The provincial governments of Ontario and Quebec have unveiled their 2023-2024 budgets, including expanded economic development incentives that also will be beneficial to real estate developers.
The Ontario government budget allocates $780M over three years for a new incentive for investment in manufacturing facilities and/or equipment—a 10% refundable corporate income tax credit, to a maximum of $20M, on qualifying costs of acquiring, constructing or renovating buildings and/or purchasing machinery or equipment used in manufacturing or processing.
Canadian-controlled private corporations with a fixed place of business in Ontario would be eligible. The tax credit applies to investments made as of what is known in Canada as "budget day," March 21, 2023, REMI Network reported.
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