Province looking to tax credits, grants for kick-starting investment: Sousa

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Mark Brownlee
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Ontario Finance Minister Charles Sousa is looking at funding initiatives from around the world, but isn’t specifically willing to adopt a plan from British Columbia that gives investors a return when filing their taxes.

Charles Sousa is the Ontario minister of finance.

Mr. Sousa, speaking at the Mayor’s Breakfast on Monday, was asked during a question-and-answer session with members of the business community if the province was considering adopting the B.C. initiative.

That program allows investors who put a maximum of $200,000 into a company to get $20,000 back on their taxes.

The finance minister said the province is looking at several initiatives, but did not make reference to B.C.’s program in his response.

Instead, he mentioned ideas that would allow businesses to make investments and deduct some of the amount from their taxes – programs such as an accelerated capital cost allowance – as possible options.

“We are looking at initiatives to try to encourage those companies to make those investments,” said Mr. Sousa.

“We’re increasing tax credits and/or grants. We’re not impacting or trying to make businesses less competitive in any other capacity,” he added. “We’re just trying to facilitate that so they’ll be attracted to the province.”

Mr. Sousa spoke Monday morning as part of the breakfast series, which is co-organized by the Ottawa Chamber of Commerce and OBJ.

He was scheduled to host pre-budget consultations with members of the business community later in the morning.

Organizations: Ottawa Chamber of Commerce and OBJ

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