: Ontario Budget 2014: Ontario Jobs and Economy Plan
Creating jobs for today and tomorrow

Quality local jobs. Made in Ontario

The 2014 Ontario Budget sets out a plan to create jobs and grow the economy by investing in people, building modern infrastructure, and supporting a dynamic and innovative business climate.

Ontario is investing in innovation and productivity

The new 10-year, $2.5 billion Jobs and Prosperity Fund will help ensure Ontario remains one of the most attractive places in the world to do business. The fund’s focus is to partner with business to attract robust investments, foster a culture of innovation and entrepreneurship, and create good local jobs.

The fund will concentrate investments in job-creating innovation, productivity and exports, creating partnerships with business and leveraging Ontario’s key sectors.

Ontario’s Jobs and Prosperity Fund will invest in job-creating innovation, productivity and exports

A more competitive tax system

Ontario is supporting a more competitive tax system, with sales tax reform and corporate tax cuts saving businesses more than $9 billion per year. For example, the Harmonized Sales Tax (HST) will be saving businesses $4.7 billion per year.

Ontario’s tax cuts for business will total more than $9 billion per year

Building strong communities

Ontario is partnering with business to help build strong communities. These investments include:

The Eastern Ontario Development Fund

Partnering with 126 projects, leveraging investments of more than $670 million, helping create or retain 15,400 jobs.

The Northern Ontario Heritage Fund Corporation

Leveraging more than $3.2 billion since 2003 for 5,933 projects, helping create or retain almost 23,000 local jobs.

The Southwestern Ontario Development Fund

Investing in 32 projects, leveraging more than $400 million in business investment, helping create or retain 9,800 jobs.

Ontario is partnering with business to help build strong communities

Investing in dynamic sectors

Ontario will capitalize on its competitive advantages, supporting key sectors, including autos, financial services, information technology and clean tech.

For example:

  • Brose Canada, an auto parts manufacturer, is investing to acquire new, state-of-the-art manufacturing equipment to attract new business, increase exports and compete in new markets. The company will create and retain 710 jobs in London.
  • Cisco Systems is investing $4 billion to make Ontario one of its global R&D centres, including developing high-end routers used in mobile computing and video computing, creating up to 5,000 jobs over the next decade mainly in Ottawa and Toronto.
Ontario will capitalize on its competitive advantages, supporting key sectors to create jobs

 

Managing electricity costs

Ontario is providing new and expanded programs to help manage electricity costs for businesses. These include discounts for large, growing businesses and a tailored conservation program that helps small businesses and entrepreneurs ease their energy bills.

Ontario is helping businesses save on electricity costs

A culture of innovation

Ontario is fostering an environment where small businesses, entrepreneurs and investors thrive. Partnering with the private sector, the Northleaf Venture Catalyst Fund has more than $217 million to invest in exciting new technologies.

This builds on the success of the Ontario Venture Capital Fund in helping to grow new enterprises, such as Ottawa-based Shopify — which last year had the second-highest venture capital financing deal in Canada at $100 million, propelling this young firm into an exclusive group of startups reported to be valued at $1 billion or more.

The Ontario Research Fund includes $250 million over the next three years to invest in leading-edge research, such as advances in medical and green technology.

Ontario is fostering an environment where small businesses, entrepreneurs and investors thrive

Ontario is supporting vital small businesses

Small and medium-sized businesses account for more than 60% of private-sector jobs. Ontario is supporting this critical sector, and helping it remain competitive, by:

  • Saving 60,000 smaller employers up to $975 per year by raising the Employer Health Tax exemption to $450,000 from $400,000 of annual Ontario payroll.
  • Maintaining a low Corporate Income Tax rate for small business at 4.5%, a full seven percentage points below the general rate to help them grow, reinvest and create jobs.
Small and medium-sized businesses account for more than 60% of private-sector jobs

Increasing productivity by cutting red tape

Each year, the government will further reduce red tape for business. This will help businesses save millions of hours and $100 million in costs by 2016-17.

Since 2008, Ontario has eliminated 80,000 unnecessary regulatory requirements

Expanding exports

The Going Global Trade Strategy will expand the reach of Ontario’s exports to emerging markets that are quickly increasing their share of the global economy. It will help Ontario companies — especially small and medium-sized businesses — increase their success in exporting to global markets and creating jobs.

The government is:

  • Opening Ontario’s 11th international trade office in São Paulo, Brazil; further expanding representation to include South Korea, China and Israel; adding to the existing trade offices in New York, San Francisco, Mexico City, London, Paris, Munich, Beijing, Shanghai, Tokyo and New Delhi. These markets are growing faster than any other markets around the world.
  • Connecting more Ontario businesses to more foreign buyers by expanding the number of trade missions to increase exports and create jobs. Last year alone, Ontario led over 70 trade missions in priority sectors and emerging markets to connect Ontario business to international companies.   
Ontario’s Going Global Trade Strategy - Expanding our share in emerging markets

Jobs. Solutions. Made in Ontario.  

Learn more at www.Ontario.ca/budget