Budget highlights 2023

 

1. Affordability: Helping Canadians feel the pinch of inflation

• Lowering Credit Card Fees: Last fall, we announced that our government would work to lower transaction fees for hard-working Canadian small businesses. In Budget 2023, our government is announcing that we have reached an agreement with Visa and MasterCard to lower credit card fees up to 27%. This reduction will help small businesses save $1 billion over the next 5 years.
• Grocery Rebate: We know that Canadians are facing high inflation and record costs of living. In Budget 2023, we have introduced a one-time Grocery Rebate, providing Canadians with $2.5 billion in targeted inflation relief to Canadians who need it most.

2. Transition to the Green Economy: Powering Clean Growth and Good Jobs

• Clean Electricity Investment Tax Credit: Budget 2023 will create a 15% refundable credit to support non-emitting generation systems, storage and transmission.
• Clean Technology Manufacturing: Budget 2023 will create a 30% tax credit for new machinery and equipment used to manufacture or process key clean technologies and extract key critical minerals.
• Clean Hydrogen : Budget 2023 will create an up to 40% tax credit for projects producing clean hydrogen.
• Zero Emission Manufacturing : Budget 2023 extends the reduced tax rates for zero-emission technology manufacturers.

We are also providing $500 million to the Strategic Innovation Fund to support the development and application of clean technologies in Canada.

Other notable highlights:

• Reciprocal Procurement : Our government is committed to ensuring that federal procurement dollars benefit Canadian workers and businesses. Through Budget 2023, we will take the next steps towards a mutually beneficial, reciprocal and resilient supply chain.
• To help businesses and breweries facing high inflation, we are Freezing the Excise Tax on Beer, Wine and Alcohol.
• Hit hard by the COVID-19 pandemic, we are supporting the growth of Canada’s Tourism sector with a $108 million investment to support communities and small businesses.
• Supporting Canada’s Leadership in Space: Budget 2023 invests just under $2.8 billion to get Canadians — and Canadian technology — into space, onto the moon and beyond.
• Protecting Diaspora communities by launching a National Counter-Foreign Interference Office.
• Living up to our commitments: we are taking the next steps in Eradicating Forced Labor from Canadian Supply chains.
• Canada’s New Action Plan to Combat Hate : Budget 2023 invests $49.5 million into Public Safety Canada to expand the Communities at Risk program, improving resources and security for marginalized Canadians.
• Our government will always stand up for a women’s right to choose: Budget 2023 Safeguards Access to Abortion and Other Sexual and Reproductive Health Care Services