Ontario manufacturers would be able to get up to $2 million a year through a tax credit the government is proposing in its upcoming budget.
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The 10 per cent refundable corporate income tax credit could be used by Canadian-controlled private corporations with a permanent location in Ontario on qualifying investments in buildings, machinery and equipment for use in manufacturing or processing.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“This new tax credit will help local manufacturing companies grow, innovate, become more competitive, and most importantly, create good-paying jobs,” Ford said. The government is estimating the Ontario Made Manufacturing Investment Tax Credit would cost $780 million over three years.The president and CEO of Canadian Manufacturers & Exporters said his group supports the new tax credit.
“This new credit will go a long way to broadening our industrial strategy — providing predictable funding for essential equipment purchases and increased productivity to enable business growth,” Dennis Darby wrote in a statement.
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