The Introduction of the New Finance Minister

Introducing Canada's Finance Minister Mr. Morneau

Now that the new Trudeau government is settling into their new positions the general public is sitting back to see if they are going to make good on their platform promises.   There was some keen interest in the picking of the cabinet for the Trudeau government particularly that which was going to hold the position of Finance Minister.  The outcome was to choose Mr. Morneau who obviously holds the same viewpoints as the Prime Minister.

This individual actually played a key role in the implementation of the platform when it came to the Canadian finances as far as advising Mr. Trudeau during his campaign.  Mr. Morneau comes with a fair amount of experience in finances although is not experienced as a cabinet minister.

He was the chair of the C.D. Howe Institute which focuses on economic issues.   He has been involved in private business and has done extremely well at escalating the profit margins in that.   All indications are that the financial sector is most pleased with Mr. Morneau being chosen as the finance minister.

It would seem that at the top of the agenda the new Finance Minister wants to release a report on the financial status of the country.  There is no doubt that Mr. Morneau is well aware of the fragile financial situation of the country and is planning on implementing objectives to help strengthen it.

Something else of great interest to the public is how quickly the Liberal government is going to move on their platform promises for some of the taxation changes that they’re going to take.   All indicators are that there is great hope that this will be implemented a by January 1, 2016 which is something that most in the public sector are looking forward to except of course those that are going to end up paying more taxes as a result of it.

The general consensus is that every member that has been appointed to the cabinet is well aware that there are stringent requirements being placed upon them.   One of the refreshing aspects so far with that this government is that they are not going to sit back and take their sweet time on making important decisions.

While Mr. Morneau will have his hand in the tax department he will also be responsible regarding the Canada Pension Plan going forward with the various provinces.   Included in the financial responsibilities is the healthcare transfer payments, however Mr. Morneau has extensive experience in the pension sector which no doubt will be of great benefit when it comes to planning and making decisions in this area.

One of the challenges that is facing the new Finance Minister is how the government is going to become involved in the Bombardier issue.   This could create a precarious situation for the Liberal government in that if they decide to support this corporation that they will be accused of favouring a corporate welfare entity.   It has had close ties with the Liberal party over the years and has received fairly substantial federal subsidies in the past.

Just as every other cabinet minister has got their responsibilities ahead of them so does the new Finance Minister, however perhaps he will be more scrutinized from the get go because of the direct implication his actions will have on the general population to concerning their tax situation.

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Sam Seidman, CPA, CA, LPA
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