April 14, 2022 – Ottawa, Ontario
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 our economy, and build a Canada where no one gets left behind.
This week, the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), met with municipal leaders, small business owners and local members of Parliament in York and Durham regions to highlight the Government of Canada's plan to help Canadians make the switch to zero-emission vehicles (ZEV) and initiatives to create new good-paying jobs, help small businesses succeed and grow the southern Ontario economy.
Budget 2022 is investing in a clean economy, which includes new incentives for the development of clean technologies, carbon capture, utilization and storage. In addition, the government will make it more affordable for Canadians to purchase ZEV, build and expand a national network of ZEV charging stations, and make new investments in clean energy.
During the Minister's visit to an electric vehicle charging station in King City with Mayor Steven Pellegrini and Regional Councillor Debbie Schaefer, they discussed Budget 2022's plan to invest:
- $1.7 billion over five years to extend the Incentives for ZEV program until March 2025 to help more Canadians get behind the wheel of ZEV;
- $547.5 million over four years to launch a new purchase incentive program for medium- and heavy-duty ZEVs to help businesses upgrade their fleets; and
- a national network of electric vehicle charging stations.
The Government of Canada is also investing in economic growth and innovation. This includes launching a new world-leading Canada Growth Fund that will attract tens of billions of dollars in private investment in Canadian industries and jobs, and a new innovation and investment agency that will help drive productivity and growth across the economy.
Minister Jaczek was joined by Tony Van Bynen, Member of Parliament for Newmarket–Aurora, to meet with local business owners in Newmarket and Ryan Turnbull, Member of Parliament for Whitby, Mayor Don Mitchell and local business leaders in Whitby to discuss Budget 2022 measures that will help small- and medium-sized businesses grow and create good jobs in the region.
Budget 2020 helps businesses by:
- cutting taxes;
- reducing credit card transaction fees; and
- aiding access to international markets through Canada's trade remedy system.
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 upholds the government's fiscal anchor—a declining debt-to-GDP ratio, which will ensure that Canada's finances remain sustainable in the long term.
"While in York and Durham regions, I had the pleasure to speak about Budget 2022 to many small business owners and community leaders. I heard firsthand how Budget 2022's investments will positively impact the region through its focus on making life more affordable and providing a cleaner and greener environment for everyone. This is exactly what southern Ontario needs.
– The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario
"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
- Measures in Budget 2022 include:
- More than $3 billion in funding to make ZEV more affordable and build a national network of charging stations;
- The creation of the Canada Growth Fund to help attract tens of billions of dollars in private capital towards building a net-zero economy by 2050; and
- 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.
- Budget 2022: A Plan to Grow our Economy and Make Life More Affordable
- Budget 2022 Backgrounder: Clean Air and a Strong Economy
- Budget 2022 Backgrounder: Creating Good Middle Class Jobs
- Budget 2022 Backgrounder: Tax Fairness
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
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