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Government of Canada Releases 2022 Fall Economic Statement

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Canada’s 2022 Fall Economic Statement, released on Nov. 3 by Deputy Prime Minister and Minister of Finance Chrystia Freeland, focused on "building an economy that works for everyone… even as we face global headwinds, the investments we are making today will make Canada more sustainable and more prosperous for generations to come." 

It is a slim document meant to only focus on priorities and in conjunction with President Biden’s Inflation Reduction Act with very little new money, as expected. The statement outlines that Canada finds itself in a period of restraint and many items are signals that will lead up to the 2023 budget in the spring.  This includes investments in clean technology, in accordance with President Biden’s Inflation Reduction Act.

Key Measures

• Interchange fees (page 24) – the gov’t will enter into consultations to lower fees for small businesses

• Clean Energy Tax Credits (page 30), 30% for the capital cost of clean technologies and a consultation on how best to implement da hydrogen tax credit

• Launching the Canada Growth Fund – was announced in Budget2022 and FES2022 outlines the design, operations and investment strategy.

The document can be found here. The website also has the News Release and backgrounders. 


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