There is a big difference between financing the government and influencing the cost of government financing. Through QE, the Bank of Canada is doing the latter—we are lowering the cost of borrowing for the government. But most importantly, we are lowering the cost of borrowing for everyone in the economy. To put it simply: we are not providing a free lunch for the government.
The government will have to repay the bonds that we purchase through our QE program when they reach maturity. I should note that QE operations may result in a profit or loss for the Bank because of the difference in interest rates between our borrowing cost and the return on government bonds.