Roundup: Canada’s economic plan is delivering for Canadians from coast to coast to coast
December 1, 2023 - Ottawa, Ontario - Department of Finance Canada
Since the government released its 2023 Fall Economic Statement on November 21, Ministers have been meeting with Canadians in communities from coast to coast to coast to discuss how the government’s economic plan is building more homes, faster, making life more affordable, and building an economy that works for everyone.
Over the past week, Ministers have highlighted how the government’s economic plan has delivered for Canadians, including by building 484 new rental homes in Toronto, 231 new affordable homes in Vancouver, and more than 780 new homes in Richmond Hill; modernizing competition in Canada to stabilize prices across the country; lowering energy bills in Victoria and Saanich and across Canada; and attracting billions in private investment to create good jobs in Alberta and Nova Scotia.
In the 2023 Fall Economic Statement, the government also introduced new measures to support Canadians, including by making mental health care more affordable by removing the GST/HST on psychotherapy and counselling services, as well as by cracking down on unfair junk fees, such as roaming charges and children’s airline ticket fees. This builds on important progress the government has made to make life more affordable for Canadians, including saving families thousands of dollars by lowering early learning and child care fees. Six provinces and territories have already reduced fees to $10-a-day or less, and all other provinces and territories have reduced fees by 50 per cent—and are on track to deliver $10-a-day by 2026.
The government is also continuing to support Canadians who are renewing their mortgages at a time of higher interest rates. The Canadian Mortgage Charter, as outlined in the Fall Economic Statement, details the tailored mortgage relief that the government expects banks to provide borrowers who are facing financial difficulty with the mortgage on their principal residence.
These measures are just a few examples of how the federal government’s economic plan is supporting a strong middle class and building an economy that works for everyone.
“Last Thursday, I was thrilled to visit and tour a new apartment building in Toronto, which will soon finish construction on 484 new rental homes—and which was made possible by our Apartment Construction Loan Program. Projects like this are exactly why, in our Fall Economic Statement, we topped up the Apartment Construction Loan Program with an additional $15 billion in funding.”
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Canada is the world’s third most popular destination for foreign direct investment, and earlier this week our government announced that Edmonton is now home to the world’s first net-zero emissions ethylene cracker—bringing over 8,000 good, middle class jobs for the Edmonton region. We will continue to work with partners like Dow to be bold, innovative, and build up communities in Alberta and across the country.”
- The Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages
“On Tuesday, in the Fall Economic Statement Implementation Act, we presented additional amendments to the Competition Act, in addition to the ones proposed in Bill C-56. We’re expanding the scope of powers given to the Competition Bureau, so that they can subpoena information from companies to create in-depth market studies, tackle abuse of dominance, increase penalties for anti-competitive behaviour, and only allow mergers that benefit consumers. We’re also empowering small businesses to pursue private legal action against large firms that are trying to stifle competition and by removing barriers for repairing products—that means manufacturers can now face enforcement when they restrict access to parts and manuals to limit competition. These changes are good for business, will strengthen our economy, and benefit all Canadians.”
- The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“Tackling the housing crisis is a key part of our Fall Economic Statement and we are committed to working with partners across the country to ensure that all Canadians have a safe and affordable place to call home.”
- The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“Yesterday, I met with workers building 390 new rental homes in Toronto funded through the Apartment Loan Construction Program. We need to build more homes, faster and make housing more affordable. Canadian workers are the ones who will build it.”
- The Honourable Seamus O’Regan, Minister of Labour
“I have heard from my community in Kanata-Carleton that our Apartment Construction Loan Program is accelerating the pace of building rental units across the city. With the current interest rates, it is challenging for builders to take on new projects. At a time where we need more housing, this program provides more flexibility and is helping build more homes for Canadians. We will continue to work to make sure that working families have access to affordable homes.”
- The Honourable Jenna Sudds, Minister of Families, Children and Social Development
“Our government is investing to reduce the cost of housing and energy while ensuring our buildings are more energy-efficient, resilient, and comfortable. On Wednesday, I announced retrofit investments for homes in Saanich and Victoria that will help families and seniors to live in greater comfort, with lower energy bills. Through investments like these, we are addressing housing, affordability, and climate challenges concurrently.”
- The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources
Canada’s economic plan is working:
- Over a million more Canadians are employed today compared to before the pandemic. Canada’s unemployment rate, for the last 22 months, has been lower than at any time under the previous government.
- Wages have outpaced inflation for the past nine months.
- The International Monetary Fund projects Canada to see the strongest economic growth in the G7 next year.
- According to the OECD, in the first half of this year, Canada received the third-most foreign direct investment of any country in the world—and the highest per capita in the G7.
Since 2015, the average annual federal housing investment has more than doubled compared to under the previous government. This year, federal investment in housing is $9 billion higher than it was in 2013-14.
- In the 2023 Fall Economic Statement, Canada’s Housing Action Plan introduces billions of dollars in new financing to build more homes, faster, takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in, and will help to increase the number of construction workers across the country.
On November 28, 2023, the federal government introduced the Fall Economic Statement Implementation Act, 2023, which would:
- Ensure Canadians have more choice in where they take their business by modernizing competition in Canada to help stabilize prices;
- Make mental health services more affordable by removing the GST/HST on psychotherapy and counselling therapy services;
- Extend Employment Insurance to parents who adopt and introduce a new paid leave for federally regulated workers who are grieving from pregnancy loss;
- Double the rural top-up on the pollution price rebate, from 10 per cent to 20 per cent, to support Canadians in small and rural communities who face higher energy costs;
- Deliver key components of Canada’s major investment tax credits for carbon capture, utilization, and storage and clean technology; and,
- Implement labour requirements to ensure Canadian workers benefit from Canada’s major investment tax credits. These labour requirements would make it mandatory for businesses to pay prevailing union wages and provide apprenticeship opportunities in order to receive the maximum credit rates for the:
- Carbon Capture, Utilization, and Storage Investment Tax Credit;
- Clean Technology Investment Tax Credit;
- Clean Hydrogen Investment Tax Credit; and,
- Clean Electricity Investment Tax Credit.
Delivering affordable early learning and child care is saving families thousands of dollars per year, per child. This includes savings per child of up to:
- $6,600 in British Columbia;
- $10,330 in Alberta;
- $6,900 in Saskatchewan;
- $2,610 in Manitoba;
- $8,500 in Ontario;
- $3,900 in New Brunswick;
- $2,000 on Prince Edward Island;
- $6,000 in Nova Scotia;
- $6,300 in Newfoundland and Labrador;
- $7,300 in Yukon;
- $4,950 in the Northwest Territories;
- $14,300 in Nunavut; and,
- In Quebec, the creation of more than 30,000 new child care spaces by 2026 is helping more families benefit from $8.85-a-day child care.
- 2023 Fall Economic Statement
- Address by the Deputy Prime Minister for the 2023 Fall Economic Statement
- 2023 Fall Economic Statement: Key Measures (available in non-official languages)
- Backgrounder: Canada’s Housing Action Plan
- Backgrounder: Supporting a Strong Middle Class
- Backgrounder: Building an Economy That Works for All Canadians
- November 28, 2023: Government of Canada announces legislation to make life more affordable, build more homes, and create good jobs for Canadians
Media may contact:
Press Secretary and Senior Communications Advisor
Office of the Deputy Prime Minister and Minister of Finance
Department of Finance Canada
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