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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that Canada’s major investment tax credits are enabling Dow to build the world's first net-zero emissions ethylene cracker and derivatives site in Fort Saskatchewan, Alberta. She was joined by the Chair and CEO of Dow, Jim Fitterling, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, and the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages.
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This legislation is part of our government’s economic plan, which is about building an economy that works for everyone—with good jobs that people can count on.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the Notice of Ways and Means Motion to introduce the Fall Economic Statement Implementation Act, 2023.
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Senior officials from the Government of Canada will hold a bilingual technical briefing on the next phase of the government’s economic plan.
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We’ll keep working—day after day, week after week, month after month, and year after year—to build the homes that Torontonians—and all Canadians—need, expect, and deserve.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited 94 Eastdale Avenue in Toronto, where 484 new rental homes are under construction thanks to the federal government’s economic plan and $215 million in financing through the Apartment Construction Loan Program.
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By helping to make it more sustainable, our government is helping to ensure that the Brick Works can continue its educational work and become an even more treasured gathering space for the people of Toronto for generations to come.
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Our government was elected on a promise to deliver for the middle class.
And our economic plan is focused on building an economy that works for everyone—with good jobs that people can count on.
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Key Measures to Build More Homes, Support the Middle Class, and Make Life More Affordable
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This year, federal investment in housing is $9 billion higher than it was in 2013-14
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, delivered the 2023 Fall Economic Statement, taking further action to support the middle class and build more homes, faster.
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Over the past year, the federal government has taken further action to make life more affordable for Canadians who need it most.
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The 2023 Fall Economic Statement introduces a series of new measures to advance the government’s economic plan by continuing to build a stronger economy, fight climate change, and create great careers for Canadians—today and for generations to come.
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Forty-seven of these new, made-in-Canada streetcars are supported directly by our federal government through an investment of $180 million.
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Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, the Honourable Prabmeet Sarkaria, Ontario Minister of Transportation, Her Worship Olivia Chow, Mayor of Toronto, and Jamaal Myers, Chair of the Toronto Transit Commission (TTC), announced the on-time delivery of the first of 60 new made-in-Canada streetcars to the TTC, supported by a $568 million joint investment. The first new streetcars will enter service today.
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Since the depths of the pandemic, Canada has had the fastest rate of fiscal consolidation in the G7. This means we have brought down our deficits faster than any of our G7 peers. We also maintain both the lowest deficit and debt-to-GDP ratio in the G7, which is central to our AAA credit rating.
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Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced a joint investment of $2.8 million to retrofit Evergreen Brick Works and ensure it continues being an important community recreation hub for generations of Torontonians to come.
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Our government’s economic plan is delivering real, concrete action to build more homes, faster – we can hear those homes being built right now – and to make housing more affordable.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Arif Virani, Minister of Justice and Attorney General, announced a federal investment of $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.
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To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the new international standard on automatic exchange of information between tax authorities developed by the Organisation for Economic Co-operation and Development (OECD) – the Crypto-Asset Reporting Framework (CARF). The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.
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More importantly, our plan is delivering clean, reliable, and affordable electricity to people here in Manitoba. And it is creating great jobs—great careers—for people right across Manitoba, including great careers at places like Manitoba Hydro.
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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will present the 2023 Fall Economic Statement in the House of Commons on November 21, 2023, at approximately 4:00 p.m. ET.
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Today in Winnipeg, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Wab Kinew, Premier of Manitoba, announced a joint investment of $475.6 million to strengthen Manitoba’s clean electricity grid and ensure Manitobans continue receiving affordable and reliable clean energy.
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In the past few weeks, as part of our economic plan, we have been taking, week after week, real, concrete action to address Canada’s housing challenge to build more homes, faster, and to act on affordability.
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Protecting the pensions of every single Canadian is a priority for our government. We will always stand up for the Canada Pension Plan and for the secure and dignified retirement it provides for all Canadians—a point I made clear in today’s meeting.
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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today issued the following statement after a meeting of provincial and territorial Finance Ministers regarding the Government of Alberta’s proposal to withdraw from the Canada Pension Plan (CPP):
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This enthusiasm for the tax-free First Home Savings Account shows that the dream—and the reality—of first home ownership is alive and well in Canada.
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The Canada Growth Fund is led by some of Canada’s top investors, and we created it to invest in Canadian businesses, to help them scale, and to help crowd-in Canada’s share of the trillions of dollars in private capital that are waiting to be invested in the global clean economy. This is a really innovative way to make the people’s money work harder and to fill the gaps that private capital alone has not been filling in financing the green transition in Canada.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that over 250,000 Canadians have now opened a Tax-Free First Home Savings Account to save for a down payment on their first home—putting homeownership back within reach across the country. The Tax-Free First Home Savings Account is a key tool to make homeownership more affordable and is part of the federal government’s comprehensive plan to make housing more affordable and build more homes, faster.
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Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that she will convene a special virtual meeting of provincial and territorial Finance Ministers on Friday November 3, 2023, at 11:00 a.m. ET.
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Over the past twenty years, CPP Investments has grown the CPP’s assets from $36 billion to more than $570 billion, of which about $380 billion was generated from investment income. In fact, between 2013 and 2022, CPP Investments delivered the highest ten-year returns of any pension fund in the world.
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I am so happy to be here today. This is a tremendous moment for Canada, for the Canada Growth Fund, for the Public Sector Pension Investment Board (PSP Investments), for Eavor Technologies Inc., and for Alberta.
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In order to provide more time and financial support for the roughly 1.1 million homes in Canada using home heating oil, to switch to heat pumps, the government announced that it proposes to temporarily pause the application of the fuel charge on deliveries of heating oil, in all jurisdictions where it currently applies, for a three-year period.
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Let me just start by saying that the thoughts of all of us are with the loved ones of those killed and with the people of Sault Ste. Marie in the face of this horrific tragedy.
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With a $90 million investment in a groundbreaking geothermal energy company, Calgary’s Eavor Technologies Inc., the Canada Growth Fund is creating good jobs for Albertans and securing the Canadian future of a company at the leading-edge of the global clean economy.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met with leading private sector economists to discuss their outlook on the Canadian and global economies, and to hear their views on the government’s continued efforts to support Canadians.
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Today, in Washington, D.C., the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, co-chaired a productive meeting of the joint Canada-U.S. Energy Transformation Task Force, with the Senior Advisor to the President for Energy and Investment, Amos J. Hochstein. They were joined by the Minister of Energy and Natural Resources, Jonathan Wilkinson. This meeting was an opportunity to further shared work to create good jobs, build an economy that works for the middle class, and fight climate change.
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Inflation in September was 3.8 per cent—down from 4 per cent in August. The decline in headline inflation was broad-based, including on the price of food.
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Government introduces measures to ensure Canadians are treated fairly by their banks
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Yesterday, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, concluded a visit to Marrakech, Morocco for meetings of G7 and G20 Finance Ministers and the Annual Meetings of the International Monetary Fund (IMF) and World Bank.
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We remain firmly committed to supporting Ukraine for as long as it takes. Canada championed the creation of the IMF’s Administered Account for Ukraine, which has raised approximately C$6.8 billion from Canada, Germany, the Netherlands, and Belgium to help the Government of Ukraine continue to deliver essential services and restore critical infrastructure.
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Our constituency wishes to express our heartfelt sympathy and deepest condolences to the people of Morocco and Libya in the aftermath of the terrible earthquake and flood of September 2023.
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We, the G7 Finance Ministers and Central Bank Governors, met in Marrakech, joined by the Heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organization for Economic Cooperation and Development (OECD), and Financial Stability Board (FSB). We were honored to be joined by the Ukrainian Finance Minister Sergii Marchenko.
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Since the establishment of the price cap policy, the Coalition has closely monitored markets—including price trends and volumes exported by Russia to ensure that the price cap continues to function as intended. Russian oil tax revenue was down 45% from January-August this year, relative to 2022. Given recent price movements, the Coalition is focusing on supporting compliance and enforcement of the policy.
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This week, from October 11 to 13, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend meetings of G7 and G20 Finance Ministers and the Annual Meetings of the IMF and World Bank, held this year in Marrakech, Morocco.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that Dean Connor, Director of the Canada Pension Plan Investment Board (CPPIB) since August 2021, will be designated as Chair of the CPPIB for a three-year term beginning October 27, 2023.
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Ms. Ashleigh Everett has been a member of the Board of Directors of the Canada Pension Plan Investment Board (CPPIB) since February 2017.
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Mr. Nadir Mohamed is Chair of Alignvest Management Corporation, and previously served as the President and CEO of Rogers Communications Inc. from March 2009 to December 2013. Mr. Mohamed joined Rogers Communications in August 2000 and served as President and CEO of Rogers Wireless from 2001 through 2005, when he was appointed President and COO of Rogers Communications Group.
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Mr. John Montalbano has been a member of the Board of Directors of the Canada Pension Plan Investment Board (CPPIB) since February 2017.
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Mr. Boon Sim has been a member of the Board of Directors of the Canada Pension Plan Investment Board (CPPIB) since July 2020.
