April 6, 2023 Cape Breton, Nova Scotia Employment and Social Development Canada
Today, Minister of Labour Seamus O'Regan Jr. was in Cape Breton to talk about Budget 2023 measures that will make life more affordable and better support workers. The Minister and Parliamentary Secretaries Battiste and Kelloway toured the Atlantic Canada Regional Council of Carpenters, Millwrights and Allied Workers' facility in Sydney, where they met with workers to discuss new and enhanced support for tradespeople.
Budget 2023 delivers the new Grocery Rebate, providing $2.5 billion in targeted inflation relief for 11 million low- and modest-income Canadians and families. The Grocery Rebate will provide up to an extra $467 for eligible couples with two children, up to $234 for single Canadians without children, and $225 on average for seniors. To help Canadians keep more money in their pockets, the Government is also taking action to crack down on junk fees and predatory lending and reduce credit card transaction fees for small businesses.
One of the most significant investments in Budget 2023 is in tax credits. To help tradespeople invest in the equipment they need, Budget 2023 proposes to double the maximum employment deduction for tradespeople's tool expenses from $500 to $1,000. This change would take effect for the 2023 taxation year. Following consultations with unions and other stakeholders, the Budget also announces additional details on the labour requirements for the clean technology and clean hydrogen investment tax credits. To be eligible for the highest tax-credit rates, businesses must pay workers the prevailing wage. Additionally, at least 10% of the tradesperson hours worked must be performed by registered apprentices in the Red Seal trades.
These and other measures in Budget 2023 build on existing initiatives the Government has introduced to better support Canadian workers, such as the Labour Mobility Deduction, which provides eligible tradespeople and apprentices in the construction industry with a tax deduction of up to $4,000 per year for eligible temporary relocation expenses. Ensuring workers are paid fairly and supporting apprenticeships that lead to good-paying jobs will make life more affordable for Canadian workers and their families.
With a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7, Budget 2023 will help to build a Canada that is more secure, more sustainable and more affordable for people from coast to coast to coast.
