First Ministers’ statement on strengthening the Canadian economy
March 21, 2025
Ottawa, Ontario
“Today, Canada’s First Ministers met to discuss how to continue building a strong and united Canada. They reaffirmed their commitment to take action to capitalize on our economic strengths and to work together to address the threats of unwarranted and unjustified tariffs being imposed by the U.S. on Canadian imports. They shared their views on building a stronger Canadian economy.
“First Ministers discussed the need to foster procurement across the country to make it easier to buy Canadian. They highlighted that they are accelerating mutual recognition of products and professional credentials, while respecting Quebec’s specificity, in order to maximize economic opportunities for Canadian businesses and workers. To support this, the Prime Minister committed that federal regulation would not be a barrier to free domestic trade. First Ministers emphasized that Canada is stronger when we are united, and that now more than ever, reducing trade barriers is a priority.
“First Ministers also discussed how to advance major projects across the country. Premiers acknowledged the Prime Minister’s confirmation that the federal government intends to recognize provincial and territorial environmental assessment processes as effective in implementing a ‘one project, one review’ approach to getting projects built.
“First Ministers confirmed that a national trade corridor that connects the country from coast to coast to coast – to transport and export oil, gas, agricultural products, electricity, critical minerals, and other commodities – is a shared priority and is essential to support Canadian sovereignty and economic well-being. They agreed to continue discussions on advancing this work, contingent upon social acceptability. They also reaffirmed the need to bolster our Arctic security and fully realize the North’s economic potential in collaboration with Indigenous partners. They underscored the importance of prioritizing major projects that benefit all Canadians, including those in the critical trade, energy, and public infrastructure sectors.
“First Ministers expressed concern about the impacts of China’s recently announced tariffs on Canadian canola, peas, pork, and seafood. The Prime Minister affirmed that Canada will escalate its engagement with China at the highest level to seek the removal of these tariffs and will continue to do so while also ensuring the ongoing protection of Canada’s automotive and manufacturing sectors and in alignment with key trading partners.
“First Ministers noted their desire to work together on issues of community safety and to have a further discussion on this topic on a priority basis.
“First Ministers agreed to continue to meet regularly to defend Canada’s economy and sovereignty.”
March 21, 2025
Ottawa, Ontario
Today, Prime Minister Carney announced that the Government of Canada will cancel the proposed hike in the capital gains inclusion rate. Cancelling the increase of the capital gains inclusion rate is a recognition of the vital role that builders and small businesses play in shaping Canada’s future. It will strengthen Canada’s ability to catalyze the enormous private investment needed to create jobs and opportunities and to build a stronger future.
In addition, the government will maintain the increase in the Lifetime Capital Gains Exemption limit to $1,250,000 on the sale of small business shares and farming and fishing property. The government will introduce legislation affecting the increase in the Lifetime Capital Gains Exemption limit in due course.
The new government is focused on catalyzing investment, incentivizing builders for taking risks, and rewarding them when they succeed. It is time to build.
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“Canada is a country of builders. Cancelling the hike in capital gains tax will catalyze investment across our communities and incentivize builders, innovators, and entrepreneurs to grow their businesses in Canada, creating more higher paying jobs. It’s time to build one Canadian economy – the strongest economy in the G7.”
— The Rt. Hon. Mark Carney, Prime Minister of Canada
March 20, 2025
Edmonton, Alberta
Jasper is Canada’s crown jewel. As the town’s residents and businesses rebuild from last summer’s devastating wildfire, the Government of Canada will be there to support the community.
Today in Edmonton, Prime Minister Carney is announcing a $187 million investment to repair and rebuild critical infrastructure in Jasper National Park. This funding, provided to Parks Canada over two years, will support the reconstruction of roads, campgrounds, trails, and permanent staff housing, and help provide interim housing options for staff and residents during rebuilding.
This infrastructure is essential to the town of Jasper and Jasper National Park. The funding announced today will help accelerate rebuilding during the construction season beginning in May – avoiding delays and ensuring these critical repairs are completed effectively.
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“During last summer’s devasting Jasper wildfire, Canadians came together to protect and support this incredible town. Our new investment will help restore Canada’s crown jewel and help the people of Jasper rebuild their park, their economy, and their lives.”
— The Rt. Hon. Mark Carney, Prime Minister of Canada
Associated Link
March 20, 2025
Edmonton, Alberta
Canada is in a housing crisis – demand has gone up, supply has not kept pace, and prices are too high. The new government of Canada is taking immediate action to address this crisis.
Prime Minister Carney today announced that the Government of Canada will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes at or under $1 million. This tax cut will save Canadians up to $50,000 – allowing more young people and families to enter the housing market and realize the dream of homeownership. By eliminating the GST, Canadians will face lower upfront housing costs and keep more money in their pocket. Eliminating the GST will also have a dynamic effect on increasing supply – spurring the construction of new homes across the country.
The Prime Minister is laser-focused on lowering costs and will continue to present serious solutions to ensure Canadians are better off. The Government of Canada will confront the housing crisis head-on and build the strongest economy in the G7.
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“Our government is laser-focused on lowering costs for Canadians and making homeownership a reality. Eliminating the GST will save first-time homebuyers up to $50,000 and spur housing construction across the country. We will announce a series of new measures to increase housing supply shortly. It’s time for focused action to solve the housing crisis, and it’s time to build a Canada you can afford.”
— The Rt. Hon. Mark Carney, Prime Minister of Canada
March 21, 2025
Ottawa, Ontario
Today, Prime Minister Carney met with the leaders of the three National Indigenous Organizations: the National Chief of the Assembly of First Nations, Cindy Woodhouse Nepinak, the President of Inuit Tapiriit Kanatami, Natan Obed, and the President of the Métis National Council, Victoria Pruden.
During the meeting, the Prime Minister shared his vision for building one strong Canadian economy – the strongest in the G7, built in partnership with Indigenous Peoples. The Prime Minister and the federal government will embed meaningful reconciliation with Indigenous communities, ensuring that their leadership and perspectives are integral to building a thriving, inclusive economy.
The Prime Minister emphasized that the federal government will seek partnership and input from Indigenous leaders on how to build our economy together, including opportunities for Indigenous participation in major projects and respect for Indigenous rights. Prime Minister Carney highlighted that the Government of Canada will be doubling the Indigenous Loan Guarantee Program from $5 billion to $10 billion and opening it to sectors outside of energy and natural resources to support more Indigenous-led infrastructure, transportation, and trade projects across the country. This will ensure that rights-holders are a part of Canada’s accelerated push to build.
Prime Minister Carney reiterated his commitment to advancing reconciliation, upholding the United Nations Declaration on the Rights of Indigenous Peoples, and taking a distinctions-based approach with First Nations, Inuit, and Métis.
Prime Minister Carney thanked National Chief Woodhouse Nepinak, President Obed, and President Pruden for agreeing to meet on short notice. The leaders agreed to continue working together.
