The Honourable Sean Fraser, Minister of Immigration, Citizenship and Refugees, recently visited Ionic Mechatronics in Lively, Ontario, to announce that clean investment tax credits will be a crucial part of Budget 2023’s commitments to build Canada’s clean economy. The budget is building on the foundation that the Government of Canada has been laying since 2015, and it includes a series of significant investments to ensure that Canada’s clean economy can deliver prosperity, middle-class jobs, and more vibrant communities across the country.
The Minister highlighted that Budget 2023 includes three tiers of commitments, which will encourage businesses to reduce their emissions, become leaders in the global clean economy and create new middle-class jobs for Canadians. The first tier is investment tax credits, with provisions to ensure that workers see the benefits. The credits aim to incentivize businesses to invest in clean technologies and equipment, which will help them reduce their carbon footprint and become more environmentally sustainable. This will, in turn, help Canada to achieve its climate goals and contribute to the global effort to combat climate change.
The second tier of commitments in Budget 2023 is low-cost strategic financing, which will be available to businesses looking to invest in clean technologies and projects. The government will provide access to affordable financing options to ensure that businesses can make the necessary investments to become more sustainable without being burdened by high costs.
The third tier of commitments is targeted investments to respond to the unique needs of sectors or projects of national economic significance. These investments will focus on sectors that have the potential to become leaders in the global clean economy, such as renewable energy, clean transportation, and sustainable agriculture.
Overall, the government’s aim is to attract new investment and become a reliable supplier of goods and resources that a net-zero world needs in Ontario and across Canada. With a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7, Budget 2023 will help to build a Canada that is more secure, more sustainable, and more affordable for people from coast to coast to coast. The Minister’s announcement is a positive step towards achieving these goals and creating a more sustainable and prosperous future for all Canadians.