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2024 FEDERAL BUDGET: WHAT IT MEANS FOR THE AUTO CARE SECTOR
Article written by the Automotive Industries Association of Canada (AIA Canada) and originally published on the AIA Canada website, April 17, 2024.
On April 16, 2024, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance tabled the federal budget. The Automotive Industries Association of Canada (AIA Canada) was invited to receive an advance briefing.
As costs for Canadian drivers continue to rise, and with many concerned about their vehicle’s safety and security, the Budget comes at a crucial time.
The 2024 Federal Budget highlights the following proposals, of interest to the auto care sector:
- The right to repair, building on progress from 2023, which will include amending the Copyright Act, amending the Competition Act, and consultations to help develop a comprehensive right to repair framework.
- Addressing labour and skill shortages, with the creation of new apprenticeship programs, financial services for young people to join the skilled trades, an increase in funding for Canada Summer Jobs and the Youth Employment and Skills Strategy, and more.
- Support for addressing auto theft by amending the Criminal Code, which will make it more difficult to steal vehicles and provide additional tools for law enforcement to address auto theft.
- New incentives in the electric vehicle (EV) supply chain, which includes a tax credit on the cost of buildings used in key segments of the EV supply chain and for businesses that invest in Canada across three supply chain segments: EV assembly, EV battery production; and cathode active material production.
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