Canada's minister of state addresses PackEx 2013 in Toronto, touting government's commitment to packaging and processing industry; reduction in taxes, tariffs on machinery and equipment among highlighted initiatives
May 14, 2013
– The Honourable Gary Goodyear, Minister of State (Science and Technology), today addressed attendees of PackEx 2013, Canada's packaging and processing industry trade show, and delivered opening remarks on the importance of innovation, the adoption of new technologies, and the benefits of government-industry collaboration to create jobs, growth and long-term prosperity.
"Our government remains committed to creating a favourable economic environment so that companies can grow their businesses and create jobs, growth and long-term prosperity," said Minister of State Goodyear. "We've lowered taxes, cut the corporate rate to 15 percent and removed the federal capital tax, and we are eliminating tariffs on machinery and equipment."
The Harper Government has established the right economic fundamentals to support Canada's manufacturers. This includes:
-- investing $200 million over five years for the creation of an Advanced
Manufacturing Fund. The new fund will support investments by
manufacturing firms in southern Ontario to create new and innovative
products or processes;
-- providing tax relief for new manufacturing machinery and equipment by
extending the accelerated capital cost allowance for two years,
increasing support for manufacturers by almost $1.4 billion;
-- extending and expanding the Hiring Credit for Small Business for one
year, supporting 560,000 small businesses and allowing them to reinvest
approximately $225 million in job creation in 2013;
-- increasing support for companies by doubling the budget of the National
Research Council of Canada's (NRC) Industrial Research Assistance
-- refocusing NRC on demand-driven, business-oriented research; and
-- providing funding for venture capital activities, including $400 million
to increase private sector investments in early-stage risk capital.
"In addition, investments in science and technology and an aggressive trade agenda are supporting our manufacturers in their efforts to commercialize great ideas and seek new markets," the Minister of State added. "For Canadian manufacturers to thrive, they will require ongoing breakthroughs, excellence in innovation and new production technologies."
Manufacturers are major contributors to the Canadian economy, employing approximately 1.8 million Canadians in a wide range of industries, including aerospace, automotive, forestry, interactive communications technologies, food processing and packaging.