Yesterday saw one of the more important annual events in relating to the Canadian economy – the announcement of the budget for the upcoming year. While (at the time of writing this) it is still left to be seen whether the budget will be accepted, if done so, there are many items covered in it that would be of benefit to Canadian businesses – especially those in the manufacturing industry, or those who work in innovative fields.
- An extension of two years will be put in place for the temporary accelerated capital cost allowance treatment when purchasing manufacturing and processing machinery and equipment.
- $3 million will be provided per year to the Natural Sciences and Engineering Research Council of Canada (NSERC) for 30 new Industrial Research Chairs at colleges, allowing colleges to work more with applied research in a variety of fields.
- IRAP will be receiving an additional $80 million over three years.
- Approximately $100 million over two years for the R&D of clean energy and energy efficiency.
- $50 million towards a two-year Agricultural Innovation Initiative that will support the creation of knowledge and increased commercialization for agricultural innovations.
- $60 million towards the forestry industry to assist innovation and finding opportunities in the global market.
Of course, that is just a very brief overview of some of the items that would benefit Canadian businesses. We will see whether the budget gets accepted, and will keep you up-to-date with news that will have an impact on your businesses.