SASKATOON, SK, the 9 Nov 2022 /CNW/ – In the2022 Fall Economic Statementthe government of Canada focused on its plan to manage the economy soundly and to be there for Canadians. To help families cope with rising costs, such as higher prices at checkout, the government is providing targeted support to those who need it most, including doubling the goods and services (GST) for 11 million eligible people, enhancing the Canada Workers Benefit to help 4.2 million Canadians, and permanently eliminating interest on federal student and to apprentices for today’s and tomorrow’s graduates.
The government is also putting in place its ambitious plan to strengthen industry and build a thriving carbon-neutral economy to provide opportunity and jobs.
Today, the Minister of Innovation, Science and Industry, the Honorable François-Philip Champagnemet with students from the Indian Institute of Technology Saskatchewan (SIIT) who made him discover the installations as well as the innovative works carried out at the MakerLodge and the site which will house this center permanently. The Minister provided an update on government investments in jobs and skills, and learned about Indigenous innovations that are currently being developed in Saskatchewan in the technology and agricultural technology sectors.
Canada’s economy faces headwinds felt globally from a position of strength: unemployment near historic lows, at least 500,000 more Canadians than before the pandemic working today , the strongest economic growth of the G7 countries this year, a triple-A credit rating and the lowest net debt-to-GDP and deficit-to-GDP ratios of the G7. Canadians should be confident that the government will overcome all odds 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 today and tomorrow. All Canadians, and especially Saskatchewanians, can be sure that our government will continue to be there and provide targeted support to those who need it most. It was amazing to meet the students, see their work at SIIT, and see that our investments in the jobs and skills of tomorrow will continue to provide opportunities that benefit everyone today. »
– The Minister of Innovation, Science and Industry, the Honorable François-Philip Champagne
- The federal government’s fiscal anchor of eliminating COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term remains the same. The federal debt-to-GDP ratio is expected to decline continuously and follow a steeper downward path than projected in Budget 2022.
- The new measures proposed in the2022 Fall Economic Statement include the following:
1. Make life more affordable:
- eliminating interest on federal student and apprentice loans permanently.
- creating a quarterly Canada workers benefit with automatic advance payments to get more money back into the pockets of the lowest-paid workers, faster.
- following through on key pillars of the government’s plan to make housing more affordable, including creating a new tax-free savings account for first-time buyers, doubling the tax credit for the purchase of a first home and the assurance that those who proceed to the hasty resale of properties pay their fair share.
- reducing credit card transaction fees for small businesses.
2. Investing in jobs, growth and an economy that works for all:
- by launching the new Growth Fund Canadawhich will help to attract Canada the billions of dollars in private investment required to reduce emissions from Canadagrow the economy and create good jobs;
- introducing significant investment tax credits for clean technology and clean hydrogen that will help create good jobs and Canada a leader in the transition to carbon neutrality, and by promoting higher wages for workers by offering a higher level of credit when certain worker protection requirements are met;
- by introducing a new tax on share buybacks by public companies in the Canada;
- establishing the Sustainable Jobs Training Center and investing in a new sustainable jobs component of the Union Training and Innovation Program to equip workers with the skills needed for the good jobs of today today and tomorrow.
For more information or to learn about the services offered by the Department, visit Canada.ca/ISED.
Follow Innovation, Science and Economic Development Canada on social media.
Twitter: @ISED_CA; Facebook : @canadianinnovation; Instagram: @innovationcdn; and LinkedIn
SOURCE Innovation, Science and Economic Development Canada
For further information: Contacts: Laurie Bouchard, Senior Manager, Communications, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]