Federal Legislative Wrap-Up and 2023 Innovation Policy Outlook
By Nick Schiavo, CCI Director of Federal Affairs
The holidays are upon us, Parliament is wrapping up and in the new year all eyes will be on the federal government to tackle Canada’s ailing economy.
With a possible recession on the way, the Deputy Prime Minister has made it clear that the 2023 budget will need to do more, with less. Add high inflation and an ongoing talent crisis, and businesses are right to be worried about the future.
To address our economic challenges the government doesn’t need an original new year’s resolution, it needs to follow through. To create prosperity the government’s previously announced innovation programs and institutions need to be more than just words. 2023 must be the year of innovation action.
The government can address a shortage of capital and the ongoing leakage of IP by launching forward-thinking institutions like the Canadian Innovation and Investment Agency and the Canada Growth Fund. By focusing on upstream efforts rather than just funding, Ottawa can keep Canadian companies competitive.
Likewise, getting the reform of the SR&ED tax credit up and running must be a priority. The sooner Canada updates this nearly $4 billion program for the 21st century, the sooner Canadian innovators can generate more wealth for the communities they work in.
CCI has also been eager for concrete updates on other key innovation promises made over the past two years. Where is the government’s proposed Council of Economic Advisors? When will we see the launch of the Upskilling for Industry Initiative? How much longer will we need to wait for a made-in-Canada patent box regime?
In January once the confetti is cleaned up, we hope to have more answers than questions from the federal government. Our economy depends on it.
CCI has also proposed specific ideas in our 2023 budget submission for how to support Canada’s tech scale-ups. You can read our full budget submission here. As we look ahead to the 2023 legislative calendar, and the upcoming budget we hope that Minister Champagne will take a more active and urgent approach to implementing these much-needed programs.
To learn more about CCI’s federal advocacy, email Nick Schiavo, Director of Federal Affairs for the Council of Canadian Innovators.