EDMONTON, AB, April 14, 2022 /CNW/ – Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada makes targeted and responsible investments to create good jobs, grow the economy, and build a Canada where nobody gets left behind.
Today, the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, was joined by Peter Leclaire, Vice President Academic from the Northern Alberta Institute of Technology (NAIT), to highlight investments that will create good jobs and build a strong economy.
Budget 2022 investments will ensure Canadian workers have the skills they need to engage in good-paying jobs that grow our economy and foster inclusive communities.
Budget 2022 also invests in economic growth and innovation—the key to Canada’s long-term prosperity. Budget measures include:
- Launching a new world-leading Canada Growth Fund that will attract tens of billions of dollars in private investment in Canadian industries and Canadian jobs
- $625 million over four years for the Early Learning and Child Care Infrastructure Fund to support provinces and territories to make additional childcare investments
- $84.2 million over four years for the Union Training and Innovation Program, which will help apprentices from underrepresented groups
- Implementing Canada’s first Critical Minerals Strategy that will create thousands of good jobs and capitalize on a growing need for the minerals used in everything from phones to electric cars
Canada entered the pandemic with the lowest net debt-to-GDP ratio of all G7 countries—an advantage that has since increased relative to other countries. Canada has seen the best jobs recovery in the G7 and, as of March 2022, has recovered 115 percent of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3 percent—the lowest rate on record since 1976. With Budget 2022, Canada will maintain this leading position and maintain its fiscally responsible approach to economic growth and to building an economy that works for everyone. Crucially, it upholds the government’s fiscal anchor—a declining debt-to-GDP ratio and the unwinding of COVID-19-related deficits, which will ensure that Canada’s finances remain sustainable in the long term.
“Budget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians, cleaner air and cleaner water for our children, and a stronger and more resilient economy for years to come.”
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Our resilient economy relies on the hard work of Canadians from-coast-to-coast-to-coast and Budget 2022 details how we are going to keep growing, creating good middle-class jobs, while building a sustainable future. That future is powered by polytechnic schools like Northern Alberta Institute of Technology (NAIT), that directly contribute to Canada’s economic success by giving students hands-on, technology-based education. NAIT’s programs are great examples how of we ensure that Canadian workers have the skills they need to get well-paying jobs.”
The Honourable Marci Ien, Minister for Women and Gender Equality and Youth
Some measures in Budget 2022 to build a strong economy include:
- Up to $3.8 billion to implement Canada’s first Critical Minerals Strategy
- A temporary Canada Recovery Dividend, representing a one-time 15 percent tax on the 2021 taxable income above $1 billion of Canada’s largest banking and life insurers’ groups, to help support Canada’s broader recovery
- A permanent 1.5 percentage point increase in the corporate income tax rate of banking and life insurance groups on taxable income above $100 million
SOURCE Women and Gender Equality Canada
For further information: Media may contact: Riyadh Nazerally, Director of Communications, Office of the Minister for Women and Gender Equality and Youth, 873-455-4846, [email protected]; Media Relations, Women and Gender Equality Canada, 819-420-6530, [email protected]