Ontario to give manufacturers income tax credit in 2023 budget

The Doug Ford government is proposing a new tax credit to help manufacturers “grow, innovate, become more competitive and create jobs.”

The announcement was made a day before the Progressive Conservatives are set to table their 2023 budget.

The new legislation would create a 10 per cent refundable corporate income tax credit of up to $2 million a year for Canadian-controlled private corporations.

The tax credit would apply to “qualifying investments in buildings, machinery and equipment,” officials said, and would provide about $780 million over the next three years in support to businesses.

This is a breaking news story. More to come.