Ontario to include expanded manufacturing tax credit in upcoming budget [Video]

Ontario Finance Minister Peter Bethlenfalvy has offered a first glimpse at his upcoming budget, announcing an expanded Ontario manufacturing tax credit.

Bethlenfalvy says that his budget, set to be tabled May 15, will propose increasing the Ontario Made Manufacturing Investment Tax Credit rate from 10 per cent to 15 per cent.

The tax credit was first announced in the 2023 budget, and applies to Canadian-controlled private corporations with a permanent location in Ontario.

It can be used for qualifying investments in buildings, machinery and equipment for use in manufacturing or processing.

Bethlenfalvy said Monday that he is also proposing to expand eligibility for a non-refundable tax credit to non-Canadian-controlled private corporations and publicly traded corporations making eligible investments in Ontario.

The government says the changes would mean providing an additional $1.3 billion over three years, and businesses could receive a tax credit of up to $3 million per year.

“This …