Increased Productivity Key to Growing Ontario Economy
Government to Help Ontario Companies Invest More, Create Jobs
Today, Finance Minister Charles Sousa spoke at the Empire Club to encourage Ontario businesses to invest in new machinery, equipment and other measures to boost productivity.
Minister Sousa said that government will consider measures already taken in other parts of the world to promote capital investment. These include business R&D tax credits to reward additional spending and a "pay or play" tax incentive for new spending in equipment, technology and training. In addition, the government will partner with industry on measuring and reporting investment in innovation, training and technology, and showcasing top performers according to international benchmarks.
Helping small and medium-sized businesses grow and attracting larger companies to invest and create good Ontario jobs are part of the government's plan to support a dynamic and innovative business climate.
- The government will deliver its Fall Economic Statement on Nov. 7, 2013.
- Many analysts and the Bank of Canada have pointed to the generally strong balance sheets of Canadian business and concluded that the business sector is now well-positioned to make increased investments to improve innovation and productivity.
- Ontario lags the United States and the rest of Canada when it comes to business investment as a share of gross domestic product.
“The government will do more to help Ontario businesses become even more competitive by encouraging investments in new machinery and equipment and in other ways to boost productivity. The government’s incentives play a part, but it is businesses that create jobs.”