CTMA: New business tax writeoffs are intended to help Canadian manufacturers

According to the Canadian Tooling & Machining Association (CTMA), Cambridge, Ont., the recent Fiscal Update delivered by Finance Minister Bill Morneau is designed to help Canadian manufacturers compete.

Some of the measures announced were a new tax write-off structure that allows manufacturers to immediately recoup the full cost of machinery and equipment, as well as an immediate writeoff for clean energy equipment.

Another measure was a new accelerated capital cost allowance to encourage businesses of all sizes in all sectors to invest in assets that can drive long-term growth by allowing them to deduct the costs of those investments sooner.