What is the Canadian tech content in #Budget2024?

The Canadian technology industry's attention is focused on AI, open banking, and delivering on past promises.

Today, the Government of Canada will release its 2024 budget.

Analysts do not expect much new spending in #Budget2024, with interest rates stable and significant spending on housing already announced in recent weeks. Combined with his housing efforts and last week's announcement of his $2.4 billion in AI startups, computing and safety, he already has more than $25 billion.

Instead, Canada's technology community is looking for meaningful updates on past initiatives such as Open Banking and the Artificial Intelligence and Data Act (AIDA), which are part of Bill C-27 (for more information, see below) See #Budget2024 expectations).

And with the federal government facing a tough year, the question remains: Will the Liberals stick around long enough to deliver on their spending pledges (RIP CIC)?

#Budget2024 starts at 4pm ET. BetaKit brings you all the details Canadian techies need to know, so keep this page open and update it regularly.

What #CDNtech expects from #Budget2024

The Liberal government has already unveiled some major initiatives ahead of #Budget2024, but there are a number of key areas to focus on in Canada's technology and innovation sector, particularly open banking, investment tax credits and federal procurement. There are.

Earlier this month, the federal government announced that the budget would include a $2.4 billion commitment to Canada's AI sector. This includes increasing computing capacity for AI researchers and startups through a new AI Computing Access Fund and a new Canadian AI Sovereign Computing Strategy to increase domestically owned AI infrastructure.

The investment will help AI startups commercialize new technologies, accelerate AI adoption across critical sectors and small and medium-sized businesses (SMBs), create a Canadian AI Safety Institute, and provide support for workers affected by AI developments. $405 million will be allocated for assistance and security enhancements. Implementation of the proposed Artificial Intelligence and Data Act (AIDA).

This year's budget is expected to make significant progress in Canada's long-awaited move towards an open banking system. In its Autumn Economic Statement, the government said it will include a 'consumer-led banking' framework bill in the 2024 budget and plans to implement the framework next year.

The Fall Economic Statement will amend the Canada Payments Act to usher in Canada's long-delayed introduction of Canada's first real-time rail (RTR) payments system, and provide support to members, including payment service providers and creditors, by amending the Canada Payments Act. He also announced plans to expand eligibility. Union. These changes are included as part of the Autumn Economic Statement Implementation Act or Bill C59, which passed second reading in the House of Commons and was referred to the House of Commons Standing Committee for consideration in March.

Today, Payments Canada announced its RTR offering roadmap. The organization said IBM Canada and CGI will assist Interac in delivering the system, adding that industry testing is expected to begin in 2026, a process that is already fraught with delays and will take at least another two years. It suggests that.

In their autumn economic statement, the Liberal Party proposed amending the Income Tax Act to ensure that “concessional loans with reasonable repayment terms from public authorities” are not classified as government aid. This followed a Supreme Court decision that upheld a decision that treated below-market federal loans as government aid and excluded their use as scientific research, experiment and development (SR&ED) incentives.

As for SR&ED itself, the 2024 budget is unlikely to include any major new developments regarding the government's long-delayed review of the program. Although originally promised in the 2022 budget, the review has been slow and many ecosystem stakeholders are frustrated. However, the federal government began consultations on the review in January and formally concluded it yesterday.

In addition, in the Autumn Economic Statement, the government stated that it would give new powers to competition bureaus in each country to crack down on abuses of dominance by large companies, and said that it would give new powers to each country's competition bureaus to crack down on abuses of dominance by large companies. He said he has made plans to deal with the cases. . Some of these competition measures, and others proposed in the Autumn Economic Statement, are also included in Bill C-59.

The recent federal budget introduced several tax measures aimed at boosting Canada's clean technology sector, including the Clean Technology Investment Tax Credit and the Carbon Capture, Utilization and Storage Investment Tax Credit. In their pre-Budget consultation submissions, a number of stakeholders in the clean technology and energy sectors called for greater clarity on these tax incentives.

Legislative proposals to implement certain clean economy tax credits were announced late last year. Following the consultation on these tax credits that concluded in February, the next Budget is likely to provide updates and additional details on how these tax credits will be structured and applied.

Budget 2023 did not include any new commitments to Canada's semiconductor sector, but the Semiconductor Industry Leadership and Innovation Canada Action Network last year outlined recommendations to strengthen the country's chip industry. Published its first policy report. The 2024 budget is likely to provide additional details on how the government plans to implement these recommendations.

Procurement has recently become a focus among stakeholders in Canada's technology ecosystem. In particular, the Canadian Council of Innovators (CCI) is calling on both federal and provincial governments to refine their procurement strategies to better support the country's innovative companies. Proposed measures include establishing a national procurement agency, setting procurement targets for small and medium-sized enterprises, and creating new standards for innovation procurement.

In March, more than 90 Canadian CEOs wrote an open letter calling for changes to regulations governing pension funds to encourage domestic investment. It's not clear whether the federal government plans to implement these changes, but Finance Minister Chrystia Freeland said last month that she wants to increase investment in Canada from Canada's pension funds.

Beyond pension funds, other mechanisms are being considered to increase investment in Canadian companies. The Canadian Venture Capital & Private Equity Association (CVCA) has recommended that the government consider a new emerging manager stream for the Venture Capital Catalyst Initiative (VCCI) when presenting the federal budget to the Minister of Finance. The CVCA also proposed introducing a capital gains exemption when the proceeds of a company's exit are invested in a new Canadian business.

Featured image courtesy of Flickr.

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