2023 budget recognizes the critical role of colleges in advancing innovation and economic resiliency

March 30, 2023

Response to federal budget from Kevin Weaver, Georgian College President and CEO

Georgian is pleased to see that the federal budget has acknowledged the critical role colleges play in advancing Canadian innovation with increased funding for colleges to enhance and expand business-led research and development partnerships.

During a time of significant fiscal constraint, it is encouraging to see the federal government commit to inclusive and sustainable economic growth and targeted investments in areas like innovation, clean energy, and healthy communities. The investments in applied research at colleges will promote economic growth by helping more businesses develop innovative new products.

I was pleased to see the federal government recognize the valuable role colleges play in supporting businesses’ competitiveness and resiliency with $108.6 million over three years to expand the College and Community Innovation Program, administered by the Natural Sciences and Engineering Research Council.

This funding will enable Georgian to build on its extremely strong foundation to deliver valuable, high impact applied research and innovation support to businesses while providing students and faculty with opportunities to engage with industry on their innovation projects. By applying their learning in these industry-led projects, our students have the opportunity for valuable hands-on experience and can develop the capabilities required to succeed in the rapidly evolving work world.

At Georgian, we will continue our focus on academic quality and meeting meet the needs of employers and the local labour market, building and expanding our partnerships to support research, economic growth, entrepreneurship and social innovation. Our Research and Innovation department will continue to support sustainable, inclusive growth in the local community through partner-led applied research and innovation.

Georgian is committed to working with local employers to help them enhance products and processes so they can be even more flexible, service-focused and competitive. We can connect community partners with faculty, student and staff researchers who have the expertise, skills and knowledge to address these areas and challenges. In return, the college provides valuable experiential learning opportunities for our students.

I was also encouraged to see the support for student assistance with $813.6 million allocated toward enhancing student financial assistance for the school year starting Aug. 1, 2023. This includes increasing Canada Student Grants by 40 per cent and raising the interest-free Canada Student Loan limit from $210 to $300 per week of study. This will help more students enrol in college programs that prepare them for rewarding careers.

Budget 2023 also proposes to provide $197.7 million in 2024-25 to the Student Work Placement Program to continue creating quality work-integrated learning opportunities for students through partnerships between employers and postsecondary education institutions.
Overall, these investments will help more students receive quality hands-on learning and work experiences that will prepare them for careers, and to be the innovative thinkers and changemakers that our local communities need.