KITCHENER, ON, Nov. 23, 2018 /CNW/ - The Government of Canada is committed to strengthening and growing the middle class and ensuring that everyone has a real and fair chance at success. When Canadian businesses are able to compete and succeed, it leads to more good, well-paying jobs that support Canadians and their communities.
The Minister highlighted how the Government is taking steps to support Canadian businesses and create well-paying jobs by making Canada's business tax system more competitive, reducing barriers to business growth at home and abroad, and improving the regulatory environment.
With the Fall Economic Statement, the Government of Canada proposes to:
- Improve competitiveness by allowing the full cost of machinery and equipment used in the manufacturing and processing of goods to be written off immediately for tax purposes and by introducing the Accelerated Investment Incentive to support investment by businesses of all sizes and across all sectors of the economy. These changes will encourage businesses to invest in Canada. This will help secure jobs for middle-class Canadians.
- Increase investment in the clean technology sector by allowing specified clean energy equipment to be eligible for an immediate write-off of the full cost. This will help achieve climate goals and position Canada to be more globally competitive.
- Accelerate business innovation by providing a further $800 million over five years to the Strategic Innovation Fund, which will support innovative investments across the country and in all economic sectors. This includes $100 million to support to the forest sector.
- Make Canada a more globally connected economy by launching an Export Diversification Strategy aimed at increasing Canada's overseas exports by 50% by 2025.
- Remove barriers to trade within Canada by working with the provinces and territories to enable businesses to transport goods more easily, to harmonize food regulations and inspections, to align regulations in the construction sector (including the harmonization of building codes across Canada), and to facilitate greater trade in alcohol between provinces and territories.
- Introduce measures to make it easier for businesses to grow by modernizing federal regulations and further encourage regulators to consider economic competitiveness when designing and implementing regulations, while continuing to protect Canadians' health and safety, as well as our environment.
- Support innovative solutions to some of Canada's big challenges by creating a Social Finance Fund that gives charitable, non-profit and social purpose organizations access to new financing and connects them with non-government investors.
- Advance pay equity by ensuring that women and men in federally regulated sectors receive equal pay for work of equal value.
"Our government is taking action to create an environment where Canadian businesses can better compete and succeed both at home and globally. This focus on competitiveness is the fifth pillar in the Government of Canada's long-term plan to build an economy that works for everyone, joining previous investments in strategic infrastructure, skills and training, innovation and science, and trade and investment."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- Investing in Middle Class Jobs: Fall Economic Statement 2018
- Fall Economic Statement speech
- Backgrounder: A Strong and Growing Economy for the Middle Class
- Backgrounder: Confidence in Canada's Economic Future
- Backgrounder: Building a Canadian Investment Advantage with New Targeted Business Tax Measures
- Backgrounder: Continued Progress for the Middle Class
- Notice of Ways and Means Motion to Amend the Income Tax Act and the Income Tax Regulations, and Explanatory Notes
- Real Progress for Canada's Middle Class
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SOURCE Innovation, Science and Economic Development Canada
For further information: Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]