The Government of Canada released their budget for the 2023 fiscal year, entitled A Made in Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future. Key highlights include the following:
Tourism and Hospitality
- Continuing to Support Seasonal EI Claimants: The government will continue to provide up to five additional weeks—for a maximum of 45 weeks—for eligible seasonal workers in 13 economic regions. This support is set to expire in October 2024.
- A new Federal Tourism Growth Strategy to chart a course for growth, investment, and stability in Canada’s tourism sector.
- $108 million over 3 years to the Regional Development Agencies to support communities, small businesses, and non-profit organizations in developing local projects and events.
- $50 million over 3 years to Destination Canada to attract major international conventions, conferences, and events to Canada.
- Cutting the planned increase of the federal excise tax on beverage alcohol from 6% to 2%
Small Businesses
- Lowering Credit Card Transaction Fees for Small Businesses: the Government of Canada has secured commitments from Visa and Mastercard to lower interchange fees by up to 27%, which will help lower costs for small businesses that make up the majority of Canada’s tourism sector.
Education:
- $813.6 million to enhance student financial assistance for the 2023-2024 school year starting Aug 1, 2023.
- $197.7 million to the Student Work Placement Program in 2024-2025 to continue creating work-integrated learning opportunities for students through partnerships between employers and post-secondary institutions.