Mar 22, 2023
By Christine Ross
Ontario manufacturers could get up to $2 million under a new tax credit the provincial government unveiled Wednesday on the eve of the provincial budget.
“The Ontario Made Manufacturing Investment Tax Credit will provide companies 10 per cent refundable tax credit up to $2 million a year on qualifying investments in building, machinery, and equipment,” said Ford. “This new tax credit will help local manufacturing companies grow, innovate to become more competitive and most importantly, create good paying jobs.”
The province estimates the credit would cost the government around $780-million dollars over three years.
Meantime, Ontario’s finance minister has signaled tomorrow’s budget will show restraint, but he says that doesn’t mean program cuts. Minister Peter Bethlenfalvy says the government cannot cut its way to prosperity, as he prepares to table the budget tomorrow afternoon.
Asked if there’ll be help for those struggling with high inflation, he touted previously announced supports.
“We’ve done a lot of things and we’re going to continue going because we know things have been tough in this province and we’ll talk more about it tomorrow.”
The budget will be delivered at 4 p.m. Thursday.