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We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression. Our economy shrank by 17 per cent and it’s been tough getting out of that. In recent weeks, we’ve had some good news. What we’ve been seeing is light at the end of the tunnel. We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan. She will be joined by the Minister of Public Services and Procurement and Quebec Lieutenant, Jean-Yves Duclos, the Minister of Health, Mark Holland, and the Minister for Women and Gender Equality and Youth, Marci Ien.
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Statement by the Deputy Prime Minister and Minister of Finance on the Extraordinary Revenue Acceleration Loan Mechanism and Russian Sovereign Assets
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G7 Finance Ministers’ Statement on Extraordinary Revenue Acceleration (ERA) Loan Initiative
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Remarks by the Deputy Prime Minister on measures to help Canadians buy or rent a home
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This week, from October 23 to 25, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the Fall Meetings of G7 and G20 Finance Ministers and the Annual Meetings of the International Monetary Fund (IMF) and World Bank in Washington D.C.
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Workers are at the heart of Canada’s economy. For our economy and for every generation to reach their full potential, Canadian workers need good-paying jobs. We’re doing this by making investments that increase productivity, boost innovation, and accelerate the flow of capital into Canada. And we’re doing everything we can to protect Canadian workers from unfair competition.
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan. She will be joined by the Minister of Public Services and Procurement and Quebec Lieutenant, Jean-Yves Duclos, and the Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault.
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Canadian workers, the auto sector, the steel and aluminum industries, and related critical manufacturing supply chains are threatened by unfair competition from Chinese producers, who benefit from China’s intentional, state-directed policy of overcapacity and oversupply, as well as its lack of rigorous labour and environmental standards. The federal government has recently implemented a suite of tariffs (also known as surtaxes) on certain Chinese imports to level the playing field and protect Canada’s workers and businesses from China’s unfair trade policies. These include:
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The federal government’s generational investments like the Canada Child Benefit, which provides families with up to nearly $8,000 per child, per year, help cover the costs of essentials children need. We’re building on this support by providing healthy meals at school, so children have what they need to learn, grow, and succeed—regardless of their family’s circumstances.
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Canada’s small- and medium-sized businesses create good-paying jobs, keep main streets flourishing across the country, and deliver the dream of entrepreneurship.
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Biographical Notes – Shereen Miller
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Shereen Miller as Commissioner of the Financial Consumer Agency of Canada (FCAC) for a five-year term, beginning on November 7, 2024.
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Today, we issued an additional $2 billion in green bonds. That brings our green bond issuance in total to $11 billion. We are finding there is high demand for Canadian green bonds. It’s a space where we’re going to continue to be active.
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This week, the Government of Canada successfully re-opened its second Canadian-dollar-denominated green bond, following its initial issuance in February 2024. This $2 billion re-opening of a 10-year bond is part of a commitment to regular green bond issuances.
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Today, I will tell you about the new measure our government is taking to build new housing. Minister Jean-Yves Duclos (Minister of Public Services and Procurement) will tell you about the latest additions to the Canada Public Land Bank, a very important program that continues. And after that, Minister Terry Beech (Minister of Citizens’ Services) will tell you about the impact of these measures for Canadians.
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Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighted how the government’s bold mortgage reforms will make it more affordable to buy a home and unlock the dream of homeownership for more Canadians.
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The federal government is leading the world with a bold climate plan to grow our economy and reach net-zero emissions by 2050. Achieving this goal will require between $125 billion and $140 billion in investment into Canada every year. As a cornerstone of Canada’s net-zero economic plan, the federal government’s $93 billion suite of major economic tax credits are already available to help attract this investment.
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The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
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This re-opening follows the successful issuance of a 10-year, $4 billion green bond in February 2024, which saw robust investor demand as demonstrated by a final order book of $7.4 billion. The February issuance is the government’s second green bond, following the successful issuance of Canada’s first 7.5-year, $5 billion green bond in March 2022.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement, and the Honourable Terry Beech, Minister of Citizens’ Services, announced significant progress in the federal government’s work to unlock more land in our communities for housing.
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Mortgage Insurance Rule Changes to Enable Homeowners to Add Secondary Suites
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan. She will be joined by the Minister of Public Services and Procurement, Jean-Yves Duclos, and the Minister of Citizens’ Services, Terry Beech.
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Today’s announcement is really what happens when different levels of government, the city and the federal government, work together for the people who we represent.
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Canada has now been the first G7 country to cut interest rates for the first time, the first G7 country to cut interest rates for a second time, and the first G7 country to cut interest rates for a third time, and we have now seen wages outpacing inflation for 19 months in a row.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Honourable Rechie Valdez, Minister of Small Business, and the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement, announced a comprehensive suite of measures to help small- and medium-sized businesses start up, grow, and thrive.
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By the end of this year, a portion of fuel charge proceeds from 2019-20 through 2023-24 will be returned to approximately 600,000 Canadian-controlled private corporations with 1 to 499 employees through this new refundable tax credit.
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Canadian workers, the auto sector, the steel and aluminum industries, and related critical manufacturing supply chains are threatened by unfair competition from Chinese producers, who benefit from China’s intentional, state-directed policy of overcapacity and oversupply, as well as its lack of rigorous labour and environmental standards. That is why the federal government is taking further action to protect Canada’s workers and investments from China’s unfair trade policies.
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The federal government will apply a 25 per cent surtax on imports of steel and aluminum products from China, effective October 22, 2024. The surtax will not apply to Chinese goods that are in transit to Canada on the day on which this surtax comes into force.
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan. She will be joined by the Minister of Public Services and Procurement, Jean-Yves Duclos, the Minister of Export Promotion, International Trade and Economic Development, Mary Ng, and the Minister of Small Business, Rechie Valdez.
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Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside Gary Anandasangaree, Minister of Crown-Indigenous Relations, and Olivia Chow, Mayor of Toronto, highlighted how the federal government is working with the City of Toronto to accelerate public transit for Torontonians.
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Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, on September 16, 2024, the federal government announced the boldest mortgage reforms in decades.
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The federal government has the most ambitious housing plan in Canadian history—including building 4 million new homes—to make housing more affordable for Canadians. This plan will build a Canada that is fairer for every generation of Canadians, where they can get ahead, where their hard work pays off, and where they can buy a home.
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The federal government has the most ambitious housing plan in Canadian history—including building 4 million new homes—to make housing more affordable for Canadians. This plan will build a Canada that is fairer for every generation of Canadians, where they can get ahead, where their hard work pays off, and where they can buy a home.
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan. She will be joined by the Minister of Public Services and Procurement, Jean-Yves Duclos, and the Minister of Housing, Infrastructure and Communities, Sean Fraser.
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Welcome to the first economic press conference of the season. I will speak about the Canadian economy and the new mortgage rules. Minister Virani will talk about the new framework to protect renters and home buyers. Finally, Minister Boissonnault will speak about what these new mortgage rules will mean for young workers and for families across Canada.
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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
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The federal government has the most ambitious housing plan in Canadian history—including building 4 million new homes—to make housing more affordable for Canadians. This plan will build a Canada that is fairer for every generation of Canadians, where they can get ahead, where their hard work pays off, and where they can buy a home.
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan.
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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced the federal government is delivering $7.3 billion in grants and interest-free loans to students this academic year. The federal government’s record-high support for students is made possible by measures announced in Budget 2024:
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Canada is today launching a second 30-day consultation, from September 10, 2024, to October 10, 2024, on potential surtaxes in response to unfair Chinese trade practices.
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I am delighted to be at Evergreen Brick Works today. And I am really glad to be here with my friend and neighbour MP Julie Dabrusin, and glad to be here with Lois Lindsay (the Chief Program Officer at Evergreen Brick Works) and Jennifer Angel (CEO of Evergreen Brick Works).
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Canada strongly supports international efforts to end the corporate tax race to the bottom and to ensure that all corporations, including the world’s largest corporations, pay their fair share wherever they do business.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Elizabeth Whitsitt as a member of the Canadian International Trade Tribunal (CITT) for a 5-year term.
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Ms. Elizabeth Whitsitt is an Associate Professor with the Faculty of Law at the University of Calgary. Her research is focused on the intersection of trade law and investment arbitration, with a specialization on the role that adjudicators play between international trade and international investment law regimes.
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Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced an investment of nearly $2.4 million to retrofit the TD Futures Cities Centre at Evergreen Brick Works. Evergreen, the national non-profit that stewards the site, was incorporated in 1991 and is dedicated to transforming public spaces for people and planet. In addition, Evergreen is providing just over $1.5 million through corporate donors, fundraising and its own funds.
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Our investment tax credits are already working to give businesses like Shell the certainty and the support they need to make historic investments in Canada that create great jobs while reducing our emissions at the same time. We are also supporting Canadian workers, and good-paying jobs in Canada, by linking many of our investment tax credits to labour requirements. That gives businesses and employers an incentive to pay a prevailing union wage and to create apprenticeship opportunities.
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Canada’s auto manufacturing industry directly supports over 125,000 good-paying Canadian jobs, many of which are unionized, and our electric vehicle (EV) supply chain potential is ranked first in the world. Similarly, Canada’s steel and aluminum sectors support over 130,000 jobs across the country.
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The federal government intends to apply a 25 per cent surtax on imports of steel and aluminum products from China, effective October 15, 2024.
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The Government of Canada intends to implement a 100 per cent surtax on all Chinese-made EVs, effective October 1, 2024. This includes electric and certain hybrid passenger automobiles, trucks, buses, and delivery vans.
