Department of Finance Canada said Budget 2024 invests in driving economic growth for workers.
Increased Accelerated Capital Cost Allowances, supported by an investment of $725 million, will make it more affordable for businesses across the economy to invest in innovation-enabling and productivity-enhancing assets.
Budget 2024 invests over $227 million directly in workers to train more apprentices, support more Canadians to pursue careers in skilled trades, and recognize the prior training of those with foreign credentials, particularly in health care and in construction, to ensure everyone in Canada can reach their full potential.
To do this, Budget 2024 is investing in the technologies, incentives, and supports critical for increasing productivity, boosting innovation, and attracting more private investment to Canada.
From delivering the major economic investment tax credits, on a priority basis, and launching a new EV Supply Chain Investment Tax Credit, to growing the biofuel sector, to getting major projects built faster, new investments will further attract private investment to Canada, helping create more good-paying jobs.
For project sponsors, public financing and investment tax credits can affect whether major industrial, clean-energy, or resource projects are economic enough to proceed.