The federal government recently delivered Budget 2024: Fairness for Every Generation.
It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home-where everyone has a fair chance at a good middle-class life.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, was in Montréal, Quebec, to highlight Budget 2024's investments in support of Canadian small businesses. The Minister visited the Polystyvert facility, where plastic waste usually considered non-recyclable due to its high level of contamination is recycled into a pure, raw material that can replace virgin plastics, while reducing greenhouse gas emissions by up to 90%. While at the facility, the Minister met with Polystyvert's CEO, Nathalie Morin, to discuss the company's innovative work and the recently announced Budget 2024 measures aimed at helping small businesses across the country, such as the lifetime capital gains exemption increase on the sale of small business shares and the government's investments in Canadian start-ups with $200 million over two years to increase access to venture capital for equity-deserving entrepreneurs. The Minister and CEO agreed that continuing to support small and medium-sized businesses in Canada is imperative for a thriving economy.
Budget 2024 is a plan to deliver fairness for every generation.
First, the budget takes bold action to build more homes. Because the best way to make home prices more affordable is to increase supply-and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters' Bill of Rights.
Second, it will help make life cost less. The budget builds on the government's transformative expansion of Canada's social safety net-$10-a-day child care, dental care for uninsured Canadians, the first phase of universal pharmacare-and advances the government's work to lower everyday costs for Canadians. This includes helping to stabilize the cost of groceries, cracking down on junk fees and lowering the costs of banking. Budget 2024 also makes transformative new investments, including a National School Food Program and the Canada Disability Benefit.
Third, this year's budget will grow the economy in a way that's shared by all. The government's plan will increase investment, enhance productivity and encourage innovation. It will create well-paying and meaningful jobs, keep Canada at the economic forefront, and deliver new support to empower more of our best entrepreneurs and innovators. This includes attracting more investment in the net-zero economy by expanding and delivering the major economic investment tax credits, securing Canada's advantage as a leader in artificial intelligence, and investing in enhanced research grants that will provide younger generations with good jobs and new opportunities. And it means ensuring Indigenous Peoples share in this growth in a way that works for them.
Budget 2024 will also make Canada's tax system fairer by asking the wealthiest to pay a bit more so that the government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations. Budget 2024 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.
