Effective: January 29, 2018
Applicable FAM Policies: 635 – Write-off of Debts or Obligations
Applicability: GNWT Departments and Public Agencies

The Department of Finance coordinates all FMB Write-off submissions for financial assets on behalf of Departments and Public Agencies.

Write-offs do not relieve the debtor of their obligation to pay, nor is a write-off required to reduce the carrying value a financial asset (by recording a valuation allowance) as required by Public Sector Accounting Standards. 

The Department of Finance, Collections Section maintains and makes available on request to Government departments, and Public Agencies, a database of write-offs (of current,  cross-referenced principals for Business Entities and Individuals) listing every debt that has been written-off by the Government and public agencies. 

Government departments and public agencies having the authority to write off their own debts within authorized limits must ensure all names are submitted to Financial Reporting & Collections for inclusion into the database.

Write-off of Monies owed to GNWT or Public Agency

Limits to the authority to write-off an asset, debt or obligation are as follows:

• Financial Management Board                                   any amount
• Minister                                                                     $50,000
• Deputy Head                                                             $25,000
• Governing body of a Public Agency                          any amount