Minister Duclos highlights economic growth investments in Budget 2021

OTTAWA, ON, April 30, 2021 /CNW/ - Budget 2021 is the Government of Canada's plan to finish the fight against COVID-19 and ensure a robust economic recovery that is inclusive of all Canadians.

Today, the Honourable Jean-Yves Duclos, President of the Treasury Board, met with startups from the Québec City region that have benefited from the services of the Camp de Québec International and of Entrepreneuriat Laval to discuss investments that support economic growth from Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience.

The COVID-19 recession is the steepest and fastest economic contraction since the Great Depression. It has disproportionately affected low-wage workers, young people, women, and racialized Canadians. For businesses, it has been a two-speed recession, with some finding ways to prosper and grow, but many businesses?especially small businesses?fighting to survive.

A plan for a long-term recovery must look to challenges and opportunities that lie ahead in the years and decades to come. It must be led by a growth strategy that builds on the unique competitive advantages of the Canadian economy, and make sure that Canada is well-positioned to meet the demands of the next century.

We must make sure we go where the puck is going?that we are investing strategically in emerging technologies. This is where many of the jobs of the future lie. To drive growth and create good, well-paying jobs, innovators, researchers, and entrepreneurs need to be able to translate Canada's world-class leadership in research into innovative products and services for Canadians and for the world.

Budget 2021 is a plan to bridge Canadians and Canadian businesses through the crisis and towards a robust recovery. It is a plan to drive economic growth, a plan to secure women's place in the workforce, and a plan to offer all children in Canada the best start in life. This plan proposes to extend business and income support measures through to the fall and to make investments to create jobs and help businesses across the economy come roaring back. It will support almost 500,000 new training and work opportunities including 215,000 opportunities for youth; support businesses in our most affected sectors such as tourism and arts and culture; and accelerate investment and digital transformation at small and medium-sized businesses. Budget 2021 is a plan that puts Canada on track to meet its commitment to create 1 million jobs by the end of the year.

Canada entered the pandemic in a strong fiscal position. This allowed the government to take quick and decisive action, supporting people and businesses, and put it in the position to make historic investments in the recovery.

Quote

"Budget 2021 is a historic investment to address the specific wounds of the COVID-19 recession, in the Québec City region as well as across the country. It puts people first, creates jobs, grows the middle class, sets businesses on a track for long-term growth, and ensures that Canada's future will be healthier, more equitable, greener, and more prosperous."

-       The Honourable Jean-Yves Duclos, President of the Treasury Board and Member of Parliament for Québec

Quick Facts

• In terms of investing in the jobs of the future, Budget 2021 proposes to provide:
  
  
• $5 billion over seven years (cash basis), starting in 2021-22, to the Net Zero Accelerator. Building on the support for the Net Zero Accelerator announced in the strengthened climate plan, this funding would allow the government to provide up to $8 billion of support for projects that will help reduce domestic greenhouse gas emissions across the Canadian economy.
• $500 million over five years, starting in 2021-22, and $100 million per year ongoing, to expand the Industrial Research Assistance Program to support up to 2,500 additional innovative small and medium-sized firms.
• o $443.8 million over ten years, starting in 2021-22, in support of the Pan-Canadian Artificial Intelligence Strategy.
• $360 million over seven years, starting in 2021-22, to launch a National Quantum Strategy. The strategy will amplify Canada's significant strength in quantum research; grow our quantum-ready technologies, companies, and talent; and solidify Canada's global leadership in this area. This funding will also establish a secretariat at the Department of Innovation, Science and Economic Development to coordinate this work.
• $400 million over six years, starting in 2021-22, in support of a Pan-Canadian Genomics Strategy. This funding would provide $136.7 million over five years, starting in 2022-23, for mission-driven programming delivered by Genome Canada to kick-start the new Strategy and complement the government's existing genomics research and innovation programming.
  
  
• Budget 2021 includes $101.4 billion over three years in proposed investments as part of the Government of Canada's growth plan that will create good jobs and support a resilient and inclusive recovery. Key measures include:
  
  
• Extending emergency supports to bridge Canadians and Canadian businesses through to recovery, including:
• Extending the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support until September 25, 2021.
• Extending the number of weeks for important income support for Canadians such as the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit.
  
  
• Supporting small and medium-sized businesses through several transformative programs, such as:
• A new Canada Digital Adoption Program that will assist over 160,000 businesses with the cost of new technology. And it will provide them with the advice they need to get the most of new technology with the help of 28,000 young Canadians who will be trained to work with them.
• Allowing Canadian small businesses to fully expense up to $1.5 million in capital investments in a broad range of assets, including digital technology and intellectual property. This represents an additional $2.2 billion investment in the growth of Canada's entrepreneurs over the next five years.
  
  
• As Canadians begin the work of building back better together, the government has a plan to develop more prosperous, inclusive, healthy, and vibrant communities across Canada.
  
  
• To continue the work related to the next step towards high frequency rail in the Toronto-Quebec City Corridor, Budget 2021 proposes to provide $4.4 million in 2021-22 to Transport Canada and VIA Rail Canada to support their work with the Joint Project Office in order to advance due diligence and to de-risk the project.
• In addition, Budget 2021 proposes to provide $491.2 million over six years, starting in 2021-22, to VIA Rail Canada for infrastructure investments that would support the overall success of the high frequency rail project. These investments will help reduce bottlenecks, improve fluidity and connectivity, and allow VIA to take an important step towards high frequency rail in the corridor.

Related Links

• Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience
• Budget Speech
• Job Creation
• Building an Innovation Economy of the Future
• Fall Economic Statement 2020: Supporting Canadians and Fighting COVID-19
• Canada's COVID-19 Economic Response Plan

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SOURCE Treasury Board of Canada Secretariat