Minister Fortier highlights Budget 2022 investments in Guelph and Cambridge
April 20, 2022 - Guelph, Ontario
Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, is the government’s plan to help Canadians move forward, and a critical part of this includes smart investments to strengthen and diversify the economy.
Today, the President of the Treasury Board, the Honourable Mona Fortier, was in Guelph and Cambridge with Lloyd Longfield and Bryan May, Members of Parliament for Guelph and Cambridge respectively, to meet with Guelph City Hall, the Guelph Business Centre and the Guelph Chamber of Commerce to discuss government measures to help businesses succeed and grow. She also met with Grand Innovations and Drayton Entertainment in Cambridge, Ontario, where she toured their facilities and took the opportunity to highlight the measures the government has taken to support the performance art sector and innovation throughout the pandemic.
Budget 2022 proposes to establish the Canada Growth Fund to attract substantial private sector investment to help meet important national economic policy goals. The President also hosted a roundtable with the Guelph Business Centre to discuss the Canada Small Business Financing Program and the Canada Digital Adoption Program, which are designed to move business online, boost e-commerce and digitalize business.
With the largest mobilization of global capital since the Industrial Revolution already underway, Canada has the chance to become a leader in the clean energy of the future. Budget 2022 will help Canada to lead in global efforts to fight climate change, to protect our nature, and to build a clean economy that will help Canadians find meaningful and well-paying jobs today and tomorrow. During a roundtable with the Guelph Chamber of Commerce, the President also had the opportunity to discuss how improvements to our regulatory framework would help jobs and growth in sectors such as agri-food, bioscience and transportation, further spurring innovation.
The President also joined the Prime Minister and other local Members of Parliament at the Islamic Centre of Cambridge and opening of the International School of Cambridge to celebrate the completion of the school expansion and join the community for Ramadan.
“Now is the time for us to focus on a strong and inclusive economy. With smart and targeted investments, we will address the challenges faced by our small and medium-sized businesses. We know our economy is dependent on digital. That is why our government will continue to make sure our businesses have the tools they need to succeed and implement the labour strategies to help them grow.”
- The Honourable Mona Fortier, President of the Treasury Board
Budget 2022 initiatives that foster innovation and economic growth include:
- $4 billion for the Canada Digital Adoption Program which is designed to help businesses move online, boost their e-commerce presence, and digitalize their businesses; and
- enhancing the Canada Small Business Financing Program, increasing annual financing to small businesses by an estimated $560 million.
Measures in Budget 2022 to fight climate change include:
- more than $3 billion in funding to make zero-emission vehicles more affordable and build a national network of charging stations;
- the creation of the Canada Growth Fund to help attract tens of billions of dollars in private capital towards building a net-zero economy by 2050; this fund would be initially capitalized at $15 billion over the next five years, and will target three dollars of private capital for every dollar it invests;
- $43.5 million over five years and $8.7 million ongoing to create a new Canada Water Agency; millions more are proposed to support the Freshwater Action Plan, the Experimental Lakes Area, and the Great Lakes Fishery Commission;
- the expansion of the Low Carbon Economy Fund and support Clean Energy in Yukon;
- strengthening financial incentives to accelerate the adoption of Carbon Capture Utilization and Storage technologies by industry; and
- a new tax credit for investments in clean technology, focused on net-zero technologies, battery storage solutions and clean hydrogen; in addition, $30 million over two years would go to returning fuel-charge proceeds to small and medium-sized enterprises.
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