Investing in AI: A Federal Focus in 2024

Did you know that job growth in the AI sector surged by nearly one third in Canada over the past year? This remarkable growth places AI among the highest-performing industries, and its impact reverberates across our nation’s economy.

As the digital frontier expands, artificial intelligence (AI) emerges as the catalyst for unprecedented growth. From streamlining operations to revolutionizing healthcare, AI permeates every corner of our society. Today, we unveil a glimpse into Budget 2024 – a visionary investment that will shape Canada’s AI destiny.

For more budget information, visit our Federal and Provincial Budget 2024 page to find a business funding analysis of the upcoming release of the federal budget.

Canada’s AI Advantage: A Strategic Edge

Canada boasts a world-leading AI ecosystem, meticulously cultivated over years. Our commitment to innovation has positioned us as pioneers in AI development, commercialization, and safety.

“Today, we are making a significant investment to boost our economic growth. This will keep Canada a global leader in AI and ensure we are at the very cutting-edge of new technologies. And most importantly, this will mean more high-paying careers for Canadians who are leading the charge in AI.”

The Hon. Chrystia Freeland, Deputy Prime Minister and Minister of Finance.

 Here’s why Canada stands out:

• Computing Power Unleashed: A staggering $2 billion investment in the AI Compute Access Fund will empower our AI researchers, start-ups, and scale-ups. Cutting-edge computing capabilities and technological infrastructure will be within reach, attracting global AI investment and fostering talent.
• AI Beyond Borders: An additional $200 million is earmarked for AI adoption across diverse sectors – agriculture, clean tech, healthcare, and manufacturing. Regional Development Agencies will channel these funds, igniting AI-driven growth.
• Start-ups on the Rise: AI start-ups hold the key to disruptive technologies. The federal government is allocating resources to propel them into the market, ensuring their innovations benefit all Canadians.
• Worker Resilience: Change is inevitable, and AI adoption may impact jobs. To support workers during this transition, $50 million is dedicated to reskilling programs, safeguarding livelihoods.
• NRC IRAP AI Assist Program: An infusion of $100 million will empower small and medium-sized businesses to scale up. By building and deploying new AI solutions, companies can enhance productivity and stay competitive.
• Sectoral Workforce Solutions: Creative industries and potentially disrupted sectors receive a lifeline with $50 million. New skills training ensures workers thrive in the evolving AI landscape.
• Canadian AI Safety Institute: With $50 million, the government is creating a collaborative safety net against risks posed by advanced or nefarious AI systems.
• Guiding Responsible Innovation: The proposed Artificial Intelligence and Data Act receives a boost with $5.1 million for the Office of the AI and Data Commissioner. Responsible AI adoption ensures Canadians are shielded from potential risks.

“AI has the potential to transform the economy. And our potential lies in capitalizing on the undeniable Canadian advantage. These investments in Budget 2024 will help harness the full potential of AI so Canadians, and especially young Canadians, can get good-paying jobs while raising our productivity, and growing our economy. This announcement is a major investment in our future, in the future of workers, in making sure that every industry, and every generation, has the tools to succeed and prosper in the economy of tomorrow.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Accessing More Canada-Wide Funding

While artificial intelligence is a priority for the federal government, we can expect to see many funding opportunities across other industries in Canada. In our Federal and Provincial Budget 2024 page, you can access more information on the 2024 Budgets and dive into a business funding analysis of the provinces.

If your business is in the innovation and technology industry, you can access a list of open grant programs in our Research & Development Funding Directory to fund your next business project.

For more funding updates, sign up for our newsletter and receive grant program information in your inbox every Monday.