Minister Boissonnault highlights Budget 2023 investments to grow Canada’s clean economy

News release

April 12, 2023 - Saint John, New Brunswick - Department of Finance Canada

Today, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, met with community and business leaders in Saint John to discuss Budget 2023 and to highlight the government’s plan to build Canada’s clean economy—one that is good for workers, good for business, good for the environment, and which makes life more affordable for all Canadians. 

Budget 2023 investments in abundant and low-cost clean electricity will lay the groundwork needed to create hundreds of thousands of good paying careers, provide the power for the 21st century Canadian economy, and secure more affordable energy for millions of Canadian homes.

This made-in-Canada plan is reinforced by a new federal toolkit for investing in the clean economy: a set of clear and predictable investment tax credits, low-cost strategic financing, and targeted investments and programming, where necessary, to respond to the unique needs of sectors or projects of national economic significance.

To support and accelerate clean electricity investment, Budget 2023 proposes a 15 per cent refundable tax credit for eligible investments in non-emitting electricity generation systems. Budget 2023 also introduces a refundable tax credit equal to 30 per cent of the cost of investments in machinery and equipment used to manufacture or process key clean technologies, and extract, process, or recycle certain critical minerals essential to clean technology supply chains. 

In New Brunswick, an important component of ensuring a more sustainable and more affordable electricity grid is the Atlantic Loop. The federal government is committed to advancing the Atlantic Loop—a series of interprovincial transmission lines that will provide clean electricity between New Brunswick, Quebec, and Nova Scotia. The Government of Canada is currently negotiating with New Brunswick, other provinces, and utilities to identify a clear path to deliver the project by 2030.

With Budget 2023, investments into Canada’s clean economy will deliver good paying careers, support vibrant communities, and create economic prosperity today and for the next generation. 

Quotes

“Since 2015, our government has laid the tracks for the energy sector of the 21st century. Through targeted investments and projects like the Atlantic loop, we are creating thousands of good paying careers for Canadians at home while combatting the real effects of climate change. With a highly skilled workforce and abundance of natural resources, Canada is well positioned to maintain its leadership in the growing low-carbon global economy.”

The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance

Quick facts

  • Canada has made a remarkable recovery from the COVID recession. Canada’s economic growth was the strongest in the G7 over the last year, and today, 865,000 more Canadians are employed than before the pandemic. 

  • Inflation in Canada has fallen for eight months in a row, and our unemployment rate is near its record low. Supported by our Canada-wide system of affordable early learning and child care, labour force participation for women aged 25 to 54 is near a record high.

Related products

Contacts

Media may contact:

Farrah-Lilia Kerkadi
Press Secretary
Office of the Minister of Tourism and Associate Minister of Finance
farrah-Lilia.Kerkadi@fin.gc.ca
(343) 553-6203

Media Relation
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

Stay connected

Twitter: @financecanada
RSS

Page details

Date modified: