Department of Finance Canada

  1. Let me start by saying that I am proud to be a Ukrainian-Canadian and that I am proud of the contributions our Ukrainian-Canadian community has made to Canada, for much more than a century.
  2. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, hosted a virtual meeting with provincial and territorial Finance Ministers. She was joined by the Minister of Tourism and Associate Minister of Finance, the Honourable Randy Boissonnault.
  3. COVID-19 Subsidies – Explanatory Notes Relating to the Income Tax Act and Income Tax Regulations
  4. The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient.
  5. Our government understood at the outset that in order to win the fight against COVID-19, we need to have the right tools. We need vaccines. We need rapid tests. We need therapeutics. And we need to have the measures in place to support people and businesses economically to get through restrictions and lockdowns.
  6. In the past few days, there has been a rise in COVID-19 cases. Some regions of the country are reporting a record number of cases. The Omicron variant of the virus is much more transmissible than the others.
  7. Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2022.
  8. The Government of Canada is committed to supporting Canadian workers and businesses through the COVID-19 pandemic. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intention to temporarily expand eligibility for key support programs to ensure Canadians are protected and workers and businesses get the help they need to sustain them through new and necessary public health restrictions.
  9. Bill C-2, which received Royal Assent on December 17, 2021, included a new Local Lockdown Program to provide businesses that face temporary new local lockdowns with up to the maximum amount available through the wage and rent subsidy programs.
  10. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the Government of Canada will provide a record $87.6 billion in major transfer funding for provinces and territories in 2022-23. This represents an increase of over $3.7 billion from 2021-22. All provinces and territories will receive a year-over-year increase in total major transfer amounts.
  11. We are here today to make an announcement about Canada’s monetary policy framework – an important topic as our country continues its recovery from the COVID-19 recession.
  12. As Omicron has reminded us, we are still living in a pandemic. And as we are learning, this is an even more transmissible variant of the virus.
  13. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the Royal Assent in Parliament of Bill C-2.
  14. Mr. Chair, congratulations on assuming the chair, and thank you for your invitation. I’d like to say to all the members here, congratulations to everyone on being elected and thank you for your hard work. Since the House has returned, the emergence of a new COVID-19 variant has forced new travel restrictions in a number of countries, including Canada, and created renewed uncertainty in global markets.
  15. On Tuesday, our government released an economic and fiscal update that outlines targeted investments that will allow us to finish the fight against COVID. We know that vaccines are our best line of defence against the virus. That is why we have invested more than $7.3 billion in buying vaccines for all eligible Canadians, including pediatric vaccines. That amount also includes the purchase of booster shots.
  16. Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining the minimum qualifying rate for uninsured mortgages that came into effect on June 1, 2021.
  17. This backgrounder provides a high-level overview of the draft legislative proposals for the Digital Services Tax Act (Act) and invites input from stakeholders. For more detail, please refer to the draft legislative proposals.
  18. Twenty-one months ago, a global pandemic reached our shores. Few of us had any idea how long it would last or the toll it would take. And today, we are facing Omicron, an even more virulent variant of this virus.
  19. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Economic and Fiscal Update 2021. The document provides Canadians with a transparent report of the nation’s finances and updates Canadians on the government’s plan to finish the fight against COVID-19, support Canadians and Canadian businesses, and ensure a strong recovery for everyone.
  20. The Government of Canada is focused on making life more affordable for Canadians. Since the spring budget, the federal government has signed Canada-wide early learning and child care agreements with 9 provinces and 1 territory — to help a majority of young Canadian families save thousands of dollars per year, starting next month.
  21. Canada’s best economic policy continues to be finishing the fight against COVID-19. Millions of Canadians have been doing their part by getting vaccinated, following public health guidelines, and delivering essential services. This has helped prevent further lockdowns. Since the beginning of the pandemic, keeping Canadians safe and healthy has been the government’s top priority. But work remains to end the pandemic.
  22. The plan is working: Canada exceeded its goal of creating a million new jobs, well ahead of expectations; Canada has the second-fastest jobs recovery in the G7; and Canada has recouped 106 per cent of the jobs lost at the depths of the pandemic, compared to only 83 per cent in the U.S. Canada is in the midst of a strong recovery from the COVID-19 recession.
  23. The objective of Canada's monetary policy is to promote the economic and financial well-being of Canadians. Experience has shown that the best way monetary policy can achieve this goal is by maintaining a low and stable inflation environment. Doing so supports a strong and inclusive labour market that provides every Canadian with opportunities for a good quality of life.
  24. The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will present the Economic and Fiscal Update 2021 in the House of Commons on December 14, 2021, at approximately 4:00 p.m. ET.
  25. The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will present the Economic and Fiscal Update 2021 in the House of Commons on December 14, 2021, at approximately 4:00 p.m. ET.
  26. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the release of draft regulatory proposals under the Greenhouse Gas Pollution Pricing Act, that integrate Ontario’s Emissions Performance Standards (EPS) facilities with the federal fuel charge, for 2022. This allows Ontario’s EPS facilities to register as an emitter, allowing them to obtain fuel without the federal fuel charge applying, given they will be subject to the provincial system. Output-based pricing systems like Ontario’s or the federal government’s ensure that as we move towards a net-zero emissions economy, we are protecting the competitiveness of Canadian businesses and supporting good jobs.
  27. The Government of Canada’s approach to pricing pollution gives provinces and territories the flexibility to implement the type of system that makes sense for their circumstances, as long as those systems align with minimum national stringency standards, or ‘benchmark’ criteria. By putting a specific price on carbon pollution, the government is giving Canadian businesses certainty and a clear incentive to move towards a net-zero economy, positioning Canada as a leader in the green transition.
  28. The Government of Canada has taken action to ensure that there is a price on carbon pollution across Canada. To ensure that carbon pollution pricing remains affordable for Canadians, direct proceeds from the federal pollution pricing system are returned to the jurisdictions where they were collected and the majority of proceeds are returned directly to Canadians through Climate Action Incentive (CAI) payments. These payments mean some 8 out of 10 families receive more money back than they pay in direct costs under this system.
  29. The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will present an Economic and Fiscal Update in the House of Commons on December 14, 2021, at approximately 4:00 p.m. ET.
  30. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met virtually with chief economists from major Canadian financial institutions to discuss their outlook on the Canadian economy and hear their views on Canada’s economic recovery.
  31. When the COVID-19 crisis hit, our government rapidly rolled out an historic set of broad-based programs so that we could save lives, ensure our economy could withstand public health restrictions, and have the backs of Canadian workers and Canadian businesses so they could get through the pandemic.
  32. Types of Business Eligible for the Tourism and Hospitality Recovery Program
  33. With one of the most successful vaccination campaigns in the world, restrictions are carefully being eased in our communities and at our border. Businesses across the country are safely reopening, the economy is rebounding, over a million jobs have been created, and employment is back to pre-pandemic levels. That’s why, last month, the government announced it is pivoting from broad-based economic support to targeted measures that provide support where it is needed, in order to create jobs and growth and prudently manage government spending.
  34. Today, the International Financial Reporting Standards (IFRS) Foundation announced that it has selected Montréal, Quebec, to be home to offices of the new International Sustainability Standards Board (ISSB).
  35. In the coming days, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will travel to Rome to attend the G20 Joint Finance and Health Ministers’ Meeting and support the Prime Minister at the G20 Leaders Summit. The Deputy Prime Minister will then travel to the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, United Kingdom.
  36. When the COVID-19 crisis hit, our government rapidly rolled out a number of broad-based programs to respond to our country’s greatest economic shock since the Great Depression. The objective was straightforward: to prevent, insofar as possible, economic scarring and help workers and employers get through the pandemic and the restrictions it provoked. These programs have been a lifeline for workers and businesses across the country. They have protected millions of jobs, and helped hundreds of thousands of Canadian businesses keep going through the worst days of the pandemic.
  37. With one of the most successful vaccination campaigns in the world, many businesses safely reopening, and employment now back to pre-pandemic levels, Canadians have reached a turning point in the fight against COVID-19. The government has now surpassed its target of creating a million new jobs. Canada is on the road to economic recovery—but some areas of the country and economy continue to need targeted support.
  38. Canada is on the road to economic recovery and employment is now back to pre-pandemic levels. This is thanks to the resilience of employers and hard work of Canadians.
  39. The wage subsidy, rent subsidy and Lockdown Support are set to expire on October 23, 2021. The passage of the budget implementation act provided the government with the authority to further extend these programs until November 20, 2021.
  40. This week the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, successfully concluded a trip to Washington, D.C., where she attended the Annual Meetings of the World Bank Group and the International Monetary Fund and the G7 and G20 Finance Ministers’ and Central Banks Governors’ Meetings, as well as meetings of the International Monetary and Financial Committee.
  41. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, held a bilateral meeting in Washington, D.C., with the United States Secretary of the Treasury, Janet Yellen.
  42. This week, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), in Washington, D.C.
  43. Today, the Organisation for Economic Co-operation and Development (OECD) announced that 136 countries, including Canada, have agreed on the elements of the landmark two-pillar plan on international tax reform. The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today issued the following statement:
  44. Hello everyone and thank you, Ahmed, for that kind introduction and for all your hard work.
  45. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development, and the Honourable Dustin Duncan, Saskatchewan Minister of Education, announced an agreement that will support an average of $10 a day early learning and child care for Saskatchewan families by the end of 2025-26. By the end of 2022, Saskatchewan families will see a 50 per cent reduction in average parent fees for children under age six in regulated child care.
  46. Today, through the Department of Finance, the Government of Canada is launching consultations with stakeholders on the design of the proposed Luxury Tax.
  47. Remarks by the Deputy Prime Minister and Minister of Finance to highlight the Early Learning and Child Care Agreement with British Columbia
  48. Remarks by the Deputy Prime Minister and Minister of Finance to Announce the Early Learning and Child Care Agreement with Yukon
  49. Minister Fortier meets with Mayor Helps of Victoria
  50. Remarks by the Deputy Prime Minister and Minister of Finance on the green economy and extension of COVID-19 benefits and business support measures to support stronger economic recovery