Department of Finance Canada 2024–25 Departmental Plan at a glance

Departmental results:

• Canadians enjoy stronger, more sustainable and inclusive economic growth that contributes to higher standards of living.
• Canada's public finances are sound, sustainable and inclusive.
• Canada has a fair and competitive tax system.
• Canada has a sound and efficient financial sector.
• The Government of Canada's borrowing requirements are met at a low and stable cost to support an effective management of the federal debt on behalf of Canadians.
• The Government of Canada effectively supports provinces, territories and Indigenous governments.
• Canada maintains its leadership and engagement globally and deepens its trading relationships.

Planned spending: $143,000,447,717 (includes $142,900,365,720 for statutory programs and transfers to other levels of government)

Planned human resources: 671 full-time equivalents

The Department is responsible for the overall stewardship of the Canadian economy. This includes preparing the annual federal budget, setting overall fiscal and economic policy, and advising the government on tax and tariff policy. It also provides advice on social measures, security issues, financial sector stability, and Canada's international commitments.

In 2024–25, the Department will continue to support the Deputy Prime Minister and Minister of Finance in advancing the government's priorities, and plans to achieve results for Canadians in the following areas:

Sound Fiscal Management

• Manage the preparation of the federal budget, as well as economic and fiscal updates.
• Continue to implement the fiscal plans outlined in Budgets 2023 and 2024.
• Develop sound policy advice based on an assessment of current and future economic conditions and sound fiscal planning.
• Continue to develop policy options and advice to enhance the fairness, neutrality, competitiveness, and efficiency of Canada's tax system.

Inclusive and Sustainable Economic Growth

• In a challenging global environment, develop policy options and provide advice in support of measures to enable Canada's transition to a prosperous, low-carbon economy.
• Collaborate with departments and other central agencies to advance long-term inclusive economic growth through policies that advance skills training, labour force participation, immigration and internal trade.
• Work with other government departments and leverage internal expertise to provide advice regarding the development of policies and programs intended to advance economic reconciliation with Indigenous Peoples.
• Bolster inclusive economic growth that supports the government's efforts to achieve its 2030 climate goals and accelerate the transition to a net-zero economy no later than 2050.
• Continue to develop and move forward with tax policies that promote the adoption of clean and decarbonizing technologies and the creation of good-paying jobs, while ensuring that Canadian businesses remain globally competitive.
• Provide advice on pollution pricing policies that contribute to the reduction of emissions while avoiding undue impacts on affordability and the economy.
• Continue to develop and support policies that focus on the efficient management of Crown investments as well as the federal government's debt and international reserves.
• Provide policy advice on maintaining a stable, resilient, and innovative financial sector that continues to meet the needs of Canadians.
• Develop policies to increase the supply of market-based and social and affordable housing across Canada.

Sound Social Policy Framework

• Continue to manage the major transfer payment programs to provinces and territories.
• Improve affordability for Canadians through policy development and advice in support of initiatives such as early learning and child care, the Canadian Dental Care Plan, the Canada Student Financial Assistance Program, and measures to improve housing affordability.
• Collaborate with other government departments, central agencies, provincial and territorial governments, Indigenous Nations and Indigenous governments to develop policy proposals that address the government's priority to advance reconciliation and other social policy issues, including addressing profound systemic inequities and disparities for Indigenous Peoples.

Effective International Engagement

• Collaborate with international partners and organizations to ensure a strong, coordinated, and effective multilateral response to Russia's war in Ukraine and heightened tensions in the Middle East and ensure a strong and stable global economy.
• Promote bolder climate actions, working with like-minded countries.
• Support the government in maintaining Canada's leadership and engagement globally, while deepening trading relationships and promoting the rules-based international order.
• Collaborate with other government departments in identifying key priorities and deliverables for Canada's 2025 G7 Presidency, including through the leadership of the G7 Finance Track.

More information about Economic and Fiscal Policy can be found in the full Departmental Plan.