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I am so glad to be here today at the LiUNA Canadian Conference with union leaders.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Carlos Leitão to the Board of Directors of the Bank of Canada for a term ending on February 28, 2025.
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Mr. Carlos Leitão was elected to the National Assembly of Québec in 2014 and held the position of Minister of Finance of Québec between 2014 and 2018. During that time, he was also Chairman of the Committee on Public Administration, Alternate Chairman of the Treasury Board, a member of the Public Finance Committee, and a member of the Ministerial Committee for the Economy, Job Creation and Sustainable Development. Between 2018 and 2022, while in Opposition, he was Chair of the Public Accounts Committee.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Jeffrey Heath to the Board of Directors of the Canada Deposit Insurance Corporation (CDIC) for a four-year term.
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Mr. Jeffrey Heath is the current chair of the Canada Deposit Insurance Corporation’s Advisory Panel on Resolution, and also serves on the boards of the Alzheimer Society of Ontario and the Northeast Power Coordinating Council.
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Madam Chair, Canada’s economy has made a remarkable recovery from the COVID recession.
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I would like to begin by acknowledging that we are gathering here today on the Treaty Territory of the Mississaugas of the Credit First Nation, and the traditional territory of the Haudenosaunee, Huron, and Wendat.
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This week I’ve been attending the meeting of G7 Finance Ministers and Central Bank Governors held here in Niigata, Japan.
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The Government of Canada today announced it is delivering on the Budget 2023 commitment to lower credit card transaction fees for small businesses by finalizing new agreements with Visa and Mastercard, while also protecting reward points for Canadian consumers offered by Canada’s large banks.
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In the face of multiple and complex global challenges, we renewed our commitment to upholding the free, fair and rules-based multilateral system and elevated our engagement with international partners to new heights through an extensive dialogue to advance international cooperation and deliver prosperity for all. We highly valued the productive dialogue with Brazil, Comoros, India, Indonesia, the Republic of Korea, and Singapore. G7 members and Finance Ministers of these countries exchanged views on recent global economic developments and major challenges to foster robust and sustainable growth, and committed to jointly tackle a range of global economic challenges, fight poverty, and achieve strong, sustainable, balanced, and inclusive global growth.
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Today, Bill C-46, the Cost of Living Act, No. 3, received Royal Assent. This legislation delivers new inflation relief to the Canadians who need it most through the new Grocery Rebate, and strengthens public health care with a $2 billion Canada Health Transfer (CHT) top-up to help reduce backlogs and wait times, and support pediatric hospitals and emergency rooms.
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FCAC launches call for applications for Canada’s single external complaints body for banking
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Today in Ottawa, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, held a productive bilateral meeting with the Deputy Prime Minister and Minister of National Defence of Poland, Mariusz Błaszczak.
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The challenges of this generation are not the monopoly of any one country or continent—nor will they be solved by anyone acting alone. And as you set off into the world today, there is not a Graduate class anywhere that is better prepared to face them. So to the Graduate class of 2023: congratulations!
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Next week, from May 11 to 13, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the meeting of the G7 Finance Ministers and Central Bank Governors in Niigata, Japan.
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The investments we are making today will be critical to the future of Toronto’s economy and the daily lives of hundreds of thousands of Torontonians. They will help to build a transit system that is reliable and sustainable. And this investment will help continue to build a city we can all be proud of and be glad to live in.
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There are 865,000 more Canadians working today than when COVID first hit. We have recovered 128 per cent of the jobs that were lost in those first months—compared to just 114 per cent in the United States.
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Mr. Banga has the global experience and a commitment to advancing social and economic progress that will serve the World Bank well as it confronts the most pressing challenges facing today’s global economy.
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Today at the White House, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, co-chaired a productive first meeting of the joint Canada-U.S. Energy Transformation Task Force, together with the U.S. Special Presidential Coordinator for Global Infrastructure and Energy Security, Amos J. Hochstein. The Task Force was first announced by Prime Minister Justin Trudeau and President Joe Biden in Ottawa on March 24, 2023.
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Following the Government of New Brunswick’s request in February 2023 that the federal pollution pricing fuel charge replace the province’s own fuel charge, the Government of Canada intends to apply the federal backstop fuel charge in New Brunswick as of July 1, 2023. New Brunswick will continue to apply its own provincially-administered fuel charge for industrial emitters.
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This week, from April 28 to 29, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend a meeting of European Union Economy and Finance Ministers and Central Bank Governors in Stockholm, Sweden.
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Phyllis Clark has been the Chair of the Board of Directors of the Royal Canadian Mint since 2018, when she was appointed for a five-year term. She is also currently a Director of the Alberta Investment Management Corporation (AIMCo), Director of Inuvialuit Investment Corporation, Director and Treasurer of the Glenn Gould Foundation, and Chair of the Edmonton Symphony and Concert Hall Foundation Board.
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Evan Price has extensive experience as a senior executive and entrepreneur in a variety of industries and companies. He was President and CEO of CO2 Solutions Inc., a company providing carbon capture technology to industrial emitters, until it was acquired by Saipem S.p.A. in 2019. In 1992, he also co-founded Auberge Saint-Antoine in Québec City, Quebec.
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Leah Anderson has served as interim President and Chief Executive Officer (CEO) of Canada Deposit Insurance Corporation (CDIC) since August 2021. Effective August 16, 2023, she will be appointed as CDIC President and CEO for a five-year term.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Leah Anderson as the President and Chief Executive Officer of the Canada Deposit Insurance Corporation (CDIC) for a five-year term. Ms. Anderson has served as interim President and CEO of CDIC since August 2021.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the reappointment of Phyllis Clark as Chairperson of the Board of Directors of the Royal Canadian Mint for another five-year term, and appointed Evan Price to the Board of Directors of the Royal Canadian Mint for a four-year term.
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On April 19, 2023, the Government of Canada issued a five-year US$4 billion global bond. Issuing a global bond provides funds to supplement and diversify funding sources for Canada’s liquid foreign reserves.
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Today, the Government of Canada introduced Bill C-47, the Budget Implementation Act. This central piece of legislation proposes to implement many of the government’s key commitments in Budget 2023.
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To this end, the Government of Canada today announced its intent to issue a US-dollar-denominated global bond tomorrow, April 19, subject to market conditions.
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Good afternoon. This week, I attended meetings of the IMF, the World Bank, the G7, and the G20, during which Canada discussed with its allies:
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The most pressing threat to the global economy remains Russia’s illegal full-scale invasion of Ukraine. In addition to the direct and deplorable impacts on millions of Ukrainians, Russia’s actions are compounding economic challenges for the world’s most vulnerable, exacerbating longstanding issues of poverty, income inequality, and food insecurity.
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“Today I chaired the first in-person meeting of the “Five Finance Ministers” hosted at the U.S. Treasury, which included my counterparts from Australia, New Zealand, the United Kingdom, and the United States."
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While Canada stretches nearly ten million square kilometres, from the Pacific to the Arctic to the Atlantic Ocean, there are just 39 million of us—barely a tenth the size of the United States.
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Canada has made a remarkable recovery from the COVID recession. Canada’s economic growth was the strongest in the G7 over the last year, and today, 865,000 more Canadians are employed than before the pandemic, including 136,900 in Quebec. Inflation in Canada has fallen for eight months in a row, our unemployment rate is near its record low, and, supported by our Canada-wide system of affordable early learning and child care, the labour force participation rate for women aged 25 to 54 reached a record high of 85.7 per cent in February.
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Canada and our constituency partners are firmly committed to supporting the government and people of Ukraine in their fight against Russia’s illegal invasion. Since February 2022, Canada has provided over C$8 billion in direct financial, military, and humanitarian assistance to Ukraine, and imposed strict sanctions on Russia and Belarus. Ireland has contributed bilaterally, via EU support, and through extensive support to refugees.
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The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, will be in Gatineau, Quebec, to meet with community and business leaders to discuss Budget 2023 and to highlight federal budget investments in a strong middle class, an affordable economy, and a healthy future.
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Canada’s economy has made a remarkable recovery from the COVID recession.
Last year, Canada delivered the strongest economic growth in the G7, and in the first quarter of this year, our economic growth surpassed expectations.
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Canadians are proud of our universal publicly funded health care system. No matter how much money people make, where they were born or what their parents do, they can receive the care they need. However, our public health care system is not delivering the high-quality care that Canadians deserve. For example, surgeries have been postponed or cancelled. Our public health care system, and the workers who uphold it, are under enormous strain. This situation was made worse by the pandemic and requires immediate action.
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Today, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, met with community and business leaders in Saint John to discuss Budget 2023 and to highlight the government’s plan to build Canada’s clean economy—one that is good for workers, good for business, good for the environment, and which makes life more affordable for all Canadians from coast to coast to coast.
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The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, will be in Saint John, New Brunswick, to meet with community and business leaders to discuss Budget 2023 and to highlight federal budget investments in a strong middle class, an affordable economy, and a healthy future.
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Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, visited the Robertson Trading Ltd. in La Ronge, Saskatchewan, to highlight Budget 2023's investments to make life more affordable.
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That means great careers like the careers all of you have here. That’s why the budget we tabled last week included a major investment tax credit for clean technology manufacturing—including for extracting, processing, and recycling the critical minerals like the ones that Newfoundland and Labrador has in such fortunate abundance. These tax credits build on the $3.8 billion Critical Minerals Strategy we launched in last year’s budget.
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This week, from April 12 to 14, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will visit Washington, D.C., to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank.
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The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, will be in Kelowna, British-Columbia, to meet with community and business leaders to discuss Budget 2023 and to highlight federal budget investments in a strong middle class, an affordable economy, and a healthy future.
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Last year, Canada delivered the strongest economic growth in the G7 and, as we found out on Friday, in the first quarter of this year our economy grew much more robustly than expected.
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First, I would like to acknowledge that we are gathered on the ancestral, unceded homelands of the Mi’kmaq and Beothuk.
I am so happy to be here in beautiful St. John’s.
And I’m really glad to have spent some time today with these incredible Ironworkers, and with the very talented Plumbers and Pipefitters of UA Local 740.
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Today in Edmonton, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, met with workers at Lehigh Cement, to highlight Budget 2023’s investments toward creating good middle class jobs and in particular the new clean investment tax credits.
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Currently, the world’s major economies are moving at an unprecedented pace to fight climate change, retool their economies, and build the net-zero industries of tomorrow. Budget 2023 investments in abundant and low-cost clean electricity will underpin other investments needed to create hundreds of thousands of middle class jobs, provide the energy that will power our daily lives and the entire Canadian economy, and provide more affordable energy to millions upon millions of Canadian homes.
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To make life more affordable, Budget 2023 delivers the new Grocery Rebate, offering targeted inflation relief for 11 million Canadians and families who need it most with up to an additional $467 for eligible couples with children; an additional $234 for single Canadians without children; and an additional $225 for seniors, on average. The government is also taking action to crack down on junk fees and predatory lending, lower credit card transaction fees for small businesses, and help Canadians keep more money in their pockets.
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Minister Boissonnault to highlight federal budget investments in Edmonton, Alberta
