Minister Boissonnault highlights Budget investments to support every generation and build more homes for Canadians

April 22, 2024              Edmonton, Alberta              Employment and Social Development Canada

The federal government recently delivered Budget 2024: Fairness for Every Generation.

It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home—where everyone has a fair chance at a good middle class life.

Today Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault, spoke to the Edmonton Chamber of Commerce, where he highlighted Budget 2024’s investments that help ensure every generation of Canadians can reach their full potential, including:

·       Launching a bold strategy to unlock 3.87 million new homes by 2031, which includes a minimum of 2 million net new homes on top of the 1.87 million homes expected to be built anyway by 2031. Of the 2 million net new homes, the government’s actions would support a minimum of 1.2 million net new homes.

·       Providing a $400 million top-up to the $4 billion Housing Accelerator Fund, which is already fast-tracking the construction of over 750,000 new homes over the next decade thanks to 179 agreements with municipalities, provinces, and territories.

·       Accelerating the construction and upgrading of housing-enabling infrastructure by providing $6 billion over 10 years through a new Canada Housing Infrastructure Fund.

·       Creating placements for apprentices with small and medium sized businesses with a proposed $90 million over two years.

·       Investing a proposed $10 million over two years to encourage and prepare more Canadians for careers in the skilled trades.

·       Streamlining the Foreign Credential Recognition Program with an investment of $50 million to help ensure everyone in Canada who has the skills needed to build more homes can do so. The Program has already helped over 9,000 skilled newcomers receive work placements, and another 20,000 workers receive low-cost loans to minimize the cost of practicing their trade in Canada. The federal government is calling on provinces and territories to urgently streamline their trades certification standards for interprovincial consistency.

Budget 2024 is a plan to deliver fairness for every generation.

First, the Budget takes bold action to build more homes. Because the best way to make home prices more affordable is to increase supply—and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters’ Bill of Rights.

Second, it will help make life cost less.
The Budget builds on the Government’s transformative expansion of Canada’s social safety net—$10-a-day child care; dental care for uninsured Canadians, the first phase of universal pharmacare—and advances the Government’s work to lower everyday costs for Canadians. This includes helping to stabilize the cost of groceries, cracking down on junk fees and lowering the costs of banking. Budget 2024 also makes transformative new investments, including a National School Food Program and the Canada Disability Benefit.

Third, this year’s budget will grow the economy in a way that’s shared by all.
The Government’s plan will increase investment, enhance productivity, and encourage innovation. It will create good-paying and meaningful jobs, keep Canada at the economic forefront, and deliver new support to empower more of our best entrepreneurs and innovators. This includes attracting more investment in the net-zero economy by expanding and delivering the major economic investment tax credits, securing Canada’s advantage as a leader in artificial intelligence, and investing in enhanced research grants that will provide younger generations with good jobs and new opportunities. And it means ensuring Indigenous Peoples share in this growth in a way that works for them.

Budget 2024 will also make Canada’s tax system fairer by asking the wealthiest to pay a bit more—so that the Government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations. Budget 2024 is a responsible economic plan that upholds the fiscal objectives outlined in the 2023 Fall Economic Statement, and sees Canada maintain the lowest deficit- and net debt-to-GDP ratios in the G7.

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