Federal Economic Development Agency for Southern Ontario



Federal Economic Development Agency for Southern Ontario

February 19, 2014 08:16 ET

Minister Goodyear Highlights Benefits of Economic Action Plan 2014 in Oxford

WOODSTOCK, ONTARIO--(Marketwired - Feb. 19, 2014) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

FedDev Ontario Minister Gary Goodyear today spoke to members of the Woodstock District Chamber of Commerce to highlight the Government of Canada's latest initiatives in Economic Action Plan 2014 to support jobs and growth, while returning to balanced budgets in 2015.

Minister Goodyear outlined a number of targeted and affordable measures proposed in Economic Action Plan 2014 to spur job creation and economic growth in an uncertain global economy, including:

  • Launching the Canada Job Grant and an enhanced Job Matching Service to help connect Canadians with available jobs.
  • Introducing a new Canada Apprentice Loan to help apprentices registered in Red Seal trades with the cost of training by offering over $100 million in interest-free loans each year.
  • Investing in programs to help older workers and persons with disabilities access the labour market.
  • Creating thousands of new paid internships for young Canadians entering the job market.
  • Providing $1.5 billion over the next decade for the Canada First Research Excellence Fund for post-secondary research.
  • Further enhancing the Canada Accelerator and Incubator Program to provide entrepreneurs with intensive mentoring and other resources to develop their business.

Supporting the Government's priorities, FedDev Ontario launched a series of funding initiatives in December 2013. More than $530 million is available through the Southern Ontario Prosperity Initiatives, aimed at retaining, attracting and growing businesses in southern Ontario to increase the region's global competitiveness. Also, $200 million over five years is available through the Advanced Manufacturing Fund in Ontario, aimed at the development of transformative products and technologies to help Ontario manufacturers create jobs and compete with the rest of the world.

Quick Facts

  • Since the inception of Canada's Economic Action Plan in 2009, Canada has achieved the best job creation record and one of the best economic performances in the Group of Seven (G-7).
  • Responsible fiscal management has enabled Canada to remain one of only a handful of countries that continue to receive a triple-A credit rating with a stable outlook.
  • Since 2006, Canada's tax competitiveness and overall business environment have been significantly improved, with the result that Canada now offers the lowest overall tax rate on new business investment in the G-7.
  • The competitiveness of Canada's business tax system is supported by third-party analysis. The KPMG publication Competitive Alternatives 2012 concluded that Canada's total business tax costs are the lowest in the G-7 and more than 40 percent lower than those in the United States.

Quotes

"Over the past few years the Canadian economy has experienced one of the best performances among the G-7 countries in terms of both output and job creation. It is crucial for our Government to continue to pursue the objectives that have underpinned the Economic Action Plan since its inception in 2009, namely job creation and economic growth, while remaining on track for balanced budgets."

Gary Goodyear, Minister of State for FedDev Ontario

"This low-tax plan builds on our record of strong, sound and consistent fiscal management. It is a low-tax plan to promote jobs and economic growth and support Canadian families. Financial prudence now leads to financial prosperity in the future. It leads to opportunity."

Dave MacKenzie, Member of Parliament for Oxford

Related Products

EAP 2014 Overview Video

Backgrounder: The Road to Balance

Backgrounder: Jobs and Growth

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