Archived - Minister Morneau Announces Measures to Improve Territorial Formula Financing

February 16, 2016 – Ottawa, Ontario– Department of Finance

As part of the renewed spirit of collaboration with provinces and territories, Finance Minister Bill Morneau today announced that the Government of Canada will introduce legislative amendments to improve the stability and predictability of federal Territorial Formula Financing payments and address the impact of a recent Statistics Canada data revision. This will provide an additional $67 million to the territories compared to the amounts calculated in December 2015.

The proposed changes will enable the Government to recalculate 2016–17 Territorial Formula Financing payments on the basis of the proposed legislative amendments, and help better support the territories in their financial planning by providing more predictability and stability.

Annie Donolo
Press Secretary
Office of the Minister of Finance
613-369-5696

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

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