Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced the 2022-23 Climate Action Incentive (CAI) payment amounts. To ensure that carbon pollution pricing remains affordable for Canadians, the federal government returns all proceeds to the jurisdictions where they were collected, with the majority of proceeds from the federal pollution pricing system returned directly to Canadians through CAI payments.
This week, the Government of Canada successfully issued its inaugural 7.5-year, $5 billion green bond. This transaction fulfills the government’s commitment to issue a $5 billion green bond within the fiscal year.
Today, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, announced that the government is taking the next step towards establishing Canada’s open banking system with the selection of Abraham Tachjian as the open banking lead.
In Budget 2021, the government proposed the introduction of a tax on the sale of new luxury cars and aircraft with a retail sale price over $100,000, and new boats over $250,000. The tax would be calculated at the lesser of 20 per cent of the value above these price thresholds or 10 per cent of the full value of the luxury vehicle, aircraft or vessel.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced that the Government of Canada has issued the Most-Favoured-Nation Tariff Withdrawal Order (2022-1), removing these countries’ entitlement to the Most-Favoured-Nation Tariff (MFN) treatment under the Customs Tariff.
Today, the Government of Canada published its Green Bond Framework, in advance of an inaugural green bond issuance of $5 billion in fiscal year 2021-22. This inaugural issuance sets the path for future issuances, beyond this first highly-rated offering.
Today, the Department of Finance Canada released its annual estimates of the fiscal cost of federal tax measures in the 2022 Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations. In addition to providing transparency as to Canada’s tax system, this year’s report contains four analytical papers, including an economic evaluation of the government’s emergency wage subsidy programs, which have protected over 5.3 million Canadian jobs through the worst of the pandemic.
Canada continues to take action in opposing the Russian Federation’s unprovoked invasion of Ukraine. Russia has violated Ukraine’s sovereignty, territorial integrity, and independence.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Elizabeth A. Wademan as the new President and CEO of the Canada Development Investment Corporation (CDEV) for a five-year term, beginning on March 28, 2022.
