Federal budget bringing jobs and business opportunities
In March, our government tabled the 2023 Federal Budget, which among other things, focused on health and dental care, affordability, and bringing competitive jobs and business opportunities to Canadians. Please see the budget highlights below or read the full list of investments at budget.gc.ca/2023
Health Care & Dental Care Plan
The budget will fulfill our commitment to strengthen Canada’s public and universal health care system by committing $73.97 billion over 10 years to health care needs in Ontario. Canadians deserve to see results that go beyond the dollar figure. That is why funding will be tied to progress in: hiring new doctors, nurses and physicians; clearing backlogs; timely and quality mental health and substance abuse services; and allowing patients to electronically access their health records.
Last year’s Canada Dental Benefit helped well over 240,000 children get the dental care they need. We will build on this by providing dental coverage for all uninsured Canadians with an annual family income of less than $90,000. Beginning by the end of 2023, this first-ever Canadian Dental Care Plan will make dental care available to children, families and seniors.
Canadians are still feeling the effects of high interest rates and stubborn inflation when they pay their mortgage or buy groceries. Budget 2023 will use targeted measures to offset higher costs without fuelling inflation:
- $2.5 billion in a one-time Grocery Rebate for 11 million modest-income Canadians, averaging an extra $467 for couples with two children, an extra $234 for single Canadians, and an extra $225 for seniors.
- Lower credit card fees for small businesses. More than 90 percent of credit card-accepting businesses will see their interchange fees cut by up to 27 percent, which will save small businesses in Canada approximately $1 billion in five years.
- Increase Canada Student Grants by 40 percent to provide up to $4,200 for full-time students.
- Implement a Right to Repair and crack down on hidden junk fees, such as higher telecom roaming charges, excessive baggage fees, and unjust shipping and freight fees.
Creating Jobs & A Clean Economy
Today’s major economies are racing to build net-zero industries, compete for investment, and insulate their supply chains from dictatorships. Meeting this moment will have a decisive impact on our future. Our plan will leverage our hard-working and talented population and rich natural resources to attract global investment, create new good-paying jobs, and build a more affordable and sustainable energy grid. This includes:
- Refundable tax credits for investments in zero-emission electricity, clean technology manufacturing, and clean hydrogen production projects.
- $20 billion from the Canada Infrastructure Bank to support clean electricity and infrastructure projects to provide sustainable electricity and lower energy bills.
- $3 billion over 13 years to support clean energy projects in local and Indigenous communities, renew the Smart Grid program, and support offshore wind power.
Canadians will benefit from these initiatives through economic growth, careers, and reduced emissions. For example, tax credits for Clean Technology Manufacturing will support Canadian companies that make clean tech like electric vehicles, or process critical minerals that are vital ingredients in solar panels. Such policies have also helped Canada’s battery supply chain become the second best in the world, with EVs made from Canadian minerals, assembled by Canadian auto workers, and powered by Canadian-made chargers.
Connect with my team at Gary.Anand@parl.gc.ca or 416-283-1414.