A senior government official says that Finance Minister Chrystia Freeland's economic fall statement will propose imposing taxes on corporate stock buybacks in an attempt to encourage companies to invest in their domestic operations and workers. The source also spoke to The Canadian Press on condition of anonymity because they are not authorized to discuss the contents of the financial update publicly.

Also, it is widely expected that Thursday's financial update will include Canada's response to President Joe Biden's Inflation Reduction Act, which also included a one percent tax on corporate stock buybacks. Last week, Environment Minister Steven Guilbeault criticized oil companies for making very limited investments in climate action despite the huge inflation-driven profits allowing them to lock it into shareholders' portfolios. Additionally, the oil giant Cenovus announced third-quarter earnings today of $1.6 billion, an increase of 192 percent over the same quarter last year. In the same vein, the company handed over $659 million to shareholders through stock buybacks during the quarter.