Finance Ministers Meet to Strengthen and Grow the Middle Class

News release

June 26, 2018 – Ottawa, Ontario – Department of Finance Canada

Faced with immediate and long-term opportunities and challenges, Canadians want governments to work together to solve shared problems, and stay focused on delivering real growth for the middle class and people working hard to join it.

Recognizing the significant immediate challenges facing Canadian businesses, workers and the economy as a whole, Canada's Finance Ministers gathered in Ottawa today for their semi-annual meeting and were joined by Canada's Ambassador to the United States, David MacNaughton. They discussed Canada's relationship with the U.S., including U.S. tax changes, the ongoing renegotiation of the North American Free Trade Agreement and recent decisions around tariffs between the two countries. The Ministers also heard from the Governor of the Bank of Canada Stephen S. Poloz, who provided an update on the state of the global economy and Canadian monetary policy.

In their meeting, Finance Ministers were unanimous in their support for rules-based trade, and in forging a Canada-U.S. relationship that is mutually beneficial to both countries. They also agreed to redouble efforts to reduce interprovincial trade barriers, and accelerate negotiations towards freer trade within Canada.

To provide additional context to the day's discussions, several Canadian business leaders were invited to share their experiences and perspectives on Canada's current business environment, and offer their thoughts on what policymakers can do to support Canada's competitiveness while working together to achieve long-term goals for Canadians. 

In addition to important talks on how to strengthen and grow the economy for the benefit of all Canadians, the Ministers agreed to cooperate on many topics of joint interest, including ensuring a resilient housing market and supporting strong job creation. They also agreed to improve information availability on who owns which corporations in Canada—a key part of shared efforts to combat aggressive tax avoidance, as well as tax evasion, money laundering and other criminal activities perpetrated through the misuse of corporate vehicles.

Quotes

"I thank my provincial and territorial colleagues for a very productive meeting, as well as the business leaders who joined us today. It is more important than ever that we work together to support Canadians and strengthen Canada's economy. We are all committed to ensuring Canada remains one of the best places in the world to start, grow, and invest in a business—and I know we can do that in a way that is thoughtful, responsible, and focused on our long-term competitiveness, no matter what immediate challenges may arise. Building an economy that works for everyone takes a lot of hard work, but I am confident that we are all up to the challenge."

Bill Morneau, Minister of Finance

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Contacts

Media may contact:

Daniel Lauzon
 Director of Communications
 Office of the Minister of Finance
daniel.lauzon3@canada.ca
 613-286-4285

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

General Enquiries

Phone: 613-369-3710
 Facsimile: 613-369-4065
 TTY: 613-369-3230
 E-mail: fin.financepublic-financepublique.fin@canada.ca

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