Remarks by the Deputy Prime Minister on driving economic growth for workers

April 18, 2024 - Burlington, Ontario

Good morning.

I would like to start by acknowledging that the land on which we gather is part of the Treaty Lands and Territory of the Mississaugas of the Credit.

I am so delighted to be in Burlington today with my wonderful colleague, Member of Parliament Pam Damoff, and the amazing team here at MetriCan.

MetriCan is a family-owned, home-grown business with over 750 talented, skilled workers—you’re true a Canadian success story, and we want to empower more businesses and more workers like the ones who are with me today. And that is what I want to talk about.

A couple of people mentioned to me NAFTA and our trade negotiations; you are a company that is directly part of that. And as a government, we were so glad to be able to preserve, and really improve and expand that trade deal.

And I want you to know: we’re going to keep on going, and I want to assure you that those important relationships; we are going to maintain them far into the future. I know how important it is for the work that you do.

I also heard about the work that you guys are doing here for Volkswagen, for Stellantis—you’re doing some work and moving into electric vehicle production.

Manufacturing is the life blood—the engine—of our economy. It guarantees resilience of our economy. It means we have good-paying, middle class jobs like the ones you all do here.

And that’s why I am so glad that we were able to make the investments in Volkswagen, in Stellantis, in electric vehicle production here in Canada.

That means that we have a strong manufacturing sector; a strong car sector today. And we will have one in the future.

And I am confident those investments are just going to keep on coming.

We are living in a pivotal moment for Millennials and Gen Z.

These young Canadians have so much talent and so much potential.

But today, too many young Canadians feel as though the deck is stacked against them. They can get a good job, they can work hard, but far too often, the reward of a secure, prosperous, comfortable, middle-class life remains out of reach.

We are acting today to ensure fairness for every generation.

We are moving with purpose to help build more homes, faster.

We are making life cost less.

And we are driving the kind of economic growth that will ensure every generation of Canadians can reach their full potential.

Our country works best when our economy is growing and when opportunities exist—for every generation.

To drive the kind of growth that will deliver prosperity for Canadians—and for everyone who works here at MetriCan—the budget I tabled on Tuesday redoubles our efforts to attract investment, increase productivity, boost innovation, and create good-paying and meaningful jobs.

That’s why, with this budget, we are modernizing the Scientific Research & Experimental Development (SR&ED) tax incentives and further capitalizing the program with $600 million over four years, and $150 million per year going forward, so that we can add to the SR&ED program.

That’s important because research and development is a key driver of productivity and growth. Made-in-Canada innovations meaningfully increase our GDP per capita, create good-paying jobs, and secure Canada's position as a world-leading advanced economy.

Now, this is not just a theory for people working here at MetriCan.

MetriCan—your company, your jobs—benefit from the SR&ED program for your work on developing new equipment and weld cells, and I am so glad our government is supporting you in this work.

With the enhancements to SR&ED, I hope we’re going to be able to support you further.  

We are also introducing Accelerated Capital Cost Allowances (ACCA) for innovation-enabling and productivity-enhancing assets.

This enhancement to the ACCA means that investments in things like computers, data network infrastructure, and more, will be eligible for immediate write-offs. This will encourage companies to reinvest, create more jobs, and make their businesses more productive and innovative.

Canada's skilled hands and brilliant minds are our greatest resource. And a strong, well-paid, talented workforce is a key driver of a strong economy. Our government recognizes this—and it’s why the budget makes new investments in skilled trades workers.

We are investing $100 million in apprentices and getting more young people into the skilled trades—that’s going to help companies like MetriCan hire new workers with the skills you need and scale up your business.

With this budget, we are creating more jobs for younger Canadians by providing $207.6 million for the Student Work Placement Program. This is a program that helps post-secondary students across Canada get their foot in the door in a job related to their field of study. With this new investment, we are creating more learning opportunities for post-secondary students and helping businesses attract and train new skilled workers.

And we are investing $10 million over two years in the Skilled Trades Awareness and Readiness Program—to help encourage young Canadians to explore and prepare for careers in the skilled trades—like jobs that many of you do here.

We are building on really forward-looking investments this government has made, and we’re doing even more because we know that this is an essential part of Canada’s economic future.

We’re acting now—and acting with purpose—because the cost of inaction today would be borne chiefly by younger Canadians. We would be leaving them behind. And we cannot—we simply will not—do that. Instead, we will help them realize the promise of Canada with a responsible plan that creates new career opportunities and grows the economy for every generation. Today we are saying to our younger generations, and to everyone who cares about them: We are putting the power of government to work for you.

We will build more homes. We will make life cost less. We will grow our economy in a way that works for everyone.

Together, we will unlock the door to the middle class for more Canadians–and renew the promise of our great country.

Thank you.