The Government of Canada remains committed to growing the economy in a way that helps create more good, middle class jobs, ensures that Canadian businesses are able to compete and succeed, and transitions Canada to a low-carbon future.
Today in Calgary, Finance Minister Bill Morneau spoke to business leaders at the Economic Club of Canada about the Government’s June 18 decision to approve the Trans Mountain Expansion (TMX) project, and about how the approval will help further each of those goals. The Government reached the decision to approve the project after a deliberate and studied consideration, following a report and recommendations from the National Energy Board and the re-initiation of a process of consultations with potentially affected Indigenous groups.
The approval of the TMX project is an investment in workers in Alberta, British Columbia, and across the country. The expansion will create thousands of good middle class jobs, unlock new global markets to boost the price of Canadian oil, generate significant revenues each year to help fund clean energy solutions, and help advance reconciliation with Indigenous Peoples.
This builds on the Government’s efforts to help Canadian workers and businesses thrive in a changing world and new economy. For example, in December 2018 the Government announced $1.6 billion to support jobs and workers in Canada’s oil and gas sector. These measures will support workers and their families in Alberta and beyond-fostering competitiveness and improving the long-term performance of the industry.
“By proceeding with the Trans Mountain Expansion project, we’re putting Albertans-and all Canadians-in the best position to succeed. The revenues that will come from getting Canada’s resources to global markets will create jobs, grow the economy, and allow us to invest in new ways to reduce emissions and protect the environment.”
– Bill Morneau, Minister of Finance
The decision to approve the TMX project will support Alberta’s workers and families, and follows guidance from the ruling of the Federal Court of Appeal. After that decision, the federal government launched the most comprehensive consultations with Indigenous groups and communities that it has ever conducted for a major project.
Every dollar the federal government earns from the project will be invested in Canada’s clean energy transition. The Department of Finance estimates that additional corporate tax revenues could be around $500 million per year once the project is online. These funds and any profits earned from the sale of the pipeline will be invested in the clean energy projects that power our homes, businesses and communities for years to come.
Moving forward, the Government will look to implement a single window for Indigenous communities and other Canadians to ensure that the conditions attached to the project, as well as other commitments advancing environmental protection, economic benefits, safety and Indigenous participation, are met.
Recognizing the role Alberta plays in helping drive Canada’s economy, and to further support families in cities like Calgary, the Government of Canada made the following investments in Budget 2019:
- a top-up of infrastructure funding, including $230 million for new roads, housing and other local priorities in Alberta’s cities.
- a new fleet of ambulance helicopters to serve Alberta, parts of British Columbia, and the Prairies through $65 million to the Shock Trauma Air Rescue Service, or STARS.
- $100 million to protect the health of western Canada’s water and soil through the Clean Resource Innovation Network.
- $100 million over three years, starting in 2019-20, to help Alberta’s businesses diversify.
Over the past four years, the Government has also made significant and increasing investments in Albertans’ ability to get ahead. This includes:
- helping families save more money with a more generous, tax-free Canada Child Benefit (CCB). More than 440,000 recipients in Alberta benefitted from the CCB in the 2017-18 benefit year.
- bringing reliable, efficient transit to Calgary through Bus Rapid Transit and the Calgary Green Line LRT, through a $42.5 million and $111 million investment, respectively.
- increasing the amount invested in Alberta’s hospitals, child care centres and social programs by almost a billion dollars since 2015.
- investing in the Protein Industries Canada Supercluster, projected to create more than 4,500 jobs across the Prairies over the next decade.
- helping Albertans launch initiatives to improve the region-like new skills training programs and new ways to cover Greyhound’s cancelled bus routes-through a $511 million investment to Western Economic Diversification Canada.