Budget 2022 – Investments in Everyday Canadians

Ruby Sahota, the Member of Parliament for Brampton North, stood in the House of Commons and applauded the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, as she released Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable.
“Since the depths of the pandemic recession, our Federal Liberal government has been focused
on jobs—on keeping Canadians employed and on keeping their employers afloat—has ensured
Canada’s economy has made a rapid and strong recovery,” said MP Sahota. “Canada has seen
the best jobs recovery in the G7, having recovered 112 per cent of the jobs lost, and with an
unemployment rate that sits at just 5.5 per cent—close to the 5.4 per cent low in 2019 that was
Canada’s best in five decades.”
In Budget 2022, the Federal government under the leadership of Prime Minister Justin Trudeau
is making targeted and responsible investments to create jobs and prosperity today and building a stronger economic future for all Canadians. These include:

  1. Investing in Canadians and Making Life More Affordable: Canadians are the backbone of
    a strong and growing economy, and measures that support access to housing and a
    growing workforce are imperative for economic growth. Budget 2022 housing measures
    include: putting Canada on the path to double housing construction over the next decade;
    helping Canadians save for and buy their first home; banning foreign investment that
    makes housing less affordable for Canadians; and curbing unfair practices that make
    housing more expensive for Canadians. Budget 2022 also invests in ensuring Canadian
    workers have the skills they need for the good-paying jobs of today and tomorrow and
    will make it easier for the skilled immigrants that our economy needs to make Canada
    their home. Budget 2022 makes significant further investments in affordable childcare, in
    reducing the backlogs of surgeries and medical procedures in our public health care
    system, and in advancing reconciliation with Indigenous peoples.
  2. Investing in Economic Growth and Innovation: The key to Canada’s long-term prosperity
    is economic growth. Budget 2022 builds off of Budget 2021’s historic investments in
    early learning and childcare—which could increase real GDP by as much as 1.2 per cent
    over the next two decades—and includes further critical investments to make Canada’s
    economy both stronger and more innovative. These investments include a new Canada
    Growth Fund that will attract tens of billions of dollars in private investment in Canadian
    industries and Canadian jobs, and a new innovation and investment agency that will help
    drive productivity and growth across our economy. Budget 2022 also includes up to $3.8
    billion to implement Canada’s first Critical Minerals Strategy—one that will create
    thousands of good jobs and capitalize on a growing need for the minerals used in
    everything from phones to electric cars. Measures also include steps to build more
    resilient supply chains, to cut taxes for Canada’s growing small businesses, and to drive
    the creation, and ensure the protection, of Canadian intellectual property.
  3. Investing in a Clean Economy: Protecting our environment and fighting climate change is
    the right thing to do for the planet, and it is also the right thing to do for our economy.
    Through Budget 2022, the government will help Canadians and Canadian businesses
    benefit from the global transition to a clean economy, including through new incentives
    for the development of clean technologies and carbon capture, utilization, and storage. In
    addition to further investments to protect our land, lakes, and oceans, the government will
    also make it more affordable for Canadians to purchase zero-emission vehicles, build and
    expand a national network of zero-emission vehicle charging stations, and make new
    investments in clean energy.
    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. With Budget 2022, Canada will
    maintain this leading position, while also seeing the second fastest recovery in the G7 by the end of this year. With the federal government having invested eight out of every ten dollars to
    support Canadians and the Canadian economy during the pandemic, Budget 2022 represents a
    fiscally responsible approach to economic growth and builds an economy that works for
    everyone. Crucially, it upholds the government’s fiscal anchor—a declining debt-to-GDP ratio
    and the unwinding of COVID-19-related deficits, which will ensure that Canada’s finances
    remain sustainable in the long-term.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s