Forestry sector gets $100M injection in federal economic update
November 21, 2018 By P&PC Staff
November 21, 2018 – The federal government released its fall economic update Wednesday, and among the points of interest is an investment of $100 million in the forestry industry.
The forestry money is part of an overall $800 million earmarked for the government’s strategic innovation fund to encourage investments over the next five years.
Finance Minister Bill Morneau presented the update, saying it is a competitive response to some of the tax reform moves taken by the United States over the past few months.
Among the other highlights are new tax incentives that will let manufacturers and the clean-tech industry to write down all capital costs immediately for machinery and equipment. Companies across all sectors will also be able to expense more of their new assets.
The government has also put forward $1.1 billion over the next five years to improve the landscape for Canadian exporters, which includes an $800-million investment in improving transportation, especially at marine ports, to encourage trade.
The new measures outlined in the update total $16.1 billion.
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