Department of Finance Canada

  1. Both the Deputy Prime Minister and Minister of Families, Children, and Social Development reaffirmed the federal government’s objective to keep life affordable and ensure all Canadians have a place to call home.
  2. The Action Council, chaired by Kathy Bardswick, comprises 25 organizations from Canada’s deposit-taking institutions, insurance companies, and pension funds, which, combined, have more than $10 trillion in assets.
  3. Today, the Department of Finance is launching consultations with stakeholders on the recent federal budget’s proposal to introduce a new investment tax credit for capital invested in carbon capture, utilization, and storage (CCUS) projects. Canadian innovators and engineers have developed some of the leading global technologies for CCUS, which are in demand as more countries take action to fight climate change. Investing in these technologies today is a significant step towards achieving Canada’s climate targets—and a greener, more resilient future for all Canadians.
  4. Today, I am providing further detail about the Canada Recovery Hiring Program. This will be key to helping small and medium-sized businesses across Canada bounce back from the uncertainty and turmoil of the past 15 months.
  5. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, concluded her in-person participation at the two-day G7 Finance Ministers’ Meeting in London, United Kingdom.
  6. Today, 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 new Canada Recovery Hiring Program, would be available retroactively to June 6, 2021.
  7. For businesses that have been hit hardest by the pandemic, hiring the workers they need to grow is a cost they may worry about taking on. The federal government wants these businesses to be able to recover and grow by hiring more people.
  8. In the face of the COVID-19 pandemic, the government acted swiftly to protect Canadians and support people and businesses. To help ensure a strong recovery, it has adapted and extended this support as the pandemic has evolved.
  9. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met with the Federation of Canadian Municipalities’ Big City Mayors’ Caucus for a virtual roundtable on housing affordability.
  10. This week, on June 4 and 5, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will take part in the in-person-only meeting of G7 Finance Ministers being held in London, UK.
  11. Today the government is launching consultations with industry stakeholders on its intention to maintain the current alignment between the taxation of profits and the timing of income earning activities.
  12. Accounting standards specify how transactions are recognized, measured, presented and disclosed in financial statements. While these standards are set by national accounting bodies, many countries, including Canada, follow the standards set by an independent international body, the International Accounting Standards Board (IASB).
  13. Since the start of the COVID crisis, we have done whatever it takes to protect Canadians’ lives and livelihoods; to help our businesses weather the storm; and to position Canada for a strong, resilient, and sustained recovery.
  14. Thank you Mr. Chair, and thank you, honourable Senators who are here today, for this invitation to speak with you about Bill C-30.
  15. Minister Fortier and Deputy Secretary Adeyemo spoke about the challenges brought about by the global COVID-19 pandemic and its disproportionate impact on the most vulnerable. They underscored the need for a recovery that addresses the unequal impact the pandemic has had on certain groups, including women and members of the BIPOC community.
  16. As a result of New Brunswick’s April 2020 action to put in place a price on pollution that meets the federal benchmark, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that she is specifying the Minister of National Revenue return $5.05 million directly to the Government of New Brunswick. These funds are from revenue collected through the federal backstop in 2019-2020, prior to the provincial system being stood up.
  17. To address delays in disbursement caused by COVID-19, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, has authorized a one-year extension for the Minister of Natural Resources to disburse 2019-20 federal price on pollution proceeds in Saskatchewan, Manitoba, Ontario, and New Brunswick. The Minister of Natural Resources now has until the end of the 2021-22 fiscal year to invest in eligible energy efficiency projects at schools, hospitals, small- and medium-sized businesses, colleges, universities, municipalities, not-for-profit organizations, or in Indigenous communities in those provinces.
  18. In keeping with her authority under the Budget Implementation Act, 2019, No. 1, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, is specifying a one-year extension for the Minister of Natural Resources to disburse the 2019-20 proceeds from the federal price on carbon pollution.
  19. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced a one-year extension of draft regulations, initially released on July 2, 2020, to help employers who sponsor a registered pension plan (RPP) or deferred salary leave plan (DSLP) manage and maintain benefits for their employees through the COVID-19 pandemic.
  20. On May 20, 2021, the Deputy Prime Minister and Minister of Finance announced the extension of proposed amendments to the Income Tax Regulations initially released on July 2, 2020 that apply to Registered Pension Plans (RPPs) and deferred salary leave plans (DSLPs).
  21. Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that, effective June 1, 2021, it will implement a new minimum qualifying rate for all uninsured mortgages.
  22. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met virtually with chief economists from major Canadian financial institutions to listen to their views on the state of the Canadian and global economies and their expectations for the months and years ahead.
  23. Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, met virtually with provincial and territorial Finance Ministers. This was the fourteenth call chaired by the Deputy Prime Minister.
  24. After more than 14 months of uncertainty and hardship, Canadians continue to battle COVID. But we know that there is light at the end of the tunnel.
  25. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, and the Minister of Environment and Climate Change, the Honourable Jonathan Wilkinson, launched the Sustainable Finance Action Council.
  26. Yesterday, the Government of Canada issued a 5-year US$3.5 billion global bond.
  27. Today, the Government of Canada announced its plan to issue a US-dollar-denominated global bond later this week, subject to market conditions.
  28. Today, Bill C-14, An Act to implement certain provisions of the economic statement tabled in Parliament on November 30, 2020 and other measures received Royal Assent, providing support to Canadian families with young children, young people and recent grads, and businesses hit hardest by the pandemic.
  29. Mr. Speaker, it is my sincere pleasure to join this debate on Bill C-30, An Act to implement certain provisions of the budget tabled in Parliament on April 19, 2021 and other measures.
  30. Through Budget 2021, the government is proposing a historic, new investment of over $18 billion to improve the quality of life and create new opportunities for Indigenous peoples.
  31. I am pleased to talk about Bill C-14, which would implement important and urgent measures from the Fall Economic Statement, and about the budget, which builds on the measures in Bill C-14 and will be presented to you in due course.
  32. Today, I would like to reiterate some of the key pillars of Budget 2021, and some ways in which Bill C-30 will give concrete help to people in what is still, for far too many Canadians, a time of worry and hardship.
  33. Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her cross-country virtual Budget 2021 tour in Mississauga. She delivered a keynote speech at the Mississauga Board of Trade, met with members of the Canadian Small Business Women Network, and hosted a 905 Youth Council town hall.
  34. Today, Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, introduced Bill C-30, An Act to implement certain provisions of the budget tabled in Parliament on April 19, 2021, and other measures. This legislation will enact the government’s plan to finish the fight against COVID-19, create jobs, grow the economy, and ensure a robust economic recovery that brings all Canadians along.
  35. Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her cross-country virtual Budget 2021 tour by meeting with members of the Cape Breton business community.
  36. Throughout the pandemic many small businesses have been shut down by necessary public health restrictions or deeply limited in what they can do. We need them to get back on their feet. They are the backbone of our economy, our main streets, and our communities.
  37. The Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, will take part in a virtual event hosted by the Mississauga Board of Trade. The Minister will deliver a speech on Budget 2021 and the Government’s recovery plan for jobs, growth and resilience.
  38. Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her cross-country virtual Budget 2021 tour by meeting with members of the Corporation des parcs industriels du Québec. She was joined by the President of the Treasury Board, the Honorable Jean-Yves Duclos.
  39. Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her tour to discuss Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience by meeting virtually with members of the Chambre de commerce et d'industrie de la Rive-Sud de Montréal.
  40. The Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, will take part in a virtual event hosted by the Quebec Industrial Parks Corporation.
  41. Today, more than 16,000 women have dropped out of the labour force completely, while the number of men in the labour force has grown by 91,000.
  42. Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her tour to discuss Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience by speaking virtually with members of the Greater Niagara Chamber of Commerce.
  43. The Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, will take part in a virtual event hosted by the Chamber of Commerce and Industry of the South Shore of Montreal. The Minister will deliver a speech on Budget 2021 and the Government’s recovery plan for jobs, growth and resilience.
  44. The government’s plan will invest $2.5 billion, and reallocate $1.3 billion, to speed up the construction, repair, or support of 35,000 affordable housing units across the country.
  45. Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her cross-country virtual Budget 2021 tour by meeting with members of the Richmond, British Columbia community.
  46. The Minister will deliver a speech on Budget 2021 and the Government’s recovery plan for jobs, growth and resilience.
  47. The Government of Canada’s top priority remains protecting Canadians’ health and safety, particularly during this third, aggressive wave of the virus and its variants.
  48. Today, Earth Day, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her tour to discuss Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience at the Pearson Centre for Progressive Policy.
  49. The Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, will take part in a virtual event hosted by the Richmond Chamber of Commerce.
  50. Opening remarks on Budget 2021 by the Deputy Prime Minister at a press conference with the Prime Minister