Advanced Manufacturing Fund: To support the efforts of advanced manufacturers in Ontario to become more competitive, Economic Action Plan 2013 proposes to provide $200 million over five years for the creation of an Advanced Manufacturing Fund. The new Fund will support investments by manufacturing firms in activities that create new and innovative products or production methods and will be delivered by the Federal Economic Development Agency for Southern Ontario as part of its renewed funding.
Manufacturers and processors are major contributors to the Canadian economy, employing approximately 1.8 million Canadians in a wide range of industries across the country, including aerospace, automotive, forestry, information and communications technologies, food processing, pharmaceuticals and shipbuilding, among others. Economic Action Plan 2013 helps manufacturers build on this success.
Tax Relief for New Manufacturing Machinery and Equipment: In recognition of the ongoing uncertainty in the global economy, Economic Action Plan 2013 announced an extension of the temporary accelerated capital cost allowance (CCA) for new investment in machinery and equipment in the manufacturing and processing sector for an additional two years. This will enable manufacturing and processing companies to plan and invest, and help create jobs in a sector that was particularly hard hit by the global recession.
Innovation is a driving force of change in the world economy. As global competition intensifies, and technology creates inroads to new business lines and processes, fostering a world-class, knowledge-based economy that helps Canadian businesses innovate and build a competitive advantage remains an essential part of Canada’s Economic Action Plan.
Canada’s innovative small and medium-sized businesses play an important role by transforming new discoveries into advanced products and technologies, bridging the gap between research and the marketplace. Economic Action Plan 2013 provides $20 million for a new pilot program to be delivered through the National Research Council’s Industrial Research Assistance Program that will enable hundreds of small and medium-sized enterprises to commercialize their products and move them to market more quickly and effectively.
