The Indigenous Resource Network (IRN) said the Canadian government’s plan to spend $5 billion on the Indigenous Guaranteed Loan Program (IGLP) will foster economic empowerment and reconciliation. By having the IGLP included in Budget 2024, the IRN said it represents a significant step towards supporting indigenous communities in accessing capital for ownership in Canada’s resource projects. “The Indigenous Guaranteed Loan Program marks a significant milestone in our collective efforts towards indigenous economic empowerment and reconciliation,” said IRN Executive Director John Desjarlais in a Tuesday press release.“This program will provide indigenous communities with the capital resources and flexibility they need to pursue responsible development that benefit workers, communities and Canada’s economy.”With the IGLP, the IRN said it appreciates the emphasis on project flexibility. It acknowledged this flexibility will be instrumental in ensuring indigenous communities can tailor projects to meet their unique needs and aspirations. By providing indigenous communities with the tools and resources they need, he said the IGLP “will play a crucial role in advancing economic reconciliation in Canada.”Desjarlais concluded by saying the IRN was “committed to working closely with the government to ensure that Canada realizes its full potential as an energy provider and reconciliation partner.”“Through collaborative efforts and meaningful partnerships, we can pave the way for a brighter and more inclusive future for all Canadians,” he said. Deputy Prime Minister and Finance Minister Chrystia Freeland introduced Budget 2024 on Tuesday, with Canadian corporations paying more tax and people who earn more than $250,000 in capital gains expected to pay more. READ MORE: UPDATED: Budget 2024 sees tax increases on corporations, capital gains of over $250,000Canadians earning more than $250,000 will have to pay taxes from one-half to two-thirds. The Canadian government estimates that will involve 0.13% of the population.The capital gains tax increase will all affect companies and trusts, which is expected to impact about 12% of Canada's corporations and Canadians with an average income of $1.42 million.
