FOR IMMEDIATE RELEASE
On March 22, 2017, federal Finance Minister Bill Morneau tabled the government’s second deficit budget since their election in October 2015. Overall, Budget 2017 shows that government spending will continue to increase, with no plan to return to a balanced budget. However, a decline is projected in annual deficits due to a combination of rising revenues and moderate growth in expenditures.
While Budget 2017 reaffirmed the government’s commitment to invest in trade infrastructure and expand trade corridors, the Chemistry Industry Association of Canada (CIAC) was looking for additional support for the sector in terms of tax measures or targeted investments.
“Canada’s chemistry industry stands poised to make $12 billion in new capital investments in 2017, and we had hoped this budget would provide some indication that the Government of Canada would partner with our industry and the provinces to ensure these investments can move forward,” said CIAC President and CEO Bob Masterson. “While this doesn’t seem to be the case at this time, CIAC looks forward to continuing to work with elected and government officials to ensure our industry’s continued growth, and contribution to the Canadian economy.”
Key highlights for the chemistry industry are:
To learn more about Budget 2017:
Budget Documents: http://www.budget.gc.ca/2017/docs/download-telecharger/index-en.html
The Chemistry Industry Association of Canada (CIAC) is the voice of Canada's $53 billion chemistry industry and represents more than 50 members and partners across the country. Members of CIAC are signatories to Responsible Care® – the association's U.N.-recognized sustainability initiative.
For more information:
Erika Adams, Director of Communications
Chemistry Industry Association of Canada
613-237-6215 ext. 241 | www. canadianchemistry.ca |@ChemistryCanada