Remarks by the Deputy Prime Minister and Minister of Finance in Calgary

Wednesday, November 9, 2022

Hello everyone.

I want to first acknowledge that we are gathered on the traditional territories of the people of the Treaty 7 region in southern Alberta and the Métis Nation of Alberta, Region 3.

I am glad to be back in Alberta, to be back in Calgary with my friend and colleague, George Chahal, who is such a strong voice for the people of Calgary and Alberta.

We were together with Alberta labour leaders, with the boilermakers, with the Alberta Federation of Labour in Edmonton just last month and it is great to meet again.

When we were in Edmonton just a few weeks ago, one of the things we spoke about was the role that union workers are playing and will play in helping to build a thriving worker-driven economy as Canada navigates the road to net-zero.

That was one of the pillars of the Fall Economic Statement I tabled last Thursday: a growing economy that will create good jobs for workers across the country—an economy that will have workers, union workers, leading the way.

That is because we know the global economy is changing. Our government believes this represents a generational opportunity for Canada and Canadian workers, for Alberta and for Albertan workers.

We believe that for two reasons.

First, because the global green transition is the most significant economic transition since the Industrial Revolution itself and because in Canada, here in Alberta, we have an abundance of the resources—from energy to critical minerals and beyond—that will power that transition.

Second, because since Vladimir Putin’s illegal invasion of Ukraine, our allies and their leading businesses are increasingly looking to Canada to provide them with those resources.

This can be—and it will be—an incredible opportunity for union workers in this country. That is especially true for the workers here in Alberta.

Alberta energy workers are the best in the world, and they will make Canada the leading provider of energy in a net-zero world.

The skilled workers in this province have been the driving force of the Alberta economy for generations. And whether it is building TMX, or supplying clean, low-carbon energy or building more of the housing our growing country needs, our government wants workers here in Alberta to continue driving our economy forward.

That’s why, when we introduced major tax credits for clean technology and clean hydrogen in last week’s Fall Economic Statement, we attached labour conditions for the very first time.

That means that if companies want to receive the full value of these generous tax credits, they will need to pay the prevailing wage in their local market. It means companies will need to create apprenticeship opportunities.

As we finalize the labour conditions for these tax credits, we will be consulting directly with unions, directly with the people here today, on how we can best ensure that workers benefit from these tax credits.

These tax credits will be critical in our efforts to build a net-zero economy. They also show that workers can, and should—and must—help lead the way on the road to get there.

Which is why, in the Fall Economic Statement, we’re also investing to ensure workers have the skills they need to continue working in good jobs for decades to come.

We’ll work with unions through the new Sustainable Jobs Training Centre to equip workers with the long-term skills they will need.

We’re investing in a new sustainable jobs stream of UTIP [the Union Training and Innovation Program] to support union-based training that will help 20,000 apprentices and journeypersons. I saw the incredible impact of this program first-hand today.

We’re also making it easier for young people to pursue an apprenticeship by permanently eliminating interest on the federal portion of Canada Student Loans and Canada Apprentice Loans.

Whether it was launching the new Canada Growth Fund to create good jobs and fight climate change at the same time, or strengthening our supply chains, or improving the regulatory process for major projects, the Fall Economic Statement takes real steps to help create more opportunities for workers in Alberta.

Because what workers in Alberta know is that the single most important thing—the difference between managing to pay your mortgage and fearing you could lose your home; the difference between paying the bills at the end of the month and falling behind—is a well-paid, stable job; doing work you are proud of with people who respect you and your skills.

That is why what workers in Alberta need—now and in the years to come—is a government with a robust industrial policy; a government committed to investing in the net-zero transition, to bringing in new private investment, and to helping create more good jobs.

That is exactly what our government is doing. If we make smart choices today—if we seize the economic opportunity before us—we can ensure a new era of prosperity for workers and families like the ones here in Calgary.

Even as we make investments in our future, it is still a challenging time for Canadians.

Interest rates are rising and our economy is slowing down—as are those of our friends and allies around the world.

While inflation fell in September for the third month in a row, it is still too high. It has been making life more expensive for working people and especially for the most vulnerable among us.

Which is why, in addition to the steps we are taking in the Fall Economic Statement to grow our economy and create good jobs, we also introduced new measures to enhance Canada’s social safety net and provide inflation relief to the Canadians who need it most.

We’re creating a new, enhanced Canada Workers Benefit that will deliver advanced quarterly payments and ensure our lowest-paid—and often most essential—workers don’t have to wait until the end of each year to receive the support they need today.

We are working to deliver dental care for children under 12. Nobody should have to choose between taking their child to the dentist and putting food on the table.

We will be providing hundreds of dollars in new support to low-income renters who are struggling with the cost of housing.

For the Canadians who need it the most, we are doubling the GST Credit for six months. Payments started going out to 11 million Canadian households last Friday, and that means some much-needed breathing room to help people pay for food, or groceries, or rent.

We’re providing targeted inflation relief because it’s the right thing to do. We can do it because, while we’re compassionate, we’re also responsible.

In fact, Canada has the lowest deficit and the lowest debt-to GDP ratio in the G7. Just last week, Moody’s reaffirmed our AAA rating with a stable outlook.

In October alone, employment in Canada rose by 108,000 jobs. That means there are 513,000 more Canadians working today than before COVID first hit.

Our economy is now 103 per cent the size it was before the pandemic. So far this year, our economic growth has been the strongest in the G7.

All of this shows that our pandemic spending worked. It means we’re entering the global slowdown from a position of fundamental economic strength—with more Canadians employed, and with the fiscal firepower we need to respond to whatever the global economy may throw at us.

Canadians are tough and the Canadian economy is resilient. That’s why we can all be confident we’ll get through this, just as we have gotten through so much over these past two-and-a-half years. Once we do, there is no country in the world better placed to thrive than Canada.

Thank you very much. I’m happy to take your questions.