Goldie Ghamari - March 30, 2023


Question Period： Ontario Made Manufacturing Investment Tax Credit


Episode Stats


Length

3 minutes

Words per minute

133.67729

Word count

475

Sentence count

34


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 The next question, the member for Carleton.
00:00:02.860 Thank you, Mr. Speaker.
00:00:03.960 Mr. Speaker, my question is for the Minister of Economic Development, Job Creation and Trade.
00:00:09.000 My riding of Carleton is home to a number of manufacturers that continue to make investments in cutting-edge technology to stay ahead of the global competition.
00:00:18.220 Manufacturers like LTR Industries, which I visited with the Minister, Fortran Steel, and Marathon Underground,
00:00:24.780 which is Canada's leading specialty underground contractor located in the great community of
00:00:29.940 Pirelli. Mr. Speaker, these manufacturers are the lifeblood of not just communities in Carleton,
00:00:35.160 but across the province. But these investments are both expensive and risky, and we know that
00:00:39.940 business owners know that success is not always guaranteed. Through you, will the minister please
00:00:45.340 explain how our government continues creating the conditions for manufacturing businesses in
00:00:49.820 Carleton and across the province grow and succeed? Thank you.
00:00:53.180 Mr. Speaker, it wasn't that long ago that companies were fleeing Ontario.
00:01:00.840 300,000 manufacturing jobs were lost, and our economic future was teetering.
00:01:07.300 Thankfully, the government of Premier Ford was elected and declared Ontario open for business.
00:01:13.300 Taxes were lowered, energy rates lowered, and the burden of red tape was reduced.
00:01:17.860 This brought companies pouring back to Ontario.
00:01:21.560 And now, with Budget 2023, there is even more great news for Ontario manufacturers.
00:01:28.880 The Ontario-made Manufacturing Investment Tax Credit.
00:01:33.800 If passed, it will provide companies with a 10% tax credit, up to $2 million a year, on investments in buildings, equipment and machinery.
00:01:43.780 Speaker, those companies will innovate, become competitive, and create even more great jobs
00:01:50.740 for our families.
00:01:51.660 Thank you, Mr. Speaker, and through you, thank you to the Minister for his answer.
00:01:59.100 The Minister noted that the government's plan is working.
00:02:01.780 Ontario has more jobs than ever, and the string of landmark investments is reverberating around
00:02:07.160 the world.
00:02:08.160 That's right.
00:02:09.160 The world is taking notice.
00:02:11.060 We cannot let this momentum slow down, as investors look to safe and reliable jurisdictions
00:02:16.700 like Ontario to set up shop and expand their businesses.
00:02:20.300 Mr. Speaker, through you, will the minister elaborate on the plan to build Ontario's
00:02:24.520 economy and how this is benefiting the province's manufacturers?
00:02:29.380 Ontario is again known as the worldwide best place for manufacturers to invest
00:02:41.060 grow and create jobs. By reducing the cost of doing business by $8 billion annually through
00:02:49.160 lowering hydro costs, cutting taxes and reducing red tape, we've seen businesses create 600,000
00:02:57.660 new jobs since we were elected. And with the new Ontario-made manufacturing investment tax credit,
00:03:04.900 which will provide $780 million in support over the next three years.
00:03:12.040 We know there will be more investment, more innovation and more jobs.
00:03:17.960 Speaker, thousands of manufacturing jobs have been reshored back to Ontario
00:03:23.480 and this additional tax credit is the next big move
00:03:27.780 in ensuring Ontario has everything a company needs to succeed.