Remarks by the Deputy Prime Minister on building a clean and safe environment for the next generation

May 7, 2024 - Ottawa, ON

Good afternoon.

I will speak first about our investment tax credits and about our tax credits for volunteer firefighters and search and rescue volunteers.

Minister Harjit Sajjan will then speak about work underway to prepare for wildfire season.

Minister Jonathan Wilkinson will speak about more support for firefighting training.

Finally, Minister Steven Guilbeault will speak about our government’s commitment to fighting climate change.

Our budget is about ensuring fairness for every generation—especially younger Canadians. And taking action on climate change is one of the most important things we can do to make sure younger Canadians have a fair chance at a good middle class life.

Because the cost of inaction today would be borne chiefly by them. That is not okay. We will not leave them behind.

It’s why the Prime Minister convened an Incident Response Group yesterday ahead of wildfire season. Last year, Canadians faced the worst wildfire season on record, with over 15 million hectares burned—seven times the annual average.

It’s why we are supporting Canada’s brave first responders by doubling the Volunteer Firefighters and Search and Rescue Volunteers Tax Credits, from $3,000 to $6,000.

And it’s why our government is investing heavily in growing Canada’s clean economy. A cornerstone of this effort is our $93 billion suite of investment tax credits.

Our investment tax credits are already working to give businesses the certainty and the support they need to make historic investments in Canada that create great jobs while reducing our emissions at the same time.

And crucially, Canada is now at a place where our economy is growing while our emissions are coming down. A historic accomplishment and a necessary one. 

We have the evidence to prove it. Just last month, we welcomed a historic $15 billion investment by Honda. That is Honda’s largest ever investment in North America and is the largest investment in Canada’s history by a single company. Honda is investing in Canada to create our first full electric vehicle supply chain, which is going to create thousands of good-paying jobs across Ontario. 

And last November, we welcomed an $11.4 billion investment by Dow to build a first-of-its-kind net-zero emissions facility just outside Edmonton. This project will also support thousands of great jobs in Alberta.

These major investments by major international companies were driven by our investment tax credits.

Four of our six investment tax credits are currently before Parliament.

The Clean Technology and CCUS tax credits are in Bill C-59. And the Clean Hydrogen and Clean Technology Manufacturing tax credits are in the Budget Implementation Act.

In 2023, Canada attracted more foreign direct investment per capita than all other G7 countries.  We were third in the world in total foreign direct investment, behind the United States and Brazil, who are significantly more populous than we are.

And we are attracting even more investments for the benefit of every generation of Canadians and for the benefit of our environment.

I just want to conclude by sharing some really good news from last week. Moody’s, one of the leading credit ratings agencies, re-affirmed Canada’s triple-A credit rating with a stable outlook. Moody’s also predicts that, over the medium term, Canada will see more growth than some other triple-A economies and that inflation will remain near the Bank of Canada’s midpoint target of 2 per cent.

This is a very powerful proof point. A triple-A credit rating means Canada’s economy is strong and resilient.

It means our economic plan is fiscally responsible. It means we can afford to make the investments Canada needs and create the good jobs Canadians need. It means the federal government can invest responsibly and borrow at lower costs, as can other orders of government and Canadian businesses. 

Thank you.