On December 16, 2024, the Government of Canada unveiled the 2024 Fall Economic Statement, providing a roadmap for strengthening the country’s social safety net, stimulating economic growth, and enhancing public safety. With a forward-looking fiscal strategy, this statement reflects a commitment to supporting Canadian families, empowering businesses, and securing national interests.

Investing in Canadians

The 2024 Fall Economic Statement places significant emphasis on expanding support systems that directly impact Canadians' quality of life:

  • Enhanced Social Safety Net: The government announced investments aimed at reducing the cost of essentials such as child care, dental care, and prescription medications, including insulin and contraceptives. These measures are designed to make life more affordable for Canadians and ensure equitable access to critical services.
  • Housing Initiatives: With affordability challenges persisting in the housing market, the government reinforced its commitment to increasing homebuilding efforts to address the demand for affordable housing across the country.

Driving Innovation and Economic Growth

A cornerstone of the Fall Economic Statement is Canada’s focus on innovation and competitiveness:

  • Research and Development: As a global leader in artificial intelligence, Canada is poised to leverage this expertise to secure an economic edge. New investments in research and development aim to drive wealth creation and position Canadian businesses at the forefront of global innovation.
  • Accelerated Investment Incentive: To encourage businesses to invest domestically, the government proposed a five-year extension of this incentive. Valued at $17.4 billion, this initiative will unlock private sector investments, spur job creation, and stimulate economic growth.

Strengthening Public Safety

In response to growing concerns over community safety, the Fall Economic Statement includes substantial investments in public security and crime prevention:

  • Border Security: A $1.3 billion allocation to enhance border security reflects the government’s dedication to keeping Canadians safe from external threats.
  • Crime Reduction: Proposals to implement stricter bail and sentencing laws, alongside measures to remove assault-style weapons from circulation, aim to reduce crime rates and improve public safety.
  • Community Investments: Recognizing the importance of inclusivity, the government committed to reducing economic disparities and protecting the rights of women, religious groups, and Black Canadians.

A Resilient and Inclusive Economy

Economic stability remains a key priority, with robust job creation and fiscal prudence setting a strong foundation:

  • Fiscal Responsibility: The government reaffirmed its fiscal anchor, projecting a declining debt-to-GDP ratio from 41.9% in 2024-25 to 38.6% in 2029-30. Additionally, the deficit is expected to remain below 1% of GDP from 2026-27 onward.
  • Labour Market Growth: Over the past 12 months, Canada has seen the creation of 330,000 jobs, averaging 27,000 jobs per month—a pace exceeding pre-pandemic levels. These gains reflect the resilience of the Canadian economy and its capacity to adapt and grow.
  • Inflation and Interest Rates: With inflation at 2% in October 2024—within the Bank of Canada’s target range—and interest rates reduced by 175 basis points this year, economic conditions are favorable for sustained growth.

The Impact of Affordable Child Care

The national $10-a-day child care program continues to deliver transformative benefits for Canadian families. By significantly reducing costs (saving families up to $14,300 per child annually) and boosting workforce participation, the program is projected to add 1.1% to GDP over the long term. This initiative demonstrates the government’s commitment to both affordability and economic empowerment.

Building a Better Future

The 2024 Fall Economic Statement is a testament to the government’s vision for a Canada that is more inclusive, innovative, and secure. By addressing immediate challenges such as affordability and safety, while laying the groundwork for long-term growth and equity, this plan reflects a balanced and ambitious approach to governance. Canadians can look forward to a future where economic opportunities abound, communities are strengthened, and the nation’s prosperity is shared by all.

Jenny is a business insurance broker with Waypoint Insurance. She can be reached at 604-317-6755 or jhansen@waypoint.ca.  Please connect with me on LinkedIn at https://www.linkedin.com/in/jenny-holly-hansen-365b691b/

Jenny Holly Hansen is a cohost with Chris Sturges of the Langley Impact Networking Group. You are welcome to join us on Thursday’s from 4pm to 6pm at: Sidebar Bar and Grill: 100b - 20018 83A Avenue, Langley, BC V2Y 3R4

Jenny Holly Hansen is a cohost with Chris Sturges of the WRN News - Langley Edition

Tags: #WRN News Langley Edition #Building Long Term Success #Knowledge Sharing #Growth Engine #Canada #Jenny Holly Hansen

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