16 December 2019

In addition to it, the prime minister noted Morneau should work with the Minister of Families, Children and Social Development who is the Minister responsible for the CMHC, in order to reduce housing speculation by creating a plan and implementing a 1% annual vacancy and speculation tax on certain homes owned by non-resident non-Canadians. Of course, tracking the ownership and fighting with speculation will require working with provinces, territories, municipalities and law enforcement.

Among other priorities, a full introduction of the new financial consumer protection framework and the legislation for reducing taxes for the middle class and those who try to join the group were named. This tax reduction may raise the personal income tax exemption by about $2,000 to $15,000.

As a rule, mandate letters specify the strategic priorities of each department and increase the transparency of government. They point out commitments for each cabinet minister and underline the top priorities determined by the government. Then, the progress is tracked by the Government of Canada.