The 2024 Canada budget, named ”Fairness for Every Generation,” is a treasure trove of opportunities for private and public sector organizations seeking financial support to propel their growth and innovation endeavors. With investments spanning multiple sectors, from workforce development to housing, community development, and technology and innovation, the budget presents a wealth of resources to foster economic prosperity and social advancement. In this comprehensive guide, we delve into the key grant programs outlined in the federal budget, offering valuable insights for grant seekers eager to capitalize on these funding opportunities.
Workforce Development
The country’s commitment to cultivating a skilled and resilient workforce is evident in the 2024 Canada budget, emphasis on initiatives to train and support workers across various sectors. Significant initiatives include the investment of $90 million over two years starting in 2024-2025 for the Apprenticeship Service to create placements for apprentices in small and medium-sized enterprises. Of this amount, $10 million has been allocated to the Skilled Trades Awareness and Readiness Program to encourage Canadians to explore careers in the skilled trades.
The federal government will provide Canada’s seven regional development agencies with $158.5 million over two years, starting in 2024-2025 to create jobs and boost regional economic growth through the Regional Economic Growth through Innovation Program. This program is delivered by the regional development agencies to help businesses and non-profit organizations develop a strong and inclusive economy. It comprises two program streams: Business Scale-up and Productivity and Regional Innovation Ecosystems
Furthermore, the budget earmarks $50 million over two years for the Foreign Credential Recognition Program, with a focus on streamlining recognition in the construction and health sectors. Other key allocations include $10 million for the Sectoral Workforce Solutions Program to enhance training for early childhood educators.
Employment and Social Development Canada will receive $67.5 million over three years for youth-focused programs, including:
- $9.5 million to Pathways to Education Canada in 2024-2025 to increase graduation rates of youth that are from a low-income community.
- $8 million in 2024-2025 to invest in the education of First Nations, Inuit, and Métis people.
- $50 million over two years, starting in 2025-2026 for the Supports for Student Learning Program to provide students the support they need in their education.
Through strategic investments in initiatives like the Apprenticeship Service and the Regional Economic Growth through Innovation Program, the federal government is committed to innovation and cultivating a skilled and resilient workforce, ensuring Canadians have the tools and resources to succeed in a rapidly evolving economy.
Community Development
The 2024 Canada budget prioritizes initiatives aimed at bolstering community development efforts and supporting initiatives that enhance the quality of life for Canadians. Noteworthy highlights include a $3 billion investment to recapitalize the Smart Renewables and Electrification Pathways Program to build more clean, reliable power and to support innovation in the electricity grid.
Up to $500 million over five years, starting in 2024-2025, will be allocated to the Green and Inclusive Community Buildings Program. This program supports green and accessible retrofits, repairs, or upgrades of existing public community buildings. It can also be for the construction of a new-publicly accessible community building that serves high-needs, underserved communities across Canada.
First Nations communities will receive new investments. The budget proposes to invest $649.4 million over two years, starting in 2024-2025, to improve elementary and secondary education on reserve. An additional $545.1 million, over three years, is allocated to build and renovate safe and healthy learning facilities for K-12 First Nations students. To support First Nations post-secondary students, an investment of $242.7 million over three years will be made to increase access to post-secondary education.
To make sure Canadians are and feel safe everywhere, budget 2024-2025 proposes to provide $32 million over six years, starting in 2024-2025 for the Security Infrastructure Program. Additionally, the budget will make $11 million available on an ongoing basis. This initiative provides funding to communities at
risk of hate-motivated incidents and hate-motivated crimes.
From investments in renewable energy infrastructure to funding for education and healthcare in First Nations communities, the budget reflects a commitment to building inclusive, resilient communities across Canada.
Housing Development
The 2024 Canada budget’s focus on housing development aims to address Canada’s housing affordability challenges and ensure access to safe and affordable housing for all Canadians. Initiatives in this sector include the Canada Rental Protection Fund launch with a $1.5 billion investment to preserve affordable housing stock and prevent redevelopment into luxury units. This program will be administered by the Canada Mortgage and Housing Corporation and will provide $1 billion in loans and $470 million in contributions.
In addition, the budget includes an expansion of the Apartment Construction Loan Program with an additional $15 billion, starting in 2025-2026, in funding to build rental apartments across Canada. The budget also announces the creation of the Canada Builds program to leverage the Apartment Construction Loan Program for rental housing development. This investment will help build more than 30,000 new homes across the country.
Furthermore, an investment of over $600 million in the Affordable Housing Innovation Fund to support innovative housing solutions was announced. The Canada Secondary Suite Loan Program will provide low-interest loans for homeowners adding secondary suites to their properties. This program will receive $409.6 million over four years, starting 2025-2026.
Other key allocations include the Canada Post Housing Program aims to support affordable housing projects on Canada Post properties. Details about this program will be available later this year.
Addressing Canada’s housing affordability challenges remains a top priority, with significant investments in initiatives like the Canada Rental Protection Fund and the Apartment Construction Loan Program. These investments demonstrate the Government of Canada’s commitment to ensuring that Canadians have access to affordable housing
Innovation and Technology
In the budget, Canada demonstrates a clear commitment to fostering innovation and technological advancement through investments in AI, clean technology, and research initiatives. Significant highlights include the allocated $2 billion over five years for targeted AI support, covering funding for AI infrastructure, start-ups, and workforce training for workers in potentially disrupted sectors. Additionally, Canada’s seven regional development agencies will receive $200 million to support businesses with AI adoption.
The federal government wants to ensure that AI is being used responsibly hence the creation of the following measures:
- $50 million over five years for the establishment of the AI Safety Institute of Canada
- $5.1 million to enhance the AI and Data Commissioner Office
- $3.5 million to advance Canada’s leadership role within the Global Partnership on Artificial Intelligence.
On the research front, the federal government will allocate $1.8 billion over five years, starting in 2024-2025, with $748.3 million per year ongoing, to the Natural Sciences and Engineering Research Council (NSERC), the Canadian Institutes of Health Research (CIHR), and the Social Sciences and Humanities Research Council (SSHRC).
Budget 2024 proposes an allocation of $6.7 million over two years to the Clean Growth Hub, which is the federal government’s main resource for information and guidance on federal funding and other forms of support for clean technology projects across the country. This funding will allow the Clean Growth Hub to continue its mission of assisting clean technology stakeholders to locate and access relevant assistance.
$600 million over four years starting in 2025-2026, is allocated for the enhancement of the SR&ED program. Furthermore, funding is allocated for clean fuels projects through the Clean Fuels Fund. The program will now have a continuous intake until 2029-2030. We can expect to see a call for proposals by the end of the year for this program.
Finally, $8.6 million is allocated for the Lunar Exploration Accelerator Program, aimed at supporting Canada’s space industry and technological innovation. $38 million is provided through the Green Construction through Wood program to encourage the use of innovative wood-based building technologies in construction projects.
From funding for AI infrastructure and start-ups to enhancements to the SR&ED program, the budget aims to position Canada as a global leader in innovation while driving sustainable economic growth.
Conclusion
As the nation strives to navigate its path toward economic recovery and sustainable growth, the 2024 Canada budget presents a plethora of opportunities for businesses and public sector organizations to thrive. From workforce development to technology and innovation, the budget’s grant programs offer a lifeline for those seeking to expand their operations, drive innovation, and contribute to Canada’s prosperity.
