Remarks by the Deputy Prime Minister about budget investments in clean electricity and creating good jobs

Speech

Pickering, ON - April 20, 2023

I want to start by acknowledging that we are gathered on the Treaty and traditional territory of the Mississaugas of Scugog Island First Nation and Williams Treaties signatories of the Mississauga and Chippewa Nations.

I am so glad to be here today with the incredible people who work at Ontario Power Generation.

During the tour earlier today, it was so evident to me how much pride you take in what you do. As the people who literally keep the lights on, keep our heat on, and our air conditioning for all of us here in Ontario—you are really right to be proud of your work.

As we build Canada’s clean economy of the 21st century, the work you do here, and the role of OPG, will be more important than ever for Ontario, for Canada, and for the world.

Before I speak more about that critical work, I want to highlight a few important points about where the Canadian economy is today.

Canada’s economy has made a remarkable recovery from the COVID recession.

Over the course of last year, Canada delivered the strongest economic growth in the G7.

Canada has the lowest deficit and the lowest debt-to-GDP ratio in the G7.

There are 865,000 more Canadians working today than when COVID first hit. We have recovered 128 per cent of the jobs that were lost in those first months—compared to just 114 per cent in the United States.

And supported by our Canada-wide system of affordable early learning and child care, the labour force participation rate for Canadian women in their prime working years hit a record 85.7 per cent this year.

This week, we also learned that inflation in Canada fell to 4.3 per cent in March. It has been falling for nine months in a row, and the Bank of Canada forecasts that it will be down to 3 per cent by the summer.

With these strong economic fundamentals, the budget I tabled last month comes at a very important moment for for our country.

I am very glad that, yesterday, the House of Commons unanimously approved two important measures from our budget.

The first is the new one-time Grocery Rebate that will provide up to $467 for a family here in Pickering. This is much-needed support for the most vulnerable among us.

The second measure is the $2 billion Canada Health Transfer top-up, which will address immediate pressures on the health care system, especially in pediatric hospitals and emergency rooms, and help to reduce wait times for surgeries.

And earlier today our government introduced the Budget Implementation Act, which is legislation that would put many of our other commitments into action.

This legislation will make life more affordable for Canadians by:       

Advancing the new Canadian Dental Care Plan;

Cracking down on predatory lending and house flipping;

Providing more support for students by increasing RESP withdrawal limits;

Delivering automatic advance payments of the Canada Workers Benefit, which could mean up to $714 for single workers and $1,231 for a family; and

Doubling the tradespeople’s tool deduction from $500 to $1000.

Now, another key focus of the budget is our plan to build Canada’s clean economy and create great middle-class careers—careers like the ones that the people with us here today have, careers for people here in Pickering, and across Canada.

A big part of that plan is about making Canada an electricity superpower—and that means building a sustainable, secure, and affordable electricity grid that connects Canadians from coast-to-coast-to-coast.

And that’s the reason I have come here to Pickering today.

Nuclear energy will play a very important role in our clean economy—especially here in Ontario, where it is responsible for almost 60 per cent of the electricity people here in Ontario rely on every day.

To support investment in clean energy like nuclear power, our budget includes major investment tax credits for clean electricity and clean technology manufacturing.

A very important part of this investment is that, for the first time in Canadian history, we have attached labour requirements to these investment tax credits.

What we’re saying to investors is this: if you want to take advantage of these tax credits—if you want financial support  from the people of Canada, if you want to build a clean electricity project: you need to pay your workers the prevailing union wage, including benefits and pension contributions. You need to create apprenticeship opportunities.

That’s because we want to be sure that Canada’s clean economy is a worker-driven economy. An economy that creates good careers today, and where the unions that built the middle class can continue to thrive.

We could not do this without organizations like the Power Workers’ Union and the Society of United Professionals, who have been incredible partners in developing our clean economy plan. So, I want to especially thank Jeff Parnell and Michelle Johnston for their partnership.

You are doing really big things here at OPG. You are building a small modular reactor in Darlington—the first of its kind in Canada, and one of the first outside Russia and China—you are leading the world in the development of new clean technologies. And I have to say, that is a point of real pride for me personally.

It’s something all Canadians should be really, really proud is happening here in Canada. It is a competitive advantage for us and it provides real security for our country and our economy in the days to come.  

We want to do great things in Canada—build great things, have great jobs—because that is what enables us to lead great lives, to build families, to have great, livable communities.

I have never been more optimistic about the future of this amazing province and our wonderful country than I am today. And that really is thanks to the hard work of the great Canadians like the ones I met today.

Thank you very much.

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