LAVAL, QC, Nov. 23, 2018 /CNW/ - Canada's economy is strong and growing, with more jobs and opportunities for the middle class, and for people working hard to join it. There are more good, well-paying jobs for Canadians, wages are growing, consumer confidence is strong and business profits are up – good news for Canadians and the communities they call home.
Today, the Honourable Marc Garneau, Minister of Transport, was in Laval to highlight the Fall Economic Statement 2018, which updates Canadians on results already delivered by the Government's investments, and lays out the next steps in the Government's plan to grow the economy by investing in middle class jobs. During his visit, Minister Garneau delivered an address to the Chambre de commerce et d'industrie de Laval, and toured Pelican International.
In the Fall Economic Statement 2018 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 across all sectors of the economy. These changes 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 boost Canada's global competitiveness.
- Accelerate support for business innovation by providing a further $800 million over five years to the Strategic Innovation Fund, which will support innovative investments across the country in all economic sectors. This includes $100 million to support 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 per cent by 2025.
- Remove barriers to trade within Canada by working with 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 through a Social Finance Fund that will give charitable, non-profit and social-purpose organizations access to new financing and connecting them with non-government investors.
- Advance pay equity by ensuring that women and men in federally-regulated sectors get equal pay for work of equal value.
- Introduce measures to support Canadian journalism.
"Over the last three years, the Government's plan to invest in people and create long-term economic growth has delivered real, meaningful results for Canadians. The 2018 Fall Economic Statement represents the next step in the Government's plan to strengthen and grow the middle class and offer real help to people working hard to join it. With new measures that will encourage businesses to invest in Canada, and allow Canadian businesses to grow, create more jobs, and compete globally, we're building an economy that works for everyone."
The Honourable Marc Garneau,
Minister of Transport
SOURCE Transport Canada
For further information: Media may contact: Delphine Denis, Press Secretary, Office of the Honourable Marc Garneau, Minister of Transport, Ottawa, 613-991-0700, [email protected]; Media Relations, Department of Finance Canada, [email protected], 613-369-4000