MISSISSAUGA, ON, March 27, 2019 /CNW/ - Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, was in Peel Region to highlight Budget 2019: Investing in the Middle Class.
We know that connected, clean and vibrant communities are crucial to a strong and healthy middle class and a growing Canadian economy. Through Budget 2019, the Government is making sure Canadians benefit from the nation's economic growth. That includes helping citizens find an affordable home, prepare for well-paying jobs, retire with confidence and get prescription drugs when they need them.
Speaking at the Brampton Board of Trade, Minister Bains highlighted how investments announced in Budget 2019 would help build a more innovative and connected country, positioning Canada as both an economic and environmental leader. Later in the day, Minister Bains spoke with seniors on how investments announced in Budget 2019 would help support their active participation in society, and build on efforts to strengthen the retirement security of Canadians so they can enjoy a secure and dignified retirement after a lifetime of hard work.
In Budget 2019, the Government proposes to:
- make Canada a global innovation hub by building on historic investments in researchers and innovators, while making Canada and the world a safer and healthier place to live;
- give all Canadians access to high-speed Internet, no matter where they live—including homes and businesses in rural, remote and northern communities;
- support municipalities' local infrastructure priorities by offering a top-up to the federal Gas Tax Fund to make sure they have the funds they need to pay for crucial repairs and other important local projects;
- make the Global Talent Stream a permanent program to give local businesses expedited and predictable access to top global talent when Canadian workers are unavailable;
- make retirement more financially secure for seniors who wish to work by enhancing the Guaranteed Income Supplement earnings exemption so they can take home more of their hard-earned income; and
- ensure Canadian workers receive the full value of their pension by proactively enrolling Canada Pension Plan contributors who are 70 years old or older and who have not yet applied to receive their retirement pension.
"Canada's economy is strong—one of the fastest growing in the G7. By equipping Canadians to succeed in the jobs of today and tomorrow, we are building one of the most talented and skilled workforces in the world. This would not be possible without the tremendous contributions seniors are making to our communities. Through the investments announced in Budget 2019, our government is creating more good middle-class jobs, providing new opportunities for businesses to innovate and grow, and making sure all Canadians can continue to contribute to building our economy."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- Through the Innovation and Skills Plan, the Government is building on Canada's competitive advantages—the most highly educated workforce in the world, unrivaled access to global markets, and a government that partners with business—to create good middle-class jobs for Canadians and to position Canada at the forefront of the global economy.
- Budget 2019 introduces "regulatory roadmaps" to address irritants in three sectors: agri-food and aquaculture, health and bio-sciences, and transportation and infrastructure, as well as address recommendations from the Economic Strategy Tables.
- These measures will complement the announcements made in the Fall Economic Update of a further $800 million over five years for business innovation through the Strategic Innovation Fund as well as the Accelerated Capital Cost Allowance that provides more incentives for businesses to invest.
- Additionally, Budget 2019 proposes to provide $60 million over two years, starting in 2019–20, to support CanCode's ongoing work and help one million more young Canadians gain new digital skills.
- To provide more effective support for small and medium-sized businesses as they scale up, Budget 2019 proposes a refundable Scientific Research and Experimental Development (SR&ED) tax credit of 35% that is not limited by their income.
- Budget plan
- Budget speech
- Backgrounder: Universal High-Speed Internet
- Backgrounder: A Secure and Dignified Retirement for Canadians
Find more services and information at Canada.ca/ISED.
SOURCE Innovation, Science and Economic Development Canada
For further information: Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]