Federal Government Release 2022 Fall Economic Statement
November 4, 2022
On November 3, 2022, Deputy Prime Minister and Minister of Finance Chrystia Freeland, released the 2022 Federal Fall Economic Statement, which includes investments and incentives to support Canada’s workforce.Key initiatives from the statement include:
Workforce Development & Apprenticeship Initiatives
- $1.6B over 6 years and $315 million ongoing in new funding to support the processing and settlement of new permanent residents to Canada as part of the 2023-2025 Immigration Levels Plan.
- $802.1 million over three years, starting in 2022-23, to the Youth Employment and Skills Strategy.
- Making all Canada Student Loans and Canada Apprentice Loans permanently interest-free, including those currently being repaid, beginning on April 1, 2023.
- Continuing supporting work placements for First Nations youth through the Income Assistance-First Nations Youth Employment Strategy Pilot.
Just Transition Initiatives
- $250M for sustainable jobs investments, including the creation of a new Sustainable Jobs Training Centre, a new sustainable jobs stream under the Union Training and Innovation Program, and a Sustainable Jobs Secretariat.
- Introducing two new refundable tax credits, for the capital cost of investments in clean technologies and clean hydrogen production. For both of these tax credits, the government will incentivize companies to create good jobs by scaling access to the tax credit for companies that pay prevailing wages based on local labour market conditions, and ensure that apprenticeship training opportunities are being created.
- $4 billion over six years, starting in 2022-23, to automatically issue advance payments of the Canada Workers Benefit to people who qualified for the benefit in the previous year, starting in July 2023 for the 2023 taxation year.
- $1.02B to Service Canada to process EI and OAS claims faster while reducing the EI claims backlog, and $574 million to reduce EI and OAS call centre wait times
- Announcing the government’s intention to introduce a corporate-level 2 per cent tax that would apply on the net value of all types of share buybacks by public corporations in Canada, similar to a recent measure introduced in the United States.
- $137 million for the CBSA to enhance frontline capacity and hire additional officers to alleviate border pressures, and prevent prohibited or restricted goods from entering Canada.
- $26.3M over five years, starting in 2023-2024, for the government to take stronger action against non-compliant employers through orders, fines, and prosecutions to enforce the Canada Labour Code
- $1 billion in 2022-23 in anticipation of Hurricane Fiona-related requests from provinces under the Disaster Financial Assistance Arrangements.
“CBTU applauds the $250 million commitment over five years to Employment and Social Development Canada to help ensure Canadian workers can thrive in a changing global economy,” says CBTU Director Sean Strickland.
“Supporting workers as we transition to net-zero is also vital in ensuring a prosperous economic future for Canada. Commitments like a new sustainable job stream under the Union Training and Innovation Program (UTIP) and the creation of a Sustainable Jobs Centre and Sustainable Jobs Secretariat are steps in the right direction. We look forward to making sure we integrate the delivery of training for the new jobs of the future with our 195 training centres across the country.”