Department of Finance Canada

  1. In the face of the COVID-19 pandemic, the government acted swiftly to provide support to protect Canadians and support people and businesses, adapting its response as the pandemic evolved. The government’s broad suite of support measures has helped families, protected jobs, and supported businesses across Canada. More than eight of every ten dollars spent to fight COVID-19 and support Canadians continues to come from the federal government.
  2. A long-term plan for a faster-growing Canadian economy must include housing that is affordable for working Canadians, especially young families. Stable housing is critical for communities and for a strong middle class.
  3. The worst economic impacts of the pandemic have been suffered by those who could least afford it. Low-wage workers have been up to six times more likely to suffer layoffs than wealthy Canadians.
  4. The impact of COVID-19 on workers and businesses in tourism, arts, and culture has been severe. With the rollout of vaccines underway, businesses in the tourism, arts, and culture sectors are getting ready to welcome Canadians back to experience the great places and activities this country has to offer—when it is safe to do so. Canadians are also eager to return to the local festivals and places they know and love.
  5. COVID-19 has affected all Canadians, but women have been disproportionately affected. In the labour market, women were hit earlier and harder, and their jobs continue to recover more slowly. Long-standing gender inequities have only been amplified over the course of the pandemic—and it has put decades of hard-fought gains for women in the workplace at risk.
  6. No relationship is more important to the federal government than the relationship with Indigenous peoples. The federal government continues to work with Indigenous peoples to build a nation-to-nation, Inuit-Crown, government-to-government relationship—one based on respect, partnership, and recognition of rights.
  7. The pandemic has made access to early learning and child care a universal issue that is resonating across sectors, regions, and income brackets. School and child care centre closures have been difficult for parents. Some have had to leave their jobs, or reduce their hours significantly. Without access to child care, parents cannot fully participate in our economy.
  8. Climate change is the challenge of our times. And it is also one of our greatest opportunities. Climate action creates new opportunities for engineers, scientists, farmers, construction workers, tradespeople, resource workers, energy workers, researchers, and more.
  9. Young people were among the hardest and fastest hit when the pandemic struck, experiencing more job losses than any other age demographic. They have also experienced the worst decline in mental health of any age group. Young Canadians must be at the centre of Canada’s recovery not only to help them rebound today, but to invest in their future success and the future success of our economy
  10. A plan for a long-term recovery must look to challenges and opportunities that lie ahead in the years and decades to come. It must be led by a growth strategy that builds on the unique competitive advantages of the Canadian economy, and make sure that Canada is well-positioned to meet the demands of the next century.
  11. Budget 2021 is about finishing the fight against COVID. It’s about healing the economic wounds left by the COVID recession.
  12. Today, Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, released Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, the Government of Canada’s plan to finish the fight against COVID-19 and ensure a robust economic recovery that brings all Canadians along.
  13. It’s about meeting the urgent needs of today, and about building for the long term. It’s a budget focused on middle class Canadians, and on pulling more Canadians up into the middle class. It’s a plan that embraces this moment of global transformation to a green, clean economy.
  14. Today, I am announcing that the Government of Canada will step in to support Air Canada, its nearly 15,000 active employees, and its customers. This support will be in the form of loans that Air Canada will repay to the federal government; and equity, which will give the Canadian government a stake in the company.
  15. The Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, and the Minister of Transport, the Honourable Omar Alghabra, announced financial support for Air Canada.
  16. The government’s financial support to Air Canada is being provided under the Large Employer Emergency Financing Facility (LEEFF). The Canada Enterprise Emergency Funding Corporation (CEEFC) has committed to provide $4 billion in repayable loans and an equity investment in Air Canada of $500 million in newly-issued Class B Voting Shares at a 15 per cent discount to their recent trading price. CEEFC will also receive warrants on Air Canada stock in an amount equal to 10 per cent of the loan commitments (CEEFC’s news release contains detailed information regarding the warrants).
  17. The Office of the Superintendent of Financial Institutions (OSFI) announced today that it is restarting its consultation on the minimum qualifying rate for uninsured mortgages.
  18. Yesterday, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, had a virtual bilateral meeting with the United States Secretary of the Treasury, Janet Yellen. The two previously spoke in January, shortly after the Secretary’s historic confirmation.
  19. Registration for the Budget 2021 embargoed reading, technical briefing, and press conference for media has now opened.
  20. Canada to press for continued coordinated COVID-19 support at the G7, G20 and Spring Meetings of the IMF and the World Bank
  21. Orders in council have been issued under the Financial Administration Act (FAA) approving the government’s 2021-2022 annual borrowing authority and a time-limited extraordinary borrowing authority.
  22. Good morning. To defeat COVID-19 and get our economy back on track, we need a pan-Canadian approach. We have to do everything we can to support Canadians who need help. We must take the necessary steps to ensure people’s safety. That is why, today, I introduced Bill C-25. If enacted by Parliament, this legislation will provide $7.2 billion in critical support to provinces, territories, municipalities, and First Nations communities across Canada.
  23. Today the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, held her first call with the Vice President of the United States, Kamala Harris. The two previously participated in the virtual bilateral meeting between the Prime Minister and President on February 23, 2021.
  24. In recognition of the extraordinary pressures faced by all orders of government and First Nations communities during the ongoing pandemic, today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, introduced Bill C-25. This legislation would provide an additional $7.2 billion in support for urgent health care needs across the country, the COVID-19 vaccine roll-out, and for local infrastructure projects in our cities and communities.
  25. On March 25, 2021, the federal government introduced legislation to provide an additional $5 billion in direct support to provinces and territories for health care and vaccination roll-out.
  26. Public health measures needed to contain COVID-19 have greatly impacted municipalities’ revenues and their ability to fund their operations.
  27. The Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will present Budget 2021 in the House of Commons on April 19, 2021, at approximately 4:00 p.m. ET.
  28. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, and the Minister of Small Business, Export Promotion and International Trade, the Honourable Mary Ng, announced that the deadline for new Canada Emergency Business Account (CEBA) applications is being extended from March 31 to June 30, 2021.
  29. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, met virtually with provincial and territorial Finance Ministers. This was the twelfth call chaired by the Deputy Prime Minister.
  30. Today, the Department of Finance Canada welcomed the International Monetary Fund (IMF)'s Staff Report for the 2021 Article IV Consultation to conclude its annual Article IV mission to Canada.
  31. Remarks by the Deputy Prime Minister and Minister of Finance at the House of Commons Standing Committee on Finance
  32. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, and the Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, welcomed the Organisation for Economic Co-operation and Development (OECD)’s 2021 Economic Survey of Canada.
  33. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, and the Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, announced the members of a new Task Force on Women in the Economy.
  34. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, met virtually with provincial and territorial Finance Ministers. This was the eleventh call chaired by the Deputy Prime Minister.
  35. Today, we are announcing that the government will extend the current rate structures for the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support from March 14 to June 5, 2021.
  36. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that the government intends to extend the current rate structures for these subsidies from March 14 to June 5, 2021.
  37. Businesses, non-profits, and charities that have experienced a decline in revenues while weathering the COVID-19 crisis are eligible for a variety of government support measures including direct subsidies to support workers and pay rent.
  38. Today the Department of Finance Canada released the 2021 Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations.
  39. Today, the Department of Finance released draft legislative proposals that would implement technical amendments to ensure these programs better support the businesses and workers who are facing challenges as a result of the pandemic.
  40. Today, the Department of Finance released draft legislative proposals that would implement technical amendments to ensure these support programs better support the businesses and workers who are facing challenges as a result of the pandemic.
  41. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, met virtually with provincial and territorial Finance Ministers. This was the tenth call chaired by the Deputy Prime Minister.
  42. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, met virtually with the Prime Minister’s Youth Council to hear their ideas about how Budget 2021 can support young people through the pandemic while building a greener, more competitive, inclusive, and resilient economy that leaves no one behind.
  43. During this roundtable discussion, the ministers heard about investment opportunities in the city to create jobs for workers.
  44. The report remarked on the importance of avoiding premature withdrawal of policy support and welcomed Canada’s adoption of fiscal guardrails.
  45. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, and the Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, met virtually with the Federation of Canadian Municipalities’ Big City Mayors’ Caucus as part of the Government of Canada’s pre-budget consultations.
  46. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, met virtually with a diverse group of Canadians to discuss what matters most to them and to hear their ideas about how Budget 2021 can support people and businesses through the pandemic, make life more affordable in their communities, and help Canada build back better.
  47. The government has a plan to make smart, targeted investments to jumpstart the country’s economic recovery so Canada can come roaring back after the pandemic.
  48. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, met virtually with citizens and businesses to hear their ideas about how Budget 2021 can support families, workers and businesses and help the city become stronger, and more inclusive after the pandemic.
  49. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, met virtually with Canada’s leading private sector economists to discuss the current state of Canada’s economy amidst the ongoing fight against COVID-19 as well as their expectations for Canada’s economic recovery.
  50. The government has a plan to make smart, targeted investments to jumpstart the country’s economic recovery so Canada can come roaring back after the pandemic.