Today the economy in Canada has many jobs and is really strong and growth oriented. It provides opportunities for the middle class and is good for people who work hard. The wages are increasing, characterised by a strong consumer confidence. Additionally the business profits are also rising up.
Marco Mendicino, Parliamentary Secretary, to the Minister of Communities and Infrastructure representing the Honourable Navdeep Bains, the Innovation, Science and Economic Development Minister participated in a discussion held by the Chamber of Commerce Richmond.
He highlighted the 2018 Fall Economic Statement, which provides updates to the Canadians about the outcome of the investments of the Government. He laid out the steps and plans for the growth of the economy, by investments in middle-class jobs.
This Economic Statement has the following proposals:
- Measures for improving the competitiveness by permitting the full cost of equipment and machinery in the use of manufacturing and processing of goods which will be written off with immediate effect for tax purposes.
- Moreover, the introduction of the Accelerated Investment Incentive will provide enough support to investment by various sizes of businesses in the economy. Such measures will promote sizable business investments in Canada. These will also encourage in providing jobs for middle-classes.
- There is also a provision for better investments in the Clean Technology Sector for permitting specific clean energy equipment to get an immediate writing off of the full cost. The aim here is to achieve climate goals and provide an impetus to the global competitiveness of the country.
- There is an aim of Accelerating business innovation by allocating $800 million in the next five years, in the Strategic Innovation Fund. This will happen by extending institutional support to innovative investments, in all sectors of the economy. There is a support of $100 million to the forest sector also.
- The initiative is to connect Canada and make it a global economy with the launch of a Strategy focussing on Export Diversification to increase exports by 50% in the next 7-8 years.
- Another aim is the removal of all trade barriers within the country, by coordinating with the provinces/territories so that the business establishments can transport goods with ease.
- There is a focus to harmonize food inspections and regulations, and also seek an alignment of regulations in the construction sector like the harmonization of Building Codes across the nation.
- Lastly there is a focus on facilitating more trade in alcohol among the provinces/territories.
- Measures to make business growth easier by modernizing federal regulations, and also by encouraging all the regulators to give importance to economic competitiveness while designing/implementing regulations, will be introduced.
- The focus on protecting health safety and environment will continue.
- More so there will be a provision to provide support to create innovative solutions to the major challenges, through a Social Finance Fund, which will provide access to charitable, social-purpose and non-profit organizations to avail new financing. Besides they will be connected with non-government investors.
- Moreover, there will be measures for facilitating pay equity, to ensure that women and men, working in the federal sectors, receive equal pay for performing work of equal value.
- Introduction of measures to support journalism in the country.
During the past three years, the government had a plan to invest in the welfare of the people, aimed at creating long-term economic growth for bringing real, meaningful results. This Economic Statement represents a huge step to strengthen the growth of the middle classes. These measures will create a favourable atmosphere, and lead to businesses investments and growth. Canada will be in a position to create jobs and also compete globally.
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