Canadian Manufacturers & Exporters

Canadian Manufacturers & Exporters

March 26, 2009 17:59 ET

CME: Advantage Ontario - Yours to Discover

MISSISSAUGA, ONTARIO--(Marketwire - March 26, 2009) - Today's provincial budget demonstrates the Ontario government is responding to the needs of manufacturers through tax measures that will strengthen investment, boost competitiveness and save jobs, according to Canadian Manufacturers & Exporters.

"Today's provincial budget addresses a number of CME's priority issues and demonstrates that the Ontario government is building a competitive Ontario for the future," said Ian Howcroft, VP of CME Ontario. "We applaud the government for both its short and long-term vision in keeping Ontario open for business in this economic downturn."

The reduction of the corporate income tax rate for manufacturers and exporters from 12 to 10 per cent; the harmonization of the GST and PST, in addition to the reduction of the corporate minimum tax addresses the short-term challenges and will build a more competitive and more prosperous Ontario.

"These tax measures will place Ontario into a top competitive position for investment," said Ian Howcroft. "Businesses from around the world will now discover the advantages of doing business in Ontario."

Highlights of the budget include:

- Harmonization of the GST and PST

- Reduction of the corporate income tax rate for manufacturers and exporters from 12 to 10 per cent

- Reduction in the corporate minimum tax from four per cent to 2.7 per cent

- Extending the amortization period for solvency payments from five to 10 years for defined benefit pension plans

- $700 million for skills training and development including the enhancement of the apprenticeship training tax credit

- Additional infrastructure spending

Canadian Manufacturers & Exporters (CME) is Canada's leading trade and industry association and the voice of manufacturing and global business in Canada.

The association directly represents more than 10,000 leading companies nationwide. More than 85% of CME's members are small and medium-sized enterprises. As Canada's leading business network, CME, through various initiatives including the establishment of the Canadian Manufacturing Coalition, touches more than 100,000 companies from coast to coast, engaged in manufacturing, global business and service-related industries.

CME's membership network accounts for an estimated 82% of total manufacturing production and 90% of Canada's exports.

Contact Information

  • CME Ontario
    Ian Howcroft
    Vice President
    416-419-6119
    or
    CME Ontario
    Paul Clipsham
    Director of Policy
    416-388-6711