ONTARIO BUDGET SHOWS SUPPORT FOR MANUFACTURING INVESTMENT
The Chemistry Industry Association of Canada (CIAC) applauds the Ontario government’s announcement in today’s budget to continue to invest and stimulate economic growth.
CIAC was pleased that a number of initiatives announced will help to improve the manufacturing environment in the province, including:
$2.5 billion addition to the Jobs and Prosperity Fund
the end of the Debt Retirement Charge (DRC) on electricity as of April 1, 2018
$26 million to support energy-efficient initiatives for SMEs
an additional $74 million for new technology innovation initiatives for large industrial emitters
Ontario’s Business Growth Initiative; shows the sector is a priority for this government
“These, and other initiatives already in place or announced – the lower corporate tax rate, introduction of the HST and the more recent Red Tape Challenge – are promising steps towards improving the manufacturing climate in Ontario,” says CIAC President and CEO Bob Masterson, “but there are still some areas of real concern that need to be addressed.”
“We need to ensure that the province’s Retirement Pension Plan will not result in significant costs to companies that already have retirement plans in place. And, while we were pleased to see that the $1.9 billion revenue from the cap and trade system will be reinvested into the program, the lack of certainty on emissions reductions beyond 2020 remains a barrier to investment. “
There is an urgent need for Ontario to create a sound strategy to revitalize manufacturing in the province, and CIAC looks forward to working with government and industry stakeholders to strengthen the provinces manufacturing sector.
The Chemistry Industry Association of Canada (CIAC) is the voice of Canada’s chemistry industry and represents more than 50 members and partners across the country. The chemistry industry is a $53 billion industry, employing 82,000 Canadians and supporting another 410,000 jobs in Canada. Members of CIAC are signatories to Responsible Care® – the association’s U.N.-recognized sustainability initiative.