Department of Finance Canada 2024–25 Departmental results report at a glance

Actual spending: $143,202,516,447

Actual full-time equivalent staff: 665

Departmental results achieved

In 2024-25, 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 delivery of the federal budget, as well as the economic and fiscal update.
• Continued to implement the fiscal plans outlined in the 2023 Economic and Fiscal Statement and Budget 2024.
• Developed sound policy advice based on an assessment of current and future economic conditions and sound fiscal planning.
• Continued to develop tax policy options and advice to enhance the fairness, neutrality, competitiveness and efficiency of Canada's tax system.

Inclusive and Sustainable Economic Growth

• Developed policy options and provided advice in support of measures to enable Canada's transition to a prosperous, low-carbon economy.
• Collaborated with departments and other central agencies to advance long-term inclusive economic growth, including policies that advanced innovation, competition, development, skills training, labour force participation, immigration and internal trade and to support workers and businesses affected by trade disruption.
• Worked with government departments and leveraged internal expertise to provide advice regarding the development of policies and programs intended to advance economic reconciliation with Indigenous Peoples.
• Bolstered inclusive economic growth that supported the government's efforts to achieve its 2030 and 2035 climate goals and accelerate the transition to a net-zero economy no later than 2050.
• Continued to develop and propose tax policies that promoted the adoption of clean and decarbonizing technologies and the creation of good-paying jobs, while ensuring that Canadian businesses remained globally competitive.
• Provided advice on environmental taxation and policies that contributed to the reduction of negative environmental impacts, including emissions, while avoiding undue impacts on affordability and the economy.
• 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.
• Provided policy advice and advanced measures to support a stable, resilient and innovative financial sector that continued to meet the needs of Canadians, including by advancing the Consumer-Driven Banking Framework and further combatting predatory lending by lowering the criminal rate of interest.
• Developed policies to increase the supply of market-based, social and affordable housing across Canada.

Sound Social Policy Framework

• Continued to support provinces and territories by effectively managing the major federal transfer payment programs and provided advice on transfer policy issues.
• Improved affordability for Canadians through policy development and advice in support of initiatives such as early learning and child care, the Canadian Dental Care Plan, the Canada Disability Benefit, the Canada Student Financial Assistance Program and measures to improve housing affordability.
• Collaborated with government departments, other central agencies, provincial and territorial governments, Indigenous Nations and Indigenous governments to develop policy proposals that addressed the government's priority to advance reconciliation, safety and security and other social policy issues.

Effective International Engagement

• Collaborated with international partners and organizations to ensure a strong, coordinated and effective multilateral response to Russia's war in Ukraine and tensions in the Middle East and to ensure a strong and stable global economy.
• Supported the government in maintaining Canada's leadership and engagement globally, while both deepening trading relationships and responding in a firm yet balanced manner to the unjustified trade measures of Canada's trading partners.
• Collaborated with government departments in identifying key priorities and developing deliverables for Canada's 2025 G7 Presidency, including through the leadership of the G7 Finance Track.
• Strengthened Canada's global leadership in combatting financial crime by advancing the G7 Financial Crime Call to Action and enhancing international collaboration through its role as Vice-President of the Financial Action Task Force.

For more information on the Department's Economic and Fiscal Policy core responsibility, read the 'Results – what we achieved" section of its Departmental Results Report.