Minister of Labour highlights budget investments to boost Canadian innovation and productivity and drive economic growth

ST. JOHN’S, NL, April 26, 2024 /CNW/ – The federal government recently delivered Budget 2024: Fairness for Every Generation.

It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home—where everyone has a fair chance at a good middle-class life.

Today, the Honourable Seamus O’Regan Jr., Minister of Labour, met with staff of World Energy GH2 in St. John’s, Newfoundland and Labrador, and highlighted Budget 2024 plans to invest in the technologies, incentives, and supports critical for increasing productivity, boosting innovation, and attracting more private investment to Canada. He was joined by the Member of Parliament for St. John’s East, Joanne Thompson.

Key continuing and proposed Budget 2024 investments include:

Delivering, by the end of this year, major economic investment tax credits to attract private investment, create more jobs and drive Canada’s economy toward net-zero by 2050. Budget 2024 also announces expanded eligibility for the Clean Technology Manufacturing investment tax credit, allowing more businesses to benefit.Getting projects built faster by announcing a suite of measures to improve the regulatory and permitting processes, focused on clarifying and reducing timelines, working toward “one project, one review,” and improving engagement and partnerships, including with Indigenous partners.

First, the Budget takes bold action to build more homes. Because the best way to make home prices more affordable is to increase supply—and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters’ Bill of Rights.

Second, it will help make life cost less. The Budget builds on the Government’s transformative expansion of Canada’s social safety net ($10-a-day child care, dental care for uninsured Canadians, the first phase of universal pharmacare) and advances the Government’s work to lower everyday costs for Canadians. This includes helping to stabilize the cost of groceries, cracking down on junk fees and lowering the costs of banking. Budget 2024 also makes transformative new investments, including a National School Food Program and the Canada Disability Benefit.

Third, this year’s budget will grow the economy in a way that’s shared by all. The Government’s plan will increase investment, enhance productivity and encourage innovation. It will create good-paying and meaningful jobs, keep Canada at the economic forefront, and deliver new support to empower more of our best entrepreneurs and innovators. This includes attracting more investment in the net-zero economy by expanding and delivering the major economic investment tax credits, securing Canada’s advantage as a leader in artificial intelligence, and investing in enhanced research grants that will provide younger generations with good jobs and new opportunities. And it means ensuring Indigenous Peoples share in this growth in a way that works for them.

Budget 2024 will also make Canada’s tax system fairer by asking the wealthiest to pay a bit more—so that the Government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations. Budget 2024 is a responsible economic plan that upholds the fiscal objectives outlined in the 2023 Fall Economic Statement, and sees Canada maintain the lowest deficit- and net debt-to-GDP ratios in the G7.

“Our government first came to office with a vow to strengthen and expand the middle class. We delivered on that pledge by reducing poverty, especially for children and seniors, and creating millions of good jobs for Canadians. Our work isn’t done. Budget 2024 renews our focus on unlocking the door to the middle class for millions of younger Canadians. We’ll build more housing and help make life cost less. We will drive our economy toward growth that lifts everyone up. That is fairness for every generation.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“We can get big things built in this country. Because we’ve got the natural resources, we’ve got the people, and we’ve got the wherewithal. Our investment tax credits are bringing in investment, growing our economy and creating good-paying jobs for Canadians.”
– The Honourable Seamus O’Regan Jr., Minister of Labour and Seniors

“More good jobs, more investment, more economic growth. That’s what our investment tax credits will deliver, so our province—and our country—can become the renewable energy leader we know we can be.”
– Joanne Thompson, Member of Parliament for St. John’s East

“We recognize the hard work that has been done, and continues to be done, in advancing Canada as a leader in the fight against climate change. The investment tax credits that are being implemented are a clear message to the hydrogen industry that the Government of Canada is taking important steps to carry out the plans that were initiated at the signing of the Canada-Germany Hydrogen Alliance. We are proud to be part of these ongoing discussions and are fully committed to doing our part to help stand up the new green hydrogen industry.”
– Sean Leet, Managing Director and Chief Executive Officer of World Energy GH2

Budget 2024: Fairness for Every GenerationNews release: Budget 2024: Fairness for Every GenerationBudget 2024: Address by the Deputy Prime Minister and Minister of FinanceBudget 2024: Key Measures (available in non-official languages)Backgrounder: Economic Growth and Productivity

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SOURCE Employment and Social Development Canada