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Today, the Honourable François-Philippe Champagne, Minister of Finance and the Honourable Anita Anand, Minister of Innovation, Science and Industry announced the launch of a 30-day public consultation on possible trade measures to protect against the threat of diversion of steel products from third countries into the Canadian market as a result of the recent trade measures by the U.S.
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The Government of Canada has made regulations that cease the application of the federal fuel charge, effective April 1, 2025, and is also removing requirements for provinces and territories to have a consumer-facing carbon price as of that date.
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Canada is strongest when all orders of government work together. The Minister welcomed the active role of the premiers and their provincial and territorial governments in addressing the tariff issue.
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Yesterday, the Honourable François-Philippe Champagne, Minister of Finance joined Chris Forbes, Deputy Minister of Finance, to host a briefing with more than 400 Canadian industry and labour stakeholders, as well as provincial and territorial representatives, on Canada-U.S. economic issues. Arun Alexander, Canada’s Deputy Ambassador to the United States of America, also joined the call.
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The Honourable François-Philippe Champagne, Minister of Finance, will host a meeting with provincial and territorial Finance Ministers in Montréal, Quebec.
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Earlier today, the Honourable François-Philippe Champagne, Minister of Finance, chaired his first G7 virtual Finance Ministers’ Meeting.
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On March 11, the Government of Canada launched a five-year US$3.5 billion global bond.
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Following a dollar-for-dollar approach, Canada is imposing, as of 12:01 am, March 13, 2025, 25 per cent reciprocal tariffs on a list of steel products worth $12.6 billion and aluminum products worth $3 billion, as well as additional imported U.S. goods worth $14.2 billion, for a total of $29.8 billion. The list of additional products affected by counter tariffs includes tools, computers and servers, display monitors, sport equipment, and cast-iron products.
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Effective March 13, 2025, the Government of Canada is imposing 25 per cent tariffs on $29.8 billion in products imported from the United States (U.S.).
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In Budget 2024, the Government of Canada reiterated its commitment to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product.
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Today, the Government of Canada announced the upcoming implementation of new regulatory amendments to strengthen Canada’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) framework and ensure that it is even more robust and effective in addressing threats of financial crime.
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Earlier this week, the United States administration imposed unjustified tariffs on Canada, disrupting a successful trading partnership and raising costs for Americans and Canadians alike. As the federal government, we will use every tool at our disposal so Canadian businesses and workers can weather this storm. We will defend Canadian jobs.
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Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, and the Honourable Mélanie Joly, Minister of Foreign Affairs, announced that in response to unjustified U.S. tariffs, the Government of Canada is moving forward with 25 per cent tariffs on $155 billion worth of imported goods, beginning immediately with a list of goods worth $30 billion.
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Effective March 4, 2025, the Government of Canada is imposing 25 per cent tariffs on $30 billion in goods imported from the United States (U.S.).
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Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced on behalf of the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, that the federal government proposes to extend the 15 per cent Mineral Exploration Tax Credit for investors in flow-through shares for an additional two years, until March 31, 2027.
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Today, the Department of Finance released for public comment draft legislative proposals (and related explanatory notes) that would implement Budget 2024’s Electric Vehicle (EV) Supply Chain investment tax credit.
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Yesterday, the Department of Finance hosted a recurring briefing with Canadian industry and labour stakeholders, as well as provincial and territorial representatives on Canada-U.S. economic issues. A representative from the Embassy of Canada to the United States also joined the call.
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This week, the Government of Canada successfully priced its third new issuance of Canadian-dollar-denominated green bonds. This $2 billion issuance of a 7-year bond is part of a commitment to regular green bond issuances. This issuance is the fourth offering of Canadian-dollar-denominated green bonds following the prior issuances of a 10-year, $4 billion green bond in February 2024, which was re-opened in October 2024 for an additional $2 billion, and Canada’s first 7.5-year, $5 billion green bond in March 2022.
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Yesterday, the Government of Canada convened the first working meeting of the new Integrated Money Laundering Intelligence Partnership (IMLIP). This new partnership will support the permissible sharing of money laundering and organized crime intelligence between law enforcement and Canada’s big banks. Canada’s newly appointed Commissioner of Canada’s Fight Against Fentanyl, Kevin Brosseau, launched the inaugural meeting and gave opening remarks.
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The Government of Canada is announcing its plan to issue its third Canadian-dollar-denominated green bond this week, subject to market conditions.
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Today, Chris Forbes, Deputy Minister of Finance, hosted a briefing with Canadian industry and labour stakeholders, as well as provincial and territorial representatives, on Canada-U.S. economic issues. Arun Alexander, Canada’s Deputy Ambassador to the United States of America, also joined the call.
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The Government of Canada is inviting Canadians to participate in Pre-budget consultations to help shape Budget 2025.
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Canada will not stand by as the United States imposes unjustified and unreasonable tariffs on Canadian goods. In response, we are moving forward with 25 per cent tariffs on $155 billion worth of imported U.S. products. We will protect Canadian interests and support our workers and industries.
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Effective February 4, 2025, the government is imposing 25 per cent tariffs on $30 billion in goods imported from the United States (U.S.).
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The Government of Canada will host a media technical briefing regarding Canada’s response to the tariffs imposed by the United States on Canadian goods. Government officials in attendance will be available to answer questions from journalists. Their responses will be provided on a not-for-attribution basis.
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Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, and the Honourable Mélanie Joly, Minister of Foreign Affairs, announced that the Government of Canada is moving forward with 25 per cent tariffs on $155 billion worth of goods in response to the unjustified and unreasonable tariffs imposed by the United States (U.S.) on Canadian goods.
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Yesterday, Chris Forbes, Deputy Minister of Finance, hosted the third briefing with Canadian industry and labour stakeholders, and provincial and territorial representatives on Canada-U.S. economic issues. Arun Alexander, Canada’s Deputy Ambassador to the United States of America, and Shannon Grainger, Assistant Deputy Minister, Portfolio Affairs and Communications, Public Safety Canada, also joined the call.
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Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types of trusts. The capital gains inclusion rate represents the portion of capital gains that is taxable.
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Yesterday, Chris Forbes, Deputy Minister of Finance, hosted a second briefing with Canadian industry and labour stakeholders, and provincial and territorial representatives on Canada-U.S. economic issues. Canada’s Deputy Ambassador to the United States of America, Arun Alexander, also joined the call.
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Today, the Department of Finance released draft legislation (and related explanatory notes) to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year to February 28, 2025.
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Today, Chris Forbes, Deputy Minister of the Department of Finance Canada, hosted a briefing with Canadian industry and labour stakeholders and provincial and territorial representatives on Canada-U.S. economic issues. Canada’s Deputy Ambassador to the United States of America also joined the call.
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Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2025.
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Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, along with the Honourable Élisabeth Brière, Minister of National Revenue, announced that the federal government intends to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year, until February 28, 2025.
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Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government will deliver $103.8 billion in major federal transfers to provinces and territories in 2025-26, in addition to other significant financial support. This represents an increase of 4.4 per cent in major transfers compared to 2024-25.
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The Fall Economic Statement includes updates on investments to expand Canada’s social safety net, build more homes, and reduce the costs of essentials like child care, dental care, and prescription medications including insulin and contraceptives.
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The government is investing in productivity and innovation and bringing more Canadians into the workforce. This is part of the government’s economic plan to build a more innovative economy, with more investment opportunities and sustainable wage increases for Canadians. This Fall Economic Statement is also strengthening pro-worker policies to level the playing field.
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The government is amending the mortgage insurance rules to remove the requirement to apply the minimum qualifying rate on low-ratio mortgages that switch from a federally regulated lender to any new lender at renewal, effective December 16, 2024.
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Canadians rightfully expect and deserve to feel safe in their communities. However, with a rise in gun violence, restrictive anti-choice groups, and targeted hate crimes, the fabric that ties our communities together is being threatened. As our country grows, we must take action to build a future where communities welcome diversity as our strength, where women’s rights are protected, and where every Canadian feels safe in the place they call home. The 2024 Fall Economic Statement is taking action to make our communities safer, vibrant, and more inclusive.
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As part of the federal government’s commitment to economic reconciliation, the government announced in Budget 2024 that it will provide up to $5 billion in Indigenous loan guarantees to unlock access to the capital needed for Indigenous groups to make major economic investments.
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The government is taking action to make life cost less and put more money back in your pocket. Our economic plan is reducing everyday costs, cracking down on hidden fees, strengthening competition—especially in the grocery sector, making banking easier and more affordable and helping all communities.
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The government is investing to build homes at a record-breaking pace, helping Canadians find an affordable place to call home, and making the boldest mortgage reforms in decades to lower costs. The government is also working with provinces and territories to protect renters.
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The key goal of Canada’s consumer-driven banking framework is to ensure that the financial data of Canadians and small businesses is shared safely and securely. About nine million Canadians currently share their financial data by providing confidential banking credentials to service providers.
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Canada’s economic potential is dependent on the success of Canadians. The 2024 Fall Economic Statement announces new initiatives to secure economic growth and protect jobs, particularly in light of new economic uncertainties in North America and globally following the U.S. election.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighted that the federal government’s bold mortgage reforms are coming into force today.
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With over $3 trillion in assets, Canadian pension funds are renowned around the world for being well-funded and well-managed, ensuring their long-term ability to provide financial security and dignity to retirees across Canada.
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The Scientific Research and Experimental Development (SR&ED) tax incentives are a proven cornerstone of Canada’s innovation strategy, already supporting over 22,000 businesses.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Minister of Export Promotion, International Trade and Economic Development, Mary Ng, announced the 2024 Fall Economic Statement will unlock billions in new capital and include significant new incentives to help businesses grow, innovate, and create good jobs.
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Specifically, this legislation removes the GST/HST on holiday essentials, like groceries, restaurant meals, drinks, snacks, children’s clothing, and gifts, from December 14, 2024, until February 15, 2025.
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Before I begin, I would like to say a few words about the Canadian economy. In October, inflation was at two per cent. That means that for 10 months now, inflation has been within the Bank of Canada’s target range. That’s good news for Canadians. Because of that, interest rates are coming down. Canada was the first G7 country to cut interest rates four times, and that’s also good news for Canadians and Canadian business owners.
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Today is a tragic day, it’s a really sad day for all of us. It is an important day of remembrance and I am glad to have the opportunity to share in the sadness and to remember with everyone here, and especially with the women and girls who are here.
