type of programming.
labour and other direct expenses applicable to programming. A portion of our indirect Management’s intended use for
expenses that are attributable to the costs of generating programming (such as each program-type considers
services provided by People and Culture, Finance and Technology and Infrastructure program contract terms, broadcast
as well as a portion of depreciation and amortization) are also included in the related experience, past audience
program costs. experience and future telecast
plans when determining the
Programming comprises inventory programs produced with our involvement amortization schedule for
(“produced programming”) and licence agreements acquired from third parties programming. The intended use of
(“purchased programming”). programming is reviewed at each
year-end.
Payments made under the terms of each acquired licence agreement are recorded as
either current or non-current programming. There are a number of uncertainties
inherent in estimating
Produced programming is usually recorded as current since the programs are
management’s foreseeable use of
available for immediate use once completed, unless noted otherwise in the
its programming assets, particularly
agreement. Licence agreements are recorded as current programming if the rights to
as they relate to assumptions
broadcast start within the next twelve months and as non-current programming if
regarding viewership patterns and
the right to broadcast starts beyond twelve months. Non-current programming rights
consumption habits. Management
are transferred to current programming once they are expected to be broadcast
periodically reviews amortization
within the next twelve months.
rates.
Programming costs are recognized as television, radio and digital services costs on
Changes in these assumptions
the Consolidated Statement of Income (Loss), according to the amortization
could result in adjustments to
schedule in this section or when deemed unrecoverable.
amounts recognized in the
Consolidated Statement of
Financial Position and Consolidated
Statement of Income (Loss).
Amortization Schedule
Management primarily uses the following recognition basis for our programming:
CATEGORY DESCRIPTION AMORTIZATION SCHEDULE BY TELECAST
CBC rates Radio-Canada rates

Conventional television Broadcast rights for all Between 80% / 20% Between 100%
programming programming categories and and
20% for each of the rst ve 20% for each of the rst ve
telecasts telecasts
Discretionary television Broadcast rights for all Between 70% / 30% Evenly over the contract period
programming programming categories and up to a maximum of 3 years
50% / 30% / 20%
Digital programming Streaming rights for all 100% once the program is made available online
programming categories
65
A. Programming by Category
March 31, 2023 March 31, 2022
Completed programs 167,468 173,601
Programs in process of production 91,601 90,663
Broadcast rights available for broadcast within the next twelve months 32,878 36,169
Total current programming 291,947 300,433
Broadcast rights not available for broadcast within the next twelve months 51,874 48,156
Total programming 343,821 348,589
B. Movement in Programming
March 31, 2023 March 31, 2022
Opening balance 348,589 421,219
Additions 1,170,061 1,334,348
Programs broadcast (1,174,829) (1,406,978)
Balance, end of year 343,821 348,589

66
7. PROPERTY AND EQUIPMENT

ESTIMATES AND
JUDGMENTS
Property and equipment are recorded at cost less accumulated depreciation and We are required to estimate the
accumulated impairment losses. Costs include expenditures that are directly expected useful lives of our property
attributable to the acquisition of the items. The cost of assets we constructed and equipment. In determining the
include materials, direct labour and related overheads. Amounts included in expected useful lives of these
uncompleted capital projects are transferred to the appropriate property and assets, we take into account past
equipment classi cation upon completion. experience, industry trends and
speci c factors, such as changing
Depreciation of property and equipment is calculated using the straight-line method technologies and expectations for
and rates are based on the estimated useful life of the property and equipment, the in-service period of these
beginning when an asset becomes available for its intended use. Where major parts assets.
of an asset have useful lives different from the asset as a whole, they have been
componentized and depreciated according to the major components to which they The appropriateness of useful lives
pertain. The cost of replacing a part of an item of property and equipment is of these assets and depreciation
recognized in the carrying amount of the item if it is probable that the future method are assessed annually, with
economic bene ts embodied within the part will ow to us and its cost can be the effect of any changes in
measured reliably. The carrying amount of the replaced part is derecognized. estimate accounted for on a
prospective basis.
We classify an asset as held for sale if its carrying amount will be recovered
principally through a sale rather than through continuing use. Assets held for sale are When an item of property and
measured at the lower of their carrying amount and fair value less costs to sell and equipment comprises speci c
are included as other current assets in the Consolidated Statement of Financial components for which different
Position. depreciation methods or rates are
appropriate, judgment is used in
We derecognize an item of property and equipment on disposal, or when no future determining the appropriate level of
economic bene ts are expected from its use. The gain or loss arising from the componentization.
disposal or retirement of an item of property and equipment is determined as the
difference between the sale net proceeds and the carrying amount of the asset, and
is recognized as other gains and losses in the Consolidated Statement of Income
(Loss).
Useful lives used in the calculation of depreciation are as follows:
Buildings 15 to 65 years
Leasehold improvements The lesser of the lease term and the
economic useful life of the asset
Technical equipment
Transmitters and towers 20 years
Electrical equipment 16 years
Other 8 years
Computer, office equipment and other
Computers and other hardware
Servers 5 years
Personal computers 3 years
Automotive
Specialized vehicles 20 years
Television and radio news trucks,
5-ton and 10-ton heavy trucks 12 years
Snowmobiles, all terrain vehicles 10 years
Utility vehicles, vans 8 years
Automobile and minivans 5 years
Furnishings and office equipment 10 years
67
The property and equipment carrying amounts are as follows:
Computer,
office Uncompleted
Leasehold Technical equipment capital
Land Buildings improvements equipment and other projects Total
Cost as at March 31, 2022 107,864 466,969 191,133 1,038,201 189,352 41,831 2,035,350
Additions 8 66 3,610 10,587 6,982 40,085 61,338
Transfers (refer to Note 8) - 4,935 1,076 23,001 5,401 (33,750) 663
Assets classi ed as held for sale (31) 311 - (369) - - (89)
Disposals and write-offs (11) (2,613) (788) (262,334) (38,889) - (304,635)
Cost as at March 31, 2023 107,830 469,668 195,031 809,086 162,846 48,166 1,792,627
Accumulated depreciation as at
March 31, 2022 - (291,434) (58,482) (785,050) (123,917) - (1,258,883)
Depreciation expense - (11,146) (9,724) (44,636) (16,473) - (81,979)
Reclassi cation of depreciation on
assets classi ed as held for sale - (289) - 369 - - 80
Disposals and write-offs - 1,826 788 255,443 38,354 - 296,411
March 31, 2023 - (301,043) (67,418) (573,874) (102,036) - (1,044,371)
Net carrying amount as at
March 31, 2023 107,830 168,625 127,613 235,212 60,810 48,166 748,256
Computer,
office Uncompleted
Leasehold Technical equipment capital
Land Buildings improvements equipment and other projects Total
Cost as at March 31, 2021 107,816 461,017 183,779 976,219 157,700 129,864 2,016,395
Additions 48 92 - 7,761 4,724 42,272 54,897
Transfers (refer to Note 8) - 7,834 7,415 84,526 31,988 (130,305) 1,458
Disposals and write-offs - (1,974) (61) (30,305) (5,060) - (37,400)
Cost as at March 31, 2022 107,864 466,969 191,133 1,038,201 189,352 41,831 2,035,350
March 31, 2021 - (272,920) (49,816) (775,605) (116,117) - (1,214,458)
Depreciation expense - (19,710) (8,695) (38,514) (12,857) - (79,776)
Disposals and write-offs - 1,196 29 29,069 5,057 - 35,351
March 31, 2022 - (291,434) (58,482) (785,050) (123,917) - (1,258,883)
Net carrying amount as at
March 31, 2022 107,864 175,535 132,651 253,151 65,435 41,831 776,467
The depreciation for the year has been recorded in our Consolidated Statement of Income (Loss) as follows:
For the year ended March 31 2023 2022

Television, radio and digital services costs 68,372 66,208
Corporate management costs 347 384
Total 81,979 79,776

68
8. INTANGIBLE ASSETS
Intangible assets are identi able non-monetary assets without physical substance, represent future economic bene ts
and are controlled by us. Our intangible assets comprise software acquired separately and internally developed software
for internal use.

ESTIMATES AND
JUDGMENTS
Software acquired separately is recorded at cost at the acquisition date. We use judgment to determine
Expenditures relating to internally developed computer software applications are whether expenditures we made on
capitalized when the following criteria are met: intangible items meet the
recognition criteria for
● The software application is technically feasible;
capitalization. Since intangible
● We intend to complete the intangible asset and to use it; assets are accounted for at cost and
● We have the ability to use the intangible asset; amortized on a straight-line basis
over their estimated useful lives, we
● Expenditures attributed to the intangible assets during its development can
are required to estimate the
be reliably measured;
expected useful lives of these
● We have adequate technical, nancial and other resources to complete the assets.
development of the intangible asset and to use it; and
In determining the expected useful
● It is probable that the intangible asset will generate future economic lives of these assets, we take into
bene ts. account our experience, industry
The amount initially recognized for internally developed software is the total of the trends and internally-speci c
directly attributable costs incurred from the date the intangible asset rst meets the factors, such as changing
recognition criteria listed above. Capitalization ceases when the developed asset is technologies and expectations for
ready for use. the in-service period of these
Subsequent expenditures on an intangible asset after its purchase or completion are assets.
recognized as expenses when incurred, unless it is probable that these expenditures The appropriateness of useful lives
will enable the intangible asset to generate future economic bene ts in excess of its of these assets and their
originally assessed standard of performance, and the expenditure can be measured amortization method are assessed
and attributed to the intangible asset reliably. Where no internally developed annually with the effect of any
software can be recognized, development expenditures are recognized in our changes in estimate being
Consolidated Statement of Income (Loss) in the period in which they are incurred. accounted for on a prospective
Subsequent to initial recognition, software acquired separately and internally basis.
developed software are intangible assets reported at cost less accumulated Changes to useful life estimates
amortization and accumulated impairment losses. Amortization is recognized on a would affect future amortization
straight-line basis over the estimated useful lives (three to ve years) and the expenses and future carrying values
amortization expense is allocated between the various functions in our Consolidated of intangible assets.
Statement of Income (Loss), for presentation purposes.
We derecognize an intangible asset on disposal or when no future economic bene ts
are expected from its use or disposal. The gain or loss arising from the disposal or
retirement of an intangible asset is determined as the difference between the sale
net proceeds and the carrying amount of the intangible asset and is recognized as
other gains and losses in our Consolidated Statement of Income (Loss).
69
Intangible assets carrying amounts are as follows:
Internally Uncompleted
developed Acquired capital
software software projects Total
Cost as at March 31, 2022 127,933 81,420 1,761 211,114
Additions - 1,088 9,498 10,586
Transfers (refer to Note 7) 247 4,316 (5,226) (663)
Disposals and write-offs (6,220) (7,885) - (14,105)
Cost as at March 31, 2023 121,960 78,939 6,033 206,932
Accumulated amortization as at March 31, 2022 (124,863) (46,195) - (171,058)
Amortization expense (975) (11,250) - (12,225)
Disposals and write-offs 5,861 7,805 - 13,666
Net carrying amount as at March 31, 2023 1,983 29,299 6,033 37,315
Internally Uncompleted
developed Acquired capital
software software projects Total
Cost as at March 31, 2021 136,068 54,661 15,964 206,693
Additions - 922 16,603 17,525
Transfers (refer to Note 7) 1,868 27,480 (30,806) (1,458)
Disposals and write-offs (10,003) (1,643) - (11,646)
Cost as at March 31, 2022 127,933 81,420 1,761 211,114
Amortization expense (827) (7,621) - (8,448)
Disposals and write-offs 10,003 1,643 - 11,646
Net carrying amount as at March 31, 2022 3,070 35,225 1,761 40,056
The amortization for the year has been recorded in our Consolidated Statement of Income (Loss) as follows:

Transmission, distribution and collection costs 720 460
Corporate management costs 57 53
Total 12,225 8,448

70
9. RIGHT-OF-USE (ROU) ASSETS
ROU assets consist primarily of real estate leases for the rental of office space and technical equipment to carry our
transmission activities. The lease of office space typically runs for periods between 2 and 37 years, and lease of technical
equipment (including transmission assets) between 3 and 35 years.

ESTIMATES AND
JUDGMENTS
Contracts are considered to be a lease when the contract conveys the right to control We use judgment to determine if a
the use of an identi ed asset for a period of time in exchange for consideration. contract is a lease at inception and
to assess its term.
ROU assets are initially measured at cost which comprise the amount of the initial
measurement of the lease liability (see Note 12) plus any lease payments made at or The determination of the lease term
before the commencement date and any initial direct costs less any incentives corresponds to the non-cancellable
received. They are subsequently measured at cost less accumulated depreciation period and options of renewal or
and impairment losses. IAS 36 is applied to determine whether the ROU asset is termination which are reasonably
impaired. certain. We seek to exercise renewal
options or not to exercise
Our lease terms will include options to extend or terminate the lease when it is termination options in new leases
reasonably certain that we will exercise that option. when there is an economic
incentive within the terms of our
The ROU asset is depreciated over the shorter of the asset’s useful life and the lease
lease agreement.
term on a straight-line basis.
We do not recognize a ROU asset or a lease liability for short-term leases that have a
lease term of 12 months or less, nor for low-value assets (i.e. assets below $5,000).
As a practical expedient, these types of leases are expensed as incurred.
Leasehold Technical
As at March 31, 2023 Land Buildings improvements equipment Total
Net carrying amount for the year 2,156 291,023 - 14,789 307,968
Depreciation charge for the year 359 17,192 - 4,108 21,659
Leasehold Technical
As at March 31, 2022 Land Buildings improvements equipment Total
Net carrying amount for the year 2,099 300,263 3,609 18,573 324,544
Depreciation charge for the year 349 17,320 602 4,089 22,360
Additions to the ROU assets during the year ended March 31, 2023 were $9.1 million ($8.1 million - March 31, 2022).
71
10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities mainly consist of amounts owed to suppliers and employees that have been
invoiced or accrued.

ESTIMATES AND
JUDGMENTS
There are no critical accounting

Accounts payable and accrued liabilities are recognized initially at fair value and
estimates or judgments related to
subsequently measured at amortized cost.
accounts payable and accrued
liabilities.
March 31, 2023 March 31, 2022

Trade payables 49,420 49,622
Accruals 66,972 54,639
Other 2,632 2,850
Total 119,024 107,111
11. FINANCIAL OBLIGATIONS

Financial obligations consist of bonds payable and notes payable.
March 31, 2023 March 31, 2022

Current nancial obligations
Bonds payable 28,031 27,015
Notes payable 10,199 9,923
38,230 36,938
Non-current nancial obligations
Bonds payable 100,017 124,153
Notes payable 36,575 45,956
136,592 170,109
Total 174,822 207,047
A. Bonds Payable
The bonds are secured by the assets of Canadian Broadcasting Centre, which have a carrying value of $104.6 million
($109.9 million - March 31, 2022). They bear a xed interest rate of 7.53% annually and require blended semi-annual
payments of $16.5 million.
The following table presents the contractual maturity pro le of the bonds payable based on carrying value:
March 31, 2023 March 31, 2022

Less than one year 28,031 27,015
Later than one year but not later than ve years 100,017 108,233
More than ve years - 15,920
Total 128,048 151,168
Interest expense related to bonds payable and presented as Finance costs totaled $9.9 million for the year
($11.6 million - 2022).
72
B. Notes Payable
The CBC Monetization Trust held notes payable which mature in May 2027 and bear interest at an annual rate of 4.688%.
Blended semi-annual payments are made in May and November of each year.
The notes are redeemable at the CBC Monetization Trust’s option in whole or in part from time to time before maturity, on
not less than 30 days and not more than 60 days prior notice. The redemption price is the greater of the outstanding
principal amount of the notes to be redeemed and the net present value of all scheduled semi-annual payments on the
notes from the date of redemption to the date of maturity, using the Government of Canada yield plus 0.30% on such
date, together, in each case, with accrued but unpaid interest to, but excluding, the redemption date. The notes payable
are secured by the promissory notes receivable and the investment in nance lease described in Note 5.
The following table presents the contractual maturity pro le of the notes payable based on carrying value:
March 31, 2023 March 31, 2022

More than ve years - 5,619
Total 46,774 55,879
Interest expense related to notes payable and presented as Finance costs totaled $2.4 million for the year
($2.8 million - 2022).
73
12. LEASE LIABILITIES

ESTIMATES AND
JUDGMENTS
Lease liabilities are calculated as the present value of the remaining lease payments
We use judgment to estimate
as of the commencement date discounted using our incremental borrowing rate
Corporation’s incremental
when leases do not provide an implicit interest rate. We remeasure the lease liability
borrowing rate when the implicit
(and make a corresponding adjustment to the related ROU asset) whenever the lease
interest rate to the lease cannot be
term has changed, there is a change in the assessment of exercise of a purchase
readily determined.
option, the lease payments change due to changes in an index or a rate or a lease
contract is modi ed and when the lease modi cation is not accounted for as a
separate lease.
Lease payments associated with short-term leases (de ned as leases with a term of
12 months or less) and leases of low value assets are recognized as an expense
under “Television, radio and digital services costs” and “Transmission, distribution
and collection costs” on a straight line basis over the term of the lease.
The lease liability is subsequently measured using the effective interest method.
The nance cost is charged to our Consolidated Statement of Income (Loss) over
the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
For a contract that contains a lease component and one or more additional lease or
non-lease components, we allocate the consideration in the contract to each lease
component on the basis of the relative stand-alone price of the lease component and
the aggregate stand-alone price of the non-lease components.
Some real estate leases in which we are the lessee contain variable lease payments
that are linked to an index or rate. These types of payments are common in the real
estate industry.
March 31, 2023 March 31, 2022

Land 2,125 2,050
Buildings 290,791 295,250
Leasehold improvements - 4,010
Technical equipment 15,756 19,663
Lease liabilities included in the Consolidated Statement of Financial Position 308,672 320,973
Current 18,047 22,285
Non-current 290,625 298,688
Lease liabilities included in the Consolidated Statement of Financial Position 308,672 320,973

74
Maturity Analysis
March 31, 2023 March 31, 2022
Contractual undiscounted cash ows
One to ve years 90,834 92,190
More than ve years 297,479 311,049
Total undiscounted lease liabilities 414,100 433,465
Amounts recognized in our Consolidated Statement of Cash Flows

For the year ended March 31, 2023, total cash out ow for leases amounted to $30.4 million ($27.5 million - 2022).
Interest expense related to lease liabilities and presented as Finance costs totaled $9.0 million for the year ($9.1 million -
2022).
75
13. PENSION PLANS AND EMPLOYEE-RELATED LIABILITIES
We provide pension and long-term service retirement bene ts based on the length of service and nal average earnings
of our employees, and other de ned bene t post-employment bene t plans to our employees such as post-employment
life insurance.
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (OPEB)

ESTIMATES AND
JUDGMENTS
De ned bene t pension plans Accounting for de ned bene t
pension plans and OPEB
The cost of the de ned bene t retirement plans is determined on an actuarial basis
requires that assumptions be
using the projected unit credit method and management's best assumptions, with
made to help value bene t
actuarial valuations being carried out at the end of each annual reporting period.
obligations and pension assets.
The components of de ned bene t costs are categorized as follows:
The primary assumptions and
● Service cost - includes current service cost and past service cost. We recognize estimates include the discount
it as part of net results for the period. Past service costs, generally resulting rates, health care cost trend
from changes in the bene ts payable for past services under an existing plan, rates, long-term rate of
are recognized in the Consolidated Statement of Income (Loss) in the period of compensation increase,
a plan amendment. indexation of pensions and
mortality of members. These
● Net interest expense or income - recognized as part of net results for the
assumptions are of a long-term
period. Net interest is calculated by applying the discount rate at the beginning
nature, which is consistent with
of the period to the net de ned bene t liability or asset.
the nature of post-employment
These two components, in aggregate, are allocated between the various functions in our bene ts.
Consolidated Statement of Income (Loss).
We use the Fiera Capital curve
● Remeasurements - comprises actuarial gains and losses, the return on plan (‘CIA curve’) to determine the
assets (excluding interest) and changes in the asset ceiling (if applicable). discount rate for calculating the
These are re ected immediately in our Consolidated Statement of Financial de ned bene t obligation.
Position with a charge or credit recognized in other comprehensive income in
Changes to these primary
the period in which they occur. Remeasurements recognized in other
assumptions and estimates
comprehensive income are never subsequently reclassi ed to net results. We
would impact amounts
transfer all remeasurements directly from other comprehensive income to
recognized in net results and
retained earnings as a policy choice.
amounts recognized in other
The liability recognized in our Consolidated Statement of Financial Position in respect of comprehensive income, as
de ned bene t pension plans is the present value of the de ned bene t obligation at applicable. A sensitivity analysis
the end of the reporting period less the fair value of plan assets. The de ned bene t of these changes in primary
obligation is calculated annually by independent actuaries using the projected unit credit assumptions is disclosed in
method. The present value of the de ned bene t obligation is determined by discounting Note 13 D.
the estimated future cash out ows using interest rate determined by reference to
market yields at the end of the reporting period on high quality Canadian corporate
bonds that have terms to maturity approximating the terms of the related de ned
bene t obligation.
When the actuarial calculation results in a bene t asset, the recognized asset is limited
to the present value of economic bene ts available in the form of any future refunds
from the plan or reductions in future contributions to the plan (asset ceiling). In order to
calculate the present value of economic bene ts, consideration is given to any minimum
funding requirements that apply to any of our plans. An economic bene t is available if it
is realizable during the life of the plan, or on settlement of the plan liabilities.

76
OPEB AND EMPLOYEE BENEFITS OTHER THAN POST-EMPLOYMENT BENEFITS

ESTIMATES AND
JUDGMENTS
OPEB
OPEB liabilities are recognized as follows: estimates or judgments related to
employee bene ts other than those
● For long-term disability and workers’ compensation when the event that for the primary actuarial
obligates the Corporation occurs; assumptions discussed previously.
● For continuation of bene t coverage for employees on long-term disability
and the non-contributory long-term bene t plan, the provision is
determined on an actuarial basis using discount rates and assumptions
consistent with those used for post-employment bene ts and the related
expense is recognized over the period the employees render the services.
Actuarial gains (losses) and past service costs are recognized immediately
in our Consolidated Statement of Income (Loss) in the period they occur.
Employee bene ts other than post-employment bene ts
We recognize the expense relating to short-term bene ts including short-term

compensated absences as follows:
● For salaries, social security contribution, bonuses and vacations in the

period the employees render the services;
● For employee health, dental and life insurance plans in the period the
expenses are incurred; and
● For short-term non-accumulating compensated absences such as sick

leave, parental leave, short-term disability and workers’ compensation in the
period the absence occurs.
Short-term employee bene ts are expensed as the related service is provided. A

liability is recognized for the amount expected to be paid if we have a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
TERMINATION BENEFITS

ESTIMATES AND
JUDGMENTS
We recognize termination bene ts at the earliest of the following dates: (a) when we
can no longer withdraw the offer of those bene ts; and (b) when we recognize costs
estimates or judgments related to
for a restructuring that is within the scope of IAS 37 and involves the payment of
termination bene ts.
termination bene ts.
In the case of a voluntary departure, we can no longer withdraw an offer of

termination bene ts when either the employee accepts the offer, or when a
restriction on our ability to withdraw the offer exists. In the case of an involuntary
departure, we can no longer withdraw an offer of termination bene ts when we have
communicated to the affected employees a plan of termination.
77
A. Employee-Related Liabilities
Employee-related liabilities recognized and presented in our Consolidated Statement of Financial Position are as follows:
Current
March 31, 2023 March 31, 2022
Vacation pay 77,408 78,082
Termination bene ts 4,717 4,960
Salary-related liabilities 123,885 134,565
Total employee-related liabilities 206,010 217,607

78
B. De ned Bene t Pension and Other Post-Employment Bene t Plans
The following tables present information about the de ned bene t plans.
Pension expense recognized in net results
Remeasurements of
Current Interest Sub-total the net de ned
April 1, service income included in net bene t plans incl. in Employees' Employer's March 31,
2022 cost (cost) Admin fees Other results Bene ts paid OCI¹ contributions contributions 2023
Funded Pension bene t plan
Fair value of plan assets 8,430,477 - 331,826 (8,000) - 323,826 (326,415) (601,195) 60,172 - 7,886,865
De ned bene t obligation (6,809,311) (101,514) (269,010) - - (370,524) 326,415 774,787 (60,172) - (6,138,805)
Pension plan surplus (liability) 1,621,166 (101,514) 62,816 (8,000) - (46,698) - 173,592 - - 1,748,060
Effect of the asset ceiling - - - - - - - (429,531) - - (429,531)
Pension bene t plan asset (liability) 1,621,166 (101,514) 62,816 (8,000) - (46,698) - (255,939) - - 1,318,529
Unfunded Pension bene t plan
Fair value of plan assets - - - - - - (6,330) - - 6,330 -
De ned bene t obligation (122,115) (2,617) (4,813) - - (7,430) 6,330 11,222 - - (111,993)
Unfunded Pension bene t plan asset (liability) (122,115) (2,617) (4,813) - - (7,430) - 11,222 - 6,330 (111,993)
Other post-employment bene t plans
De ned bene t obligation (103,267) (5,203) (3,885) - 543 (8,545) 15,634 5,156 - - (91,022)
Other post-employment bene t plan asset
(liability) (103,267) (5,203) (3,885) - 543 (8,545) - 5,156 - 15,634 (91,022)
Total 1,395,784 (109,334) 54,118 (8,000) 543 (62,673) - (239,561) - 21,964 1,115,514
¹The detailed breakdown of remeasurement gains and losses on de ned bene t plans included in OCI is found in additional tables below.
Pension expense recognized in net results

Remeasurements of
Current Interest Sub-total the net de ned
April 1, service income included in net Bene ts bene t plans incl. in Employees' Employer's March 31,
2021* cost* (cost)* Admin fees Other* results* paid* OCI*¹ contributions contributions* 2022*
Funded Pension bene t plan*
Fair value of plan assets 8,163,234 - 265,819 (8,000) - 257,819 (321,609) 213,769 61,854 55,410 8,430,477
De ned bene t obligation (7,294,973) (125,322) (238,370) - - (363,692) 321,609 589,599 (61,854) - (6,809,311)
Pension bene t plan asset (liability) 868,261 (125,322) 27,449 (8,000) - (105,873) - 803,368 - 55,410 1,621,166
Unfunded Pension bene t plan*
De ned bene t obligation (128,163) (2,665) (4,177) - - (6,842) 6,067 6,823 - - (122,115)
Unfunded Pension bene t plans asset (liability) (128,163) (2,665) (4,177) - - (6,842) - 6,823 - 6,067 (122,115)
Other post-employment bene t plan
De ned bene t obligation (115,160) (5,848) (3,248) - 4,156 (4,940) 13,598 3,235 - - (103,267)
Other post-employment bene t plan asset
(liability) (115,160) (5,848) (3,248) - 4,156 (4,940) - 3,235 - 13,598 (103,267)
Total 624,938 (133,835) 20,024 (8,000) 4,156 (117,655) - 813,426 - 75,075 1,395,784
¹The detailed breakdown of remeasurement gains and losses on de ned bene t plans included in OCI is found in additional tables below.
* Certain comparative gures have been reclassi ed to conform to the current year presentation
79
We maintain a contributory de ned bene t pension plan and non-contributory long-term bene t plans as de ned below:
Contributory de ned bene t pension plan (Funded Pension bene t plan)

The Canadian Broadcasting Corporation Pension Plan (the “Plan”) covers substantially all our employees. The Plan is
administered by the CBC Pension Board of Trustees, including the management of the Plan's assets and the payment of
bene ts promised to Plan members and their survivors. The Plan is federally regulated and is governed by the provisions
of the Pension Bene ts Standards Act (the Act), and other applicable regulations.
Retirement bene ts are based on the length of pensionable service and on the average of the best ve consecutive years
of pensionable salary in the last 10 years of employment. Employees are required to contribute a percentage of their
pensionable salary to the Plan and we provide the balance of the funding, as required, based on actuarial valuations. The
amounts included in these consolidated nancial statements re ect the latest funding valuation which was performed as
of December 31, 2022.
The measurement date for the Plan’s assets and the de ned bene t obligation is March 31, 2023.
The risks associated with our Plan are as follows:

● Funding risk: One of the primary risks that Plan sponsors face is funding risk, which is the risk that the
investment asset growth and contribution rates of our Plan will not be sufficient to cover the pension
obligations, resulting in unfunded liabilities. When a funding de cit exists, regulatory authorities require that
special payments be made over speci ed future periods.
The major contributors to funding risk are the declines in discount rates and investments failing to achieve
expected returns. In addition, the pension obligations are affected by non-economic factors like changes in
member demographics.
Funding risk is managed by monitoring and reviewing the funded ratio on an ongoing basis and ensuring that
investment decisions are made in accordance with established investment policies and procedures and
applicable legislation. The Statement of Investment Policies and Procedures (SIPP) is reviewed annually by the
CBC Pension Board of Trustees with a view to provide the Plan with a long-term rate of return sufficient to assist
the Plan in meeting its funding objectives and the ongoing changes in pension obligations.
● Other risks: The Plan’s assets are also subject to a variety of nancial risks because of investment activities.
These risks include credit risk, market risk (interest rate, currency risk and other price risk) and liquidity risk. In
addition, the de ned bene t obligation and costs are subject to measurement uncertainty due to the use of
actuarial assumptions (see below). The impact of these factors on the remeasurement of the pension bene t
asset can be signi cant and volatile at times.
Unfunded non-contributory de ned bene t pension plans (Unfunded Pension bene ts plans)
We also maintain unfunded non-contributory de ned bene t pension arrangements. All plans are subject to an annual
actuarial valuation.
Non-contributory long-term bene t plans (OPEB plans)
We provide the following long-term employee bene ts to our employees:
● A non-contributory long-term bene t plan for certain employees hired prior to the various plan closure dates
which vary by category of employees between April 1, 2005 and October 1, 2007. Under the plan, employees
retiring with more than three years of service with us can choose to receive a cash award upon retirement or
improve their pension bene ts. The bene ts are based on the length of pensionable service and on the salary
rate at March 2005, July 2005 or at retirement/death, depending on the category of employees.
● Other employee future bene ts such as long-term disability and workers’ compensation, continuation of bene ts
coverage for employees on long-term disability and post-retirement life insurance.
The last actuarial valuations for the non-contributory long-term bene t plans and the continuation of bene ts coverage
plan were made as at December 31, 2022.

80
The following table presents further detailed information on the various sources of remeasurement in OCI included in the
prior table.
Actuarial
Return on plan changes Actuarial Actuarial
assets arising from changes arising changes Total
(excluding changes in from changes in arising from Change in remeasurement
interest demographic nancial plan asset (gains)/losses
March 31, 2023 income) assumptions assumptions experience ceiling¹ included in OCI
Pension bene t plans
Fair value of plan assets 601,195 - - - 429,531 1,030,726
De ned bene t obligation - (16,307) (801,824) 32,122 - (786,009)
asset (liability) 601,195 (16,307) (801,824) 32,122 429,531 244,717
Other post-employment
bene t plans
De ned bene t obligation - (2,321) (2,835) - - (5,156)
De ned bene t plans
asset (liability) - (2,321) (2,835) - - (5,156)
¹Under IFRIC 14, The Limit on a De ned Bene t Asset, Minimum Funding Requirements and their Interaction, we must assess whether
each pension plan's asset has economic bene t to the Corporation through future contribution reductions, payment of the plan
expenses, or cash refunds; in the event we are not entitled to a bene t, a limit or asset ceiling is required on the balance.
Actuarial Actuarial changes Total

changes arising arising from Actuarial remeasurement
Return on plan from changes in changes in changes arising (gains)/losses
assets (excluding demographic nancial from plan included in
March 31, 2022 interest income) assumptions* assumptions* experience* OCI*
Fair value of plan assets (213,769) - - - (213,769)
De ned bene t obligation - - (652,357) 55,935 (596,422)
Pension bene t plans asset
(liability) (213,769) - (652,357) 55,935 (810,191)
Other post-employment bene t
plans
De ned bene t obligation* - (1,454) (4,106) 2,325 (3,235)
De ned bene t plans asset
(liability) - (1,454) (4,106) 2,325 (3,235)
* Certain comparative gures have been reclassi ed to conform to the current year presentation
The total expense recognized in net results has been recorded in our Consolidated Statements of Income (Loss) as
follows:

Corporate management costs 627 1,176
Total 62,673 117,655
For the year ending March 31, 2023, total employee bene ts, which includes all salary and related costs, were $1,042.9
million ($1,081.9 million - 2022).
81
Retained earnings include $1,953.7 million of cumulative actuarial gains as at March 31, 2023 (gains of $2,193.2 million -
March 31, 2022).
C. Signi cant Actuarial Assumptions

The signi cant actuarial assumptions used for the purposes of determining the de ned bene t obligation and pension
bene t costs were:
Assumptions – annual rates March 31, 2023 March 31, 2022

Assumptions for the calculation of pension bene t costs:
Discount rate 4.00% 3.30%
Assumptions for the calculation of the bene t obligation:

Discount rate - pension 4.90% 4.00%
Discount rate - long service gratuity 4.77% 3.81%
Discount rate - LTD bene t 4.77% 3.81%
Discount rate - life insurance 4.84% 3.97%
Mortality CBC 2019 Pensioner CBC 2019 Pensioner

mortality table based on CBC mortality table based on CBC
experience with CPM experience with CPM
projection scale B projection scale B
Long-term rate of compensation increase, 1.50% in 2023 to 2024

excluding merit and promotion 2.50% 2.50% thereafter
Health care cost trend rate 5.56% for 2023-2026, 5.56% for 2022-2026,
decreasing linearly to 4.81% decreasing linearly to 4.81%
in 2029 and grading down to in 2029 and grading down to
an ultimate rate of 3.57% per an ultimate rate of 3.57% per
annum in 2040 and annum in 2040 and
thereafter thereafter
2024: 2.70% 2023 to 2024: 2.70%

Indexation of pensions 1.86% thereafter 1.86% thereafter

82
D. Sensitivity Analysis
The sensitivity analysis of the signi cant actuarial assumptions would show the following changes in the present value of
the de ned bene t obligations:
Pension plans Other post-employment plans

March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Discount rate sensitivity
100 basis points higher -11.6% -12.5% -6.2% -6.5%
100 basis points lower 14.6% 15.9% 7.2% 7.6%
Expected rate of future salary increases

100 basis points higher 2.3% 2.3% 4.2% 3.9%
100 basis points lower -2.1% -2.1% -3.9% -3.4%
Expected rate of future indexation of pensions

100 basis points higher 12.0% 13.1% 1.4% 1.2%
100 basis points lower -10.0% -10.8% -1.2% -1.0%
Mortality sensitivity
Pensioners live an extra year 2.9% 3.1% -1.5% -1.5%
Pensioners die a year before -2.9% -3.1% 1.7% 1.8%
Health care cost trend rates sensitivity

100 basis points higher N/A N/A 1.6% 1.4%
100 basis points lower N/A N/A -1.4% -1.2%
N/A = not applicable
The sensitivity analysis presented above may not be representative of the actual change in the de ned bene t obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some assumptions may be
correlated.
When calculating the sensitivity of the de ned bene t obligation to signi cant actuarial assumptions, the same method
(present value of the de ned bene t obligation calculated with the projected unit credit method at the end of the
reporting period) has been applied as when calculating the pension liability recognized within our Consolidated Statement
of Financial Position.
For the contributory de ned bene t pension plan, a Strategic Asset Allocation (SAA) review is performed periodically to
review the risks and rewards associated with the existing long-term asset mix policy, analyze the risk/reward pro le that
would result from alternative asset mix policies, and consider the impact of various economic environments on both the
assets and liabilities (pension obligations). The most recent SAA review was completed in 2022 with a focus on the Plan’s
liability hedging assets. Main highlights were:
● To re ne the Plan’s Liability Driven Investment (LDI) strategy that focuses on reducing the interest rate and
in ation risk mismatch between the Plan’s assets and liabilities;
● To reduce the interest rate hedging ratio to provide a better balance between the Plan’s solvency and going
concern funded status objectives.
The Plan is funded on the basis of actuarial valuations, which are calculated annually by an independent actuarial rm.
Employees are required to contribute a percentage of their pensionable salary to the Plan and we provide the balance of
the funding, as required, based on actuarial valuations.
83
E. Contribution Rate
The contribution rate for employees that are covered by the Plan are as follows:
March 31, 2023 March 31, 2022

For earnings up to the maximum public pension plan earnings¹
April 1 to June 30 8.44% 8.27%
July 1 to March 31 8.19% 8.44%
For incremental earnings in excess of the maximum public pension plan earnings¹
April 1 to June 30 11.10% 10.87%
July 1 to March 31 10.77% 11.10%
¹The maximum public pension earnings for 2023 is $66,600 (2022: $64,900, 2021: $61,600)
The current service cost-sharing between employees and employer for pension contributions for all members is 50:50.
We expect to make a contribution of $6.5 million to the unfunded pension plans and none to the funded pension plan
during the next scal year. Starting on April 21, 2022, CBC/Radio-Canada has been required to take a contribution holiday
in accordance with the Income Tax Act.
F. Maturity Pro le
The maturity pro le of our bene t plans obligation and other post-employment bene ts is as follows:
Pension plans Other post-employment plans

March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Average duration of the bene t obligation 13.1 years 14.2 years 7.4 years 8.1 years
Active members 19.3 years 20.5 years 7.4 years 8.1 years
Deferred members 20.6 years 21.5 years N/A N/A
Retired members 9.6 years 10.3 years 7.2 years 7.7 years
N/A = not applicable

84
G. Fair Value of Plan Assets
The fair value of the plan assets can be allocated to the following categories:
Quoted market Not quoted Total as at
price in an active market price in an
Assets Categories market active market March 31, 2023
Investment assets
Cash and short-term investments 230,983 - 230,983
Fixed income Canadian bonds - 2,611,026 2,611,026
Fixed income alternatives - 280,051 280,051
Canadian 410,608 - 410,608
Equities
Global 2,195,100 154,115 2,349,215
Property - 1,413,521 1,413,521
Strategic
Private investments - 631,658 631,658
Other Derivatives - 6,353 6,353
Total investment assets 2,836,691 5,096,724 7,933,415
Investment liabilities
Other Derivatives - (8,583) (8,583)
Total investment liabilities - (8,583) (8,583)
Total investment assets less liabilities 2,836,691 5,088,141 7,924,832
Liabilities less non-investment assets (37,967)
Fair value of plan assets 7,886,865
Quoted market Not quoted Total as at

price in an active market price in an
Assets Categories market active market*¹ March 31, 2022
Investment assets
Cash and short term investments 343,070 - 343,070
Fixed income Canadian bonds - 3,050,962 3,050,962
Fixed income alternatives - 194,446 194,446
Canadian 454,871 - 454,871
Equities
Global 2,054,712 376,151 2,430,863
Property 25,161 1,260,140 1,285,301
Strategic
Private investments - 672,733 672,733
Other Derivatives - 7,903 7,903
Total investment assets 2,877,814 5,562,335 8,440,149
Investment liabilities
Other Derivatives - (39,764) (39,764)
Total investment liabilities - (39,764) (39,764)
Total investment assets less liabilities 2,877,814 5,522,571 8,400,385
Non-investment assets less liabilities 30,092
Fair value of plan assets 8,430,477
¹ Level 2 and Level 3 have been combined since they are not quoted in an active market. In our 2021-2022 consolidated nancial statements,
Level 2 and Level 3 were presented separately.
The actual return on plan assets was $-211.3 million or -2.55% ($555.4 million or 6.93% - 2022).
85
14. PROVISIONS AND CONTINGENT LIABILITIES

ESTIMATES AND
JUDGMENTS
Provisions are recognized when: When it has been determined by

management that we should record
● We have a present obligation (legal or constructive) as a result of a past
a provision, assumptions about the
event;
amount and likelihood of out ows
● It is probable that we will be required to settle the obligation; and and their timing are considered in
determining a reliable estimate for
● A reliable estimate can be made of the amount of the obligation.
the obligation. Factors affecting
The amount recognized as a provision is the best estimate of the consideration these assumptions include the
required to settle the present obligation at the end of the reporting period, taking nature of the provision, the
into account the risks and uncertainties surrounding the obligation. Where a existence of the claim amount,
provision is measured using the cash ow estimated to settle the present obligation, opinions or views of legal counsel
its carrying amount is the present value of those cash ows. and other advisors, experience in
similar circumstances, and any
In situations where the amount of the obligation cannot be measured with sufficient management decision as to how we
reliability or the cash out ows are not probable, a contingent liability is disclosed. intend to handle the obligation.
Provisions
Claims and Legal
As at March 31, 2023 Proceedings Other Total
Opening balance 24,832 225 25,057
Additional provisions recognized 4,403 - 4,403
Provisions utilized (7,146) - (7,146)
Reductions resulting from remeasurement or settlement
without cost (4,210) (28) (4,238)
Total 17,879 197 18,076
Various claims and legal proceedings have been asserted or instituted against us. Some of these claims or legal
proceedings demand large monetary damages or other forms of relief, and could cause signi cant expenditures. They
include ongoing legal, compensation, employment matters and copyright tariffs against CBC/Radio-Canada.
Other provisions consist of environmental decommissioning liabilities and probable costs for reorganizations, relocations
and redundancies at CBC/Radio-Canada.
All provisions are classi ed as current because we are working to resolve these matters within 12 months.
Contingent Liabilities
CBC/Radio-Canada’s contingent liabilities consist of claims and legal proceedings, and restoration obligations for which
no provision was recorded.
● Claims and legal proceedings: As at March 31, 2023, there were various legal claims outstanding against
CBC/Radio-Canada. We do not expect any of those (individually or in aggregate) to result in a settlement that
could have a material adverse effect on our nancial results.
● Restoration obligations: CBC/Radio-Canada identi ed contingent liabilities associated with the restoration of
some of its non-standard leasehold improvements contractually required under lease agreements. Since it is not
probable that an out ow of economic resources will be required to settle these legal obligations, and the timing
of such settlement is unknown, no provision has been recorded in the consolidated nancial statements. Should
management’s assessment change in the future, a provision would be established. At this point of time, the
estimated undiscounted cash ow required to settle these liabilities is $8.9 million.

86
INCOME, EXPENSES AND CASH FLOWS
This Section focuses on our results and cash ows. On the following pages you will nd disclosures describing our
revenue and government funding for the year, nance costs, income taxes and supplemental cash ow information.
15. REVENUE

ESTIMATES AND
JUDGMENTS
Revenue is recognized when control of the promised goods and services is Judgment is required in the
transferred to our customers in an amount that re ects the consideration expected identi cation of performance
in exchange for those goods and services. Our primary revenue streams are: obligations in each of the major
revenue streams.
● Advertising;
● Subscriber fees; Furthermore, judgment is

required in the determination of
● Production revenue; and the stand-alone selling price of
● Program licence sales. some performance obligations
for purposes of allocating the
The transaction price of a contract for any of these revenue streams can include transaction price.
xed and variable consideration and, infrequently, non-monetary compensation that
is measured at its fair value. If we cannot reasonably estimate the fair value of the All of the above have the
non-monetary compensation, we measure the consideration received indirectly by potential to result in a different
reference to the stand-alone selling price of the goods or services transferred. timing of revenue recognition
arising from the estimates and
Consistent with other organizations in the industry, sales of advertising airtime are judgments made.
primarily made through agencies. These agencies typically remit their payment
within 90 days. For other revenue streams, payment is typically received within 30 For more details about our
days, which are our average credit terms. critical judgments by revenue
stream, refer to the tables below.
Detailed accounting policies are presented below for these primary revenue streams.
Our contracts with customers may include multiple performance obligations. For
such arrangements, we allocate the transaction price to each identi ed performance
obligation based on its relative standalone selling price. We generally determine
standalone selling prices based on the prices charged to customers of the same
class in similar transactions.
We have elected to use the following practical expedients:
● We do not disclose the value of unsatis ed performance obligations for

contracts with an original expected length of one year or less.
● We do not adjust the amount of consideration for the effects of a signi cant
nancing component since the period between when we provide a service
and obtain payment from a customer is usually one year or less.
87
For the year ended March 31 2023 2022*

Advertising
TV advertising¹ 215,501 333,856
Digital advertising 73,139 85,694
Total advertising 288,640 419,550
Subscriber fees 122,325 122,234
Other income
Production revenue² 22,555 20,584
Program licence sales 23,385 35,395
Canadian retransmission rights 4,200 4,200
Other services* 11,457 11,122
Revenue from contracts with customers 472,562 613,085
Other income
Leasing income 31,239 32,186

Financing and investment income 9,791 5,789
Other retransmission rights 1,624 1,688
Net gains (losses) on foreign exchange and change in fair value of nancial
instruments* 368 (1,331)
Revenue outside the scope of IFRS 15 - Revenue from Contracts with Customers 43,022 38,332
Total Revenue 515,584 651,417
¹ For the year ended March 31, 2023, TV advertising included revenue from exchange of services of $1.3 million ($1.0 million - 2022).
² For the year ended March 31, 2023, Production revenue included revenue from exchange of services of $11.2 million ($9.9 million -
2022).
Contract Balances with customers
Contract assets with customers are presented under “Trade and Other Receivables” in our Consolidated Statement of
Financial Position. Trade and Other Receivables include $17.9 million of contract assets as at March 31, 2023 ($13.7
million - March 31, 2022). There was no impairment loss on contract assets for the periods considered.
Contract liabilities with customers are presented as current liabilities under “Deferred Income and other liabilities” in
our Consolidated Statement of Financial Position. Deferred Income includes $3.2 million of contract liabilities as at March
31, 2023 ($9.0 million - March 31, 2022).

88
ACCOUNTING POLICIES - ADVERTISING
NATURE OF PERFORMANCE OBLIGATIONS HOW WE RECOGNIZE REVENUE
We offer advertising services through our television and Revenue from the provision of advertising services is
digital platforms. Advertising sales revenue arises from recognized when the advertising placement has been
the sale of advertising placements in exchange for broadcast and when the guaranteed level of audience or
monetary and/or non-monetary compensation, based on ratings has been achieved.
negotiated rates with agencies and direct advertisers.
When the guaranteed level of audience or ratings has not
Each advertising placement represents a performance been achieved, the performance obligation is not satis ed
obligation under advertising sales agreements. An until a compensational spot has been broadcast and when
advertising placement can either be provided in the guaranteed level of audience or ratings has been
exchange for compensation or provided for free as part achieved.
of a sales incentive.
The standalone selling price of each advertising spot is
We also offer creative services to our advertising determined based on observable inputs such as those listed
customers. They range from the conception to the in published rate cards.
production and integration of advertisements for
Revenue from creative services is recognized when the
television and digital platforms. Though bundled with
service is provided to the customer.
advertising services in a contract, creative services are
considered separate performance obligations.

Advertising revenue
English services 139,532 248,969
French services 149,108 170,581
Total 288,640 419,550
89
ACCOUNTING POLICIES – SUBSCRIBER FEES
We provide ongoing delivery of programming to: Discretionary Channels Subscriptions
● Cable, national direct to home satellite, or The performance obligation is satis ed as we make our
internet protocol television service discretionary TV signal available to the BDU as required by the
providers (commonly referred as Broadcast contract.
Distribution Undertakings
Consideration consists of a xed fee for the subscription
or “BDUs”) through discretionary channel
period and at times also includes usage-based variable fees.
subscriptions; and
The xed fee is recognized as revenue on a straight-line basis
● Individual customers through online because performance occurs evenly over the subscription
monthly subscriptions. period. The variable fees are recognized as revenue in the
period the usage is incurred.
The performance obligations under subscription
agreements consist of a right to access the Online Entertainment Subscriptions
programming which is provided on a monthly basis.
The performance obligation is satis ed as we make our
content available to customers online.
Consideration consists of a xed fee for the subscription

period and revenue is recognized on a straight-line basis
because performance occurs evenly over the subscription
period.

Subscriber revenue
English services 61,265 61,659
French services 61,060 60,575
Total 122,325 122,234

90
ACCOUNTING POLICIES - OTHER INCOME
Production revenue comprises mainly revenue from: Production revenue is recognized:
● Facilities and services rental to independent ● Over time as the independent producer
producers in exchange for monetary and/ or simultaneously receives and consumes the
non-monetary compensation. These service bene ts of our facilities and services rental.
arrangements generally include the use of our
We are compensated for each day of service
facilities, equipment and labour hours.
based on agreed upon daily rates. Consideration
● Host broadcasting services – We enter into for any additional services provided is
agreements to sell broadcasting feeds to third recognized as revenue in the period it is
party networks in exchange for monetary provided.
and/or non-monetary compensation, most
Revenue is recognized on a monthly basis at the
notably during major sporting events such as
applicable daily rates as the services are
the Olympic Games.
provided to the customer in accordance with
Services provided under a facilities and services rental contract terms.
contract or a host broadcasting arrangement are
● Over time as the broadcasting feed is provided
accounted for as a single performance obligation since
to the customer in accordance with the contract
the services are provided concurrently to the customer
terms. Advance payments received are recorded
over the contract term.
as a contract liability and reallocated to revenue
when performance obligations have been
satis ed.
Consideration for host broadcasting services

consists of xed prices stated in the contract.
Program licence sales are earned when we enter Program licence sales are recognized when each
into programming agreements to sell content in the episode is delivered, and the right-to-use licence
domestic market and overseas. period has commenced, in the amount equal to the
individual episode price stated in the contract.
These licences grant rights to third parties for them
to use existing CBC/Radio-Canada’s programs that Consideration consists of xed prices stated in the
have either ended (commonly referred to as contract for the content or licence.
“syndicated content”) or are still in production
(commonly referred to as “current content”).
For both syndicated and current content licensing

arrangements of a season of programs, the bundle of
licence rights of individual episodes represent a
single combined performance obligation since the
licences are delivered concurrently and the right to
use has commenced for all licences within a bundle.
91
Income-Generating Leases

ESTIMATES AND JUDGMENTS
We are a lessor in several leasing arrangements, which requires management The determination that an
to determine whether the lease is a nance lease or an operating lease. arrangement to lease a portion of a
building that we own meets the
criteria of an operating lease and
that the leased portion of the
building does not qualify as
investment property under IAS 40
Investment Property.
Operating leases relate to buildings and transmission towers that we own with remaining lease terms between one to 87
years. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to
renew. The lessee does not have an option to purchase the property at the expiry of the lease period.
The future aggregate minimum lease receivables under non-cancellable operating leases are as follows:
March 31, 2023 March 31, 2022

Total 351,319 360,793
In addition to the amounts presented above, we expect to receive amounts related to operating expenses and property
taxes under building leases for a total of $62.7 million (March 31, 2022 - $63.7 million).

92
16. GOVERNMENT FUNDING
We receive a substantial portion of our funding from the Government of Canada.

ESTIMATES AND
JUDGMENTS
Parliamentary appropriations for operating expenditures and Parliamentary We are required to make estimates
appropriations for working capital are recognized as government funding in our in determining the amount of
Consolidated Statement of Income (Loss) in the scal year for which the government funding to be
appropriations were approved. recognized in income related to
capital expenditures.
Parliamentary appropriations for property and equipment and intangible assets that
are subject to depreciation and amortization are recorded as deferred capital funding The amount recognized in income
in our Consolidated Statement of Financial Position, with income being recognized in each year is based on the estimated
our Consolidated Statement of Income (Loss) over the average useful life of assets useful lives and proportion of our
acquired using the appropriations in a given year. property and equipment, and
intangible assets purchased using
Parliamentary appropriations for the purchase of land are recorded in our government funding for capital
Consolidated Statement of Income (Loss). expenditures.
A. Government funding
Parliamentary appropriations approved and the amounts we received are as follows:

Operating funding
Reference levels 1,176,213 1,176,214
Permanent transfer to capital funding for capital lease (22,416) (20,820)
Vote transfer from 2021-2022 operating funding to 2020-2021 - (36,700)
Total Operating appropriations received (Vote 1) 1,153,797 1,118,694
Funding for critical operating requirements (Vote 1b for 2023, Vote 1c for 2022) 21,000 21,000
Compensation allocations - Allotment Adjustments 174 -
Total Operating funding 1,174,971 1,139,694
Capital funding
Reference levels 85,910 85,910
Permanent transfer from operating funding for capital leases 22,416 20,820
Total Capital appropriations (Vote 10) 108,326 106,730
Total Working capital appropriations (Vote 5) 4,000 4,000
Total 1,287,297 1,250,424
Voted transfers are requests made to and approved by Parliament.
Transfers to capital/from operating funding are consistent with business cases submitted for capital projects through
operations and are usually partly offset by transfer of proceeds from the sale of capital assets where it has been deemed
that the proceeds would be used in operations.
The total funding approved and received for the year is not the same as the total government funding presented in our
Consolidated Statement of Income (Loss).
93
B. Deferred capital funding
Capital funding received is recorded as Deferred Capital Funding in our Consolidated Statement of Financial Position, with
income being recognized in our Consolidated Statement of Income (Loss) over the same basis and over the same periods
as the assets acquired using the appropriations.
March 31, 2023 March 31, 2022

Opening balance 512,889 502,479
Government funding for capital expenditures 108,326 106,730
Amortization of deferred capital funding (92,875) (96,320)
Balance, end of year 528,340 512,889
17. FINANCE COSTS

Finance costs comprise the interest attributable to bonds payable, notes payable, lease liabilities and the accretion of
liabilities.

ESTIMATES AND
JUDGMENTS
Finance costs are recognized in our Consolidated Statement of Income (Loss) in the There are no critical accounting
period in which they are incurred using the effective interest method. estimates or judgments related to
nance costs.
Finance costs include the following:

Interest on nancial obligations (Note 11) 12,287 14,355
Interest on lease liabilities (Note 12) 8,962 9,116
Other non-cash nance costs 523 676
Total 21,772 24,147

94
18. INCOME TAXES
CBC/Radio-Canada is a prescribed federal Crown Corporation under Reg. 7100 of the Income Tax Act (ITA) and is subject
to federal income tax as a prescribed corporation for purposes of subsection 27(2) of the ITA. Our activities are not
subject to provincial taxes.

ESTIMATES AND
JUDGMENTS
Management uses the liability method of accounting for income taxes. Under this Management has used judgment to
method, Deferred Income Tax Assets and Liabilities are recognized based on the determine that, as of the reporting
estimated tax effect of temporary differences between the carrying value of assets date, deferred taxes should not be
and liabilities on the nancial statements and their respective tax bases. recognized because we do not
expect to generate material taxable
Current tax
income or losses in the periods
Taxable net results differ from net results as reported in our Consolidated Statement temporary differences are
of Income (Loss) because of items of income or expense that are taxable or scheduled to reverse due to its
deductible in other years or because of items that are never taxable or deductible. speci c operating structure.
Our income tax receivable (payable) is computed using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
Deferred tax
As a federal Crown Corporation that receives a substantial portion of its funding from
the Government of Canada, we operate within a speci c operating structure to match
cash expenses with available resources, and to break even over the long term. We
use appropriations only to the extent required to fund our operating expenses, and
may not borrow to fund working capital shortfalls. Therefore, we do not expect to
generate material taxable income or losses in the periods that temporary differences
are scheduled to reverse. Accordingly, a deferred tax asset or liability is not
recognized in our consolidated nancial statements as long as these speci ed
operating conditions are met at the end of the reporting period.
A. Income Tax Recognized in Net Results

The income tax recovery for the year can be reconciled to the income tax recovery that would be computed by applying
our federal statutory tax rate of 25.00% (25.00% - 2022) to accounting pro t as follows:

Income tax recovery at federal statutory rate 31,902 30,181
Permanent differences (775) 752
Adjustments to re ect the expected income tax (payable) in future periods in
respect of taxable and deductible temporary differences (28,628) (2,282)
Income tax recovery 2,499 28,651
In 2022-2023, we reported a $2.4 million current tax adjustment relating to a prior year (March 31, 2022 $4,2M).
The tax rate used for the 2023 reconciliation above is the corporate tax rate payable by a corporation that is a prescribed
Federal Crown Corporation under Part LXXI of the Income Tax Regulations and is subject to the provisions of the Income
Tax Act (Canada). An adjustment to re ect the expected income tax receivable (payable) in future periods in respect of
taxable and deductible temporary differences is re ected above. The Corporation’s loss carry forward balance will expire in
2043.
95
B. Temporary Differences
The sources of the deductible (taxable) temporary differences for which no deferred
tax asset or liability was recognized were as follows:
Accrued liabilities 21,613 28,777
Lease liabilities 308,672 320,973
Pension plans (1,206,536) (1,499,051)
Employee-related liabilities 91,022 103,267
Loss carry-forward 87,409 -
Non-current receivables and investments 747 993
Deferred income for tax purposes related to the sale of receivables (15,472) (19,185)
Property and equipment (252,660) (246,822)
Right-of-use (ROU) assets (287,158) (303,200)
Other (22,219) (21,134)
Total (1,274,582) (1,635,382)
19. SUPPLEMENTAL CASH FLOW INFORMATION

A. Movements in Working Capital
Changes in Working Capital are comprised of:
Trade and other receivables 95,598 (54,263)
Programming asset [current] 8,486 83,974
Prepaid expenses (3,551) 6,012
Accounts payable and accrued liabilities 10,710 22,027
Provisions (6,981) 5,176
Employee-related liabilities (11,597) (1,802)
Deferred income and other liabilities [current] (5,249) (80)
Total 87,416 61,044
B. Changes in Liabilities Arising from Financing Activities
Non-cash
Cash ows changes
Interest and
April 1, other Other March 31,
2022 Capital changes changes 2023
Repayment of lease liabilities (Note 12) 320,973 (21,457) (8,969) 18,125 308,672
Repayment of nancial obligations (Note 11) 207,047 (31,412) (13,100) 12,287 174,822
Distributions to non-controlling interests 835 - - 52 887
Total liabilities from nancing activities 528,855 (52,869) (22,069) 30,464 484,381

96
OTHER
This section discloses information related to our nancial instruments, capital management, related parties,
commitments and contingent assets.
20. FINANCIAL INSTRUMENTS
Outlined below are our nancial instruments and related nancial risk management objectives, our policies and our
exposure and sensitivity to nancial risks.

ESTIMATES AND
JUDGMENTS
Financial assets and nancial liabilities are recognized when we become a party to The measurement of the provision
the contractual provisions of the instrument. for expected credit losses (“ECL”)
for our nancial assets measured at
Financial assets are classi ed and subsequently measured at amortized cost or fair
amortized cost requires the use of
value through pro t or loss based on both the Corporation’s business model for
complex models and signi cant
managing the nancial assets and the contractual cash ow characteristics of the
assumptions about future economic
nancial assets. Our nancial assets are classi ed and measured as follows:
conditions and credit behaviour.
● Financial assets held for the purpose of collecting contractual cash ows
(‘’held to collect’’) that represent solely payments of principal and interest
(‘’SPPI’’) are classi ed and measured at amortized cost;
● Financial assets that are not considered to be solely payments of principal

and interest are classi ed and measured at fair value through pro t or loss
(‘’FVTPL’’).
Financial liabilities are classi ed and subsequently measured at amortized cost.
Derivative nancial instruments are classi ed and subsequently measured at FVTPL.
See table below for classi cation of our nancial instruments.
The impairment model is an expected credit loss ("ECL") model, which implies both
an earlier recognition of impairment losses and a disclosure of more timely and
forward-looking information. Additionally, it is no longer necessary for a loss event to
occur before an impairment loss is recognized.
The simpli ed approach is applied to trade receivables and contract assets that
result from transactions within the scope of IFRS 15. Under the simpli ed approach,
a provision based on lifetime ECL is determined by historical loss rates, adjusted for
current conditions and forward looking information, and applied to segments of
receivable balances at each reporting date. The ECL for all other nancial assets is
determined by the present value of the cash shortfalls over the upcoming 12-month
period.
97
A. Classi cation and Risks Overview

Our activities are exposed to a variety of nancial risks: credit risk, liquidity risk and market risk. Our overall risk
management program focuses on the unpredictability of nancial and economic markets and seeks to minimize potential
effects on our nancial performance. Risk management is carried out through nancial management practices in
conjunction with our overall governance practices. The Board of Directors is responsible for overseeing the management
of nancial risk.
Our nancial instruments, the classi cation, and the nature of certain risks to which they may be subject are as set out in
the following table:
Risks
Market Risks
Credit Liquidity Currency Interest rate
Measured and classi ed at amortized cost

Bonds X X
Promissory notes receivable X X
Trade and other receivables X X
Investment in nance lease X X
Accounts payable and accrued liabilities X X
Financial obligations X X
Lease liabilities X X
Measured and classi ed at fair value through pro t and
loss (FVTPL)
Cash X X X
Restricted cash X X X
Derivative nancial instruments X X
Marketable securities X X X
B. Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in nancial loss. Our
maximum exposure to credit risk at March 31, 2023 and March 31, 2022 is the carrying value of these assets. The
Corporation minimizes risk on marketable securities, bonds and derivative nancial instruments by dealing only with
reputable and high-quality nancial institutions. We do not believe that we are subject to any signi cant concentration of
credit risk.
Trade and other receivables
Credit risk concentration for trade and other receivables is limited and managed through a program of credit evaluation
and by restricting the amount of customer credit where deemed necessary.
We established a provision for ECL that re ects the lifetime ECL of our trade and other receivables as permitted under
IFRS 9 simpli ed approach. We have a speci c policy on credit and collections and guidelines that provide for how the
provision should be determined. This is determined by considering our historical loss rates by customer type, adjusted for
current conditions and forward looking information. At each reporting period, the amount of expected credit losses is
updated to re ect any signi cant changes in credit risk of trade and other receivables since inception.
Consistent with others in the industry, our trade and other receivables are mainly derived from the sale of advertising
airtime through agencies. These agencies typically remit their payment over a period exceeding our average credit term of

98
30 days. As such, a signi cant portion of our trade receivables are past due but not impaired and the collection period is
not necessarily an indicator of credit risk.
The tables below provide an aging of our customer trade and other receivables and additional information related to the
provision for ECL.
Trade and other receivables over 30 days March 31, 2023 March 31, 2022
31 - 60 days 23,381 110,863
61 - 90 days 16,863 2,480
Over 90 days 15,967 18,150
Total 56,211 131,493
Movement in provision for expected credit losses March 31, 2023 March 31, 2022
Opening balance (473) (507)
Amounts written off during the year as uncollectible 98 178
Net increase in provision for new impairments (101) (144)
Balance, end of year (476) (473)
C. Liquidity Risk
Liquidity risk is the risk that we will experience difficulties in meeting our nancial obligations associated with nancial
liabilities.
Our approach to managing liquidity risk is to ensure, as far as possible, that we will have sufficient liquidity to meet our
liabilities when due, under both normal and stressed conditions without incurring losses. We also manage liquidity risk by
continuously monitoring actual and budgeted cash ows. The Board of Directors reviews and approves our operating and
capital budgets, and large transactions.
We do not have the authority to obtain a line of credit or non-current debt without the prior approval of the Minister of
Finance.
The following table presents a maturity analysis of our nancial liabilities based on the expected cash ows from the date
of our Consolidated Statement of Financial Position to the contractual maturity date. The amounts are the contractual
undiscounted cash ows.
Contractual cash ows

Carrying amount of liability
at March 31, 2023 Total Within 1 Year 2 to 5 Years Over 5 Years
Financial Obligations (Note 11) 174,822 200,303 44,512 155,791 -
Lease Liabilities (Note 12) 308,672 414,100 25,787 90,834 297,479
Total 483,494 614,403 70,299 246,625 297,479
Contractual cash ows

Carrying amount of liability
at March 31, 2022 Total Within 1 Year 2 to 5 Years Over 5 Years
Financial Obligations (Note 11) 207,047 244,814 44,512 178,047 22,255
Lease Liabilities (Note 12) 320,973 433,465 30,226 92,190 311,049
Total 528,020 678,279 74,738 270,237 333,304
99
D. Market Risk
Market risk is the risk that the fair value or future cash ows of a nancial instrument will uctuate because of changes in
market prices. Market risk comprises three types of risk: currency risk, interest rate risk and price risk. We are mainly
exposed to currency and interest rate risks.
a. Currency Risk
Currency risk is the risk that the fair value or future cash ows of a nancial instrument will uctuate due to changes in
foreign exchange rates. We are exposed to limited foreign exchange risk on revenue and expenses denominated in a
foreign currency. The majority of these transactions are denominated in US dollars, Euros and British Pounds. The policy
on currency risk requires us to minimize currency risk to protect the value of foreign cash ows, both committed and
anticipated, from the negative impact of exchange rate uctuations.
We mitigate this risk by entering into forward exchange contracts. Accordingly, we have limited sensitivity to changes in
foreign exchange rates.
In terms of net foreign currency exposure, we are mostly exposed to the US dollar (expressed in Canadian equivalent
dollars) as follows:
March 31, 2023 March 31, 2022

Cash 5,725 4,203
Trade and other receivables 376 165
Accounts payable and accrued liabilities (2,832) (4,845)
Net exposure 3,269 (477)
Exposure to other foreign currencies is not signi cant (not signi cant - 2022).
b. Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash ows of a nancial instrument will uctuate due to changes
in market interest rates. Our notes receivable, bonds, investment in nance lease, bonds payable, obligations under
nance leases and notes payable bear xed interest rates and, as such, are subject to interest rate risk because the fair
value of the nancial instruments will be affected by changes in the market rates. However, a change in fair value would
not impact our pro t or loss.
For our short-term cash balances, we have a policy of maximizing interest revenue. We may place our cash in interest
bearing accounts with Schedule I Canadian banks. Consequently, the interest rate risk associated with the cash balances
is directly tied to the movements of the Bank of Canada’s Key Overnight Lending Rate and to the banks’ prime rates. To
manage interest rate risk, we deal with a number of banks to obtain competitive rates and to mitigate our exposure to any
one particular investment vehicle.

100
E. Fair Value
The carrying values and fair values of our nancial assets and nancial liabilities are listed in the following table:
March 31, 2023 March 31, 2022*

Carrying Fair Carrying Fair
values values values values Method¹ Note
Financial instruments measured at fair value
through pro t and loss on a recurring basis:
Cash 108,808 108,808 82,960 82,960 Level 1 (a)
Restricted cash 1,954 1,954 - - Level 1 (a)
Marketable securities 3,852 3,852 3,814 3,814 Level 2 (c)
Financial assets 114,614 114,614 86,774 86,774
Derivative nancial instruments - - 141 141 Level 2 (d)
Financial liabilities - - 141 141
Financial instruments measured at amortized cost:

Current
Bonds 74,476 74,533 59,692 59,834 Level 2 (b)
Promissory notes receivable 4,306 4,306 4,018 4,018 Level 2 (a)
Investment in nance lease 4,714 4,714 4,419 4,419 Level 2 (a)
Trade and other receivables 138,554 138,554 233,041 233,041 Level 2 (a)
Other assets 54 54 46 46 Level 2 (a)
Non-current
Bonds 10,280 10,170 14,422 14,029 Level 2 (b)
Promissory notes receivable 15,782 16,279 20,088 21,537 Level 2 (c)
Investment in nance lease 17,071 19,484 21,785 25,216 Level 2 (c)
Financial assets 265,237 268,094 357,511 362,140
Current
Accounts payable and accrued liabilities 119,024 119,024 107,111 107,111 Level 2 (a)
Financial obligations 38,230 38,230 36,938 36,938 Level 2 (a)
Non-current
Financial obligations 136,592 145,772 170,109 190,914 Level 2 (d)
Financial liabilities 293,846 303,026 314,158 334,963
¹Method refers to the hierarchy levels described in Note 2 B iii). Each level is based on the availability of observable inputs
used to measure the fair values of assets and liabilities.
There have been no transfers between levels during the year ended March 31, 2023.
(a) The fair values approximate their carrying value due to the current nature of these instruments.
(b) The fair values for bonds that trade in markets that are not considered to be active are based on quoted market prices,
dealer quotations or alternative pricing sources supported by observable inputs.
(c) The fair values related to the various amounts receivable were determined using the expected future cash ows and
discounted using published Government bond rates with similar terms and characteristics, adjusted by a factor that
re ects the credit worthiness of the various counterparties.
(d) The fair values related to our various nancial liabilities were determined using the expected future cash ows and
were discounted using published Government bond rates with similar terms and characteristics, adjusted by a factor that
re ects our credit worthiness.
101
21. CAPITAL MANAGEMENT
We are subject to Part III of the Broadcasting Act, which imposes restrictions on borrowings and requires authorization
from Parliament and approval from the Minister of Finance.
We de ne capital that we manage as the aggregate of our equity, which consists of retained earnings.
Our objectives in managing capital are as follows:
● To safeguard our ability to continue as a going concern;
● To fund our asset base; and
● To ful l our mission and objectives for the Government of Canada to the bene t of Canadians.
We manage our capital by performing a formal review on a regular basis of the actual results against set budgets, and
share this information with the Audit Committee and Board of Directors. Our overall strategy with respect to capital
management includes the balancing of our operating and capital activities with our funding on an annual basis. We make
adjustments to our capital management strategy in light of general economic conditions, the risk characteristics of the
underlying assets and our working capital requirements.
Our objectives, policies and processes for managing capital are consistent with those in place throughout 2021-2022.
We are not subject to externally imposed capital requirements.
22. RELATED PARTIES

Our related parties consist mainly of government departments, agencies, Crown Corporations, subsidiaries, our key
management personnel or close family members of these individuals, private companies over which we have signi cant
in uence, and the CBC Pension Plan. We are related in terms of common ownership to all Government of Canada created
departments, agencies and Crown corporations.

ESTIMATES AND
JUDGMENTS
We enter into transactions with these related parties in the normal course of There are no critical accounting
business, on normal trade terms applicable to all individuals and enterprises and at estimates or judgments related to
market prices. We record these transactions at fair value. related parties.
We have elected to take an exemption under IAS 24 Related Party Disclosures which
allows government related entities to limit the extent of disclosures about related
party transactions with government and other government related entities.
A. Transactions with Related Parties Excluding Government-Related Entities

The transactions carried out with related parties were at fair value and are not signi cant.
In addition, cash payments for our contributions to the de ned bene t plans are disclosed in Note 13B.
There are no signi cant amounts owing to related parties at March 31, 2023 (not signi cant - March 31, 2022) and no
expense was recognized in the current or prior periods for bad or doubtful debts in respect of the amounts owed by
related parties.
B. Transactions with Government-Related Entities

We are a Federal Crown Corporation that operates in an economic environment dominated by entities directly or indirectly
controlled by the federal government through its government authorities, agencies, affiliations and other organizations

102
(collectively referred to as “government-related entities”). We have transactions with other government-related entities
including but not limited to sales and purchases of goods and rendering and receiving of services.
Canada Mortgage Bonds
$84.8 million was invested in Canada Mortgage Bonds (CMB) during the year ($74.1 million - March 31, 2022). CMBs are
issued by Canada Housing Trust (CHT), a special purpose trust guaranteed by Canada Mortgage and Housing Corporation
(CMHC), another Crown Corporation, and backed by the Government of Canada.
C. Compensation of Key Management Personnel

Key management personnel are those people that have authority and responsibility for planning, directing and controlling
our activities. This includes the President and CEO, the Vice-Presidents and the Board of Directors.
The remuneration of the President and CEO and the Vice-Presidents during the year was as follows:
March 31, 2023 March 31, 2022

Short-term bene ts¹ 4,573 4,536
Post-employment bene ts² 2,206 2,459
Other bene ts³ 281 353
Total 7,060 7,348
¹Short-term bene ts include wages, salaries, social security contributions, paid annual leave, short-term disability, incentive pay (if
payable within twelve months of the end of the period) and other bene t packages (healthcare, life insurance, dental and accident
insurance) for current employees.
²Post-employment bene ts such as pensions and post-employment life insurance.
³Other bene ts include long-term incentive pay, long-term disability, worker's compensation and termination bene ts. Termination
bene ts that are payable due to the Corporation terminating employment before the normal retirement date or an employee's decision
to accept an offer of voluntary departure. Termination bene ts include termination payments, severances and long-service gratuity.
The total compensation paid to members of the Board of Directors, excluding the President and CEO, during the year was
$0.2 million ($0.2 million - 2022).
The remuneration of key management personnel is determined as follows:
● Members of the Board of Directors, except the President and CEO, receive meeting fees for Board and
Committee meetings based on a fee schedule established by Corporations’ by-laws (as approved by the Minister
of Canadian Heritage). The Chair of the Board also receives an annual retainer.
● The Vice-Presidents’ remuneration is approved by the Board of Directors upon recommendation of the Human
Resources and Governance Committee, having regard to the performance of individuals and market trends.
● The President and CEO is compensated in accordance with the terms of the Order-in-Council appointing her.
103
23. COMMITMENTS
A commitment is an agreement that is enforceable and legally binding to either make or receive a payment in the future
for the purchase or provision of goods and services. These amounts are not recognized in these consolidated nancial
statements since we have yet to receive or provide the goods or services contractually agreed upon.
A. Program Related and Other

This note shows amounts to which we are contractually committed, but which do not meet the criteria for inclusion in our
Consolidated Statement of Financial Position.
March 31, 2023 March 31, 2022

Facilities Management 54,665 63,982
Programming 293,390 328,927
Transmission and distribution 52,287 11,891
Maintenance and support 83,279 72,991
Property and equipment and intangibles¹ 13,688 2,770
Other 54,825 54,530
Total 552,134 535,091
¹Property and equipment and intangibles does not include any amount related to contractual commitments for the acquisition of
intangible assets as at March 31, 2023 (Nil - March 31, 2022).
The future aggregate payments are as follows:
March 31, 2023 March 31, 2022

Total 552,134 535,091
Commitments related to nancial obligations are disclosed in Note 20 C.
B. Non- Lease components

IFRS 16 Leases requires non-lease components, such as other operating expenditures, to be excluded from the lease
liabilities. The non-lease components are recognized as expenses on a straight-line basis and the future aggregate
payments of these non-lease components are presented below.
March 31, 2023 March 31, 2022

Total 412,370 413,049
The amounts presented above include a total of $404.9 million (2022 - $412.5 million) representing operating costs and
property taxes payable.
24. CONTINGENT ASSETS

Additional consideration may be payable to the Corporation with respect to some of our retransmission rights for past
periods. The receipt of this additional consideration is probable, however no contingent asset has been recognized as a
receivable at March 31, 2023 as the receipt of the amount is dependent on the outcome of legal proceedings.
Management determined that it is not practicable to make an estimate of the potential impact of this contingent asset.

104

BC1 2023 Eng

Uploaded by

Copyright:

Available Formats

BC1 2023 Eng

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

BC1 2023 Eng

Uploaded by

Copyright:

Available Formats

CBC/RADIO-CANADA’S COMMITMENT

TO TRANSPARENCY AND ACCOUNTABILITY

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 2

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 4

1 CUSTOMIZED DIGITAL SERVICES

3 PRIORITIZING OUR LOCAL CONNECTIONS

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 6

5 TAKING CANADA TO THE WORLD

37e Prix Gémeaux Infoman

70 Bye bye 2021

2023 New York

Radio-Canada CBC CBC

2023 Gracie Awards CBC News

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 8

At the heart of international news

En direct du monde | Radio-Canada

WHO WE ARE OUR MISSION OUR VISION OUR VALUES

● Be predominantly and distinctively Canadian;

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 12

Our Operating Environment

INCREASING DIGITAL MEDIA CONSUMPTION

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 14

2022-2025 Equity, Diversity and Inclusion Plan

CBC Gem and ICI TOU.TV: Streaming in perfect harmony

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 16

CUSTOMIZED DIGITAL SERVICES

ENGAGING WITH YOUNG AUDIENCES

Target met or exceeded Target partially met

REFLECTING CONTEMPORARY CANADA

Target met or exceeded Target partially met

Our Performance – Media Lines

Target met or exceeded Target partially met

Target met or exceeded Target partially met

YEARLY RESULTS RESULTS

Prime time 80% 95% 94%

Prime time 80% 83% 81%

The Library Partnerships

BREAKDOWN OF DESIGNATED GROUPS AMONG OUR WORKFORCE AS OF JANUARY 1, 202317

INDIGENOUS PERSONS WITH

Our infrastructure costs by asset type

Modernizing our facilities

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 24

The Journey Forward — The National Indigenous Strategy

2022-2023: 1,272M Government funding recognized in income increased by 2.6%.

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 26

Revenue and Other Sources of Funds

Cash from (used in) operating activities

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 28

Cash from (used in) nancing activities

Total borrowing authority available 220,000

For the year ended March 31 2023 2022 % change

Our total advertising revenue decreased by $130.9 million ( 31.2%).

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 30

For the year ended March 31 2023 2022 % change

Financing, investment and other income ( 4.6%)

Key variances of nancing, investment and other income are as follows:

Other operating expenses ( 0.3%)

Other operating expenses remained stable ( 0.3%) compared to last year.

MANAGEMENT DISCUSSION AND ANALYSIS | ANNUAL REPORT 2022-2023 32