CME Celebrates Extension of Ontario Made Investment Tax Credit
Toronto, March 26, 2024 – “This budget signaled 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 & CEO of Canadian Manufacturers & Exporters (CME).
Most notable 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.
To build and preserve Ontario’s competitiveness in an upcoming manufacturing strategy, CME published its recommendations in a recent report titled Manufacturing Ontario’s Future.
“Today’s budget showed an ongoing commitment from 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,” concluded Darby.
About Canadian Manufacturers & Exporters
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.