Minister Boissonnault highlights budget investments for a clean economy
News release
April 4, 2023 - Edmonton, Alberta - Department of Finance Canada
Today, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance, met with representatives from the kīsikāw pīsim solar farm in Edmonton to discuss Budget 2023 and 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 Canadians from coast to coast to coast.
Currently, the world’s major economies are moving at an unprecedented pace to fight climate change, retool their economies, and build the net-zero industries of tomorrow. Budget 2023 investments in abundant and low-cost clean electricity will underpin other investments needed to create hundreds of thousands of middle class jobs, provide the energy that will power our daily lives and the entire Canadian economy, and provide more affordable energy to millions upon millions of Canadian homes.
This made-in-Canada plan is underpinned 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 to introduce a 15 per cent refundable tax credit for eligible investments in non-emitting electricity generation systems—including solar.
Budget 2023 also proposes 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. By making significant investments to ensure Canada does not fall behind at this moment of opportunity, Budget 2023 is ensuring a clean Canadian economy can deliver prosperity, middle class jobs, and more vibrant communities across Canada.
Quotes
“As electricity becomes a main source of energy, daily and seasonal demand peaks will become more pronounced. Canada needs to invest heavily in renewable generation to meet this demand. That is why Budget 2023 is delivering a series of major investments to ensure Canada’s green economy can deliver prosperity, middle class jobs, and more vibrant communities across Canada. The kīsikāw pīsim solar farm that I visited today, and other similar companies, play an important role in helping us achieve those goals.”
The Hon. Randy Boissonnault,
Minister of Tourism and Associate Minister of Finance
Quick facts
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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, 830,000 more Canadians are employed than before the pandemic, including 128,600 here in Alberta.
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Inflation in Canada has fallen for eight months in a row, our unemployment rate is near its record low, and, supported by our Canada-wide system of affordable early learning and child care, the labour force participation rate for women aged 25 to 54 reached a record high of 85.7 per cent in February.
Related products
- Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future
- Budget 2023: Address by the Deputy Prime Minister and Minister of Finance
- Backgrounder: A Made-in-Canada Plan: Affordable Energy, Good Jobs, and a Growing Clean Economy
- Backgrounder: Stronger Public Health Care
- Backgrounder: Making Life More Affordable
- Backgrounder: An Affordable Place to Call Home
- Backgrounder: Advancing Reconciliation
- Backgrounder: Stronger and More Inclusive Communities
- Backgrounder: Improving Service Delivery
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 Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000
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