Accelerated Depreciation Fundamental to a Stronger Ontario

(Toronto, November 23, 2018) – Today, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC) released the following statement in response to the Government of Canada’s decision to allow partial accelerated depreciation – as announced in the federal 2018 Fall Economic Statement

“The OCC applauds the Government of Canada’s decision to allow partial accelerated depreciation – as announced in the federal 2018 Fall Economic Statement – and the Government of Ontario’s commitment to matching federal measures. With 48 percent of Ontario businesses indicating they are not confident about the province’s economic outlook and 61 percent of those citing high corporate tax rates as a reason, we need to create a more competitive tax regime.

“Recent tax reforms in the United States have undermined Ontario’s competitiveness and ability to attract investment by eliminating the favourable tax position previously held by our province. The decision to allow businesses to expense more of their assets in the same year they are purchased will drive investment in our economy and create a stronger, more prosperous Ontario.”

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For more information please contact: 
Ceara Copps – Edwards
Communications Advisor
Ontario Chamber of Commerce
cearacoppsedwards@occ.ca| Office: (647) 243-3562 | Mobile: (647) 472-3274

About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan voice of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.