Minister Fortier Highlights Budget 2022 Investments in Guelph and Cambridge

GUELPH, ON, April 20, 2022 /CNW/ – Budget 2022: A plan to grow our economy and make life more affordable, is the government’s plan to help Canadians move forward, and an essential part of that plan includes smart investments to strengthen and diversify the economy.

Today, the President of the Treasury Board, the Honorable Mona Fortier, was in Guelph and Cambridge with Lloyd Longfield and Brian Maydeputies of Guelph and Cambridge respectively, to meet Guelph City Hall, the Guelph Business Center and the Guelph Chamber of Commerce to discuss government measures to help businesses succeed and grow. She also met Grand Innovations and Drayton Entertainment in Cambridge, Ont.where she visited their facilities and took the opportunity to highlight the measures taken by the government to support the performing arts sector and innovation throughout the pandemic.

Budget 2022 proposes to create the Canada Growth Fund to attract significant private sector investment to help achieve important national economic policy objectives. The President also hosted a roundtable with the Guelph Business Center to discuss the Canada Small Business Financing Program and Canada’s Digital Adoption Program, which are designed to advance online business, boost e-commerce and digitize businesses.

With the greatest 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 leading global efforts to fight climate change, protect our nature, and build a clean economy that will help Canadians find meaningful, well-paying jobs today and tomorrow. During a round table with the Guelph Chamber of Commerce, the President also had the opportunity to discuss how improvements to our regulatory framework would help create jobs and growth in sectors such as agribusiness, biosciences and transportation, further stimulating innovation.

The President also joined the Prime Minister and other local MPs at the Islamic Center of Cambridge and opening of the International School of Cambridge to celebrate the completion of the school expansion and join the community for Ramadan.

Estimate

“Now is the time for us to focus on a strong and inclusive economy. With smart and targeted investments, we will meet the challenges facing our small and medium-sized businesses. We know that our economy depends on digital. That’s why our government will continue to make sure our businesses have the tools they need to succeed and implement the workforce strategies to help them grow. »

The Honorable Mona Fortier, President of the Treasury Board

Fast facts

  • Budget 2022 initiatives that promote innovation and economic growth include:
    • $4 billion for Canada’s Digital Adoption Program, designed to help businesses move online, build their e-commerce presence and digitize their operations; and
    • improve the Canada Small Business Financing Program, increasing annual financing to small businesses by approximately $560 million.
  • Budget 2022 measures to address climate change include:
    • more … than $3 billion in funding to make zero-emission vehicles more affordable and build a nationwide network of charging stations;
    • the creation of the Canada Growth Fund to help attract tens of billions of dollars of private capital to build a net zero economy by 2050; this fund would initially be capitalized at $15 billion over the next five years and would target three bucks private capital for every dollar invested;
    • $43.5 million over five years and $8.7 million underway 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;
    • expanding the Low Carbon Economy Fund and supporting clean energy in yukon;
    • strengthen financial incentives to accelerate the adoption of carbon capture, utilization and storage technologies by industry; and
    • a new tax credit for clean technology investments, focusing on net zero technologies, battery storage solutions and clean hydrogen; besides, $30 million over two years would be used to return the proceeds of the fuel levy to small and medium-sized enterprises.

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SOURCE Treasury Board of Canada Secretariat

Show original content: http://www.newswire.ca/en/releases/archive/April2022/20/c5937.html

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