MONTREAL, QUEBEC -- (Marketwired) -- 04/05/13 -- The Honourable Tony Clement, President of the Treasury Board, today highlighted the Government of Canada's investments in Canada's aerospace and manufacturing sectors in an address to the Montreal Board of Trade.
"Quebec is a major player in aerospace, a strategic, global industry that fuels innovation and high-value jobs," said Minister Clement. "Our Government, through Economic Action Plan 2013, is supporting Canada's competitive edge with funding for research into new products and innovations. Now is the time to invest in innovation and infrastructure so that we remain at the top of our game."
Economic Action Plan 2013 sets out the following initiatives:
Supporting Manufacturers and Small Businesses-The Government is providing $1.4 billion in tax relief for manufacturers and processors through a two-year extension of the temporary accelerated capital cost allowance. This proposed tax relief will allow businesses in the manufacturing and processing sector to invest more in machinery and equipment, making their operations more efficient. The Government is also investing $225 million and introducing legislation to expand and extend the temporary Hiring Credit for Small Business for one year. In addition, the Government is investing almost $1 billion in the Strategic Aerospace and Defence Initiative to ensure it continues to meet the needs of the industry.
The New Building Canada Plan-This is the largest and longest federal investment in provincial, territorial and municipal infrastructure projects in Canadian history-more than $53 billion over 10 years, starting in 2014-15.
The Canada Job Grant-Canadians could benefit from $15,000 or more per person to ensure they are getting the skills employers are seeking. Up to $5,000 will be provided by the federal government and that amount will be matched by the province or territory and the employer. For the first time, the Canada Job Grant will take skills-training choices out of the hands of government and put them where they belong-in the hands of employers and Canadians who want to work.
"Economic Action Plan 2013 marks the next chapter in our Government's commitment to creating jobs, growth and long-term prosperity while keeping taxes low for families and businesses, and balancing the budget by 2015," said Minister Clement. "The initiatives in Economic Action Plan 2013 build on previous actions by our Government to connect Canadians with new high-quality jobs, to provide long-term predictable funding to build roads, bridges and commuter rail, and to make significant investments in our manufacturers and small businesses."
To learn more about Canada's Economic Action Plan, visit Canada's Economic Action Plan.
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