Economic Action Plan 2012 includes a number of measures to further help manufacturers grow and create jobs.
The Canadian manufacturing industry and its workers are one of the key engines of Canada’s economy, representing a vital source of jobs and economic growth for many communities.
That’s why, since 2006, our Conservative Government has proudly supported our manufacturing sector by:
- Lowering business taxes to 15 per cent. This tax relief helps manufacturers keep more of their money to invest and hire more employees
- maintaining the lowest tax rate on new business investment in the G-7[BG1]
- making Canada the first major economy to be a tariff-free zone for manufacturing to boost new investment and job creation
- introducing temporary accelerated Capital Cost Allowance (CCA) tax relief to help manufacturers become more competitive when upgrading their machinery and equipment
- eliminating the job-killing “corporate surtax”
- providing financial incentives for provinces to eliminate job-killing provincial “capital taxes”
- helping companies looking to upgrade by offering a temporary 100-per-cent CCA rate for computers acquired after January 27, 2009 and before February 1, 2011
- increasing the CCA rate on buildings used for manufacturing and processing
- enhancing the Scientific Research and Experimental Development program
- saving Canada’s automotive companies from bankruptcy, preserving tens of thousands of jobs
- extending the Accelerated CCA to help manufacturers and processors make new investments in manufacturing and processing machinery and equipment.
Economic Action Plan 2012 includes a number of measures to further help manufacturers grow and create jobs, such as:
- $500 million to support venture capital activities
- extending the domestic responsibilities of Export Development Canada to provide financing support to Canadian manufacturers and other exporters
- $110 million to double support to manufacturers and other entrepreneurs through the Industrial Research Assistance Program
- $14 million to double the Industrial Research and Development Internship program