OTTAWA, April 28 (Reuters) – Here are some of the main new measures that the Canadian government announced in a spring economic statement on Tuesday.
* a new nationwide effort to recruit, train, and hire 80,000 to 100,000 new skilled trade workers by 2030/31. This will involve an initial C$2 billion investment over five years. Once workers are in training, the government is proposing an additional C$3.4 billion in grants over five years to ensure people compete their courses
* reducing the contribution rate of the base Canada Pension Plan from 9.9% to 9.5%, effective January 1, 2027, translating into annual savings of about C$133 for an employee earning C$70,000 a year, with equivalent savings for their employer
* amending mortgage insurance rules to (a) permit private mortgage insurers to offer multi-unit mortgage loan insurance on five- to -eight unit residential properties and (b) increase flexibilities for mortgage insurers to offer products to borrowers building new three- and four-unit housing
* expanding the carbon capture, utilization, and storage investment tax credit to enhanced oil recovery. Credit rates would be set at 30% for direct air capture equipment, 25% on other capture equipment 18.75% on transportation and storage/use equipment.
* implementing accelerated capital cost allowance rates for low-carbon LNG facilities. To be eligible, the expected emissions intensity of a facility’s on-site liquefaction activities, measured in tonnes of carbon dioxide equivalent per tonne of LNG produced, would have to be less than or equal to 0.20. The accelerated rate would be 50% for liquefaction equipment and 10%for facility non-residential buildings.
(Reporting by David Ljunggren; Editing by Caroline Stauffer)
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