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It has been the honour of my life to serve in government, working for Canada and ºÃÉ«tvs. We have accomplished a lot together.

On Friday, you told me you no longer want me to serve as your Finance Minister and offered me another position in the Cabinet.

Upon reflection, I have concluded that the only honest and viable path is for me to resign from the Cabinet.

To be effective, a Minister must speak on behalf of the Prime Minister and with his full confidence. In making your decision, you made clear that I no longer credibly enjoy that confidence and possess the authority that comes with it.

For the past number of weeks, you and I have found ourselves at odds about the best path forward for Canada.

Our country today faces a grave challenge. The incoming administration in the United States is pursuing a policy of aggressive economic nationalism, including a threat of 25 per cent tariffs.

We need to take that threat extremely seriously. That means keeping our fiscal powder dry today, so we have the reserves we may need for a coming tariff war. That means eschewing costly political gimmicks, which we can ill afford and which make ºÃÉ«tvs doubt that we recognize the gravity of the moment.

That means pushing back against 'America First' economic nationalism with a determined effort to fight for capital and investment and the jobs they bring. That means working in good faith and humility with the Premiers of the provinces and territories of our great and diverse country, and building a true Team Canada response.

I know ºÃÉ«tvs would recognize and respect such an approach. They know when we are working for them, and they equally know when we are focused on ourselves. Inevitably, our time in government will come to an end. But how we deal with the threat our country currently faces will define us for a generation, and perhaps longer. Canada will win if we are strong, smart, and united.

It is this conviction which has driven my strenuous efforts this fall to manage our spending in ways that will give us the flexibility we will need to meet the serious challenges presented by the United States.

I will always be grateful for the chance to have served in government and I will always be proud of our government's work for Canada and ºÃÉ«tvs.

I look forward to continuing to work with my colleagues as a Liberal Member of Parliament, and I am committed to running again for my seat in Toronto in the next federal election."

This report by ºÃÉ«tvwas first published Dec. 16, 2024.