Five Things To Know About The Bogus NDP “Investment Tax Credit”

TORONTO– The untested NDP has proven again that their risky and unrealistic ideas would put Ontario’s economic recovery at risk.

Just like the job-killing tax credit Andrea Horwath announced yesterday, the proposed NDP “Manufacturing Investment Tax Credit,” sounds good but they didn’t think it through:

1)    As usual, the NDP provides no details about how the tax credit will work, just a glossy press release.

2)    The NDP opposed the Budget and forced an election, killing a real $2.5 billion investment strategy in strategic sectors like manufacturing.

3)    To pay for their risky proposals, the NDP would kill proven job creation programs like the Eastern Ontario Development Fund, Southwestern Ontario Development Fund and Northern Ontario Heritage Corporation.  Andrea Horwath dismissed them as “overlapping”. (Toronto Star, May 9, 2014)

These regional funds have created and retained over 48,000 jobs and attracted more than $4.4 billion in business investment around the province.

Maybe Andrea Horwath thinks 48,000 jobs are “overlapping.”

4)    Ontario Liberals already support investment in manufacturing:

  • Providing $430 million in Research & Development tax credits, creating jobs and boosting innovation
  • The Capital Cost Allowance encourages manufacturers in Ontario to invest, cutting taxes by $265 million by 2016

5)    13,700 new manufacturing jobs were created in Ontario last month, according to Statistics Canada numbers released today.

– Ontario Liberal Press Release