Mr. Speaker, I would like to recognize that I am appearing virtually and that I am very fortunate to live, work and play on the traditional territories of the Musqueam and Coast Salish peoples.
I will be sharing my time with the member for Ottawa West—Nepean.
We live in serious times. The world continues to grapple with the economic effects of the pandemic. The Russian invasion of Ukraine rages on, costing tens of thousands of lives, and continues to distort the world economy.
Climate change continues to cause droughts and extreme weather events around the world. We saw the devastating impact of the atmospheric river in my home province of British Columbia and, more recent, the disproportionate harm witnessed in nations like Pakistan.
Inflation and rising interest rates are a challenge for millions of Canadians, for our friends, our families and our neighbours. No nation is immune to these effects and Canada is no exception. As leaders, we must be candid about the future and that is exactly what the Deputy Prime Minister and Minister of Finance has done in this year's fall economic statement.
Canada cannot avoid the global economic slowdown coming our way any more than we could have prevented COVID from reaching our shores once it had begun. Again, as leaders, we must be able to adapt, adjust, revise and modify accordingly.
The fall economic statement lays out a fiscal and economic road map that is targeted, practical and responsive to the current and future needs of Canadians. It takes advantage of Canada's strengths, our record-low unemployment rate, a shrinking deficit, our AAA credit rating, the lowest net debt and deficit-to-GDP ratios and the strongest growth in the G7. We have witnessed historically low unemployment rates. Just last month, the Canadian economy added over 108,000 jobs.
Due to the Government of Canada's strong fiscal position and outperforming provincial economies, we are still capable of making strategic investments, investments in programs like the Canada growth fund, which will help to attract billions of dollars in private capital to create even more well-paying jobs and support Canada's economic transformation.
This year alone, auto manufacturers have committed to billions in private investment to retool our auto sector, to produce EVs and batteries.
The Canada growth fund will help target these kinds of opportunities to attract private investment.
Ensuring Canadian businesses remain competitive is critical if we are to attract private investment and grow the economy. Building upon billions of dollars of net-zero investment since 2016, the government will implement a refundable tax credit equal to 30% of the capital cost of renewable technology. From power generating and storage systems to low-carbon heat equipment and industrial zero-emission vehicles, helping Canadian businesses go green is not just good for the environment; it makes good economic sense.
To make this transition a reality, Canada must have a steady supply of skilled workers. That is why we are continuing to invest in Canadian workers.
Starting in 2023 to 2024, the fall economic statement proposes to invest $250 million over five years to help ensure that Canadian workers can thrive in a changing global economy. These investments would include the sustainable jobs training centre that would bring unions, employers and training institutions together. The centre will target areas of high demand, such as sustainable batteries and low-carbon building, as well as help forecast future skills requirements and develop on-site learning to train 15,000 workers.
A new sustainable job stream under the union training and innovation program will support unions in leading the development of green skills training for workers in the trades. It is expected that 20,000 apprentices and journey persons will benefit from this investment.
Finally, the government will create a sustainable jobs secretariat to offer a one-stop shop for workers and employers. That will provide the most up-to-date information on federal programs, funding and services across government departments, as Canada works to build a low-carbon economy with opportunities for everyone.
Most of these policies are long-term solutions, but we know Canadians need help with affordability and housing now. That is why we are rolling out a new dental care plan, starting with children under 12, to help families save this year. The government is also doubling the GST tax credit for six months and will start issuing advance payments of the Canada workers benefit in July.
To help more Canadians buy their first home, we are doubling the first-time homebuyers' tax credit, and we have the tax-free first-home savings account. We will also help increase the supply of housing by banning foreign buyers for two years as of January 1 and by taxing underused housing to limit speculation in the housing market.
To help Canadian students, we have doubled the Canada student grant and are permanently eliminating interest on Canada student loans and apprenticeship loans. The government is committed to supporting young Canadians in the economy. That is why the fall economic statement commits over $800 million to the youth employment and skills strategy over the next three years.
Immigration is core to our identity as Canadians, while also being a key driver of Canada's economic growth. Helping Canadian businesses access the skilled workers they need now is essential to reducing the labour gap. That is why the government is investing an additional $50 million in our immigration system and hiring 1,250 new employees. These resources will help tackle backlogs and increase processing capacity, allowing for skilled newcomers to fill critical labour gaps faster.
We stand at a pivotal moment in our history, indeed, in our world history. Climate change continues to threaten the way of life for millions around the world and in Canada. The global economy is still feeling the effects of the pandemic, which is being further aggravated by Russia's ruthless invasion of Ukraine. It is in times like these that Canada has stepped forward to lead.
The future of our earth and our children depends on transitioning away from fossil fuels and toward a green economy. Canada must be a leader in sustainable technology if we are to secure the fruits of this economy. The fall economic statement builds on the billions of dollars in past investments in clean technology and is a clear commitment to ensuring Canada's global competitiveness by continuing to invest in our net-zero economy.
Having the vision to introduce and implement solution-based ideas brings progress, and Canadians elected this government to bring about progress. That is exactly what the fall economic statement would deliver.