Finance Ministers Meet to Grow the Economy

December 20, 2015 – Ottawa, Ontario – Department of Finance

In a renewed spirit of collaboration, and with a focus on economic growth, job creation and a strong middle class, Canada's federal, provincial and territorial Finance Ministers will meet in Ottawa tonight and tomorrow. The annual meeting's agenda will touch on:

  • Making historic investments in infrastructure to create jobs, grow the economy and address the urgent priorities of provinces, territories and municipalities.
  • Helping Canadians realize their goal of a secure retirement through enhancements to the Canada Pension Plan.
  • Lifting hundreds of thousands of children out of poverty through the introduction of the new Canada Child Benefit, and providing more support for 9 out of 10 Canadian families.

The Government of Canada is committed to working with all provinces, territories and municipalities to address the pressing challenges we all face. Canadians expect us to work together on everything from delivering on good-paying jobs to reliable transit, bridges and roads.

In support of other crucial priorities, including the provision of health care, post-secondary education, social assistance and social services, early childhood development and child care, Finance Minister Bill Morneau announced today that the Government of Canada will be providing a record high of nearly $71 billion to provinces and territories in 2016–17. Canada’s provincial and territorial Finance Ministers have been sent letters with their official federal transfer amounts for 2016–17. These letters are being released publicly for the first time.

Quote

“Nothing is more important right now than growing the economy and making sure middle class Canadian families have what they need to succeed. Good-paying jobs, reliable transit, a secure retirement—these are the things that we will discuss as we work together towards sustainable, long-term growth. I look forward to my first meeting with my colleagues so we can address these important issues for all Canadians.”

- Bill Morneau, Minister of Finance

Quick Facts

  • Tomorrow's session of the Finance Ministers Meeting will also include a presentation by Bank of Canada Governor Stephen Poloz on the global economy and Canadian monetary policy.
  • The Government of Canada provides significant financial support to provincial and territorial governments on an ongoing basis to assist them in the provision of programs and services.
  • There are four main transfer programs: the Canada Health Transfer (CHT), the Canada Social Transfer (CST), Equalization and Territorial Formula Financing (TFF).
  • The CHT and CST are federal transfers which support specific policy areas such as health care, post-secondary education, social assistance and social services, early childhood development and child care.
  • The Equalization and TFF programs provide unconditional transfers to the provinces and territories.
  • Equalization enables less prosperous provincial governments to provide their residents with public services that are reasonably comparable to those in other provinces, at reasonably comparable levels of taxation.
  • TFF provides territorial governments with funding to support public services, in recognition of the higher cost of providing programs and services in the north.

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Media Contacts

Daniel Lauzon
Office of the Minister of Finance
613-369-5696

Jack Aubry
Media Relations
Department of Finance
613-369-4000

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