Throne Speech 2020
September 23, 2020 marked the 150th Speech from the Throne and the start of a new Parliamentary session. The throne speech, which outlines the issues and policies the government plans to address over its term, was presented by Governor General Julie Payette.
“In today’s Speech from the Throne, the Trudeau government has clearly laid out its plan to invest in job creation and the clean economy,” said Fundingportal CEO Teri Kirk. “This indicates that businesses can expect to see several new funding programs launch in late 2020 and early 2021.”
Fundingportal is the leading subscription services platform to help companies get funded. As part of our Grants101 webinar series, we invite leaders in the Health and Biotech sectors to join us for an exclusive online session on how to tap into this billion-dollar funding marketplace.
The Throne Speech focused on job creation, support for businesses & a greater investment in clean energy. Here’s a quick overview of what the Budget might include in terms of grants and tax credits:
Job Creation & Employment
The Government will launch a campaign with the goal to create over one million jobs, restoring employment to previous levels through:
– Direct investments in the social sector and infrastructure;
– Immediate skills based training for workers;
– Incentives for employers to hire and retain workers; and by
– Extending the Canada Emergency Wage subsidy; and
– Extending the Youth Employment and Skills Strategy.
Support for Businesses
The Government aims to support businesses by:
– Expanding the Canada Emergency Business Account to help businesses with fixed costs;
– Improving the Business Credit Availability Program;
– Introducing further support for industries that have been the hardest hit, including travel and tourism, hospitality, and cultural industries;
– Investing in all levels of infrastructure, including public transit, energy efficient retrofits, clean energy, rural broadband, and affordable housing; and
– Ensuring those in Canada’s supply managed sectors receive full and fair compensation for recent trade agreements.
The Government will provide additional financial support directly to businesses which have to temporarily shut down as a result of local public health decisions.
The Government will bring forward a plan to exceed Canada’s 2030 climate goal by:
– Creating thousands of jobs in the commercial and residential retrofitting markets, cutting energy costs for Canadian families and businesses and investing in infrastructure that will lessen the effects of climate-related disasters, like floods and wildfires, making communities safer and more resilient;
– Launching a new fund to attract investments in making zero-emissions products and cut the corporate tax rate in half for these companies;
-Moving forward with the Clean Power Fund, including projects like the Atlantic Loop that will connect surplus clean power to regions transitioning away from coal;
-Supporting investments in renewable energy and next-generation clean energy and technology solutions; and
– Supporting manufacturing, natural resource, and energy sectors as they work towards a net zero future, creating good-paying and long-lasting jobs.
The government plans to create an Action Plan for Women in the Economy with the goal of helping more women return to the workforce. Modelled after the Quebec system, commitments were made for long-term and sustained investments in a new Canada-wide early learning and childcare system.
How to stay up to date on newly announced federal and provincial funding:
- Purchase your Subscription Package to find the right funding opportunities for your organization immediately, and stay informed on new funds through our curated alerts system.
- Continue subscribing to Fundnews to learn when the Budget will be released.
- Look out for our special Budget 2020 article this spring.
- Call 1-855-850-FUND (3863) or email us at [email protected] to learn how you can get funding now.