Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, hosted a provincial and territorial Finance ministers' meeting in Ottawa. Participants discussed the shared national priority of strengthening Canada's economy and enhancing our global competitiveness in an increasingly divided world, setting a clear course to become the strongest economy in the G7.
During the meeting, Minister Champagne focused on measures to drive national productivity and growth. He highlighted challenges related to the resilience of the Canadian economy, including the continued imposition of tariffs, and emphasized the federal programs put in place to support Canadian workers and businesses in order to mitigate the impacts of the trade disruptions. The Minister acknowledged the work done by provinces, territories and the federal government to eliminate interprovincial trade barriers but expressed that more still needs to be done. As examples of next steps, standardized building codes were raised, which would make it easier to build the houses Canadians need, and the promotion of Buy Canadian Initiatives to help businesses access new domestic markets.
Minister Champagne also outlined strategic, shared measures introduced in the new government's first budget, aimed at strengthening the economy and accelerating growth, with a focus on housing, infrastructure, defence, and improving productivity and competitiveness. He emphasized the potential for greater collaboration between both levels of government. He also highlighted the work of the government to achieve 'one project, one review', and the Major Projects Office, which facilitates expedited intergovernmental cooperation to advance nation-building projects, and growth and prosperity for Canadians.
Prior to the meeting, Minister Champagne confirmed to his counterparts the federal government's unwavering commitment to vital public services through record-breaking major transfers to provinces and territories. The Government of Canada will provide $108.4 billion in major transfers in 2026-27, representing the largest major transfer on record and a $4.6 billion increase from 2025-26. This funding will raise the amounts received by every province and territory year over year. This is in addition to funding by the federal government for important and necessary services to Canadians, including childcare, infrastructure and school food, amongst other transfers.
Of this amount, the Canada Health Transfer will increase by 5 per cent to $57.4 billion. This includes a top-up payment of $1.4 billion as a result of the 5 per cent minimum annual growth rate guarantee legislated in 2023 for a five-year period. This per capita funding will further help provinces and territories provide their residents with the health services they need. Major transfers also include the Canada Social Transfer, Equalization and the Territorial Formula Financing.
