Nov 27, 2021 | International
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met virtually with chief economists from major Canadian financial institutions to discuss their outlook on the Canadian economy and hear their views on Canada’s economic recovery.
November 26, 2021 – Ottawa, Ontario – Department of Finance Canada
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met virtually with chief economists from major Canadian financial institutions to discuss their outlook on the Canadian economy and hear their views on Canada’s economic recovery.
The Deputy Prime Minister addressed global COVID inflation and the work the government is doing to help Canadians with the cost of living. She also invited chief economists to share their perspectives on the impact of global supply chain disruptions.
The Deputy Prime Minister noted that Canada’s strong jobs recovery, particularly compared to the United States. Canada has recovered over 101 per cent of the jobs lost during the pandemic compared to only 81 per cent in the U.S.
Throughout the meeting, the Deputy Prime Minister reiterated that the best economic policy is ending COVID-19 and that the government is carefully watching variants of concern, including by taking action today to restrict travel from certain regions of the globe.
The Deputy Prime Minister reaffirmed the government’s commitment to careful and prudent management of Canada’s public finances as the country continues on its path to a robust economic recovery.
Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
Adrienne.Vaupshas@fin.gc.ca
Oct 29, 2021 | International
In the coming days, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will travel to Rome to attend the G20 Joint Finance and Health Ministers’ Meeting and support the Prime Minister at the G20 Leaders Summit. The Deputy Prime Minister will then travel to the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, United Kingdom.
October 28, 2021 – Ottawa, Ontario – Department of Finance Canada
In the coming days, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will travel to Rome to attend the G20 Joint Finance and Health Ministers’ Meeting and support the Prime Minister at the G20 Leaders Summit. The Deputy Prime Minister will then travel to the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, United Kingdom.
At the G20 meeting, Canada will continue to advance its support for building strong global health systems and growing economies that allow nations to prepare for, prevent, and respond to public health crises. Multilateral efforts are necessary to support equitable access to vaccines, therapeutics and diagnostics; and to end the global COVID-19 crisis. The Deputy Prime Minister will discuss Canada’s own work to finish the fight against COVID-19 and create jobs and growth. The Deputy Prime Minister will also underscore the importance of continued global cooperation on other important fronts, including coordinated climate action and the recent once-in-a-generation agreement on international tax reform, which will end the race to the bottom in corporate taxation and ensure a level playing field for Canadian workers and Canadian businesses in the global economy.
At COP26, the Deputy Prime Minister will be part of the Canadian delegation, alongside other signatories to the Paris Agreement, to chart the course for the next decade of climate action. The Deputy Prime Minister will highlight Canada’s climate action taken since COP21 (Paris) to build a clean economy, achieve net-zero emissions by 2050, and create jobs that bring everyone along. The Deputy Prime Minister will work to advocate for increased global ambition and concrete action by all.
An itinerary of events will be released in advance of the meeting.
“The global pandemic has shown us that governments and civil society have what it takes to come together to face great challenges. It is more important than ever that the international community do what is necessary to finish the fight against COVID-19 and accelerate the green transformation of global economies. Working together collaboratively, we can build a future that is safer, healthier, with jobs and long-lasting prosperity for everyone.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
The G20 represents 85% of the global economy.
Canada is one of 136 countries that have agreed to a new two-pillar plan on international tax reform. This agreement is the next step in the global effort to end the race to the bottom in corporate taxation and to ensure that multinational corporations pay their fair share of taxes wherever they do business and regardless of where their headquarters are located.
Pillar One would re-allocate some taxing rights with respect to the largest and most profitable multinational corporations, including digital corporations, to the countries where their users and customers are located; and
Pillar Two would introduce a global minimum tax on larger multinational corporations of 15% determined on a country-by-country basis.
To date, Canada has committed over CA$2.5 billion towards the global COVID-19 response, including CA$1.3 billion to the Access to COVID-19 Tools (ACT) Accelerator and has committed to donating over 40 million vaccine doses to be shared through the COVAX Facility.
Canada is currently one of six countries with Sweden, Germany, Norway, Saudi Arabia and Kuwait that has responded fully to the 2021 fundraising targets as determined by the ACT-Accelerator Financing Working Group.
In November 2015, Canada and 194 other countries reached the Paris Agreement— an international agreement to address climate change that is ambitious, durable, and applicable to all parties. It recognizes the important role of subnational governments, civil society, and the private sector, and it highlights Indigenous, community, human, and gender rights.
COP26 is the highest profile UN climate change conference since 2015 when the Paris Agreement was adopted. Hosted by the United Kingdom, COP26 will bring parties together to accelerate action towards the goals of the Paris Agreement and the United Nations Framework Convention on Climate Change.
Since 2015, Canada has invested approximately $100 billion toward climate action and clean growth, including as part of Canada’s strengthened climate plan, including $53.6 billion in a green recovery that will build a clean economy, fight climate change, and create good, middle class jobs.
At the G7 Leaders’ Summit in June, the Prime Minister announced the doubling of Canada’s international climate finance investments, from $2.65 billion in 2015 to $5.3 billion over five years, including increased support for adaptation, protecting nature and nature-based climate solutions.
Canada is committed to increasing its 2030 target of reducing greenhouse gas emissions to between 40 and 45% relative to 2005 levels, and has committed to reaching net zero emissions by 2050.
Oct 16, 2021 | International
This week the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, successfully concluded a trip to Washington, D.C., where she attended the Annual Meetings of the World Bank Group and the International Monetary Fund and the G7 and G20 Finance Ministers’ and Central Banks Governors’ Meetings, as well as meetings of the International Monetary and Financial Committee.
October 15, 2021 – Ottawa, Ontario – Department of Finance Canada
This week the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, successfully concluded a trip to Washington, D.C., where she attended the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF). The Deputy Prime Minister also attended the G7 and G20 Finance Ministers’ and Central Banks Governors’ Meetings.
In addition, the Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, virtually attended, on behalf of the Deputy Prime Minister and Minister of Finance, the Coalition of Finance Ministers for Climate Action and the Commonwealth Finance Ministers Meeting. Today, the Minister of International Development, the Honourable Karina Gould, virtually attended, on behalf of the Deputy Prime Minister, the meeting of the IMF-World Bank Development Committee, where the focus was on the impacts of the COVID-19 crisis on low-income countries and multilateral efforts to promote their resilient recovery.
The meetings provided opportunities for Finance Ministers and Central Bank Governors to discuss issues on a range of fronts, including: international trade, addressing the needs of low-income and vulnerable middle-income countries; the economic impacts of the pandemic on women and the need for affordable and accessible early learning and child care; and future pandemic prevention and preparedness. This week has also been an important moment to discuss climate action and how we can work with our partners to do even more. Canada has a world-leading price on pollution – and worked to actively explore avenues to collaborate on carbon pricing, border carbon adjustments, and other tools.
The meetings also allowed Canada to engage with international partners on bringing last week’s landmark two-pillar plan on international tax reform into effect. This historic agreement will end the global race to the bottom in corporate taxation, and put Canadian workers and businesses on a level playing field in the global economy by ensuring that all corporations, including the world’s largest, pay their fair share.
The Deputy Prime Minister held several bilateral meetings with her counterparts, including: US Treasury Secretary, Janet Yellen; Germany’s Vice Chancellor and Minister of Finance, Olaf Scholz; UK Chancellor of the Exchequer, Rishi Sunak; France’s Minister of Finance and the Economy, Bruno Le Maire; Italy’s Minister of Economy and Finance, Daniele Franco; Republic of Korea Deputy Prime Minister and Minister of Economy and Finance, Hong Nam-ki; and Mexico Secretary of Finance and Public Credit, Rogelio Ramírez de la O.
“At these important meetings with our international partners, Canada was able to discuss issues of global concern including: ending the pandemic, building a fair and robust recovery, climate change, growing inequality, sustainable economic development, tax fairness, and the economic outlook in the years ahead. It is essential that we work together to overcome shared challenges and build a greener future with prosperity and opportunity for all.”
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
Oct 13, 2021 | International
Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, held a bilateral meeting in Washington, D.C., with the United States Secretary of the Treasury, Janet Yellen.
October 12, 2021
Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, held a bilateral meeting in Washington, D.C., with the United States Secretary of the Treasury, Janet Yellen.
Both the Deputy Prime Minister and the Secretary noted the close ties and friendship between Canada and the United States.
They welcomed the once-in-a-generation agreement on the two-pillar approach to international tax reform agreed on October 8 by 136 countries in the OECD-G20 Inclusive Framework on Base Erosion and Profit Shifting.
The Deputy Prime Minister and Secretary underscored how this historic agreement will end the race to the bottom in international taxation and how it is a win for middle class workers and for businesses in Canada and the United States.
The Deputy Prime Minister highlighted how Canada and the United States have worked very closely to make this international agreement possible. Canada’s strong preference is for a multilateral agreement and the Deputy Prime Minister shared Canada’s plan to transition from the DST to the OECD-level agreement.
The Deputy Prime Minister and the Secretary also discussed climate action and carbon border adjustments; the unequal impact the pandemic has had on certain people, particularly women, and the need for early learning and child care; electric vehicle incentives; as well as “Buy America” and how Canada-US trade is mutually beneficial.
The Deputy Prime Minister and the Secretary agreed to continue collaboration on these and other shared priorities.
Oct 12, 2021 | International
This week, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), in Washington, D.C.
October 11, 2021 – Ottawa, Ontario – Department of Finance Canada
This week, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), in Washington, D.C.
The Deputy Prime Minister will also attend G7 and G20 Finance Ministers’ and Central Banks Governors’ Meetings, as well as meetings of the International Monetary and Financial Committee. The Deputy Prime Minister will be joined by the Governor of the Bank of Canada, Tiff Macklem. The Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, will also virtually attend, on behalf of the Deputy Prime Minister and Minister of Finance, the Coalition of Finance Ministers for Climate Action and the Commonwealth Finance Ministers Meeting. The Minister of International Development, the Honourable Karina Gould, will also virtually participate in the IMF-World Bank Development Committee meeting on behalf of the Deputy Prime Minister and Minister of Finance.
Ministers and governors will discuss coordinated actions to support a strong and inclusive recovery from the COVID-19 recession; international tax fairness in an era of digitalized and globalized commerce; pressing global challenges such as climate change; and addressing the economic impacts of the COVID-19 recession on women, including the need for accessible and affordable childcare.
An itinerary of events will be released in advance of the meetings.
“This week’s meetings are an important opportunity for Canada to help shape a green, resilient, and inclusive economic recovery. Working closely with our international partners is especially crucial in supporting people who have been disproportionately affected by the pandemic, in ensuring tax fairness and ending the race to the bottom, and in fostering green growth. Our collective action will build stronger and more resilient economies and societies for everyone.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
