Canadian finance ministers met this week to discuss ways to strengthen the middle class, create jobs, and foster strong economic partnerships with the United States.
“Today, we discussed our government’s plan to create jobs, strengthen the middle class and ensure that growth benefits all Canadians as the economy continues to gain momentum,” Minister of Finance Bill Morneau said. “
Finance ministers reviewed measures in the 2017 budget that will positively impact the provinces and territories, including significant investments in housing, innovation and skills, early learning and child care, and the new Canada Infrastructure Bank.
The relationship with the United States was also a topic of discussion.
“In an effort to ensure the Canada-U.S. relationship remains among the strongest partnerships between any two nations, Finance Ministers also discussed how Canada’s governments can work together to foster and advance this relationship to the benefit of both countries,” Morneau said.
The finance ministers also talked about the need for a coordinated cross-country approach to the taxation of cannabis so that it is in place when recreational cannabis becomes legal in July 2018.
“We need to get it right, and we need to do it together,” Morneau said. “Our twin goals are to keep cannabis out of the hands of youth, and keep profits out of the hands of criminals. Our approach to taxation needs to support those goals. We also need to consider further investments in awareness and education programs that inform Canadians—especially youth—of the health and safety risks of cannabis consumption, as well as further investments in related health surveillance activities. I look forward to continuing the discussion in the weeks and months ahead.”
Morneau added that a key item on the agenda was the need to ensure that all Canadians pay their fair share of taxes.
“We discussed actions we have taken to crack down on tax evasion and close loopholes, and ways to work together to develop a national strategy aimed at improving the availability of beneficial ownership information,” he said.
The finance ministers also took stock of recent legislative successes.
“This past year alone, we have strengthened the Canada Pension Plan (CPP) to increase the maximum CPP retirement benefit by about 50 per cent, and we have worked towards reaching health care agreements that will support better home care and mental health initiatives,” Morneau said. “And we have seen how, by working together and investing in Canadians, we are all stronger as a country. Today, Canada’s economy is growing, with more than 316,000 jobs being created in the last 12 months, giving people more confidence in their future. I look forward to continue working with my provincial and territorial partners to build on these achievements in the years ahead.”