00:00I can announce today that we are on track to balance the operating budget
00:04next year, one year ahead of schedule, while maintaining the lowest overall
00:10deficit in the G7. We are making it cheaper to invest. Effective today,
00:17Canada will allow immediate expensing for most new capital investment. Two
00:24thirds of all assets will now qualify from machinery and manufacturing
00:30equipment to software, patents, R&D, fiber, rail, pipelines, and other
00:37infrastructure that's needed to connect our economy. The effect is
00:42straightforward. When you invest in Canada, you can deduct substantially more of
00:47that investment immediately. We call it the productivity mega deduction, in part
00:53because we use super deduction in the last budget.
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