Minister Morneau in Calgary to Discuss Fall Economic Statement and Government's Plan to Invest in Middle Class Jobs
November 27, 2018 – Calgary, Alberta – Department of Finance Canada
Canada's economy is strong and growing, but there is more work to be done to ensure that people across the country—including in Alberta—are able to benefit from that growth.
Today, Finance Minister Bill Morneau spoke with members of the Calgary Chamber of Commerce to highlight Canada's economic strengths and discuss the Government's recently released Fall Economic Statement 2018.
Over the past three years, the hard work of Canadians has created more than half a million new full-time jobs, pushing the unemployment rate to its lowest level in 40 years. Wage growth in Canada is at its fastest pace in eight years, and Canada is expected to remain among the fastest-growing economies in the G7 this year and next.
At the same time, the Government recognizes that there are significant barriers to growth—like the price differential on Alberta and Saskatchewan oil—that call for long-term solutions, including finding safe and efficient ways to get Canada's oil and gas resources to international markets.
To support businesses in Alberta and across the country, the Government 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 make it more attractive to invest in assets that will help drive business growth and 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 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 and in all economic sectors. Notably, of this amount, $100 million will focus on providing support to the forest sector.
- Make Canada a 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 encouraging 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.
The Fall Economic Statement also announces the Government's intention to introduce three measures to support Canadian journalism.
"Since the very beginning, our government has been focused on strengthening and growing the middle class. With the Fall Economic Statement, we are giving businesses the support they need to compete, succeed, and create good, well-paying jobs—the kind of jobs that people can raise a family on while they plan for their future. We know that families here in Alberta are feeling anxious about the future, and our government stands ready to work with the oil and gas sector and with the Alberta and Saskatchewan governments to find solutions to the short- and long-term challenges the sector is experiencing."
- Bill Morneau, Minister of Finance
- Investing in Middle Class Jobs: Fall Economic Statement 2018
- Fall Economic Statement speech
- A Strong and Growing Economy for the Middle Class
- Confidence in Canada's Economic Future
- Building a Canadian Investment Advantage with New Targeted Business Tax Measures
- Continued Progress for the Middle Class
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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