OTTAWA — The Government of Canada has released its budget for the 2023 fiscal year, entitled A Made in Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future.
The Tourism Industry Association of Ontario (TIAO) will do a thorough analysis in the coming days. For now, key highlights include a multi-year investment in destination marketing to attract major international conventions, conferences and events to Canada; a multi-year investment to support the development of local tourism projects and events; and cutting the planned increase of the federal beverage-alcohol tax from six to two per cent.
Specifically, highlights for the tourism-and-hospitality industry include:
- A new Federal Tourism Growth Strategy to chart a course for growth, investment and stability in Canada’s tourism sector
- $108 million over three years, on a cash basis, starting in 2023-24, to the Regional Development Agencies to support communities, small businesses, and non-profit organizations in developing local projects and events
- $50 million over three years, on a cash basis, starting in 2023-24, to Destination Canada to attract major international conventions, conferences and events to Canada
- Cutting the planned increase of the federal excise tax on beverage alcohol from six to two per cent
- Extending the Seasonal Employment Insurance support that provides up to five additional weeks for seasonal workers in 13 economic regions, until October 2024
- $14 million over two years for the Department of Canadian Heritage to support the Building Communities through Arts and Heritage program which supports local artists, artisans and heritage performers through festivals, events and projects, including Indigenous cultural celebrations and the celebration of 2SLGBTQI communities
- Funding for six of Canada’s national museums, including the Canadian Museum of Nature, the Canadian Museum of History, the Canadian Museum for Human Rights, the National Gallery of Canada, the National Museum of Science and Technology and the Canadian Museum of Immigration at Pier 21, as well as the National Battlefields Commission
Additionally, the budget will lower credit-card transactional fees for small businesses up to 27 per cent, and eligible businesses in Canada will save approximately $1 billion over five years.
To read the full 2023 Federal Budget, click here.