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.
Budget 2024 is a plan to
deliver fairness for every generation.
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.
Quotes
"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
Related products
- Budget 2024: Fairness for Every Generation
- News release: Budget 2024: Fairness for Every
Generation
- Budget 2024: Address by the Deputy Prime Minister and Minister
of Finance
- Budget 2024: Key Measures (available in non-official
languages)
- Backgrounder: Economic Growth and Productivity
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SOURCE Employment and Social Development Canada