This article was last updated on April 16, 2022
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New Democratic Leader Thomas Mulcair has made another campaign pledge on Tuesday and announced that this time around, his party will call for a boost to small businesses and the manufacturing sector. He stressed that “small and medium-sized businesses create the most jobs in Canada and it’s time we help them out.”
Mulcair vowed to cut the small business tax rate from 11 per cent to 9 per cent at one percentage point at a time. He stated that “with this one practical measure, small businesses can better weather the current economic climate, hire more employees and help their local communities prosper for years to come.” In his remarks, Mulcair pointed out that his party would like to help the manufacturing sector by extending the accelerated capital cost allowance by an extra two years and implementing a Manufacturing Innovation Tax Credit. He pointed out that an accelerated capital cost allowance will allow businesses to rapidly write off investments in equipment against taxable income.
Muclair stated that “if we’re going to attract and compete for the manufacturing jobs of the future, we must trigger greater private sector investment in research. My plan will ensure that the companies that are developing innovative products and jobs of the future get the support they need.” He added that “these two initiatives signal to manufacturers that their investments in new equipment, innovation, (research and development) and stable full-time employment is a priority now and into the future.”
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