Corporations may be eligible to receive Corporate Income Tax support for investments in buildings, machinery and equipment used for manufacturing or processing.
Highlights contained in the 2023 Budget include:
- The new Ontario Made Manufacturing Investment Tax Credit, which provides a 10 per cent refundable Corporate Income Tax credit to help local manufacturers grow, create new jobs, innovate and become more competitive.
- Ontario’s Critical Minerals Strategy, which supports better supply chain connections between industries, resources and workers in Northern Ontario and manufacturing in Southern Ontario, including Ontario-based electric vehicle (EV) and battery manufacturing.
- Moving forward with the government’s historic $184 billion capital plan, which includes the bridge crossing over the future Bradford Bypass, the next phase of construction for the new Highway 7 between Kitchener and Guelph, continuing work to widen Highway 401 from Pickering through Eastern Ontario and building Highway 413.
- Providing $224 million in 2023–24 for a new capital stream of the Skills Development Fund to leverage private-sector expertise and expand training centres, including union training halls to provide more accessible, flexible training opportunities for workers.
- Enhancing the Ontario Immigrant Nominee Program with an additional $25 million over three years to attract more skilled newcomers, including in-demand professionals in the skilled trades, to the province.
- Expanding the Guaranteed Annual Income System (GAINS) program, starting in July 2024, making an additional 100,000 seniors eligible for the program and adjusting the benefit annually to inflation.
- Training more Ontario doctors by investing an additional $33 million over three years to add 100 undergraduate medical seats beginning in 2023 as well as 154 postgraduate medical training seats and prioritizing Ontario residents trained at home and abroad beginning in 2024 and going forward.
- Allowing pharmacists to prescribe over-the-counter medication for more common ailments, including mild to moderate acne, canker sores, diaper dermatitis, yeast infection, pinworms and threadworms, and nausea and vomiting in pregnancy beginning in fall 2023.