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Recommendations of Finance Committee will provide boost to manufacturers: CME

Published by Brad Fougere on December 12, 2014

Canadian Manufacturers & Exporters supports the Report of the Standing Committee on Finance submitted by its Chair, MP James Rajotte. With recommendations that the government extends the accelerated capital cost allowance (ACCA) and improves access to scientific research and experimental development (SR&ED) credits, CME acknowledges the support to Canada’s manufacturing and exporting firms.

“The impact of the faster write-off of capital expenditures is of critical importance to manufacturers,” said CME President and CEO Jayson Myers. “Manufacturing makes the highest contribution to productivity and growth in the country.”

In addition, the potential of a patent box model toward commercialization of innovations, continued promotion of skilled trades to Canadian students and the acknowledgement of the necessity to reduce the regulatory and tax burden on business should be lauded.

“Canada’s manufacturing sector is the most R&D-intensive sector in Canada, accounting for more than 50 per cent of total R&D spending,” said Myers. “The SR&ED support and credits that a patent box model would generate provide critical focus on innovation and the commercialization of innovative products and processes.”

Lastly, the promotion of skills and recommendations to maximize the potential of industry partnerships with colleges, universities and polytechnics in areas of skills development and applied research will continue to help address the widening skills gap manufacturers are facing.

Found in: Finance Committee Budget 2015

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