Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighted Budget 2024: Fairness for Every Generation, the government's plan to drive economic growth in a way that is shared by all. It is a plan to build a Canada that works better for every generation, where younger generations can get ahead, where their hard work pays off, and where they can buy or rent their own home-where everyone has a fair chance at a good middle class life.
To do this, Budget 2024 is investing in the technologies, incentives, and supports critical for increasing productivity, boosting innovation, and attracting more private investment to Canada. These efforts are underpinned by providing businesses with the certainty they need to invest in Canada. All of this is being done to help create more good-paying jobs for Canadians.
First, Budget 2024 makes investments to boost research, innovation, and productivity. From strengthening Canada's AI advantage with a monumental investment of over $2.4 billion to $600 million for modernizing Scientific Research and Experimental Development tax incentives, Budget 2024 will foster homegrown innovation. Increased Accelerated Capital Cost Allowances, supported by an investment of $725 million, will make it more affordable for businesses across the economy to invest in innovation-enabling and productivity-enhancing assets. The new Canadian Entrepreneurs' Incentive will provide a tax break to entrepreneurs, ensuring they benefit from the fruits of their hard work. Together, these investments will empower Canadian innovators to scale-up and create more good-paying jobs for Canadian workers.
Second, Budget 2024 will attract investment to grow businesses. From delivering the major economic investment tax credits, on a priority basis, and launching a new EV Supply Chain Investment Tax Credit, to growing the biofuel sector, to getting major projects built faster, new investments will further attract private investment to Canada, helping create more good-paying jobs. And it means ensuring Indigenous Peoples share in this growth in a way that works for them, particularly through the new Indigenous Loan Guarantee Program offering up to $5 billion in low-cost financing for Indigenous Peoples to invest in the projects that matter to them.
Third, Budget 2024 is cutting red tape to boost innovation and empowering workers to reach their full potential. Skills and education investments for the next generation of workers will lead to higher productivity and benefit businesses in Canada and those looking to invest in Canada who can tap into a robust, highly skilled workforce. Budget 2024 invests over $227 million directly in workers to train more apprentices, support more Canadians to pursue careers in skilled trades, and recognize the prior training of those with foreign credentials, particularly in health care and in construction, to ensure everyone in Canada can reach their full potential. Removing internal trade barriers could add up to 4 per cent to Canada's GDP, according to the IMF. That's why, in addition to cutting the red tape holding back workers with foreign credentials, Budget 2024 cuts the red tape holding businesses back from trading across provincial and territorial borders. The federal government is doubling down on its efforts to align regulations across the country, to break down the barriers to internal trade that prevent Canada and Canadian businesses from reaching their full potential. New regulatory sandboxes will also unlock innovation across the economy.
Budget 2024 will build a fairer Canada, where every generation can reach their full potential. It makes Canada's tax system more fair by asking the very wealthiest to pay their fair share-so that we can make investments in prosperity for every generation. This is a responsible economic plan that upholds the fiscal objectives outlined in the 2023 Fall Economic Statement, and sees Canada maintain the lowest deficit- and net debt-to-GDP ratios in the G7.
