The Guelph Chamber of Commerce issued the following statement about the 2015-16 Federal Budget:
Guelph, April 22, 2015: The Guelph Chamber of Commerce was enthusiastic to see the commitments made in the 2015 Federal budget that support business competitiveness and reaching new markets. Specifically, to encourage investment and competitiveness in the manufacturing sector, the government announced a 10-year extension of the accelerated capital cost allowance which makes it easier for manufacturers to purchase new equipment. Originally introduced in 2007 and extended several times, the accelerated capital cost allowance was due to expire at the end of 2015. As Canadian industry seeks new ways to remain competitive by maximizing productivity, the implementation of newer, more innovative equipment has become increasingly important for enhanced plant productivity as Canadian companies continue to compete on a world scale.
“Extension of the accelerated capital cost allowance has been an ongoing advocacy issue within the Chamber network, and we are pleased to see Minister Oliver engaging the business community by providing practical, action-based solutions for our collective economic growth,” says Kithio Mwanzia, President & CEO of the Guelph Chamber of Commerce. “As a vital economic corridor and diverse industry hub, Guelph continues to play an important role in Canada’s manufacturing future.”
The Guelph Chamber of Commerce welcomed a noticeable focus in the budget on small businesses with a series of tax breaks – most notably a reduction in the rate from 11 per cent currently to 9 per cent by January 2019. Similarly, the Federal government’s commitment of $18.1 million over two years to promote competitiveness and trade opportunities for agricultural products and $12 million in the same timeframe to market agricultural and agri-food products are important steps toward furthering guaranteeing the growth and prosperity of agri-business in Guelph and beyond by maximizing their potential and actively encouraging them to participate in new markets.
“The Guelph Chamber of Commerce has taken a leadership role through its membership and key stakeholders to provide thought leadership and offer a platform to establish an economic vision that balances the need to find concrete solutions to challenges currently facing Guelph while simultaneously building an economy of the future.”
The future success of Guelph and Canada as a whole depends on us taking advantage of Guelph’s vast economic resources and ingenuity and bringing them to the next level. As a major crossroads for economic activity, Guelph plays a key role in the economic success and future of our region, province and nation.