OCS BULLETIN – Government of Canada Releases 2018 Fall Economic Statement
Yesterday, Canada’s Federal Minister of Finance, the Hon. Bill Morneau, presented the 2018 Fall Economic Statement to Parliament. The statement addresses several issues that are noteworthy for Ontario’s unionized ICI construction industry. Please see a short summary of the relevant issues below, more details can be found by following the links:
Accelerating investment in infrastructure projects that support trade, such as marine ports, and the busiest rail and highway corridors. The Government committed to establishing a continuous call for proposals via the National Trade Corridors Fund, which will be backed by $773.9 million over the next five years. https://budget.gc.ca/fes-eea/2018/docs/statement-enonce/chap03-en.html#s3
Introduction of prompt payment legislation for Federal Government construction contractors and sub-contractors. https://budget.gc.ca/fes-eea/2018/docs/statement-enonce/chap02-en.html#s2
Changing the tax code to include the Accelerated Investment Incentive, an accelerated capital cost allowance that would enable businesses to make larger deductions for depreciation of capital assets. It also proposed that businesses to immediately write off the cost of machinery, equipment used for manufacturing or processing goods, and the full cost of specified clean energy equipment. https://budget.gc.ca/fes-eea/2018/docs/statement-enonce/chap03-en.html#s
Making National Building Codes freely available and work towards adopting harmonized, nation-wide codes. The Government is proposing an investment of $67.5 million over five years to the National Research Council of Canada to make access to National Building Codes free to all Canadians. https://budget.gc.ca/fes-eea/2018/docs/statement-enonce/chap03-en.html#s4
More information and a digital copy of 2018 Fall Economic Statement can be found here: https://budget.gc.ca/fes-eea/2018/home-accueil-en.html
FOR MORE INFORMATION, CONTACT:
Ian Worte
Research Analyst
ianw@iciconstruction.com
Erich Schmidt
Communications & Engagement Coordinator
eschmidt@iciconstruction.com