Canada’s Wealth Fund Not Aimed at Lowering Taxes, Champagne Says

Canada’s finance minister said the country’s planned sovereign wealth fund will be designed to allow citizens to contribute to major nation-building projects, but isn’t intended to reduce their tax burdens.

“We already have a number of tax credits to facilitate savings and investments,” Francois-Philippe Champagne said in an interview on Tuesday on the sidelines of the Group of Seven meetings in Paris.

“This is not a tax play. This is about Canadians being able to contribute,” he said.

Prime Minister Mark Carney announced the Canada Strong Fund last month, saying his government will seed C$25 billion ($18.2 billion) into the ...