The Department of Finance Canada 2023–24 Departmental Results Report at a glance

Actual spending: $135,453,747,899 (includes $135,082,964,493 for statutory programs and transfers to other levels of government)

Actual human resources: 639 full-time equivalents

Departmental results achieved

In 2023–24, the Department continued to support the Minister of Finance and National Revenue in advancing the government’s priorities in the area of economic and fiscal policy. The following section highlights key initiatives undertaken to achieve the following departmental results:

• Canadians enjoy stronger, more sustainable, and inclusive economic growth that contributes to higher standards of living.
• Canada's public finances are sound, sustainable, and inclusive.
• Canada has a fair and competitive tax system.
• Canada has a sound and efficient financial sector.
• The Government of Canada's borrowing requirements are met at a low and stable cost to support an effective management of the federal debt on behalf of Canadians.
• The Government of Canada effectively supports provinces, territories, and Indigenous governments.
• Canada maintains its leadership and engagement globally and deepens its trading relationships.

Sound Fiscal Management

• Managed the preparation of the federal budget, as well as economic and fiscal updates, in alignment with the Government of Canada's fiscal anchor and planning objectives.
• Continued to implement the fiscal plans outlined in Budgets 2022 and 2023 and laid the groundwork for implementation of Budget 2024.
• Continued to develop and support policies that focused on the efficient management of Crown investments as well as the federal government's debt and international reserves.
• Developed sound policy advice based on an assessment of current and future economic conditions and sound fiscal planning.
• Developed policy options and advice to enhance the fairness, neutrality, competitiveness, and efficiency of Canada's tax system.

Inclusive and Sustainable Economic Growth

• In a challenging global environment, made sound investments in people and workers to support Canada's transition to a prosperous, low-carbon economy—while not making short-term inflation worse or longer lasting.
• Collaborated with departments and other central agencies to advance long-term inclusive economic growth through policies that advance skills training, labour force participation, immigration, and internal trade.
• Worked with other government departments and leveraged internal expertise to support and provide advice regarding the development of policies and programs intended to advance economic reconciliation for Indigenous Peoples.
• Bolstered inclusive economic growth that supported the government's efforts to achieve its 2030 climate goals and accelerate the transition to a net-zero economy no later than 2050.
• Developed and moved forward with tax policies that will help in the adoption of decarbonizing technologies and the creation of good-paying jobs, while ensuring that Canadian businesses remain globally competitive and polluting emissions in Canada are reduced.
• Provided policy advice on maintaining a stable, resilient, and innovative financial sector that continued to meet the needs of Canadians.

Sound Social Policy Framework

• Continued to manage the major transfer payment programs to provinces and territories and renewed the Equalization and Territorial Formula Financing programs for five years starting April 1, 2024.
• Worked to make life more affordable for middle-class Canadians and their families, including through continued and sustained investment in early learning and child care, and by advancing measures to improve housing affordability.
• Collaborated with other government departments, central agencies, and provincial and territorial governments to develop policy proposals that addressed the government's priorities across a range of social policy issues, from advancing reconciliation and Indigenous Peoples' rights to addressing profound systemic inequities and disparities.
• Supported the government's efforts and work to launch the new Canada Disability Benefit by July 2025, following Royal Assent of the Canada Disability Benefit Act in June 2023.

Effective International Engagement

• Supported the government in maintaining Canada's leadership and engagement globally.
• Collaborated with international partners and organizations to ensure a strong, coordinated, and effective multilateral response to global economic shocks, including Russia's war against Ukraine.
• Worked with partners in the Group of Seven (G7), the Group of Twenty (G20), and other international fora to address challenges facing the global economy and respond to international crises, as well as promote Canada's interests at international financial institutions and multilateral development banks.
• Promoted bolder climate actions, working with like-minded countries.
• Deepened trading relationships while promoting the rules-based international order.
• Promoted economic resilience for critical supply chains, including collaboration with international partners.

More information about Economic and Fiscal Policy can be found in the "Results – what we achieved" section of the full Departmental Results Report.