CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CME celebrates extension of Ontario made investment tax credit

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There was plenty of support for manufacturing in Ontario's new budget, says the CME, including longer-term funding for the Ontario Made Manufacturing Investment Tax Credit and additional investments in the Invest Ontario Fund, shipbuilding, and workforce development. PHOTO courtesy Heddle Shipyards.

Ontario’s budget signaled strong, stable support for the province’s manufacturing sector, says Dennis Darby, President & CEO of Canadian Manufacturers & Exporters (CME).

“With ongoing support from their provincial government, manufacturers can continue to become greener, leaner and more competitive,” Darby added.

Most notable was the confirmation of longer–term funding for the Ontario Made Manufacturing Investment Tax Credit, from three years to four. “This is a key measure needed to help homegrown manufacturers invest and expand,” said Darby.

“Businesses will continue to benefit from manufacturing-friendly policies. In 2024, the implementation of Emission Performance Standards and the new Ontario Made Tax Credit will provide much needed capital for modernization and emission reduction in our sector.”

CME also welcomes additional investments in the Invest Ontario Fund, shipbuilding and workforce development through the Skills Development Fund.

To build and preserve Ontario’s competitiveness in an upcoming manufacturing strategy, CME published its recommendations in a recent report titled Manufacturing Ontario’s Future.

“Today’s budget showed an ongoing commitment from Government to partner with manufacturers. With today’s release and the upcoming release of the Advanced Manufacturing Strategy begins a long-term partnership to build on our collective prosperity,” concluded Darby.

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