Archived - Minister of Finance Joe Oliver Highlights Measures in Economic Action Plan 2015 That Support Canada's Aerospace and Manufacturing Sectors
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EAP 2015 is encouraging investment in Canada’s manufacturing sector by reducing taxes and supporting innovation
May 7, 2015 – Summerside, Prince Edward Island – Department of Finance
Speaking in Summerside, Finance Minister Joe Oliver and Minister of Fisheries and Oceans Gail Shea today highlighted measures in Economic Action Plan 2015 that will benefit Canada’s aerospace and manufacturing sectors in Prince Edward Island and across Canada.
These measures include:
- Supporting cutting-edge research and technology development in Canada’s satellite communications sector.
- Working with industry and provincial stakeholders on the development of a national aerospace supplier development initiative to help improve the performance and competitiveness of firms in this sector.
- Further reducing the small business tax rate to 9 per cent by 2019.
- Providing manufacturers with an accelerated capital cost allowance for machinery and equipment acquired after 2015 and before 2026, to boost productivity-enhancing investment.
Minister Oliver noted that actions taken by the Government since 2006, including those proposed in Economic Action Plan 2015, will reduce taxes for job-creating businesses by $14.7 billion in 2015–16.
- The manufacturing sector is a significant part of Canada’s economy, accounting for more than 10 per cent of Canada’s gross domestic product and 61 per cent of total merchandise exports, and employing 1.7 million people across the country.
- Since 2006, the Government has invested more than $13 billion in new funding in all facets of the innovation ecosystem including advanced research, talent development, research infrastructure and business innovation.
- Building on the Government’s plan for jobs and growth, Economic Action Plan 2015 is:
- Supporting job-creating businesses by helping small businesses grow, fostering entrepreneurship and cutting red tape.
- Creating the conditions for businesses to succeed by cutting taxes further, responsibly developing Canada’s natural resources, expanding markets abroad and investing in infrastructure.
- Investing in world-class research at universities and colleges and supporting business innovation.
- Connecting Canadians with available jobs by helping them acquire the skills that will get them new and better jobs.
“Canada’s manufacturing and aerospace sectors are important cornerstones of the Canadian economy. That is why we continue to work towards improving Canada’s overall business productivity performance, a critical determinant of our long-term prosperity. Economic Action Plan 2015 takes additional steps to achieve these objectives by providing Canadian businesses with lower taxes, less red tape, fewer tariffs and increased access to foreign markets.”
- Joe Oliver, Minister of Finance
“Economic Action Plan 2015 proposes initiatives to support our Prince Edward Island families, businesses, seniors, fishermen and communities. It also supports jobs and growth with measures that together will reduce federal taxes on Prince Edward Island by about $11 million over the next five years for our small businesses and their owners.”
- Gail Shea, Minister of Fisheries and Oceans
Director of Communications
Office of the Minister of Finance
Department of Finance