CME congratulates Ontario Government strong action to support businesses in Fiscal Update; more is needed
TORONTO (March 25, 2020) — CME welcomes the Government of Ontario’s fiscal update released today which includes $3.7 billion to support workers and jobs and, an additional $10 billion to help improve business cash flow amidst the COVID-19 crisis.
“We are pleased that many of CME’s recommendations to support businesses were adopted, said Dennis Darby, President & CEO of Canadian Manufacturers & Exporters. “Manufacturers, especially SMEs, are facing significant issues with cash flow as a result of the COVID-19 disruptions and, the tax cuts, deferral, and freezes included in this fiscal update are a step in the right direction to help ensure business continuity.”
In a survey of members conducted by CME, cash flow was identified as one of manufacturers’ top concerns in weathering this crisis, along with keeping workers safe and, maintaining supply chains.
“Manufacturing is an essential service. We are pleased the government recognizes that to produce the critical goods Canada needs through the COVID-19, manufacturing and its complex inter-provincial and international supply chains must be able to continue operating,” added Darby. “More must be done to keep businesses running and, Ontarians working. We urge the government to work with the manufacturing sector to suspend all defined pension benefit plan and pension benefit guarantee fund (PBGF) contributions and, to work with municipalities to defer all property taxes until revenue streams improve.”
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.
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