RICHMOND, BC, Nov. 27, 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 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, Marco Mendicino, Parliamentary Secretary to the Minister of Infrastructure and Communities, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, participated in a fireside chat hosted by the Richmond Chamber of Commerce.
The Parliamentary Secretary discussed the 2018 Fall Economic Statement, which updates Canadians on results already delivered by the Government of Canada's investments and lays out the next steps in its plan to grow the economy by investing in middle-class jobs.
The Fall Economic Statement 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 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% 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 through a Social Finance Fund that will give charitable, non-profit and social-purpose organizations access to new financing, 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, our 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 our 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 will allow Canadian businesses to grow, create more jobs and compete globally, we're building an economy that works for everyone."
– Marco Mendicino, Parliamentary Secretary to the Minister of Infrastructure and Communities
- 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 Targeted Business Tax Enhancements
- 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, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]