Canada’s federal government has announced plans for an additional $30.6 billion in program-based spending over the next six years.
Canada’s Finance Minister, Chrystia Freeland, tabled a Fall Economic Statement on November 3rd, 2022. This document provides updates on new economic programming and upcoming fiscal policy further to those established in the Federal Budget launched earlier in the year. Canada’s federal government has announced plans for an additional $30.6 billion in program-based spending over the next six years.
The team at GrantMatch has put together a summary of the most notable government funding programs that have been committed to in the Fall Economic Statement. Businesses, municipalities, and organizations of all kinds should take note of this Economic Statement, as it reliably signals which areas of capital investment are best positioned to receive government funding support in the form of grants and incentives.
Green Investments in Infrastructure, Equipment & Facilities
Looking ahead, growing organizations with needs surrounding infrastructure improvements, equipment upgrades, and facility construction or expansion should investigate the available grant and incentive programs before making significant investments. Often, capital grants require approval before project costs can be incurred. This makes proactively planning investments with grants in mind a crucial strategy.
Fall Economic Statement Highlight:
Launch of $15B Canada Growth Fund
- Objective is to attract capital investment through low-cost financing that will support sustainable economic development with a focus on reducing emissions, developing clean technology, scaling up growth of companies, capitalizing on natural resources, and enhancing critical supply chains
- A technical background paper outlining the objectives of the Canada Growth Fund was included with the Fall Economic Statement
Hiring & Training – Investing in the Workforce
A commitment to job creation, along with investments in specialized skills training and the overall health and wellbeing of your workforce, can better position your organization to be eligible for grants and incentives.
Fall Economic Statement Highlights:
$250M Over Five Years for Skills Training for Net-Zero Economy
- Creation of the Sustainable Jobs Training Centre to assist with training up to 15,000 workers for low carbon jobs, such as in the sustainable battery industry
- New Sustainable Jobs Stream under the Union Training and Innovation Program to focus on green skills training in trades impacting up to 20,000 apprentices
$802.1M Over Three Years to the Youth Employment and Skills Strategy
- $301.4M for Youth Employment and Skills Strategy Program to provide supports and job placements for youth facing employment barriers
- $400.5M over two years for the Canada Summer Jobs program, creating 70,000 summer jobs
- $100.2M for an Income Assistance First Nations Youth Employment Strategy Pilot to support work placements for First Nations youth
Canadian Municipal Infrastructure Investments
The Investing in Canada Infrastructure Program is providing $33.5 billion for public infrastructure across Canada. Under this program, provinces and territories prioritize and submit projects to Infrastructure Canada for review. To date, the program has approved more than $23 billion for over 5,200 projects submitted by provinces and territories across the country.
To more quickly deliver needed infrastructure projects, the government signalled its intent in Budget 2022 to accelerate the deadline for provinces to commit their remaining funding to priority projects to March 31, 2023. The Economic Statement reaffirms this intent, as well as the Budget 2022 commitment to reallocate funds left uncommitted to other priorities. The existing deadline of March 31, 2025 will remain unchanged for the territories.
Investing in Technological Innovation
Businesses that are innovating in their space, whether it be in scientific research & development, novel product design, digital tools, improved industrial processes, or supply chain enhancements, can benefit from grants and incentives that are designed to boost the competitiveness of regional and international economies.
Fall Economic Statement Highlight:
The 2022 Fall Economic Statement proposes to provide $962.2 million on a cash basis over eight years, starting in 2022-23, with $121.1 million per year ongoing, to modernize the National Research Council’s scientific infrastructure and to continue to propel Canadian innovation through programs such as the Scientific Research and Experimental Development (SR&ED) tax incentive.
Environmental & Green Investments
Organizations investing in reducing their carbon footprint by implementing green technologies, processes, and equipment can benefit from a wide range of current and upcoming grants and incentives designed to make such investments more financially feasible and attractive.
Fall Economic Statement Highlight:
30% Refundable Clean Technology Tax Credit to apply to capital cost of investments in electric generating systems, stationary electric storage systems, low carbon heat equipment, and industrial, zero emission vehicles and recharging equipment.
