Department of Finance Canada

  1. Certainly from the federal government’s perspective, even as we face the big and important challenges of today—even as we recognize we need to meet the moment when it comes to building that clean economy, creating those Canadian jobs, and supporting our health care system—we recognize we’re doing it at a time of real fiscal constraints and when fiscal responsibility is important as well.
  2. Today I hosted a provincial and territorial Finance Ministers’ meeting. This was a return to in-person meetings and it was helpful to get together and to see each other face-to-face. We had a very rich, wide-ranging conversation today working together on key priorities for Canadians.
  3. On 4 February 2023, members of the Price Cap Coalition reached consensus on the maximum prices for seaborne Russian-origin petroleum products.
  4. Today, Canada, our G7 partners, and Australia are moving forward with two price caps for seaborne Russian-origin petroleum products, which build on the Russian crude oil price cap announced on December 2, 2022.
  5. Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, hosted a meeting with provincial and territorial Finance Ministers to discuss the state of the Canadian economy and a range of shared priorities.
  6. Yesterday in Ottawa, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, met with the European Union (EU) Commissioner for Internal Market, Thierry Breton.
  7. The Deputy Prime Minister and Minister of Finance will host an in-person meeting with provincial and territorial Finance Ministers in Toronto, Ontario.
  8. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of David Dominy, Ernie Daniels, and Shelley Williams as Directors on the Board of the Bank of Canada.
  9. Biographical Notes – Shelley Williams
  10. Mr. David Dominy has over 25 years of CEO experience, most recently with Canada’s largest domestically-owned Money Services Business, FIRMA Foreign Exchange Corporation, from 2014 to 2022. He is an expert in financial management and analysis, risk management and strategic planning with a proven track record of attracting and leading exceptional leadership talent. Since 2003, he has also provided investment and advisory services as president of 3D Capital Inc.
  11. Biographical Notes – Ernie Daniels
  12. Today in Washington, D.C., the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, met with the Secretary of the Treasury of the United States, Janet L. Yellen.
  13. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Sean Strickland to the Canada Development Investment Corporation (CDEV) Board of Directors, and the reappointment of Stephen Swaffield as Board Chair, both for a four-year term.
  14. Stephen Swaffield has significant experience in Canada’s financial and energy sectors. He has held senior roles with Canaccord Financial, Tarasen Inc., and RBC Capital Markets.
  15. Sean Strickland is a senior construction executive with extensive experience in design-build-finance-operate and maintain and public-private partnerships delivery methods.
  16. Throughout 2022 and looking ahead to the new year, our commitment to supporting Ukraine remains unwavering. The G7 will continue to stand firmly with Ukraine for as long as it takes. We reiterate the statement made by our Leaders on 12 December 2022 and join them in condemning Russia’s war of aggression and the resulting tragic loss of human lives as well as Russia’s continuous inhumane and brutal attacks targeting critical infrastructure, in particular energy and water facilities, and cities across Ukraine. We have a moral imperative to help Ukraine resist Russia’s unprovoked assault – an assault which is also an attack on the underpinnings of the rules-based international system.
  17. I am so happy to announce that parents in Ontario will see their child care fees reduced by 50 per cent on average by the end of this year. And Ontario is on track to see child care fees of just $10-a-day by March 2026.
  18. Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023.
  19. Today, Canada disbursed the $500 million loan through the International Monetary Fund’s (IMF) multi-donor Administered Account for Ukraine.
  20. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the Government of Canada will provide a record $94.6 billion in major transfer funding to provinces and territories in 2023-24.
  21. Today, Bill C-32, the Fall Economic Statement Implementation Act, 2022, received Royal Assent. With the passage of this legislation, the government is delivering on key measures from the 2022 Fall Economic Statement to help families cope with increasing costs, make housing more affordable, and strengthen and build a thriving net-zero economy with opportunities and good jobs for Canadians.
  22. Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining the minimum qualifying rate for uninsured mortgages at its current level. This rate came into effect on June 1, 2021, and was reaffirmed on December 17, 2021.
  23. With the Canadian economy facing global headwinds and Canadians contending with the impacts of global inflation and elevated interest rates, the suggestions received from Canadians will inform measures and investments in Budget 2023 that will help build an economy that works for everyone.
  24. I would like to begin by acknowledging that we are gathered on the traditional territories of many nations, including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples.
  25. The Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced today at the Standing With the Ukrainian People conference in Paris, France, that Canada will transfer $115 million in tariff revenues collected on imports from Russia and Belarus to repair Kyiv’s power grid following repeated Russian attacks against Ukraine’s energy infrastructure.
  26. The Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will represent Canada at the Standing With the Ukrainian People conference in Paris, France, on December 13.
  27. Mr. Chair, it is my pleasure to appear before all of you to discuss Bill C-32—the Fall Economic Statement Implementation Act. I want to briefly outline some of the key measures in Bill C-32 that I hope Senators will support.
  28. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the International Monetary Fund (IMF)’s Staff Report for the 2022 Article IV Consultation, which concludes its annual Article IV mission to Canada.
  29. Today, Canada, G7 partners and Australia are moving forward with a plan to weaken Putin’s ability to fund his illegal war against Ukraine by imposing a maximum price cap on seaborne Russian-origin crude oil.
  30. With this decision today, we deliver on the commitment of G7 Leaders at their summit in Elmau to prevent Russia from profiting from its war of aggression against Ukraine.
  31. The federal government has taken important steps to position Canada at the forefront of the fight against climate change and to seize the economic opportunities provided by the global transition to net-zero. Helping Canadian companies adopt clean technologies will create jobs, ensure Canadian businesses remain globally competitive, and reduce Canada’s emissions.
  32. Today, the Government of Canada successfully completed the issuance of a five-year $500 million Ukraine Sovereignty Bond, first announced last month by the Prime Minister. The funds will assist the Government of Ukraine so it can continue to provide essential services to Ukrainians this winter, such as pensions, the purchasing of fuel, and restoring energy infrastructure.
  33. Mr. Chair, it is my pleasure to appear before you and Members of the committee to discuss Bill C-32—the Fall Economic Statement Implementation Act.
  34. Today HSBC Holding plc and the Royal Bank of Canada (RBC) have announced that they have concluded an agreement for the sale of HSBC Bank Canada (HSBC) to RBC, subject to the necessary regulatory approvals.
  35. I would like to thank everyone who has taken the time to be here today to talk about how we can support Ukraine in its brave and hard fight to win this war, and in the absolutely essential work of rebuilding Ukraine after Ukraine’s victory.
  36. The federal government applies a price on pollution in jurisdictions that do not have their own pollution pricing systems which meets the federal benchmark. Specifically, in 2023-24, the federal fuel charge will continue to apply in Alberta, Saskatchewan, Manitoba, and Ontario, and will come into effect as of July 1, 2023 in Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
  37. To offer Canadians an opportunity to directly support the brave people of Ukraine, the Government of Canada is today launching the $500 million Ukraine Sovereignty Bond, first announced last month by the Prime Minister. The funds will assist the Government of Ukraine so it can continue to provide essential services to Ukrainians this winter, such as pensions, the purchasing of fuel, and restoring energy infrastructure.
  38. Today, Bill C-31, the Cost of Living Relief Act, No. 2 (Targeted Support for Households), received Royal Assent. This legislation delivers two targeted affordability measures for the Canadians who need it most: the Canada Dental Benefit and a one-time top-up to the Canada Housing Benefit.
  39. Judith Athaide is a certified corporate director, professional engineer, entrepreneur and energy sector professional. Ms. Athaide is the President and CEO of The Cogent Group Inc., and a Corporate Director.
  40. The Government of Canada is committed to appointing highly qualified candidates who are able to best serve the interests of Canadians, through open, transparent and merit-based selection processes for all Governor-in-Council appointments.
  41. When we were in Edmonton just a few weeks ago, one of the things we spoke about was the role that union workers are playing and will play in helping to build a thriving worker-driven economy as Canada navigates the road to net-zero. That was one of the pillars of the Fall Economic Statement I tabled last Thursday: a growing economy that will create good jobs for workers across the country—an economy that will have workers, union workers, leading the way.
  42. Throughout the past week, the Honourable Randy Boissonnault, the Minister of Tourism and Associate Minister of Finance, highlighted the government’s efforts to build an economy that works for everyone in communities across Canada, specifically underlining support for students, workers and the tourism industry. Minister Boissonnault met with Canadians and key stakeholders in several cities, including business leaders and students in Winnipeg, union members and students in Windsor, announced additional investments in clean technology innovation in Edmonton, and ended with meetings in Québec City today. Minister Boissonnault was joined by the Honourable Jean-Yves Duclos, the Minister of Health, and Joël Lightbound, the Member of Parliament for Louis-Hébert.
  43. Good afternoon.First, I want to acknowledge that the land we are gathered on is part of the Treaty Lands and Territory of the Mississaugas of the Credit First Nation. I am delighted to be here in Milton today with the incredible people of DSV, and with my friend and colleague, Adam van Koeverden. He is such a great voice for the people of Milton in Ottawa.
  44. I would first like to acknowledge that we are meeting on the traditional unceded territory of the Kanien'kehá:ka nation, which has long served as a place of gathering and exchange between nations.
  45. As you just heard from the Prime Minister, the key message of the Fall Economic Statement that we tabled yesterday is making sure that we’re there for Canadians. We’re working to deliver hundreds of dollars in new support to low-income renters.
  46. On November 10, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, will be in Québec City to highlight the 2022 Fall Economic Statement, the Government of Canada’s plan to continue its sound stewardship of the economy, make life more affordable, and build an economy that works for everyone.
  47. On November 9, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, will be in Windsor, Ontario to highlight the 2022 Fall Economic Statement, the Government of Canada’s plan to continue its sound stewardship of the economy, make life more affordable, and build an economy that works for everyone.
  48. On November 7, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, will be in Winnipeg, Manitoba to highlight the 2022 Fall Economic Statement, the Government of Canada’s plan to continue its sound stewardship of the economy, make life more affordable, and build an economy that works for everyone.
  49. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, introduced Bill C-32, the Fall Economic Statement Implementation Act. This legislation includes key measures from the 2022 Fall Economic Statement to help families cope with increasing costs, like rising prices at the checkout counter; to make housing more affordable; and to strengthen and build a thriving net-zero economy with opportunities and jobs.
  50. The International Development Association (IDA) is the World Bank Group’s principal financing tool for the world’s poorest countries, providing them with zero and low-interest loans and grants.