Ontario budget 2023 offers small, medium suppliers tax credits

While Ontario Finance Minister Peter Bethlenfalvy delivered a rousing speech that took MPPs on a virtual winding road trip — a victory lap, of sorts — of automotive investment in the province, the budget he tabled Thursday was light on new money, incentives and tax breaks for the industry.

But once the budget was available for public perusal, there was but one new item designed to help the auto industry. And even it was announced a day before Bethlenfalvy tabled the document. Flavio Volpe, president of the Automotive Parts Manufacturers’ Association, said the credit is another piece of a larger economic puzzle that makes Ontario attractive to manufacturers.

Canadian Vehicle Manufacturers’ Association CEO Brian Kingston, who represents the interests of the Detroit Three automakers in Canada, also says the credit will help the auto industry. The government estimates the Ontario Made Manufacturing Investment Tax Credit would cost $780 million over three years. It would be available for qualifying investments of up to $20 million a year.

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Ford government to table 2023 Ontario budget with 'uncertain economic times' ahead | CBC NewsOntario Finance Minister Peter Bethlenfalvy has said now is the time for fiscal 'restraint' after several years of big spending and high-deficit budgets during the height of the COVID-19 pandemic. It's hard to be certain when our Prime Minister hires Chinese spies. Uncertain times for Ontarians because they keep spending our money on their vanity projects and business friends. Wow, he must have the crystal ball of all crystal balls. Everyone reapeat the F letter out loud.
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