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TORONTO — Ontario Finance Minister Peter Bethlenfalvy has offered a first glimpse at his upcoming budget, announcing an expanded Ontario manufacturing tax credit.
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Bethlenfalvy says that his budget, set to be tabled May 15, will propose increasing the Ontario Made Manufacturing Investment Tax Credit rate from 10 per cent to 15 per cent.
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The tax credit was first announced in the 2023 budget, and applies to Canadian-controlled private corporations with a permanent location in Ontario.
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It can be used for qualifying investments in buildings, machinery and equipment for use in manufacturing or processing.
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Bethlenfalvy said Monday that he is also proposing to expand eligibility for a non-refundable tax credit to non-Canadian-controlled private corporations and publicly traded corporations making eligible investments in Ontario.
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The government says the changes would mean providing an additional $1.3 billion over three years, and businesses could receive a tax credit of up to $3 million per year.
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“This would be a major boost of confidence to the sector as it looks for certainty at a time when U.S. tariffs signal all but business as usual,” Bethlenfalvy said Monday.
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“It would be a significant tool for businesses as they look for more ways to help keep their workers on the job.”
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English (US)