Canada's Economic Action Plan

Canada's Economic Action Plan

March 30, 2012 07:45 ET

Minister Paradis Speaks to Members of the Canadian Youth Business Foundation Regarding Economic Action Plan 2012

MONTREAL, QUEBEC--(Marketwire - March 30, 2012) - The Minister of Industry and Minster of State (Agriculture), Christian Paradis, talked with young entrepreneurs this morning regarding Economic Action Plan 2012, a comprehensive agenda to bolster Canada's long-term economic strengths and promote job growth.

"Our comprehensive and forward-looking agenda will deliver high-quality jobs, economic growth and sound public finances. It will further strengthen and draw upon the entrepreneurial sector's role as the driving force behind Canada's economy," said Minister Paradis.

Economic Action Plan 2012 is our plan for jobs, growth and long-term prosperity. An important part of our low-tax, low-debt plan is returning to a balanced budget in the medium term. Over the past year, we have found fair, balanced and moderate savings measures to reduce the deficit. These measures will achieve ongoing savings of $5.2 billion, representing less than 2.0 per cent of expected federal program spending in 2016-17. Over 70 percent of the savings found are in operational efficiencies.

"Three years after the stimulus phase of Canada's Economic Action Plan was launched, it is clear that our economic recovery is advancing. Among G7 countries, Canada has posted the strongest growth in employment by far during the recovery, with more than 610,000 jobs created. We must continue to act," concluded Minister Paradis.

The Government is focused on boosting economic growth and job creation-innovation, investment, education and skills. Economic Action Plan 2012 will support jobs and growth by:

  • Making major investments of over $1 billion to support science and technology;

  • Providing $500 million to spur the growth of innovative start-up companies;

  • Ensuring responsible resource development by moving to "one project, one review" within a clearly defined time period for major economic projects while continuing to protect the environment;

  • Opening new markets and expanding international trade, bringing Canadian goods to the world;

  • Extending the Hiring Credit for Small Business for one year to make it more attractive for small businesses to grow and hire more workers;

  • Providing $150 million over two years for the new Community Infrastructure Improvement Fund;

  • Providing $5.2 billion over 11 years to renew the Canadian Coast Guard;

  • Better focusing Employment Insurance on promoting job creation by removing disincentives to work and supporting unemployed Canadians by connecting them more quickly to jobs;

  • Providing $275 million over three years to support First Nations education and build and renovate schools on reserve; and

  • Building a fast and flexible economic immigration system to attract immigrants with the skills and experience our economy needs.

To learn more about Economic Action Plan 2012, please visit www.budget.gc.ca.

Contact Information

  • Margaux Stastny
    Director of Communications
    Office of the Honourable Christian Paradis
    Minister of Industry
    613-995-9001

    Media Relations
    Industry Canada
    613-943-2502