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Remarks by the Deputy Prime Minister on the government’s priorities heading into the 2023 Fall Economic Statement

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First, I want to acknowledge that we are meeting on the traditional unceded territory of the Mohawk, Algonquin, and Anishinabewaki nations.

I am so glad to be here in Mascouche today with the incredible people of Soluxium Technologies.

The team here at Soluxium is doing some incredibly important, innovative work—and in the years to come, that work will be more important than ever for Quebec, for Canada, and for the whole world.

That’s because today, the world’s major economies are moving at an unprecedented pace to fight climate change and retool their economies to build the net-zero industries of today and tomorrow.

So, Canada has to keep up. And we not only have to keep up—we need to lead the way.

That is what you are doing, and what we are doing together.

Our economic plan is making historic investments to build Canada’s economy and create new opportunities for Canadian workers and Canadian businesses.

And a cornerstone of our plan is the major investment tax credits that we have unveiled, including in our spring budget.

This includes the Clean Technology Investment Tax Credit, which Soluxium’s clients will be able to access.

This tax credit will help cover up to 30 per cent of the costs to adopt Soluxium’s technology and will help Soluxium continue their world-leading work while creating great careers here in Quebec.

And as Soluxium’s business grows and they start manufacturing their own solar panels, Soluxium will be able to access the Clean Technology Manufacturing Investment Tax Credit.

That is exactly why we introduced these tax credits, to help companies like Soluxium stay in Canada and thrive in Canada. And we want you to know you have a partner in the government. You are so important to us.

These are just two of a suite of significant investment tax credits which are part of the $120 billion we are investing in clean technology, clean energy, and our growing economy.

Our tax credits are giving businesses the certainty they need to invest in Canada.

I would also like to highlight the role of the Canada Growth Fund, which is based in Montréal. The Fund is attracting major investments and is led by some of Canada’s top investors. The government created it to invest in Canadian businesses, to help them scale, and to help crowd-in Canada’s share of the trillions of dollars in private capital that are waiting to be invested in the global clean economy. The Fund is a key pillar of our economic plan that will create jobs, boost investor confidence, drive economic growth, all while it is fighting climate change.

And our economic plan is working. A recent report from the OECD found that Canada received the third most direct foreign investment of any country in the first half of this year.

Next Tuesday, I will be releasing the government’s Fall Economic Statement.

And in it, we will be focused on building more homes, faster, like we are doing with the $1.8 billion joint investment we are delivering with the province of Quebec. This investment is tied to a commitment to break down local zoning barriers, to improve urban densification and to build tens of thousands of new homes.

In our Fall Economic Statement, we will continue to take action on housing—and we will continue working to make life more affordable for people here in Quebec and from coast to coast to coast.

We can do this because our economic plan is fiscally responsible.

Since the depths of the pandemic, Canada has had the fastest rate of fiscal consolidation in the G7. This means we have brought down our deficits faster than any of our G7 peers. We also maintain both the lowest deficit and debt-to-GDP ratio in the G7, which is central to our AAA credit rating.

This commitment to fiscal responsibility is what allows us to take action on what matters most to Canadians and to Quebecers.

Before I close, I want to say this: We know that great things are happening in Quebec. This is where the idea of having affordable child care across the country was born. And the government really believes in what you are doing.

Companies like Soluxium are helping to position Quebec as a clean energy leader in Canada and the world—and workers across Quebec, like the ones here today, are leading the way.

Thank you all for your hard work.

I am looking forward—the government is looking forward—to continuing to work with you to build an economy that creates great middle class careers for Quebecers and all Canadians.

Thank you very much.