Minister Champagne meets with Yukoners and local businesses to highlight federal government’s plan to build an economy that works for everyone
News release
November 10, 2022 – Whitehorse, Yukon
In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most, including by doubling the goods and services tax (GST) credit for 11 million eligible Canadians, enhancing the Canada Workers Benefit to support 4.2 million Canadians, and making federal student and apprentice loans permanently interest free for the graduates of today and tomorrow.
The government is also moving forward with its ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, met with the Yukon business community and toured the NorthLight Innovation hub and Icefield Tools. During these meetings, Minister Champagne highlighted the government’s plan to invest in jobs and training and focused on the economic opportunities available to Northern Canada, including in our critical minerals sectors.
Quotes
“The Fall Economic Statement is a fiscally responsible plan to make life more affordable and grow the economy to create good, well-paying jobs for today and tomorrow. Yukoners can be confident that our government will continue to be there with support for the Canadians who need it most, while also helping to grow key sectors that are integral to Northern Canadians. We will do everything to support their ambitions and their know-how in building a stronger and more resilient economy.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
Quick facts
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The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reduction of the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
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New measures proposed in the 2022 Fall Economic Statement include:
1. Making life more affordable:
- Permanently eliminating interest on federal student and apprentice loans
- Creating a new quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner
- Delivering on key pillars of the government’s plan to make housing more affordable, including creating a new Tax-Free First Home Savings Account, doubling the First-Time Home Buyers’ Tax Credit and ensuring that property flippers pay their fair share
- Lowering credit card transaction fees for small businesses
2. Investing in jobs, growth and an economy that works for everyone:
- Launching the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy and create good jobs
- Introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition, and incentivizing higher wages for workers by increasing the level of the credit when certain labour protections are met
- Implementing a new tax on share buybacks by public corporations in Canada
- Creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and tomorrow
Related products
Associated links
- Annual Financial Report of the Government of Canada 2021–2022
- Affordability Plan
- Legislation to double the GST Credit for six months receives Royal Assent
- Government of Canada introduces legislation to make life more affordable for Canadians
- Legislation to grow Canadian economy and make life more affordable receives Royal Assent
- Deputy Prime Minister outlines government’s Affordability Plan for Canadians
Contacts
Laurie Bouchard
Senior Manager, Communications
Office of the Minister of Innovation, Science and Industry
laurie.bouchard@ised-isde.gc.ca
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca
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