SASKATOON, SK, Nov. 9, 2022 /CNW/ – In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most, including by doubling the goods and services tax (GST) credit for 11 million eligible Canadians, enhancing the Canada Workers Benefit to support 4.2 million Canadians, and making federal student and apprentice loans permanently interest free for the graduates of today and tomorrow.
The government is also moving forward with its ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, met with students at the Saskatchewan Indian Institute of Technologies to tour the facility, see the site for the MakerLodge’s new permanent home and learn about the innovative work being done there. The Minister highlighted the government’s investments in jobs and skills and heard directly about Indigenous innovations happening in Saskatchewan in the tech and agritech sectors.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low—over 500,000 more Canadians are working today than before the pandemic—the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
“The Fall Economic Statement is a fiscally responsible plan to make life more affordable and grow the economy to create good, well-paying jobs for today and tomorrow. Saskatchewanians—and all Canadians—can be confident that our government will continue to be there with targeted support for those who need it most. It was incredible to meet with students at SIIT, learn about their work, and see that our investments in the jobs and skills of tomorrow will continue to benefit everyone today.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reduction of the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
New measures proposed in the 2022 Fall Economic Statement include:
1. Making life more affordable:
Permanently eliminating interest on federal student and apprentice loans
Creating a new quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner
Delivering on key pillars of the government’s plan to make housing more affordable, including creating a new Tax-Free First Home Savings Account, doubling the First-Time Home Buyers’ Tax Credit and ensuring that property flippers pay their fair share
Lowering credit card transaction fees for small businesses
2. Investing in jobs, growth and an economy that works for everyone:
Launching the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy and create good jobs
Introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition, and incentivizing higher wages for workers by increasing the level of the credit when certain labour protections are met
Implementing a new tax on share buybacks by public corporations in Canada
Creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and tomorrow
Find more services and information at Canada.ca/ISED.
SOURCE Innovation, Science and Economic Development Canada
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