Latest news with #OntarioMadeManufacturingInvestmentTaxCredit
Yahoo
26-05-2025
- Business
- Yahoo
Ontario's Minister of Finance Opens the Market
Toronto, Ontario--(Newsfile Corp. - May 26, 2025) - Hon. Peter Bethlenfalvy, Ontario's Minister of Finance, joined Loui Anastasopoulos, Chief Executive Officer, Toronto Stock Exchange and Global Head, Capital Formation at TMX Group, and Frank Cistrone, Group President, Connection Technologies, Mattr (TSX: MATR), to open the market in celebration of the expansion of the Ontario Made Manufacturing Investment Tax Credit (OMMITC) announced in Ontario's Budget 2025. Cannot view this video? Visit: The government is enhancing and expanding the OMMITC, providing an additional $1.3 billion over three years to help lower costs for businesses that invest in buildings, machinery and equipment that are used for manufacturing or processing in Ontario. Among other changes, the expansion would allow publicly-listed companies to claim a 15% tax credit on eligible investments in Ontario manufacturing and processing. The market open was hosted by Mattr, an Ontario-based, TSX-listed company that manufactures highly-engineered technologies and solutions to support infrastructure projects across Canada and around the world, at its new Shawflex manufacturing facility in Vaughan. MEDIA CONTACT: Colin To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
16-05-2025
- Business
- Yahoo
Ontario budget aims to 'tariff-proof' economy as U.S. trade uncertainty weighs
-- Ontario's 2025 budget marks one of its most ambitious efforts to shield the province from growing cross-border trade uncertainty, laying out over $30 billion in tariff-related measures while projecting a widened deficit of $14.6 billion. Released Thursday, the budget, titled 'A Plan to Protect Ontario,' focuses extensively on strategic capital investment, business support, and industrial self-reliance in response to the economic threat posed by U.S. tariffs. With real GDP growth projected to slow to just 0.8% this year, down from robust expansion in 2024, the government under Premier Doug Ford has prioritized stimulus in the form of industrial policy, tax credits, and emergency funds for affected companies. 'This spending is needed to weather the storm,' Finance Minister Peter Bethlenfalvy said, referring to the U.S. tariffs, adding the goal is to make Ontario's economy 'more resilient and self-reliant.' At the center of the budget is a sweeping suite of manufacturing and business programs, including a $5 billion Protecting Ontario Account for distressed sectors and an enhanced Ontario Made Manufacturing Investment Tax Credit worth $1.3 billion over three years. Another key component defers select provincial taxes for six months starting April 2025, unlocking up to $9 billion in liquidity for 80,000 businesses expected to face trade-related disruptions. CIBC (TSX:CM) economist Andre Grantham highlighted the fiscal consequences of this proactive stance, noting, 'Ontario's budget deficit is projected to widen to $14.6 billion in the current fiscal year (1.2% of GDP)… due in part to an expected tariff-led slowdown in economic growth as well as measures to help support households and businesses.' He added that contingencies embedded in the budget reflect 'the uncertain economic outlook,' with downside risks tied closely to the trajectory of U.S. trade policy. The capital side of the budget is anchored by over $200 billion in infrastructure projects over ten years, including $61 billion for public transit, $30 billion for highways, and $56 billion in healthcare facility upgrades. Uniquely, the government aims to promote domestic industry by requiring made-in-Ontario materials for publicly funded builds, including cement, steel, and forestry goods, as a further buffer against foreign supply chain volatility. In a rare bipartisan consensus on the challenge ahead, opposition leaders acknowledged the need to respond to tariff-related pressures while questioning the budget's priorities. Ontario NDP Leader Marit Stiles said, 'This budget is a test of whether this government will choose to strengthen Ontario and build a tariff-proof future over vanity projects and delaying critical infrastructure.' Liberal Leader Bonnie Crombie added, 'Will Doug Ford invest in your family—or in his friends?' Ontario's financing strategy reflects its evolving fiscal profile, with $59.8 billion in total funding requirements this year, including $42.8 billion in long-term borrowing. While that is down from the $49.5 billion issued in 2024, padded by pre-borrowing, net debt is expected to increase by $33 billion this year, pushing the net debt-to-GDP ratio to 37.9%, though still under the government's 40% ceiling. Economists warn that investor sentiment could sour if tariffs persist or deepen, disproportionately affecting trade-dependent provinces like Ontario. Creating a backstop through expanded contingency funds and industrial incentives, the 2025 budget attempts to signal resolve, but the ultimate success may depend less on Queen's Park... and more on Washington. Related articles Ontario budget aims to 'tariff-proof' economy as U.S. trade uncertainty weighs Foreign investors retreat from Canadian securities as traders bet on U.S. bonds What are the key similarities and differences between 2025 and 2000
Cision Canada
16-05-2025
- Business
- Cision Canada
CME STATEMENT ON SUPPORTS FOR ONTARIO MANUFACTURERS IN 2025 BUDGET
TORONTO, May 16, 2025 /CNW/ - Canadian Manufacturers & Exporters (CME) applauds the Government of Ontario for taking decisive action in its 2025 budget to support manufacturers as they face historic challenges created by U.S. tariffs. The province's bold response - through expanded financial support and strategic investment - recognizes the critical role manufacturing plays in Ontario's economy and its future. A key pre-budget ask from CME, the enhancement of the Ontario Made Manufacturing Investment Tax Credit – which raises the credit rate from 10% to 15% and expands eligibility to include non-Canadian-controlled private corporations – along with the introduction of the Ontario Together Trade Fund, represent a timely and targeted approach to help manufacturers invest. "These flexible incentives and grants will help businesses buy crucial equipment and tools when they need it most, supporting their pivot to new opportunities," said Dennis Darby, President and CEO of CME. CME also welcomes the creation of the Trade Impacted Communities Program, which will equip ecosystem partners as they seek to create supportive business conditions and safeguard the manufacturing jobs Ontarians rely on. As highlighted in CME's latest report, Keep Calm and Keep Training, workforce development remains an urgent priority for the manufacturing sector. CME commends the province for its continued commitment to building a stronger workforce, including a $1 billion boost to the Skills Development Fund for industry, and $750 million in funding for STEM programs at post-secondary institutions. "These historic commitments mark a turning point. By working together, we can build on Ontario's strong industrial foundation to usher in an Ontario Made economic revolution - one that champions homegrown innovation, drives global competitiveness, and secures long-term prosperity for all Ontarians," concluded Darby. ABOUT CANADIAN MANUFACTURERS & EXPORTERS (CME) Since 1871, CME has made a difference for Canada's manufacturing and exporting communities. Fighting for their future. Saving them money. Helping manufacturers grow. The association directly represents manufacturers large and small, across all subsectors, from automotive, aerospace and food to the materials, technology and energy that support them. More than 85 percent of CME's members are small and medium-sized enterprises. CME's membership network accounts for an estimated 82 percent of total manufacturing production and 90 percent of Canada's exports.
Toronto Sun
16-05-2025
- Business
- Toronto Sun
Ontario's 2025 budget highlights: Tariff measures, boost for alcohol market
Published May 15, 2025 • 4 minute read Ontario Finance Minister Peter Bethlenfalvy stands in the legislature as he delivers the Ontario budget at Queen's Park in Toronto, on Thursday, May 15, 2025. Photo by Chris Young / THE CANADIAN PRESS The Ontario government tabled a budget Thursday that focused on investments it says will protect Ontario workers in the face of U.S. President Donald Trump's tariffs. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The province is projecting a deficit of $14.6 billion this year, up from a forecast of $4.6 billion in last year's budget, and a deficit of $7.8 billion next year. Finance Minister Peter Bethlenfalvy said the budget seeks to help Ontario businesses and workers 'weather the storm' to make the province's economy resilient and competitive. Here are the highlights: U.S. TARIFFS AND ONTARIO WORKERS The budget is pledging to create a $5-billion fund to provide immediate relief to support sectors of the economy facing tariff-related disruptions. The budget describes this fund as an 'emergency backstop' that will provide immediate relief for Ontario businesses that have exhausted available funding. It also pledges to expand the Ontario Made Manufacturing Investment Tax Credit rate from 10% to 15%. It can be used for qualifying investments in buildings, machinery and equipment for use in manufacturing or processing. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The proposed changes would also expand eligibility for the non-refundable tax credit to non-Canadian-controlled private corporations and publicly traded corporations making eligible investments in Ontario. The budget says these changes would help businesses lower their costs by providing an additional $1.3 billion in support over the next three years. Read More The budget also outlines a $50-million investment over three years to focus on expanding interprovincial trade. It also earmarks $500 million in funding to support critical mineral processing. This advertisement has not loaded yet, but your article continues below. The budget is also pledging a new program that would provide up to $40 million in grants for communities impacted by trade disruptions. The government also plans to invest an additional $1 billion over the next three years to train skilled workers. HEALTH CARE The budget says the government will invest more than $235 million this year to establish and expand up to 80 more primary care teams, which it says will connect 300,000 more people to primary care. It also says it will invest up to $280 million over two years to support the expansion of integrated health service centres that will help more Ontarians access MRI and CT scans, among other services. The budget pledges a new refundable tax credit to support 25% of fertility treatment expenses, for a maximum credit of $5,000 per year. This advertisement has not loaded yet, but your article continues below. It also plans to increase the province's investment to the Ontario Autism Program, bringing this year's total funding to $779 million. EDUCATION The budget is promising close to $2 billion for the upcoming school year to repair and maintain schools. Last December, the province's fiscal watchdog found that the province has a $12.7-billion school repair and construction backlog, and it would cost $31.4 billion over 10 years to clear it. The budget also says the government will invest $55.8 million over two years to train 2,600 new teachers by 2027. It's also pledging $75 million over three years to create up to 2,600 new seats in construction-related post-secondary programs, and $750 million over five years to fund up to 20,500 seats in science, technology, engineering and math programs at colleges and universities. This advertisement has not loaded yet, but your article continues below. It further outlines $10 million over three years to create new scholarship opportunities for First Nation post-secondary students interested in pursuing careers in resource development. It's also earmarking an additional $207 million over three years for research at Ontario universities. ALCOHOL AND CANNABIS The budget outlines an increase to the LCBO's wholesale discount rate from 10% to 15% for bars, restaurants, convenience stores and LCBO convenience outlets until the end of this year. The budget estimates the measure will save Ontario businesses about $56 million. The budget also proposes an Ontario Grape Support Program to provide up to $35 million in annual support for eligible wineries until 2029-30, with total program funding of $175 million. It says it anticipates the move will double the percentage of Ontario grapes in blended wine. This advertisement has not loaded yet, but your article continues below. It further outlines plans to expand its investment in the VQA Wine Support Program to $84 million annually, with total program funding of $420 million over the next five years. The government also plans to introduce changes for retail cannabis stores to 'improve their outside visibility,' by allowing them to take down their window coverings. SECURITY AND PUBLIC SAFETY The budget proposes $1 billion in funding to expand and renovate the Ontario Police College in Aylmer and a new OPP academy in Orillia. It also proposes $8.8 million to support a one-time additional intake of up to 300 recruits in the basic constable training program. It's proposing an additional $113 million over the next three years to combat illegal cross-border activity through measures such as air patrols and firearm seizures. It earmarks $57 million for two new helicopters for police in Niagara Region and Windsor. Last year, the government announced $134 million for five helicopters for the GTA and Ottawa. The budget also earmarks $6 million to help tackle auto theft in the province, and $12.8 million this year to help faith-based and cultural organizations implement safety measures such as hiring security staff and building repairs.
Hamilton Spectator
15-05-2025
- Business
- Hamilton Spectator
Highlights of Ontario's 2025 budget: U.S. tariff measures, boost for alcohol market
TORONTO - The Ontario government tabled a budget Thursday that focused on investments it says will protect Ontario workers in the face of U.S. President Donald Trump's tariffs. The province is projecting a deficit of $14.6 billion this year, up from a forecast of $4.6 billion in last year's budget, and a deficit of $7.8 billion next year. Finance Minister Peter Bethlenfalvy said the budget seeks to help Ontario businesses and workers 'weather the storm' to make the province's economy resilient and competitive. Here are the highlights: U.S. TARIFFS AND ONTARIO WORKERS The budget is pledging to create a $5-billion fund to provide immediate relief to support sectors of the economy facing tariff-related disruptions. The budget describes this fund as an 'emergency backstop' that will provide immediate relief for Ontario businesses that have exhausted available funding. It also pledges to expand the Ontario Made Manufacturing Investment Tax Credit rate from 10 per cent to 15 per cent. It can be used for qualifying investments in buildings, machinery and equipment for use in manufacturing or processing. The proposed changes would also expand eligibility for the non-refundable tax credit to non-Canadian-controlled private corporations and publicly traded corporations making eligible investments in Ontario. The budget says these changes would help businesses lower their costs by providing an additional $1.3 billion in support over the next three years. The budget also outlines a $50-million investment over three years to focus on expanding interprovincial trade. It also earmarks $500 million in funding to support critical mineral processing. The budget is also pledging a new program that would provide up to $40 million in grants for communities impacted by trade disruptions. The government also plans to invest an additional $1 billion over the next three years to train skilled workers. HEALTH CARE The budget says the government will invest more than $235 million this year to establish and expand up to 80 more primary care teams, which it says will connect 300,000 more people to primary care. It also says it will invest up to $280 million over two years to support the expansion of integrated health service centres that will help more Ontarians access MRI and CT scans, among other services. The budget pledges a new refundable tax credit to support 25 per cent of fertility treatment expenses, for a maximum credit of $5,000 per year. It also plans to increase the province's investment to the Ontario Autism Program, bringing this year's total funding to $779 million. EDUCATION The budget is promising close to $2 billion for the upcoming school year to repair and maintain schools. Last December, the province's fiscal watchdog found that the province has a $12.7-billion school repair and construction backlog, and it would cost $31.4 billion over 10 years to clear it. The budget also says the government will invest $55.8 million over two years to train 2,600 new teachers by 2027. It's also pledging $75 million over three years to create up to 2,600 new seats in construction-related post-secondary programs, and $750 million over five years to fund up to 20,500 seats in science, technology, engineering and math programs at colleges and universities. It further outlines $10 million over three years to create new scholarship opportunities for First Nations post-secondary students interested in pursuing careers in resource development. It's also earmarking an additional $207 million over three years in funding for research at Ontario universities. ALCOHOL AND CANNABIS The budget outlines an increase to the Liquor Control Board of Ontario's wholesale discount rate from 10 per cent to 15 per cent for bars, restaurants, convenience stores and LCBO convenience outlets until the end of this year. The budget estimates the measure will save Ontario businesses about $56 million. The budget also proposes an Ontario Grape Support Program to provide up to $35 million in annual support for eligible wineries until 2029-30, with total program funding of $175 million. It says it anticipates the move will double the percentage of Ontario grapes in blended wine. It further outlines plans to expand its investment in the VQA Wine Support Program to $84 million annually, with total program funding of $420 million over the next five years. The government also plans to introduce changes for retail cannabis stores to 'improve their outside visibility,' by allowing them to take down their window coverings. SECURITY AND PUBLIC SAFETY The budget proposes $1 billion in funding to expand and renovate the Ontario Police College in Aylmer, Ont., and a new Ontario Provincial Police academy in Orillia, Ont. It also proposes $8.8 million to support a one-time additional intake of up to 300 recruits in the basic constable training program. It's proposing an additional $113 million over the next three years to combat illegal cross-border activity through measures such as air patrols and firearm seizures. It earmarks $57 million for two new helicopters for police in Niagara Region and Windsor. Last year, the government announced $134 million for five helicopters for the Greater Toronto Area and Ottawa. The budget also earmarks $6 million to help tackle auto theft in the province, and $12.8 million this year to help faith-based and cultural organizations implement safety measures such as hiring security staff and building repairs. This report by The Canadian Press was first published May 15, 2025.
