Manufacturing AUTOMATION

Ontario Made Investment Tax Credit receives extension; CME applauds province’s support

March 27, 2024
By Manufacturing AUTOMATION

Canadian Manufacturers & Exporters (CME) applauded Ontario’s budget, released on March 26, and its support for the manufacturing sector.

“This budget signalled strong, stable support to Ontario’s manufacturing sector. With ongoing support from their provincial government, manufacturers can continue to become greener, leaner and more competitive,” said Dennis Darby, president and CEO of CME, commenting on the budget.

Most notable, stated CME, 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.

In a recent report titled Manufacturing Ontario’s Future, CME shared its recommendations for building and preserving competitiveness in an upcoming manufacturing strategy.

“Today’s [Marh 26] budget showed an ongoing commitment from the 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,” said Darby.

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