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- Following a strong recovery from the pandemic recession, the federal government's economic plan has ensured that the Canadian economy remains resilient.
www.budget.canada.ca/fes-eea/2023/report-rapport/chap3-en.html
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Sep 5, 2024 · Data from various sources, including Statistics Canada, the OECD and other economic research institutions, reveal that Canada has experienced a period of economic growth lethargy over the past 15 years.
Apr 16, 2024 · The Canadian economy is outperforming expectations. In the face of higher interest rates, Canada has avoided the recession that some had predicted. Inflation has fallen from its June 2022 peak of 8.1 per cent to 2.9 per cent in January and to 2.8 per cent in February 2024. The labour market remains solid.
These actions include reducing poverty, building sustainable economic growth, supporting reconciliation with Indigenous peoples, advancing gender equality and taking action on climate change and clean energy. Explore each of the goals and learn how Government of Canada programs and policies contribute to advancing the 2030 Agenda.
Canada's total official support for sustainable development (TOSSD) grew 64.2% from 2021 to reach $14.2 billion in 2022. Canada's TOSSD allocation fluctuated among regions as world events caused the need for aid to vary among regions and through the years.
- Backgrounder
- Launching a World-Leading Canada Growth Fund
- Creating a Canadian Innovation and Investment Agency
- Cutting Taxes for Canada’s Growing Small Businesses
- Canada’s Critical Minerals and Clean Industrial Strategies
- Better Supply Chain Infrastructure
Budget 2022 outlines the additional steps that need to be taken—the steps that will create new, good-paying jobs for Canadians; help more people join the middle class; and set Canada up to be an economic leader for decades to come.
April 7, 2022
As the global economy changes, Canada has everything we need to thrive. Our workforce is one of the most educated in the world. We have world-class research institutions and abundant sources of clean energy. We are the only country in the world with free trade access to the entire G7 and European Union.
But other countries are moving fast in the international competition for investment and innovation. We need to do more to ensure Canadian businesses—of all sizes—are able to succeed.
Budget 2022 proposes to establish the Canada Growth Fund to attract substantial private sector investment to help meet important national economic policy goals:
•To reduce emissions and contribute to achieving Canada’s climate goals;
•To diversify our economy and bolster our exports by investing in the growth of low-carbon industries and new technologies across new and traditional sectors of Canada’s industrial base; and
•To support the restructuring of critical supply chains in areas important to Canada’s future prosperity—including our natural resources sector.
In Canada, a new innovation and investment agency—similar to those that have had success in Finland and Israel—will proactively work with new and established Canadian industries and businesses to help them make the investments they need to innovate, grow, create jobs, and be competitive in the changing global economy.
•Budget 2022 announces the government’s intention to create an operationally independent federal innovation and investment agency, and proposes $1 billion over five years to support its initial operations.
Small businesses currently benefit from a reduced federal tax rate of 9 per cent on their first $500,000 of taxable income, compared to a general federal corporate tax rate of 15 per cent. A business no longer has access to this lower rate once its level of capital employed in Canada reaches $15 million. However, phasing out access to the lower tax rate too quickly—and then requiring a small business to pay more in tax—can discourage some businesses from continuing to grow and create jobs.
•Budget 2022 proposes to phase out access to the small business tax rate more gradually, with access to be fully phased out when taxable capital reaches $50 million, rather than at $15 million.
Critical minerals—used in everything from phones to airplanes—are in global demand, and Canada has a fortunate abundance of them. In total, Budget 2022 proposes to provide:
•Up to $3.8 billion in support over eight years, on a cash basis to implement Canada’s first Critical Minerals Strategy, which will create thousands of new, good-paying jobs across the critical minerals supply chain in Canada.
To help build more resilient and efficient supply chains, Budget 2022 proposes to provide $603.2 million over five years to Transport Canada, including:
•$450 million over five years to support supply chain projects through the National Trade Corridors Fund, which will help ease the movement of goods across Canada;
•$136.3 million over five years to develop industry-driven solutions to use data to make our supply chains more efficient; and
•$16.9 million over five years to continue making Canada’s supply chains more competitive by cutting needless red tape, including working to ensure that regulations across various modes of cargo transportation (e.g., ship, rail) work effectively together.
- Department of Finance Canada
Nov 21, 2023 · On this page: Following a strong recovery from the pandemic recession, the federal government's economic plan has ensured that the Canadian economy remains resilient. Over a million more Canadians are employed compared to when the pandemic hit, our unemployment rate remains low by historical standards, and wage growth has outpaced inflation for ...
Oct 27, 2021 · Overview. The pace of the economic recovery slowed during the first half of 2021 as supply chain disruptions and third wave restrictions weighed on activity. Consumer prices rose steadily during the first half, as gasoline, shelter, and durables put upward pressure on headline inflation.
