On April 16, 2024, Canada's Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented Budget 2024.
One of the features of this budget is the $200 million allocation over five years to amplify Canada's capabilities in artificial intelligence (AI). This funding is intended to foster new AI technologies and facilitate their adoption across various sectors.
Such a move underscores the government’s commitment to positioning Canada at the forefront of the AI revolution, ensuring it plays a significant role in shaping future technologies.
Moreover, transportation, specifically in relation to electric vehicles (EVs), received targeted funding. Budget 2024 earmarks $607.9 million over two years to replenish Transport Canada’s Incentives for Zero-Emission Vehicles program, which benefits light-duty vehicles.
This initiative reflects the government's focus on supporting the EV supply chain and its associated climate change and clean technology efforts says NTEA.
The budget also introduces several tax measures beneficial for the work truck industry and broader manufacturing sectors. Notable among these is the new EV Supply Chain Investment tax credit offering a 10% tax relief on costs related to buildings used within the EV supply chain.
Additionally, the expansion of the Clean Technology Manufacturing investment tax credit broadens eligibility, enabling more companies to benefit.
Small businesses across Canada will also see advantages from the Canada Carbon Rebate, designed to return fuel charge proceeds from the past four years through a new refundable tax credit. This measure is expected to support about 600,000 small businesses, enhancing their financial resilience.