This week, on July 9 and 10, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will attend the G20 Finance Ministers and Central Bank Governors Meeting, hosted in Venice, Italy.

“The G20 is a unique international forum where Canada can advance our economic priorities. And as we emerge from the COVID pandemic and recession, international cooperation is more important than ever. The challenges we face require collective action, whether it’s ending the race to the bottom on international taxation, fighting climate change, or ensuring that our economic recovery is strong and inclusive over the months and years to come.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

• The G20 represents 85% of the global economy. The G20 Finance Ministers and Central Bank Governors regularly meet in advance of the Leaders’ summit, which will be held in October in Rome.

• Canada is one of 131 countries that have agreed to a new two-pillar plan on international tax reform. This agreement is the next step in the global effort to end the race to the bottom in corporate taxation and to ensure that multinational corporations pay their fair share of taxes wherever they do business and regardless of where their headquarters are located.

  • Pillar One would re-allocate some taxing rights with respect to the largest and most profitable multinational corporations, including digital corporations, to the countries where their users and customers are located; and
  • Pillar Two would introduce a global minimum tax on larger multinational corporations of at least 15% determined on a country-by-country basis.
  • Countries are aiming to finalize a detailed implementation plan on both pillars by this fall.

• The federal government’s recent budget, A Recovery Plan for Jobs, Growth, and Resilience, will create almost 500,000 jobs and training opportunities, including 215,000 for young people, support small businesses, make investments in the Canadian economy’s green transformation, and work to build a Canada-wide early learning and child care system so that parents, especially mothers, can fully participate in the workforce.

• Since 2015, Canada has invested roughly $90 billion toward climate action and clean growth, including for Canada’s strengthened climate plan. Most recently, the federal government has committed an additional $17.6 billion towards a green recovery that will build a clean economy, fight and protect against climate change, and create good middle class jobs.

• Canada recently announced its intention to increase its 2030 target of reducing greenhouse gas emissions to between 40 and 45 per cent relative to 2005 levels, and committed to reach net zero emissions by 2050.

• The Deputy Prime Minister and the Canadian delegation travelling to Italy will follow all public health protocols and procedures during their visit and upon their return to Canada. 

Associated links

• Deputy Prime Minister concludes successful G7 Finance Ministers’ Meeting
• G7 Finance Ministers & Central Bank Governors Communiqué
• Statement by the Deputy Prime Minister on new framework for international tax reform
• G20 Italy
• Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalisation of the Economy

Media may contact:

Katherine Cuplinskas
Press Secretary
Deputy Prime Minister's Office
Katherine.Cuplinskas@dpmo-cvpm.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

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