'Canada's Finances Will Be Sustainable'
pect from their banks if they are in financial difficulty.
Second, the government is accelerating its work to build more homes, faster, and make housing more affordable. Building on the significant action the government has already taken, the 2023 Fall Economic Statement introduces billions of dollars in new financing to build more homes, faster, takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in, and will help to increase the number of construction workers across the country. Today continues the federal government’s work leading a national effort to make housing more affordable across Canada.
The government’s economic plan is responsible, and it sees Canada maintain both the lowest deficit- and net debt-to-GDP ratios in the G7. The government is taking further action in the 2023 Fall Economic Statement to ensure Canada’s finances remain sustainable—and that we can continue to responsibly invest in Canadians, strengthen the middle class, and build a stronger economy that works for everyone.
As a foundational part of the government’s work to invest in Canada’s economic future and create more good-paying jobs, the government is also delivering its new major investment tax credits on a priority basis, with legislative implementation advancing in the days to come and concluding in 2024.
• Canada’s economic plan is working:
◦ Canada’s unemployment rate, for the last 21 months, has been lower than at any time under the previous government. Over a million more Canadians are employed today compared to before the pandemic.
◦ Wages have outpaced inflation for the past nine months.
◦ The International Monetary Fund projects Canada to see the strongest economic growth in the G7 next year.
◦ According to the OECD, in the first half of this year, Canada received the third-most foreign direct investment of any country in the world—and the highest per capita in the G7.
Housing Action Plan
• The $4 billion Housing Accelerator Fund, which is helping to cut red tape and buildover 100,000 new homes faster;
• Repurposing more federal lands to build homes on;
• Removing the GST from new rental housing, including co-operative housing corporations that provide long-term rentals;
• Unlocking $20 billion in lowcost financing for rental construction to build up to 30,000 more homes per year;
• Financing more rental housing by providing $15 billion for loans through the Apartment Construction Loan Program, to help build 30,000 new homes;
• Building more affordable housing for the most vulnerable Canadians with $1 billion for the Affordable Housing Fund, to help build more than 7,000 new homes;
• Breaking down barriers to labour mobility within Canada, with priority for construction workers and health care professionals, and prioritizing skilled tradespeople for permanent residency;
• Cracking down on non-compliant short-term rentals and supporting municipal enforcement of short-term rental restrictions;
• A new Canadian Mortgage Charter to ensure Canadians at financial risk can access the tailored mortgage relief they can expect from their bank to help them make their payments and stay in their homes.
Strong Middle Class
• Strengthening competition in Canada, which means lower prices and more choice, by reforming legislation to crack down on unfair practices that drive up costs;
• Ensuring Canada's five largest grocery chains keep their commitments to stabilize prices, and enhancing competition in the grocery sector;
• Removing the GST from psychotherapy and counselling services, to make mental health care more affordable for Canadians;
• Continuing to crack down on junk fees, including lowering non-sufficient fund (NSF) fees charged by banks, investigating international mobile roaming rates, and ensuring that airlines seat all children under the age of 14 next to their accompanying adult at no extra cost;
• Amending legislation to support Canadians' right to repair their devices and products by preventing manufacturers from refusing to provide the means to repair them in an anti-competitive manner;
• A new Employment Insurance adoption benefit, which would provide 15 weeks of shareable benefits to parents; and,
• Enhancing low-cost and nocost banking accounts to reflect the realities of modern banking while designating a single independent ombudsman to help Canadians resolve complaints with their banks.