Department of Finance Canada

  1. I would like to begin by acknowledging that we are gathered on the traditional territories of several First Nations, including the Huron-Wendat Nation.
  2. In addition to the base Canada Carbon Rebate amounts, starting this year, the federal government is proposing, through legislative amendments in Bill C-59, to double the rural top-up to 20 per cent, in recognition of rural Canadians’ higher energy needs and more limited access to cleaner transportation options.
  3. In provinces that request it or do not have their own carbon pricing system that meets the federal benchmark, a federal fuel charge is put in place. Currently, the fuel charge applies in the provinces of Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador. All direct proceeds are returned within the province where they were collected, primarily through the quarterly Canada Carbon Rebate, directly to Canadians.
  4. Our government is working every day to deliver for Canadians across the country—from our big cities to our smallest towns. And the actions we’re announcing today will help to ensure that Canada’s small towns remain a great place to call home—today and for years to come.
  5. Today’s action will help rural Canadians find the homes they need at prices they can afford and access the high-quality, universal public health care they deserve close to home. By working with provinces and territories and municipalities to build more homes and strengthen public health care, the federal government is using all available tools to deliver for Canadians.
  6. The Deputy Prime Minister will provide an update on the government’s economic plan.
  7. Remarks by the Deputy Prime Minister on new support for asylum claimants in Toronto
  8. Remarks by the Deputy Prime Minister announcing new action to make rent more affordable
  9. Today, as part of Canada's economic plan, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government is taking new action to deliver rent support to low-income renters, open more emergency shelter spaces in cities across the country, and crack down on corporate greed to make groceries more affordable.
  10. The Deputy Prime Minister will provide an update on the government’s economic plan. She will be joined by the Minister of Innovation, Science and Industry, François-Philippe Champagne, and the President of the Treasury Board, Anita Anand.
  11. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend by an additional two years the existing ban on foreign ownership of Canadian housing.
  12. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the reappointment of Marie Lemay as the President and CEO of the Royal Canadian Mint for a five-year term. Ms. Lemay was first appointed to this role in January 2019.
  13. Ms. Marie Lemay was first appointed as the President and CEO of the Royal Canadian Mint in January 2019. With 20 years of service in senior government positions, she has an extensive background in public administration. Prior to her appointment, Ms. Lemay served as Deputy Minister and Deputy Receiver General for Canada at Public Services and Procurement Canada, from 2016 to 2019.
  14. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Ahmed Hussen, Minister of International Development, announced that the federal government will provide over $162 million in additional support to the City of Toronto.
  15. The Government of Canada is continuing to deliver on its economic plan by today launching consultations on improving support for research and development and on creating and retaining intellectual property in Canada.
  16. Remarks by the Deputy Prime Minister on taking further action to build more homes, faster
  17. Today, as part of Canada's economic plan, the government announced further action to build more homes, faster, by supporting the construction of student housing.
  18. Ottawa, Ontario – The Deputy Prime Minister will provide an update on the government’s economic plan. She will be joined by the Minister of Housing, Infrastructure and Communities, Sean Fraser, the Minister of Innovation, Science and Industry, François-Philippe Champagne, the President of the Treasury Board, Anita Anand, and the Minister of Immigration, Refugees and Citizenship, Marc Miller.
  19. Whether it’s helping Canadians to save for their first home, like those half a million Canadians who’ve now opened a First Home Savings Account, or getting more homes built faster, our government is going to continue working every single day to deliver for Canadians and to make housing more affordable for people from coast to coast to coast.
  20. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, visited Canary Landing in Toronto to highlight how Canada’s economic plan is putting homeownership back within reach and building more homes, faster.
  21. Today’s announcement alone will fast-track nearly 12,000 new homes in Toronto over the next three years, and more than 53,000 homes over the next decade.
  22. Remarks by the Deputy Prime Minister welcoming the Canada Growth Fund’s first carbon contract for difference
  23. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, pursuant to her authorities under the Bank Act, approved the sale of HSBC Bank Canada (HSBC) to Royal Bank of Canada (RBC), subject to strict terms and conditions imposed on RBC.
  24. On December 21, 2023, the federal government granted the regulatory approval to allow the sale of HSBC Bank Canada (HSBC) to the Royal Bank of Canada (RBC).
  25. The representatives of the Group of Creditors of Ukraine (GCU) and the Government of Ukraine signed on December 21, 2023 an Amendment to the Memorandum of Understanding (MoU) on Debt Service Suspension of Ukraine concluded on September 14, 2022. This Amendment extends the Debt Service Suspension until the end of March 2027, corresponding to the end of the current IMF program. It aims at implementing the first phase of the financing assurances provided by the GCU on March 24, 2023 to support the approval of the program by the IMF Executive Board of Directors.
  26. The Government of Canada is continuing to deliver its economic plan by today launching consultations to advance major economic investment tax credits and create good jobs, crack down on short term rentals and make housing more affordable, and ensure the fairness of Canada’s tax system.
  27. Statement of the G7 and Australia on Price Cap Rule Updates for Seaborne Russian-Origin Oil and Petroleum Products
  28. Today in Calgary, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the announcement of the second investment by the Canada Growth Fund—and the world’s first carbon credit offtake agreement of its kind.
  29. Today, the Government of Canada is providing an update on federal support for Canada’s innovation ecosystem, with a focus on improving existing programs that support Canadian businesses.
  30. Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates for 2024.
  31. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Susana Lee as a member of the Canadian International Trade Tribunal (CITT), as well as the reappointment of Cheryl Beckett and Georges Bujold. All three appointments are for five-year terms.
  32. Ms. Susana Lee is a lawyer qualified in Ontario, New York, and Washington D.C., and a Certified Customs Specialist with experience in trade remedies, customs, and government procurement matters. In addition, Ms. Lee has expertise with Canada’s trade controls, including export and import controls, economic sanctions, and defense-related controlled goods, as well as on regulatory law matters.
  33. Mr. Georges Bujold has been a member of the Canadian International Trade Tribunal since October 2018.
  34. Ms. Cheryl Beckett has been a member of the Canadian International Trade Tribunal since October 2018.
  35. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Alicia Damley and Charles Malone to the Canada Development Investment Corporation (CDEV) Board of Directors for four-year terms, as well as the reappointment of Sandra Rosch for a three-year term.
  36. Ms. Alicia Damley has over 25 years professional experience which includes defining board governance, corporate oversight and renewal, leading and implementing risk and assurance best practices, and generating investment returns.Ms. Damley began her career as a public accountant at Deloitte, with responsibility for audit and risk assurance services. Over this tenure, she provided a broad range of advisory and forensic services, functional risk assessments, financial reporting and accounting standards reviews, and fraud investigations and resolution.
  37. Ms. Sandra Rosch has been a director of Canada Development Investment Corporation (CDEV) since 2015, serving on the boards and various committees of several of CDEV’s subsidiaries. She is currently Chair of the Canada Enterprise Emergency Funding Corporation.
  38. Mr. Charles Malone has three decades of experience in major capital project delivery, governance and assurance, health safety and environment (HSE), enterprise risk management, business improvement, organizational change and corporate strategy in the Energy sector and value chain.
  39. We are strengthening Canada’s universal public health care system through the historic $198 billion investment our government made earlier this year, and we are negotiating bilateral agreements which will help provide Canadians with the high quality care they deserve.
  40. We are together strengthening Canada’s universal public health care system through the historic $198 billion investment our government made earlier this year. We signed our first bilateral agreement, with Minister Katrine Conroy’s government in B.C., in October.
  41. Today, Bill C-56, the Affordable Housing and Groceries Act, received Royal Assent.
  42. The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced that the federal government will deliver an historic $99.4 billion in major federal transfers to provinces and territories in 2024-25, in addition to other significant financial support provided by the federal government. This represents an increase of $4.8 billion in major transfers from 2023-24.
  43. At a time when there is so much division in so many countries in the world, I am pleased to report to Senators that Bill C-56 passed unanimously in the House on Monday, and I really hope that it will have the same support here.
  44. Whether it is building more homes, faster, making life more affordable, or growing our economy and creating great careers for people right across Canada, we want to hear about what matters most to Canadians.
  45. Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining at its current level the minimum qualifying rate for uninsured mortgages. This rate came into effect on June 1, 2021, and was last reaffirmed on December 15, 2022.
  46. The government’s economic plan is building more homes, faster, making life more affordable, and creating good jobs for Canadians from coast to coast to coast. The suggestions received from Canadians will ensure that the government can address the challenges that matter most to Canadians and build an economy that works for everyone.
  47. Remarks by the Deputy Prime Minister at the Standing Committee on Finance regarding the government’s plan to build more homes, faster
  48. At my instruction on June 14, 2023, the Government of Canada immediately halted all government-led activity at the Asian Infrastructure Investment Bank (AIIB). This urgent step was taken after serious concerns were raised about the AIIB by a former employee.
  49. Next week in Toronto, Ontario, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will host the annual meeting of federal, provincial, and territorial Finance Ministers.
  50. I will first provide an update on our new Tax-Free First Home Savings Account. I will then pass it to Minister Fraser, who will speak about how we are supporting co-op housing providers to build more homes, faster, for Canadians.