Investing in Jobs, Driving Growth

The government is investing in productivity and innovation and bringing more Canadians into the workforce. This is part of the government's economic plan to build a more innovative economy, with more investment opportunities and sustainable wage increases for Canadians. This Fall Economic Statement is also strengthening pro-worker policies to level the playing field.

• Securing Canada's artificial intelligence advantage, to strengthen Canada's position as a global leader. The 2024 Fall Economic Statement announces the $2 billion Canadian Sovereign AI Compute Strategy, which will provide support to our world-class researchers and AI firms.
• Announcing the government's intent to introduce the Small Business Innovation and Procurement Act, to obligate federal government departments and agencies to procure a minimum of 20 per cent of goods and services from small- and medium-sized Canadian businesses.
• Boosting scientific research and experimental development, with several improvements to the Scientific Research and Experimental Development tax incentive program to further encourage Canadian businesses to invest in innovation and drive economic growth. These proposed measures will provide support to innovative businesses estimated at $1.9 billion over six years.
• Unlocking pension investment in Canada, by removing the 30 per cent rule which currently restricts Canadian pension funds from owning more than 30 per cent of the voting shares of a Canadian entity. This will make it easier for Canadian pension funds to make significant investments in Canadian entities.
• Fully re-instating the Accelerated Investment Incentive, to ensure Canada remains a competitive place to do business, and re-instating immediate expensing for manufacturing or processing machinery and equipment, clean energy generation and energy conservation equipment and zero-emission vehicles which will protect Canadian jobs.
• Ensuring the Clean Electricity investment tax credit benefits electricity ratepayers, by announcing that for provincial and territorial Crown corporations to have access to the tax credit, provincial or territorial governments will need to publicly commit to publish an energy roadmap to achieve net-zero emissions by 2050 and request that the benefits are passed down to ratepayers.
• Delivering the details of the EV Supply Chain Investment Tax Credit. This 10 per cent refundable tax credit will be available to Canadian taxable corporations that have invested in eligible property, and have invested at least $100 million in property in each of the three EV supply chain activities (cathode active material manufacturing, EV battery manufacturing, EV assembly) eligible for the Clean Technology Manufacturing (CTM) investment tax credit. Draft legislation will be issued for consultation.