MONTAGUE, PE, Nov. 30, 2018 /CNW/ - Canada's recent Fall Economic Statement 2018 showed that the Government's plan is working: more Canadians are employed, wages are growing, and middle class Canadians have more money to save, invest and grow the economy. The Government of Canada knows that Canadian farmers and food processors are key drivers of the Canadian economy. The Statement is the next step in our plan, where we are supporting Canada's competitiveness so that Canadian agriculture and agri-food businesses can grow and create more good, middle class jobs.
Today, federal Agriculture and Agri-Food Minister, Lawrence MacAulay, was in Montague, Prince Edward Island, to highlight the Fall Economic Statement 2018, which provides an update to Canadians on investments and results already delivered by the Government, and lays out the next steps in the Government's plan to grow the economy by investing in middle class jobs.
"The Government knows that Canadian farmers and food processors are key drivers of the Canadian economy. Through the Fall Economic Statement, we will continue to invest in the Canadian agriculture and food system by increasing market access for exports, supporting innovation and modernizing federal regulations. By keeping Canadian agriculture and agri-food businesses competitive, innovating and growing, we are helping creating more good jobs for our middle class."
"Many of the recommendations that CFA made in the 2019 Pre-budget submission to help Canadian farmers were addressed, as well as recommendations by the agri-food economic strategy table. This fiscal update shows that the Federal Government is taking the right steps to increase the competitiveness and efficiency of Canada's agricultural sector. This support is pivotal to achieve the target of increasing agricultural exports to $75 billion by 2025 which was set out in the 2017 Federal Budget"
Improving competitiveness by allowing the full cost of machinery and equipment used in the manufacturing and processing of goods to be written off immediately for tax purposes, and by introducing the Accelerated Investment Incentive to support investment by businesses of all sizes across all sectors of the economy. These changes encourage businesses to invest in Canada. This will help secure jobs for middle-class Canadians.
Lowering the Marginal Effective Tax Rate from 17.0 per cent to 13.8 per cent, giving businesses in Canada the lowest overall tax rate on new business investment in the G7.
Increasing investment in the clean technology sector by allowing specified clean energy equipment to be eligible for an immediate write-off of the full cost. This will help achieve climate goals, and boost Canada's global competitiveness.
Making Canada a more globally connected economy by launching an Export Diversification Strategy aimed at increasing Canada's overseas exports by 50 per cent by 2025.
Removing barriers to trade within Canada by working with provinces and territories to enable businesses to transport goods more easily, to harmonize food regulations and inspections, to align regulations in the construction sector (including the harmonization of building codes across Canada), and to facilitate greater trade in alcohol between provinces and territories.
Taking early regulatory action as part of the Government's regulatory review process.
Accelerating support for business innovation by providing a further $800 million over five years to the Strategic Innovation Fund, which will support innovative investments across the country in all economic sectors. This includes $100 million to support the forest sector.