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Stimulate Ontario: Ratify budget ASAP, CME

Published on May 07, 2009

QUEEN’S PARK – It’s critical to the health of Canada’s industrial heartland the Ontario budget is ratified as quickly as possible so stimulus measures can jumpstart the provincial economy, according to the province’s leading trade and industry association, Canadian Manufacturers & Exporters.

 

“The key components of the budget, including harmonization of the PST with the GST, corporate tax reductions, funding for skills training and infrastructure spending, will give Ontario a competitive advantage to attract and retain investments for the long term,” said Ian Howcroft, vice president of CME Ontario. “While these are bold actions, they are not fully commensurate with the depths of the challenges we presently face. We would like to see the budget go further to address the immediate challenges of access to credit and liquidity.”

 

CME recommended a number of additional measures on this front including monetization of tax credits and additional loan provisions through EDC and BDC. 

 

“The budget addresses a number of CME’s priority issues and demonstrates that the Ontario government is building a competitive Ontario for the future,” added Howcroft. “We applaud the government for both its short and long-term vision in keeping Ontario open for business in this economic downturn.”

 

Canadian Manufacturers & Exporters (CME) is Canada’s leading trade and industry association and the voice of manufacturing and global business in Canada.

 

The association directly represents more than 10,000 leading companies nationwide. More than 85% of CME’s members are small and medium-sized enterprises. As Canada’s leading business network, CME, through various initiatives including the establishment of the Canadian Manufacturing Coalition, touches more than 100,000 companies from coast to coast, engaged in manufacturing, global business and service-related industries.

 

CME’s membership network accounts for an estimated 82% of total manufacturing production and 90% of Canada’s exports.

 

 

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For more information, contact:


Ian Howcroft                                         Paul Clipsham

Vice President                                       Director of Policy

CME Ontario                                         CME Ontario

416-419-6119                                         416-388-6711

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