Department of Finance Canada

  1. 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.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. Registration for the Budget 2021 embargoed reading, technical briefing, and press conference for media has now opened.
  7. Canada to press for continued coordinated COVID-19 support at the G7, G20 and Spring Meetings of the IMF and the World Bank
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. Public health measures needed to contain COVID-19 have greatly impacted municipalities’ revenues and their ability to fund their operations.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. Remarks by the Deputy Prime Minister and Minister of Finance at the House of Commons Standing Committee on Finance
  19. 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.
  20. 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.
  21. 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.
  22. 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.
  23. 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.
  24. 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.
  25. Today the Department of Finance Canada released the 2021 Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations.
  26. 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.
  27. 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.
  28. 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.
  29. 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.
  30. During this roundtable discussion, the ministers heard about investment opportunities in the city to create jobs for workers.
  31. The report remarked on the importance of avoiding premature withdrawal of policy support and welcomed Canada’s adoption of fiscal guardrails.
  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, met virtually with the Federation of Canadian Municipalities’ Big City Mayors’ Caucus as part of the Government of Canada’s pre-budget consultations.
  33. 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.
  34. 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.
  35. 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.
  36. 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.
  37. 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.
  38. 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.
  39. Minister Fortier and Minister Chagger hold Budget 2021 consultations in Kitchener-Waterloo
  40. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, met virtually with provincial and territorial Finance Ministers. This was the ninth call chaired by the Deputy Prime Minister.
  41. By accelerating action to fight climate change and building a clean economy, the Government of Canada will create new jobs, while also ensuring cleaner air and water for future generations.
  42. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, met virtually with local businesses and community leaders from Windsor-Essex, to hear their ideas about how Budget 2021 can support families, workers and businesses and help the region become stronger, and more inclusive after the pandemic.
  43. In 2005, to address the unique fiscal circumstances faced by the province of Nova Scotia, the federal government agreed, under the terms of the 2005 Arrangement on Offshore Revenues, to provide time-limited protection to Nova Scotia to offset the negative impact of offshore revenues on its Equalization payments.
  44. Today, the Government of Canada introduced legislation to amend the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, following a multi-year dialogue with the province about offshore revenues.
  45. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, met virtually with leaders from the country’s Black business community to discuss the opportunities to create growth and ensure an inclusive, equitable and resilient recovery from COVID-19 that leaves no one behind.
  46. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, met virtually with stakeholders and community leaders from the Lower Mainland region of British Columbia, to hear their ideas about how Budget 2021 can support families, workers and businesses and help the region become stronger, and more inclusive after the pandemic.
  47. Today the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, spoke with the newly-appointed United States Secretary of the Treasury, Janet Yellen.
  48. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, and the Honourable Filomena Tassi, Minister of Labour, met virtually with citizens from the Hamilton area 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 Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, and the Honourable Jim Carr, Special Representative for the Prairies, met virtually with stakeholders in Winnipeg, Manitoba, 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.
  50. Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, and the Honourable Patty Hajdu, Minister of Health, met virtually with health care organizations and associations from across Canada to hear their ideas about how Budget 2021 can continue to support the health and safety of Canadians through the pandemic. The discussion and ideas shared with Minister Fortier and Minister Hajdu during the round table will also help the government ensure an inclusive, equitable and resilient recovery that leaves no one behind.