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Focus Scarce Resources on Driving Investment: CME

Published on January 25, 2010

NIAGARA FALLS – In order to keep Ontario “open for business” in the new economic reality, the provincial government must focus constrained resources on initiatives that will drive investment, according to Canadian Manufacturers & Exporters.

 

“The Ontario manufacturing sector drives the provincial economy,” said Ian Howcroft, vice president of CME Ontario. “The scarce resources need to be focused where they will have the most impact and value – and that’s by putting the province’s manufacturing sector to work.”

 

The government has made great progress with recent tax reforms, specifically the combination of the Harmonized Sales Tax, corporate tax reductions and reductions to the corporate minimum tax.

 

“This will free up much needed cash for businesses to make the necessary investments to remain competitive in what continues to be a very challenging environment,” added Howcroft. “But there’s still more work to do.”

 

CME is urging the Ontario government to eliminate input tax credit restrictions on HST as quickly as fiscally possible and to look at greater property tax equity and monetization of tax credits like SR&ED as opportunities to stimulate further investment in innovation and economic growth.

 

“This is an opportunity to address persistent barriers to growth including the regulatory burden that businesses face; pension funding issues and energy costs.  CME is also calling for a royal commission to address WSIB unfunded liability and restore first principals to the workers compensation system.  These are areas that may not cost government much and make a huge difference for manufacturers and exporters,” said Howcroft.

 

Initiatives like the CME SMART Program have also lead to massive savings and productivity improvements for the critical manufacturing and exporting sectors. In total, the SMART Program retained 6,395 manufacturing jobs and an additional 3,312 jobs are forecasted to be created as a result of projects yet to be completed.

 

“Initiatives like SMART are keeping the province open for business,” Howcroft added. “That’s a perfect example of focusing resources where they will have the most impact."

 

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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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