Remarks by the Deputy Prime Minister highlighting investments to support Canada’s athletes

Milton, Ontario - July 4, 2024

I would like to start by acknowledging that we are gathered in the Territory and Treaty of the Mississaugas of the Credit First Nation and in the traditional territory of the Hurons-Wendat Nation and the Haudenosaunee.

I’m so happy to be in Milton today. I’m really glad to be here with my colleagues, Minister Marci Ien, and Milton’s very own amazing MP, Adam van Koeverden, who happens to be an Olympian.

And thank you very much, Gordon Krantz, the legendary Mayor of Milton. I’m really glad to have you with us and I’m glad to have had the chance to chat. 

Most of all though, it’s so wonderful to be here with a handful of Team Canada’s incredible athletes who will be competing in the upcoming Paris Olympics, and who will be proudly wearing our flag, wearing the maple leaf, and competing on our behalf. Could we please give them a round of applause!

We are very proud of you, and it is such a privilege to have met a few of you and to hear about the incredible hard work and dedication that has gone into your training. And you know we’re going to be cheering you on in a few weeks.

Our government is delivering fairness for every generation. And our plan includes investing in Canada’s athletes—like the amazing athletes here with us today. They represent us, they wear the maple leaf, and we are so proud of them.

That’s why I’m so glad that with our 2024 budget, our government is investing in athletes across Canada, whether they’re competing in the Olympics and Paralympics, or in their local arena.

Specifically, we are investing $35 million over five years, and $7 million per year going forward, in the Athlete Assistance Program.

The Athlete Assistance Program is such an important resource. It provides direct financial support to over 1,800 Canadian athletes who are trying to balance their incredibly intense training with work or school.

This additional funding means more money every month for these athletes to help cover training, living, and school expenses while they are preparing to compete for Canada, to represent us, at major sporting events, including the Olympic and Paralympic Games.

We’re also investing $16 million over two years in the Sport Support Program to help sports organizations ensure a safe and inclusive environment for athletes.

This includes supporting athletes with injuries and with their mental health.

To protect our athletes, our government is investing ten point six (10.6) million dollars in the Future of Sport in Canada Commission. The Commission was launched in May to gather input from the sport community and make recommendations on concrete and effective measures for making sport safer, to ensure that all athletes have safe and positive experiences.

Finally, to make sports more accessible for every generation of Canadians, we’re investing $15 million over two years to help community sport programs and reduce barriers to participating in sports. It can be expensive to play some sports—equipment like helmets and skates and hockey sticks can really add up, as so many parents across Canada know—and this funding will help cover some of those costs so everyone can afford to play a sport they love.

We know that athletes train hard and dedicate their lives to their sport. These investments will empower Canadian athletes to excel in the years to come and inspire future generations of athletes.

I’d like to conclude by sharing some good economic news:

Last week, Statistics Canada reported that the Canadian economy grew 0.3 per cent, showing that the Canadian economy remains resilient. In fact, the Canadian economy grew at an annualized rate of 1.7 per cent in the first quarter of this year. That is stronger than the growth in the United States and it is the second fastest rate of growth in the G7. The Statistics Canada flash estimate is for 1.8 per cent annualized growth in the second quarter.

Overall, the OECD expects the Canadian economy to see the second fastest rate of growth among the G7 this year and the fastest growth in 2025, tied only with the U.S.

And this comes following the encouraging news we’ve had about interest rates. Last month, the Bank of Canada lowered interest rates—making Canada the first G7 country to do so. 

Inflation in Canada has now been within the Bank of Canada’s target range for five months in a row, and wage growth has now outpaced inflation for 16 months in a row.

Also last month, the International Monetary Fund released its annual Article IV review of the Canadian economy, and in that statement, the IMF commended Canada’s strong fiscal credibility and economic resilience.

Specifically, the IMF credited our government for adhering to the fiscal targets we introduced in the 2023 Fall Economic Statement. These targets complement our government’s fiscal anchor of reducing the federal debt-to-gross domestic product (GDP) ratio over the medium term.

We have met all the targets in Budget 2024. The IMF recognized that the Canadian economy appears to have achieved a soft landing.

As a result, Canada was able to avoid a recession and the heartbreaking surge in unemployment that many had thought was inevitable.

And today, almost 1.3 million more Canadians are working compared to before the pandemic.

After our budget was tabled in April, Moody’s and S&P, two of the leading credit ratings agencies, reaffirmed Canada’s triple-A rating with a stable outlook. 

These are powerful economic proof points. They show that Canada’s economy is strong and resilient. They show that our economic plan is fiscally responsible. 

And that really matters, because it means that we can afford to make the investments that Canadians need, in housing, in making life more affordable, in economic growth, and in our outstanding Canadian athletes – in our Olympians.

Our government is acting now—and we’re acting with purpose. Because we know that Canadians are counting on us. 

Thank you very much.