Ontario to include new 10 per cent income tax credit for manufacturing
OAKVILLE, Ont. — Ontario manufacturers would be able to get up to $2 million a year through a new tax credit the government is proposing in its upcoming budget.
Premier Doug Ford, along with his finance and economic development ministers, made the announcement today, one day before the budget is set to be tabled.
The government says the 10 per cent refundable corporate income tax credit could be used by Canadian-controlled private corporations with a permanent location in Ontario on qualifying investments in buildings, machinery and equipment for use in manufacturing or processing.
Ford says it's intended to help local manufacturers grow, innovate, become more competitive and create jobs.
The government is estimating the Ontario Made Manufacturing Investment Tax Credit would cost $780 million over three years.
The tax credit would be available for qualifying investments of up to $20 million a year.
This report by The Canadian Press was first published March 22, 2023.
The Canadian Press