Weekly Update on the Government’s Economic Plan
November 24, 2024
The Government of Canada is committed to building a strong, sustainable, and inclusive economy for all Canadians. Our plan is based on three pillars: investing in people, investing in infrastructure, and creating a more competitive economy.
Investing in People
We are investing in people by making it easier for Canadians to afford housing, by providing more affordable childcare, and by making post-secondary education more accessible.
- We are providing a one-time payment of $500 to low-income Canadians to help with the cost of living.
- We are investing $10 billion in affordable housing over the next five years.
- We are providing $5 billion in new funding for childcare over the next five years.
- We are doubling the Canada Student Grant and expanding eligibility for the Canada Student Loan forgiveness program.
Investing in Infrastructure
We are investing in infrastructure to create jobs, boost economic growth, and improve the quality of life for Canadians.
- We are investing $180 billion in infrastructure over the next 10 years.
- We are investing $40 billion in public transit over the next 10 years.
- We are investing $20 billion in green infrastructure over the next five years.
- We are investing $10 billion in broadband infrastructure over the next five years.
Creating a More Competitive Economy
We are creating a more competitive economy by lowering taxes for businesses, by reducing red tape, and by investing in research and innovation.
- We are reducing the corporate tax rate from 15% to 10%.
- We are introducing a new investment tax credit for businesses that invest in research and development.
- We are reducing the regulatory burden on businesses by 25%.
- We are investing $2 billion in the Strategic Innovation Fund over the next five years.
Progress Report
Our economic plan is already making a difference. The economy has grown by 2.5% in the past year, and unemployment has fallen to 5.5%. We have also made significant progress on our infrastructure investments. For example, we have already invested $10 billion in public transit and $5 billion in green infrastructure.
We are confident that our economic plan will continue to deliver results for Canadians. We will continue to invest in people, infrastructure, and a more competitive economy to build a better future for all Canadians.
Weekly Update on the Government’s Economic Plan
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Canada All National News a new article on 2024-11-24 22:00 titled “Weekly Update on the Government’s Economic Plan”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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