The federal budget for 2023 contains $500 million for Cleantech innovation investment via the Strategic Innovation Fund (SIF) and various new Cleantech innovation and renewable energy investment-related tax credits. It focuses on affordability, healthcare, and the green economy. The budget also contains regulatory improvements to safeguard Canadians from crypto assets, legislative changes to encourage clean economy investments, and tax changes to make Employee Ownership Trusts more accessible. Chrystia Freeland, Canada's Deputy Prime Minister and Minister of Finance stated that one of the government's key aims is to avoid adding gasoline to the fire of inflation. The Canadian government has proposed three plans to assist in bringing the country's green-transition efforts up to speed with those of the United States.   These comprise four tax credits for clean energy, hydrogen, cleantech innovative manufacturing, and carbon capture and storage. In addition, the government has contributed $500 million to the SIF over ten years to encourage Cleantech innovation creation and adoption. The $15 billion Canada Growth Fund (CGF) will now be managed by the Public Sector Pension Plan Investment Board (PSP Investments). The Canada Infrastructure Bank will contribute at least $20 billion from its current resources to significant clean energy and growth infrastructure projects. Budget 2023 included a couple more steps in that direction. To begin, the government has directed the Office of the Superintendent of Financial Institutions (OSFI) to confer with federally regulated financial institutions about criteria for publicly revealing their exposure to crypto assets.   Second, the government is mandating federally-regulated pension funds to declare their cryptocurrency exposure to OSFI, and it is collaborating with provinces and territories to discuss crypto-related disclosures from Canada's top pension plans. However, no further information was provided on Canada's efforts to implement open banking, and no mention was made of the Government of Canada's 2021 election promise to establish a council of economic experts. The Government of Canada's budget for 2023 proposes increasing R&D spending but does not mention intellectual property protection. It also contains pledges to improve procurement for Canadian small businesses, launch a cybersecurity certification program, extend the College and Community Innovation Program, and provide Resources Canada with $368.4 million to renew and upgrade forest sector support. Tax adjustments relating to employee business ownership are also recommended.   Budget 2023 announced the government's plans to raise the minimum tax on high-income earners and impose a tax on stock buybacks by public companies. It also gave Transport Canada and the RCMP $138 million over four years to study and regulate modern transportation technologies and $10 million over five years to help Canada's immigration department embrace biometric capabilities. In the aftermath of the US Inflation Reduction Act (IRA), the government has pledged more investment tax credits for Cleantech innovation. However, no additional semiconductor-related pledges have been made by the government. US Vice President Joe Biden advocated for increased US-Canada cooperation in semiconductors, defense, and vital minerals.   Canada promised to provide up to $150 million CAD from the Strategic Innovation Fund for semiconductor projects, which was not included in Budget 2023. Canadian tech leaders have requested that Ottawa inject CAD 700 million into the ecosystem, including the launch of a second CAD 300 million Bridge Financing Program through BDC, the acceleration of the $200 million fund-of-funds Venture Capital Catalyst Initiative (VCCI), and the expansion of a $50 million VCCI allotment for life sciences.

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