The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today issued the following statement after a meeting of provincial and territorial Finance Ministers regarding the Government of Alberta’s proposal to withdraw from the Canada Pension Plan (CPP):
The Canada Growth Fund is led by some of Canada’s top investors, and we created it to invest in Canadian businesses, to help them scale, and to help crowd-in Canada’s share of the trillions of dollars in private capital that are waiting to be invested in the global clean economy. This is a really innovative way to make the people’s money work harder and to fill the gaps that private capital alone has not been filling in financing the green transition in Canada.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that over 250,000 Canadians have now opened a Tax-Free First Home Savings Account to save for a down payment on their first home—putting homeownership back within reach across the country. The Tax-Free First Home Savings Account is a key tool to make homeownership more affordable and is part of the federal government’s comprehensive plan to make housing more affordable and build more homes, faster.
Over the past twenty years, CPP Investments has grown the CPP’s assets from $36 billion to more than $570 billion, of which about $380 billion was generated from investment income. In fact, between 2013 and 2022, CPP Investments delivered the highest ten-year returns of any pension fund in the world.
Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that she will convene a special virtual meeting of provincial and territorial Finance Ministers on Friday November 3, 2023, at 11:00 a.m. ET.
I am so happy to be here today. This is a tremendous moment for Canada, for the Canada Growth Fund, for the Public Sector Pension Investment Board (PSP Investments), for Eavor Technologies Inc., and for Alberta.
In order to provide more time and financial support for the roughly 1.1 million homes in Canada using home heating oil, to switch to heat pumps, the government announced that it proposes to temporarily pause the application of the fuel charge on deliveries of heating oil, in all jurisdictions where it currently applies, for a three-year period.
Let me just start by saying that the thoughts of all of us are with the loved ones of those killed and with the people of Sault Ste. Marie in the face of this horrific tragedy.
With a $90 million investment in a groundbreaking geothermal energy company, Calgary’s Eavor Technologies Inc., the Canada Growth Fund is creating good jobs for Albertans and securing the Canadian future of a company at the leading-edge of the global clean economy.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met with leading private sector economists to discuss their outlook on the Canadian and global economies, and to hear their views on the government’s continued efforts to support Canadians.