CCI Response to Canada's 2024 Fall Economic Statement

Today, the federal government released its Fall Economic Statement, outlining its fiscal outlook and priorities amid growing economic challenges.

With Canadian innovators facing mounting pressures in a highly competitive global environment, the need for strong, decisive action has never been greater. CCI President Benjamin Bergen issued the following statement:

"Economic confidence in Canada is fragile, and the stakes could not be higher. The country is in the midst of a productivity crisis, a looming tariff war with the United States and the Canadian dollar is in free fall. The unemployment rate has been steadily rising for more than two years. Just hours after the Finance Minister resigned in protest, the government delivered a fiscal plan that includes a revised $61.9 billion deficit for last year, and a $48.3 billion deficit in the Fall Economic Statement, raising serious concerns among innovators and business leaders.

"Last week, we were encouraged by an announcement from Minister Freeland, which improved the program criteria for the SR&ED tax credit and increased funding for Canada’s venture capital ecosystem.

"Today, Chrystia Freeland is gone, and the future of the Liberal government is up in the air. The sudden resignation of Canada’s Finance Minister exposes deeper cracks in the government’s ability to provide the stable, consistent leadership that businesses need. Canadian innovators cannot scale globally on shaky ground — we need strong leadership, not uncertainty, at this critical moment.

"Whatever comes next, we are calling on all parties to make Canada’s economy a priority. In a tumultuous and fiercely competitive global environment, we cannot afford to lose focus."

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Media Contact:
James McLeod
CCI Director of Communications
jmcleod@canadianinnovators.org