Ontario’s Minister of Finance, Peter Bethlenfalvy, released the province’s  2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario on Nov. 6, outlining new measures aimed at strengthening economic resilience and competitiveness. Several initiatives in the plan are aimed at supporting manufacturers, particularly those affected by trade disruptions and higher operating costs.A key proposal would enhance the Ontario Made Manufacturing Investment Tax Credit (OMMITC) by temporarily increasing the rate from 10 per cent to 15 per cent and extending eligibility through a non-refundable 15 per cent version for corporations that are not Canadian-controlled private corporations (CCPCs).The legislation would also broaden eligible investments in machinery and equipment to try to help manufacturers modernize and boost productivity.To support businesses facing challenges from U.S. tariffs, the province is allocating an additional $100 million to the Ontario Together Trade Fund (OTTF), bringing total funding to $150 million over the next three years, starting in 2025–26. The fund is designed to help small and medium-sized enterprises diversify into new markets, pivot production and strengthen interprovincial trade.Ontario is also developing the next phases of its Protecting Ontario Account, a $5 billion initiative launched earlier this year. The first $1 billion has already been deployed to support companies in the steel, aluminum, copper and auto sectors. The remaining $4 billion will support the second and third phases of the program, designed to fuel innovation, fast-track high-growth firms and enhance Ontario’s global competitiveness.Additionally, the government reaffirmed its commitment to infrastructure investment, with over $33 billion planned for 2025–26 as part of a broader $201 billion capital plan. These investments are expected to support job creation and economic stability, particularly in light of ongoing economic uncertainty caused by tariffs.According to the Ontario government, the province’s economic outlook for 2025 and beyond indicates modest growth, with real GDP projected to rise by 0.8 per cent in 2025 and 0.9 per cent in 2026. These projections align with the federal budget’s forecast for national economic growth. Ontario’s fiscal position is also expected to improve, with a 2025–26 deficit of $13.5 billion — $1.1 billion lower than forecast in the 2025 Budget — followed by a projected deficit of $7.8 billion in 2026–27 and a surplus of $0.2 billion in 2027–28.An update on the province’s Tax Action Plan, which aims to modernize personal and corporate income tax structures to attract investment and improve Ontario’s standing within the G7, is expected in the 2026 budget. (ICE TORONTO)

Fonte notizia: https://www.canadianmanufacturing.com/