Deputy Prime Minister and Minister of Finance

The Right and Honourable Chrystia Freeland

Forest

Description of Minister's Role

“As Deputy Prime Minister, [you are responsible for] … setting and implementing … the Government’s agenda … As Minister of Finance, your immediate priority is to ensure targeted supports remain available, as needed, for Canadians and businesses that continue to struggle as we finish the fight against COVID-19 … to bolster inclusive economic recovery and growth that supports … efforts to achieve our 2030 climate goals and accelerates the transition to a net-zero economy no later than 2050. Furthermore, you will work to make life more affordable for middle class Canadians and their families, including building off our sustained investment in early learning and child care and taking significant action on housing affordability, while maintaining our sound fiscal trajectory.”

Summary of Mandate Letter

  • Bolster inclusive economic recovery and growth that supports our efforts to achieve our 2030 climate goals and accelerates the transition to a net-zero economy no later than 2050.

  • Top up the Safe Return to Class Fund for ventilation improvement projects across what is currently Canada, and provide funding for First Nations to improve indoor air quality in on-reserve schools

  • Introduce a tax credit for small businesses to make it easier for them to invest in better ventilation.

  • Champion the adoption of a global minimum standard on carbon pricing while continuing to consult with Canadians and actively engage with provinces, territories and key trading partners, including the United States and the European Union, to inform the development of an approach to applying Border Carbon Adjustments to imports from countries that are not doing their part to reduce carbon pollution and fight climate change.

  • Consider applying Border Carbon Adjustments to emissions-intensive imports, such as steel, cement and aluminium.

  • Ensure budgetary measures are consistent with the Government’s climate goals and the legislated requirement to achieve net-zero emissions by no later than 2050.

  • Support these efforts and foster jobs and growth across industries, regions and supply chains, by making appropriate investments to achieve a 100 per cent net-zero electricity system by 2035, accelerate the adoption of zero-emissions vehicles and other clean technologies, and advance the decarbonization of buildings and broader industry.

  • Accelerate our G20 commitment to eliminate fossil fuel subsidies from 2025 to 2023, develop a plan to phase out public financing of the fossil fuel sector, including by federal Crown corporations, and eliminate flow-through shares for oil, gas and coal projects.

  • Introduce an investment tax credit for capital invested in Carbon Capture, Utilization and Storage projects.

  • In support of comprehensive action to achieve a Just Transition, help ensure that workers and communities prosper as we move to net-zero by working to establish a new Futures Fund for Alberta, Saskatchewan and Newfoundland and Labrador that supports local and regional economic diversification and place-based strategies.

  • Support clean energy and clean technologies by introducing additional investment tax credits for renewable energy and battery storage solutions.

  • Double the Mineral Exploration Tax Credit for minerals essential to the manufacture of vital clean technologies.

  • Establish an investment tax credit of up to 30 per cent for a broad range of clean technologies, both market-ready and emerging, to be identified in ongoing consultation with experts.

  • Move toward mandatory climate-related financial disclosures based on the Task Force on Climate-related Financial Disclosures framework and require federally regulated institutions, including financial institutions, pension funds and government agencies, to issue climate-related financial disclosures and net-zero plans.

  • Launch an annual program of green bond issuances with an initial issuance of $5 billion.

  • Consult with financial experts, including the Sustainable Finance Action Council, to develop a net-zero capital allocation strategy to accelerate Canada’s transition to a prosperous net-zero future.

  • To extend the life of home appliances, introduce a 15 per cent tax credit of up to $500 to cover the cost of repairs performed by technicians.

  • Advance the priority of Indigenous communities to reclaim full jurisdiction over tax matters.

You can read the rest of the Minister’s Mandate Letter here.