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Canada Highlights Trade Support For Manufacturing

by Mike Godfrey, Tax-News.com, Washington

02 May 2012


Speaking at a manufacturing summit in Ontario, Canada’s Minister of Finance Jim Flaherty has highlighted the government’s contributions to helping build a strong domestic manufacturing sector through investment incentives and reduced trade tariffs.

“Manufacturing and exporting represent two major drivers of our country’s economy,” he said. “(The Economic Action Plan 2012) will allow manufacturers in businesses throughout Canada to compete more effectively and to succeed in markets around the world.”

In the Plan, the government has committed to enhance trade and investment relationships in large and fast-growing global markets. This includes strengthening ties with China, Canada’s second-largest trading partner.

The Plan will consolidate Canada’s trade remedy system into one organization under the Canadian International Trade Tribunal, to cut red tape and provide a single window for Canadian businesses to take action against unfair trade. It will also leverage more private sector investments in early-stage risk capital. This includes a CAD400m (USD406m) commitment to support the creation of large-scale venture capital funds led by the private sector.

In particular, it was pointed out how these measures build on past efforts to create a competitive advantage for Canadian businesses. For example, since 2009, all tariffs have been eliminated on imported machinery and equipment and manufacturing inputs to make Canada a tariff-free zone for industrial manufacturers, the first in the G-20.

In addition, as a result of federal and provincial tax changes, Canada now also has the lowest overall tax rate on new business investment in the G-7.

TAGS: tax | business | tariffs | manufacturing | venture capital | Canada | import duty | trade

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