Latest news with #FinanceandNationalRevenue
Canada Standard
28-05-2025
- Business
- Canada Standard
Government tables a Motion to bring down costs for Canadians
Canada News Centre 27 May 2025, 23:16 GMT+10 May 27, 2025 - Ottawa, Ontario - Department of Finance Canada Today, His Majesty King Charles III delivered the Speech from the Throne - outlining the government's bold and ambitious plan for the future. Key to that plan is bringing down costs so Canadians keep more of their paycheques to spend where it matters most. To that end, the Minister of Finance and National Revenue, the Honourable Francois-Philippe Champagne, today tabled a notice of Ways and Means Motion in Parliament with proposals to: Deliver a middle class tax cut, providing tax relief for nearly 22 million Canadians and saving families up to $840. Eliminate the Goods and Services Tax (GST) for first-time home buyers on new homes valued up to $1 million, saving them up to $50,000, and lower the GST for first-time home buyers on new homes valued between $1 million and $1.5 million. Remove the consumer carbon price from law, following its cancellation, effective April 1, 2025. With these measures, we are delivering change to cut taxes, bring down costs, and put money back in the pockets of Canadians.
Toronto Sun
22-05-2025
- Business
- Toronto Sun
G7 finance ministers show 'proof of unity' with joint statement at summit: Champagne
Published May 22, 2025 • 1 minute read Minister of Finance and National Revenue Francois-Philippe Champagne scrums as he walks at the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, on May 21, 2025. Photo by COLE BURSTON / AFP via Getty Images BANFF — Canada's Finance Minister Francois-Philippe Champagne says there's a sense of unity after emerging from a summit with his counterparts across the G7. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The group of finance ministers and central bankers gathered this week in Banff, Alta., ahead of the G7 leaders' summit set for next month in nearby Kananaskis. The finance group came out with a joint communique emphasizing a commitment to strong economic relationships in a period of global trade uncertainty. Champagne says the summit was about finding common ground and going back to basics. He says the existence of the joint statement is 'proof of unity' among the G7. U.S. Treasury Secretary Scott Bessent is among those at the meeting. The United States continues to wage a trade war sending shock waves across global markets, but tariffs are not mentioned in the communique. Toronto & GTA Sports Sunshine Girls Basketball World
Toronto Sun
22-05-2025
- Business
- Toronto Sun
G7 draft warns of 'excessive imbalances' in global economy
Published May 22, 2025 • 2 minute read Francois-Philippe Champagne (right), Minister of Finance and National Revenue, scrums as he walks at the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, Wednesday, May 21, 2025. Photo by COLE BURSTON / AFP / Getty Images Finance ministers and central bank governors from the Group of Seven nations pledged to address 'excessive imbalances' in the global economy, an effort clearly aimed at China, though a draft communique seen by Bloomberg News omitted the name of the country. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The officials said there was a need for a common understanding of how 'non-market policies and practices' undermine international economic security. They said they agreed 'on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency.' The remarks were part of a final communique being prepared to summarize three days of meetings between officials from the G7 countries — the U.S., U.K., Canada, France, Germany, Italy and Japan — in Banff, Alberta. The draft calls for an analysis of 'market concentration and international supply chain resilience.' The statement also recognized an increase in so-called international low-value shipments, also referred to as 'de minimis' packages, typically from Chinese retailers such as Temu and Shein. It said these shipments have the potential to overwhelm customs and tax collection systems and to be used for smuggling illicit material, including drugs. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The draft communique, however, glossed over the acrimony and deep disagreements between the allies over the Trump administration's trade tariffs. A year ago in Italy, the group of finance chiefs reiterated a commitment to a 'free, fair, and rules-based multilateral system,' but in Banff the pledge was diluted to 'pursuing our shared policy objectives.' The statement referred to concerns flagged by international organizations when the group last met in April over how policy uncertainty was weighing on growth, but played down how those risks have evolved. 'We acknowledge that economic policy uncertainty has declined from its peak, and we will work together to achieve further progress,' the draft said. On Ukraine, the draft said the G7 nations will look at options to ramp up sanctions on Russia if a ceasefire is not reached, though it did not address specific measures like lowering the price cap on Russian oil. Some members of the bloc, including the UK, have been pushing to revisit the cap amid a lack of progress on the talks. This advertisement has not loaded yet, but your article continues below. The draft condemns 'Russia's continued brutal war against Ukraine' and said the G7 'remains committed to unwavering support for Ukraine.' It did not include the word 'illegal,' which has been used in previous communiques to describe the invasion and has been a divisive issue during the drafting between the Europeans and the U.S. A statement from the G7 foreign ministers issued earlier this year also omitted the word. Russia's sovereign assets located in G7 jurisdictions 'will remain immobilized until Russia ends its aggression and pays for the damage it has caused Ukraine,' the draft said. It also included a section on working to rebuild Ukraine in the wake of the fighting there. Ukrainian Finance Minister Serhiy Marchenko attended the summit as a guest of the Canadian government and addressed the assembled officials during their meetings. Sunshine Girls Columnists Sunshine Girls World Editorials
Toronto Sun
21-05-2025
- Business
- Toronto Sun
Champagne says G7 finance ministers stand with Ukraine
Published May 20, 2025 • 2 minute read Minister of Finance and National Revenue Francois-Philippe Champagne arrives for a meeting of the federal cabinet in West Block on Parliament Hill in Ottawa on Wednesday, May 14, 2025. Photo by Justin Tang / THE CANADIAN PRESS BANFF — Finance Minister Francois-Philippe Champagne said Tuesday that G7 finance leaders stand 'shoulder to shoulder' with Ukraine. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Champagne told a news conference in Banff, Alta., standing next to Ukrainian counterpart Sergii Marchenko, that having the war-torn country represented at the summit of finance ministers this week sends the message that G7 countries will hold Russia to account. Reconstruction efforts for Ukraine are expected to cost more than US$500 billion over a decade, added Champagne, and there's a moral imperative to support the country. 'It sends a strong message to the world that we are, all of us, are recommitting to support Ukraine. We're going to hold Russia to account and we're also going to talk about what we're going to be doing in terms of reconstruction.' The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Ukraine is not a member. But Champagne said he and Marchenko have met with pension funds and investors to look at next steps. 'There's a moral imperative, for all of us, to support our Ukrainian friends in reconstruction. We're going to stand shoulder to shoulder with our Ukrainian friend to make sure that we bring an end to this conflict and at the same time we look forward to the reconstruction.' Marchenko said Ukraine is grateful for the ongoing support from Canada since the Russian invasion began in 2022. 'We are grateful for the Canadian government's support for Ukraine during this very harsh year for Ukraine during the war,' Marchenko said. 'Ukraine's war is not only about suffering of Ukraine's people. We will be able to discuss all necessary and critical issues related to Ukraine construction.' This advertisement has not loaded yet, but your article continues below. High-ranking officials from the world's top economies are to be joined at the meeting by heads of the International Monetary Fund, World Bank and Organization for Economic Co-operation and Development. Champagne and Bank of Canada governor Tiff Macklem are leading the meeting, scheduled for Wednesday and Thursday. Support for Ukraine has been a central focus in recent years. In 2024 in Italy, leaders committed to keeping Russian assets frozen and redirecting them to provide financial support for Ukraine. Also on the agenda this year are the global economy and artificial intelligence. Much has changed with U.S. President Donald Trump's re-election to the most powerful office in the world. Since his January inauguration, Trump has threatened to withhold funding from Ukraine and forced it to sign a critical minerals agreement in exchange for continued support against Russia's aggression. He is also continuing his tariff-driven effort to bring industry to American soil, leading many countries to reconsider their trade relationships with the United States and other trading partners. U.S. Treasury Secretary Scott Bessent is in Banff, said Champagne, and leaders are eager to meet with him. The gathering is a precursor to the G7 leaders summit in Kananaskis, Alta., June 15 to 17. Toronto Maple Leafs Columnists Basketball Columnists Columnists
Canada Standard
19-05-2025
- Business
- Canada Standard
Minister of Finance to Co-Host G7 Finance Ministers and Central Bank Governors' Meeting in Banff
May 14, 2025 As part of Canada's G7 Presidency, the Minister of Finance and National Revenue, the Honourable Francois-Philippe Champagne, and Bank of Canada Governor Tiff Macklem, will co-host the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, from May 20 to 22. They will be joined by Finance Ministers and Central Bank Governors from the G7 countries (France, Germany, Italy, Japan, United Kingdom, United States) and the European Union. G7 Finance Ministers and Central Bank Governors will be joined by the heads of the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank and the Financial Stability Board. The Ukraine Finance Minister and the President of the Financial Action Task Force will join for parts of the meeting. Ministers and Governors will discuss and share views on current global economic and financial challenges, with a focus on how the G7 can work together on issues. The details of the media events and core programming are described below. Please note that media events are restricted to accredited media, and the accreditation portal is now closed. Additional logistical details for each media event will be provided directly to accredited media, closer to the events. Please contact mediag7@ with any questions. Core Program (All Times Local, MT) Tuesday, May 20 4:00 p.m. The Minister and the Ukraine Minister of Finance, Sergii Marchenko, will answer questions from the media. Wednesday, May 21 8:15 a.m. - 8:45 a.m. The Minister will join fellow G7 Finance Ministers and Central Bank Governors for a group photograph and hold a welcoming ceremony. Open to media. Photo opportunity only. 9:00 a.m. - 9:15 a.m. The Minister and Governor will officially open the G7 Finance Ministers and Central Bank Governors' Meeting. Pooled B-roll media opportunity. 9:30 a.m. - 4:30 p.m. The Minister and Governor will co-chair sessions on the global economy, economic resilience and security, and the situation in Ukraine, among others. Closed to media. Thursday, May 22 8:30 a.m. - 12:30 p.m. The Minister and Governor will co-chair sessions on financial crime and artificial intelligence, among others. Closed to media. 12:30 p.m. - 1:00 p.m. The Minister and Governor will hold a joint press conference to close the G7 Finance Ministers and Central Bank Governors' Meeting.
