Turning Innovation Into Ontario Jobs
McGuinty Government Helping Turn Ideas Into High-Tech Jobs
Today, the government intends to introduce Ideas for the Future Act, 2008, that, if passed, would provide a 10-year corporate income tax exemption for new companies that turn home-grown ideas into Ontario jobs and products.
The tax exemption - the first of its kind in Canada - would encourage Ontario's entrepreneurs to commercialize public research in areas such as bio-economy/clean technologies, advanced health technologies, and telecommunications, computer and digital technologies.
Qualifying corporations that commercialize an idea would be eligible for the tax exemption if developed at qualifying Canadian universities, colleges or research institutes.
- If passed, Ideas for the Future Act, 2008, would support Ontario’s innovation agenda and the creation of jobs in the high-priority areas of advanced health, bio-economy/clean technologies; and, telecommunications, computer or digital technologies.
- When foreign venture capital invests in Canada, 59 per cent of that capital comes to Ontario.
“This landmark corporate tax measure, the first of its kind in Canada, provides a strong incentive for firms to take ideas and turn them into real, commercial products. In an increasingly global market, we are helping to launch the next wave of Ontario’s innovators by reforming the tax system to promote leadership in investment and economic growth in Ontario.”
“Ontario’s Innovation Agenda is a fundamental part of Ontario’s five-point economic plan for the economy, which will help us sustain the high quality of life that we enjoy today -- and create the high-value jobs of the future. Today, we're taking the next step in sending a message to researchers across Canada and companies around the world, that if you've got an innovative project that will build on our research strengths and create jobs, Ontario is the place to be.”
“Ontario is the fourth largest biomedical research centre in North America, a global leader in digital media and information and communications technologies and one of the top provinces in alternative energy and climate change initiatives. This enlightened new tax measure will help to create a greener, healthier and economically stronger province by tapping into our research excellence, strengthening the partnerships between researchers and businesses and promoting commercial success.”
Dr. Paul C. Genest
“Ontario's colleges have a successful track record of working together with business and industry and we support this measure to promote applied research and innovation. Half of the jobs in the next 15 years will require the ability to use technology that has not yet been invented and Ontario must be ready to lead the way in technological innovations.”