Canadian Manufacturers & Exporters

Canadian Manufacturers & Exporters

March 29, 2011 17:25 ET

Budget Missed Opportunity to Accelerate Recovery: CME

TORONTO, ONTARIO--(Marketwire - March 29, 2011) - Today's provincial budget stays the course on minimized spending, but does little to speed up the economic recovery in Ontario, according to Canadian Manufacturers & Exporters (CME). 

While there was no new money announced for manufacturers, the government held the line on reduced corporate income tax rates, which fell to 10 per cent this past July. It also drove down the provincial deficit $3 billion lower than forecasted in the 2010 budget.

"We had hoped to see more targeted measures for manufacturers, but we commend the government for its ongoing fiscal restraint," said Ian Howcroft, vice president, CME Ontario. "There were significant steps made leading up to this budget that are now coming to fruition, but more could have be done."

CME presented a number of recommendations aimed at accelerating growth in the manufacturing sector, including property tax equity elimination and reinvesting in the widely endorsed SMART Program. The initiative has helped hundreds of Ontario companies improve productivity and enhance their competitiveness on the global stage.

"We were particularly disappointed that the SMART Program was not recapitalized," explained Howcroft. "As the industry regains lost ground, now is when support in needed to seize opportunities."

Manufacturing accounts for more than 800,000 employees in the province, or 12 per cent of the total workforce.

Canadian Manufacturers & Exporters is Canada's leading trade and industry association, with a membership network accounting for an estimated 82 per cent of total manufacturing production and 90 per cent of exports.

Contact Information

  • Canadian Manufacturers & Exporters
    Ian Howcroft
    Vice President, CME Ontario
    416-419-6119