TORONTO, Ont. — In a presentation to the Standing Committee on Finance and Economic Affairs at the Ontario legislature, the Canadian Manufacturers and Exporters (CME) association urged the province to invest in the manufacturing sector.
The government should use this budget to make Ontario a magnate for manufacturing investment, urged Ian Howcroft, vice-president of the Ontario Division for Canadian Manufacturers and Exporters. Manufacturing remains the economic engine of Ontario.
According to Howcroft, 53,000 high skilled, high wage jobs have left Ontario over the past year and manufacturing shipments have dropped by 4.9% over last year.
To make Ontario an attractive investment area, the CME suggested more competitive taxes, increased efforts on skills development and training, infrastructure enhancement, and the streamlining of regulatory and administrative processes.
CME recommends immediate elimination of the capital tax, general corporate tax rate reductions to 8% and expanded current cost allowance (CCA) rate to include a two years right-off on newly acquired equipment, subject to the half year rule, noted Howcroft. We need to compete globally for investment.
Other priorities include a comprehensive strategy for skills development and specialized training, action on transportation infrastructure, competitively priced and reliable supply of energy and proactive initiatives to enhance innovation and improve productivity in the province.
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