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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
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The federal government has the most ambitious housing plan in Canadian history—including building 4 million new homes—to make housing more affordable for Canadians. This plan will build a Canada that is fairer for every generation of Canadians, where they can get ahead, where their hard work pays off, and where they can buy a home.
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The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan.
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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced the federal government is delivering $7.3 billion in grants and interest-free loans to students this academic year. The federal government’s record-high support for students is made possible by measures announced in Budget 2024:
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I am delighted to be at Evergreen Brick Works today. And I am really glad to be here with my friend and neighbour MP Julie Dabrusin, and glad to be here with Lois Lindsay (the Chief Program Officer at Evergreen Brick Works) and Jennifer Angel (CEO of Evergreen Brick Works).
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Canada strongly supports international efforts to end the corporate tax race to the bottom and to ensure that all corporations, including the world’s largest corporations, pay their fair share wherever they do business.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Elizabeth Whitsitt as a member of the Canadian International Trade Tribunal (CITT) for a 5-year term.
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Ms. Elizabeth Whitsitt is an Associate Professor with the Faculty of Law at the University of Calgary. Her research is focused on the intersection of trade law and investment arbitration, with a specialization on the role that adjudicators play between international trade and international investment law regimes.
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Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced an investment of nearly $2.4 million to retrofit the TD Futures Cities Centre at Evergreen Brick Works. Evergreen, the national non-profit that stewards the site, was incorporated in 1991 and is dedicated to transforming public spaces for people and planet. In addition, Evergreen is providing just over $1.5 million through corporate donors, fundraising and its own funds.
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Our investment tax credits are already working to give businesses like Shell the certainty and the support they need to make historic investments in Canada that create great jobs while reducing our emissions at the same time. We are also supporting Canadian workers, and good-paying jobs in Canada, by linking many of our investment tax credits to labour requirements. That gives businesses and employers an incentive to pay a prevailing union wage and to create apprenticeship opportunities.
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Canada’s auto manufacturing industry directly supports over 125,000 good-paying Canadian jobs, many of which are unionized, and our electric vehicle (EV) supply chain potential is ranked first in the world. Similarly, Canada’s steel and aluminum sectors support over 130,000 jobs across the country.
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The federal government intends to apply a 25 per cent surtax on imports of steel and aluminum products from China, effective October 15, 2024.
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The Government of Canada intends to implement a 100 per cent surtax on all Chinese-made EVs, effective October 1, 2024. This includes electric and certain hybrid passenger automobiles, trucks, buses, and delivery vans.
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This is a place where history is being made. Things are happening here that aren’t happening anywhere else in the world, and this is made in Canada, made in Alberta innovation and technology.
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On June 26, 2024, Shell announced its final investment decisions to proceed with two new projects: Polaris Carbon Capture and Atlas Carbon Storage Hub. The Polaris project, located at the company’s Scotford refinery and chemicals project, is one of the most efficient and modern facilities of its kind in North America. Polaris will create up to 2,000 good jobs and will capture approximately 650,000 tonnes of CO2 annually. In turn, the Atlas project, which was announced in partnership with ATCO EnPower, will permanently store underground the carbon captured from Polaris.
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Deputy Prime Minister visits Entropy’s Glacier clean gas project, a recipient of the Canada Growth Fund’s first carbon contract for difference
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Deputy Prime Minister welcomes Canada Growth Fund investment in Svante to advance carbon capture technology
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Today, as part of consultations to advance key budget priorities, the federal government announced new enhancements to the Canadian Entrepreneurs’ Incentive, to ensure innovators and small business owners, including farmers, are rewarded for their hard work.
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Today, the federal government is moving forward with consultations to advance key budget priorities to build more homes, boost economic growth, improve tax fairness, and ensure Canada’s financial sector works for all Canadians.
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The Group of Creditors of Ukraine (GCU) welcomes the agreement in principle reached between Ukraine and its bondholders (ad hoc creditor committee) on Eurobond Debt Restructuring Terms.
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Remarks by the Deputy Prime Minister announcing 30 year amortizations for insured mortgages to put homeownership in reach for Millennials and Gen Z
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Remarks by the Deputy Prime Minister and Minister of Finance following the G20 Finance Ministers and Central Bank Governors Meeting in Brazil
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Government announces 30 year amortizations for insured mortgages to put homeownership in reach for Millennials and Gen Z
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This week, from July 24 to 26, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will attend meetings of G7 and G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil.
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This investment in Markham is particularly exciting because it is a groundbreaking, world-leading investment. This is the Growth Fund’s first investment in Ontario. Through a carbon contract for difference, the Canada Growth Fund is helping Markham generate more clean energy by using a cutting-edge technology that extracts heat from wastewater.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited Markham District Energy—the city’s public energy utility and Canada’s fastest growing energy utility—to highlight how federal investments are expanding Markham’s affordable, low-carbon energy network to more residents and businesses.
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Today, the Department of Finance launched consultations on the Budget 2024 commitment to establish an opt-in framework for interested Indigenous governments to impose their own Fuel, Alcohol, Cannabis, Tobacco, and Vaping (FACT) value-added sales taxes. Expanding opt-in tax jurisdiction would enable Indigenous governments to better exercise their tax jurisdiction with more flexibility.
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The Canada Growth Fund and Strathcona Resources—Canada’s fifth-largest oil producer—have agreed to invest up to $2 billion combined to build carbon capture and sequestration infrastructure on Strathcona’s steam-assisted, gravity drainage oil sands facilities in Saskatchewan and Alberta.
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Our government is committed to delivering fairness for every generation of Canadians. That’s why, last year, we launched the new Canadian Dental Care Plan. Because up until very recently in Canada, you’ve been able to tell how much money someone makes, or how much money their parents make, by their smile. That’s not right. It’s not fair. Our government is now changing that now.
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Our government is delivering fairness for every generation. And our plan includes investing in Canada’s athletes—like the amazing athletes here with us today. They represent us, they wear the maple leaf, and we are so proud of them.
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Remarks by the Deputy Prime Minister and Minister of Finance at the unveiling of the L.M. Montgomery commemorative circulation coin
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FCAC welcomes new mandate to oversee Canada’s Consumer-Driven Banking Framework
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Auto manufacturing directly supports over 125,000 good-paying Canadian jobs, many of which are unionized. Canada’s electric vehicle (EV) supply chain potential is ranked first in the world—and the federal government is seizing the growth opportunities of EVs to ensure Canadian auto workers can succeed well into the future.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the announcement of the Canada Growth Fund’s fifth investment.
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Remarks by the Deputy Prime Minister on investing $2 billion in high-speed internet for Canadians
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Remarks by the Deputy Prime Minister announcing a consultation to protect Canadian workers and electric vehicle supply chains from unfair Chinese trade practices
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High-speed internet access is more essential than ever to keep Canadians connected. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighted that the Canada Infrastructure Bank (CIB) has invested more than $2 billion in eight internet service providers. This investment is supporting high-speed internet projects, connecting 430,000 more rural and remote Canadians households.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the reappointment of David Dominy, Raymond E. Ivany, and Mariette Mulaire to the Board of Directors of the Bank of Canada. The appointees’ tenures are extended to February 28, 2027.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Tanya van Biesen to the Board of Directors of the Canada Deposit Insurance Corporation (CDIC) for a 4-year term.
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Mr. David Dominy was appointed to the Bank of Canada’s Board of Directors in January 2023.
Mr. Dominy has more than 25 years of CEO experience, most recently with Canada’s largest domestically-owned money services business, FIRMA Foreign Exchange Corporation (2014 to 2022). Since 2003, he has also provided investment and advisory services as president of 3D Capital Inc.
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Mr. Raymond Ivany was appointed to the Bank of Canada’s Board of Directors in September 2018.
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Ms. Mariette Mulaire was appointed to the Bank of Canada’s Board of Directors in June 2018.
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Ms. Tanya van Biesen was appointed to the role of President and CEO of Women in Capital Markets in January 2024, where she uses her experience to contribute to achieving the organization’s mission of accelerating equity in finance for women and gender-diverse individuals.
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Remarks by the Deputy Prime Minister on growing communities and investing $10 million in Toronto’s Harbourfront Centre
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Auto manufacturing directly supports over 125,000 good-paying Canadian jobs, many of which are unionized. Canada’s electric vehicle (EV) supply chain potential is ranked first in the world—and the federal government is seizing the growth opportunities of EVs to ensure Canadian auto workers can succeed well into the future.
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Harbourfront Centre is Toronto’s waterfront home to arts, cultural, and recreational programming. Budget 2024 takes action to empower artists and art organizations to make our communities more inclusive, vibrant, and resilient—so that every generation has a fair shot at a good middle class life.
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With Parliament rising for the summer soon, today is an important opportunity to highlight the work our government is doing to deliver fairness for every generation.
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Today, Bill C-69, the Budget Implementation Act, 2024, No. 1, received Royal Assent. With the passage of this legislation, the government is advancing key priorities from Budget 2024: Fairness for Every Generation.
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Today, Bill C-59, the Fall Economic Statement Implementation Act, 2023, received Royal Assent. With the passage of this legislation, the government is delivering on key measures from the 2023 Fall Economic Statement to help make life cost less, build more homes, and ensure our economic growth is shared by all.
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Remarks by the Deputy Prime Minister on the Canadian economy
