Finance Ministers Meet to Build on Progress for the Middle Class
December 10, 2017 – Ottawa, Ontario – Department of Finance Canada
Canada's Finance Ministers have a proven record of working together in a spirit of collaboration to deliver results that benefit the middle class and those working hard to join it.
Federal, provincial and territorial Finance Ministers will meet today and tomorrow in Ottawa to build on their productive partnership, discuss issues that are top of mind for Canadians, and make further progress on important joint priorities.
Finance Ministers will gather during this semi-annual meeting to work collaboratively on priorities including:
- Improving the available information on corporate ownership in Canada, to ensure appropriate authorities know who owns which companies, and thereby have better tools to combat money laundering, tax evasion and other criminal activities.
- A coordinated approach to the taxation of cannabis to help keep it out of the hands of youth, and profits out of the hands of criminals.
- The review of the Canada Pension Plan (CPP), to ensure it continues to respond to the needs of retirees, workers and employees. This is done every 3 years.
- A discussion on the Government of Canada's commitment to gender budgeting.
In advance of the meeting, federal Finance Minister Bill Morneau confirmed that the Government of Canada will be providing a record $75.5 billion to provinces and territories in 2018-2019 in transfer funding.
"I look forward to meeting with my provincial and territorial counterparts and moving the yardstick on issues that matter to Canadians. From working together to legalize and strictly regulate cannabis, to recognizing the need to reduce blind spots in combatting international tax evasion and avoidance, to ensuring a stronger CPP and equal opportunities for women and men, the Finance Ministers' table is one that gets results. I look forward to productive and collaborative discussions with my colleagues over the coming days."
- Bill Morneau, Minister of Finance
- Canada's Finance Ministers typically meet twice a year to discuss shared priorities.
- The Finance Ministers Meeting will include a presentation by Bank of Canada Governor Stephen S. 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.
- Among the transfer programs to provinces and territories, the four main ones are: 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.
Letters to provinces and territories:
- British Columbia
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Prince Edward Island
Media may contact:
Office of the Minister of Finance
Department of Finance Canada