DAN CEARNS, The Standard
DURHAM/KAWARTHA: The Ontario government is introducing a new tax credit, to bring more manufacturing jobs to the province.
At a press conference, on Wednesday, March 22nd, Premier Doug Ford announced the provincial government will introduce legislation to create the “Ontario Made Manufacturing Investment Tax Credit.”
“As part of the upcoming 2023 Budget, the government will propose legislation that would, if passed, create a new 10 percent refundable corporate income tax credit, of up to $2 million a year for Canadian-controlled private corporations, on qualifying investments in buildings, machinery and equipment for use in manufacturing or processing in the province,” an Ontario government press release reads.
The press release adds, this tax credit would “provide an estimated $780 million over the next three years in Ontario income tax support, to qualifying businesses.”
At the press conference, Premier Ford explained, this tax credit would “give Ontario-based manufacturing companies another reason to invest in homegrown, Ontario-made innovation and expand their operations right here in Ontario.”
“This program, this new tax credit, will help local manufacturing companies grow, innovate, become more competitive, and most importantly create good paying jobs,” the Premier stated.
The Premier cited difficult economic times and “protectionist legislation in the United States” as reasons why the government is creating this new tax credit.