Finance Ministers Meet to Strengthen and Grow the Middle Class

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.