The government`s innovation and skills plan is about ensuring an innovative, growing and sustainable economy that works for everyone. Budget 2018 proposes the following measures in support of Canada`s rural economy:
$100 million will be invested over the next five years into developing technologies that could extend and improve access to broadband internet service in rural areas. This money will be placed into the Strategic Innovation Fund, with a particular focus on developing next generation rural broadband.
Another significant investment specific to the region is a $28 million over 5 years increase in Federal Economic Development Initiative for Northern Ontario (FedNor) funding, of which $6 million will be dedicated specifically to supporting women entrepreneurs.
Finally, Mining and agriculture also are seeing increased support in Budget 2018. The Mineral Exploration Tax Credit, which helps junior exploration companies raise capital to finance “grassroots” mineral exploration, will receive a one year extension. This measure will help junior exploration companies raise more equity, and will result in a net reduction of federal revenues of approximately $45 million over the 2018-19 and 2019-20 periods.