Minister Champagne highlights budget investments in young entrepreneurs

SASKATOON, SK, April 22, 2024 /CNW/ - The federal government recently delivered Budget 2024: Fairness for Every Generation. 

It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home?where everyone has a fair chance at a good middle?class life.

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, met with the young entrepreneurs behind Fable Ice Cream, a local favorite in Saskatoon, Saskatchewan, to highlight Budget 2024 investments. The Minister spoke about empowering young entrepreneurs through an investment of $60 million over five years in Futurpreneur, a national not-for-profit organization that provides young entrepreneurs with access to financing, mentorship and other business supports to help them launch and grow their business. Futurpreneur estimates that by 2029, this investment will enable the launch, and possible subsequent scale-up, of an estimated 6,250 additional businesses owned by young Canadians.

First, the budget takes bold action to build more homes. Because the best way to make home prices more affordable is to increase supply?and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters' Bill of Rights.

Second, it will help make life cost less. The budget builds on the government's transformative expansion of Canada's social safety net?$10-a-day child care, dental care for uninsured Canadians, the first phase of universal pharmacare?and advances the government's work to lower everyday costs for Canadians. This includes helping to stabilize the cost of groceries, cracking down on junk fees and lowering the costs of banking. Budget 2024 also makes transformative new investments, including a National School Food Program and the Canada Disability Benefit.

Third, this year's budget will grow the economy in a way that's shared by all. The government's plan will increase investment, enhance productivity, and encourage innovation. It will create well-paying and meaningful jobs, keep Canada at the economic forefront, and deliver new support to empower more of our best entrepreneurs and innovators. This includes attracting more investment in the net-zero economy by expanding and delivering the major economic investment tax credits, securing Canada's advantage as a leader in artificial intelligence, and investing in enhanced research grants that will provide younger generations with good jobs and new opportunities. And it means ensuring Indigenous Peoples share in this growth in a way that works for them.

Budget 2024 will also make Canada's tax system fairer by asking the wealthiest to pay a bit more so that the government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations. Budget 2024 is a responsible economic plan that upholds the fiscal objectives outlined in the 2023 Fall Economic Statement and sees Canada maintain the lowest deficit- and net debt-to-GDP ratios in the G7.

"Every day, young entrepreneurs from Saskatoon are challenging themselves, bringing new ideas to life and building the Canada of tomorrow. Budget 2024 is empowering the next generation of entrepreneurs by offering them training, financing options and mentorship so they can take their businesses to the next level. That's how our government is growing the economy in a way that helps every generation get ahead."
? The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

"This renewed partnership comes at a vital time for young people looking for meaningful ways to get ahead financially. Thanks to this expanded funding commitment, Futurpreneur will increase access to business ownership for young entrepreneurs, helping them build their own prosperity while creating a robust economic future for Canada.'
? Karen Greve Young, Chief Executive Officer, Futurpreneur

• Budget 2024: Fairness for Every Generation
• Budget 2024: Remarks by the Deputy Prime Minister and Minister of Finance
• Budget 2024: Key Measures (available in non-official languages)
• Backgrounder: More Affordable Homes
• Backgrounder: A Stronger Social Safety Net
• Backgrounder: Fairness for Younger Generations
• Backgrounder: Economic Growth and Productivity
• Backgrounder: Growing Small Businesses
• Backgrounder: Safer, Healthier Communities
• Backgrounder: A Fair Future for Indigenous Peoples
• Backgrounder: Tax Fairness for Every Generation
• Budget 2024: Canada's Consumer-Driven Banking Framework

Find more services and information at Canada.ca/ISED.

Follow Innovation, Science and Economic Development Canada on social media.

X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada

SOURCE Innovation, Science and Economic Development Canada