Federal, provincial and territorial Finance Ministers gathered

Federal, provincial and territorial Finance Ministers gathered


Dec. 19, 2019

Global Korean Post


Canada’s federal, provincial and territorial Finance Ministers gathered in Ottawa for their semi-annual meeting and made good progress on a number of shared priorities.

As part of the meeting, Finance Minister Bill Morneau listened to the concerns raised by his provincial and territorial colleagues, and announced the Government’s intention to take a close look at the Fiscal Stabilization Program, with a view to considering any appropriate adjustments. Minister Morneau indicated that any changes to the program would take into consideration what is best for all Canadians.

Federal and provincial ministers also agreed, as part of the triennial review of the Canada Pension Plan (CPP), to look at possible improvements to the CPP to reflect the reality of today’s working families and those of the future, while considering the impact this could have on CPP premiums for workers and businesses.

Building on the consensus at the joint meeting with Canada’s ministers responsible for anti-money laundering in June 2019, Finance Ministers also discussed launching consultations on creating a publicly accessible beneficial ownership registry. This registry would make information on who owns which corporations in Canada more transparent, and would help appropriate authorities to better counter financial crimes, including money laundering and tax evasion.

In advance of the meeting, Minister Morneau also confirmed that the Government of Canada will provide a record $81.6 billion in major transfer funding to provinces and territories in 2020–2021.