The information below is from https://news.ontario.ca/en/release/1005874/ontario-investing-13-billion-to-protect-manufacturing-workers-and-jobs
Oakville — As part of its plan to protect Ontario, the government is enhancing and expanding the Ontario Made Manufacturing Investment Tax Credit, providing an additional $1.3 billion over three years to help lower costs for businesses that invest in buildings, machinery and equipment that are used for manufacturing or processing in Ontario.
“Manufacturing workers here in Ontario are already feeling the impact of President Trump’s tariffs, including job losses that are the direct result of the economic uncertainty he has caused,” said Peter Bethlenfalvy, Minister of Finance. “In response, our plan to protect Ontario will bring in new investments to create new jobs and opportunities for our world-class manufacturing workers, so we can build a stronger economy capable of withstanding whatever comes our way.”
The proposed changes, part of the upcoming 2025 Ontario budget, would take the Ontario Made Manufacturing Investment Tax Credit rate for Canadian-controlled private corporations from 10 per cent to 15 per cent as well as expanding eligibility to non-Canadian-controlled private corporations as a non-refundable tax credit, to support their investments here in Ontario. With these changes a qualifying corporation could receive a tax credit of up to $3 million per year.
“Today’s announcement will provide important support to the more than 830,000 men and women who work in the manufacturing sector, and who are worried about the impact of tariffs on their jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “In the face of heightened global economic uncertainty, we are doubling down on our plan to protect Ontario by bringing in new investments and good-paying manufacturing jobs.”
Announced as part of the 2023 Budget, the Ontario Made Manufacturing Investment Tax Credit was created to help Ontario manufacturers lower their costs, innovate and become more competitive. Implementing this tax credit is one of the many steps the government has taken since 2018 to improve Ontario’s competitiveness by lowering costs for businesses.
More information about the government’s plan to protect Ontario, grow our economy, and make Ontario the most competitive jurisdiction in the G7 to invest will be included in the 2025 Budget, to be released on May 15, 2025.
