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The article examines the role of several literary award giving bodies on the cultural policy of Canada relative to its involvement in international free trade agreement. It attempts to trace the implications of free trade on the cultural policy of the country, particularly in terms of funding for cultural agencies and activities. Moreover, it cites the emergence of literary award giving bodies financed by corporations, such as the Giller Prize, Griffin Award, and the Charles Taylor Award, that resulted to the privatization of Canadian Literature.