BRAMPTON, Ont.—Finance Minister Jim Flaherty has announced a two-year extension to a program that allows manufacturers write off eligible investments in new machinery faster.
Details of the plan to extend the program to 2015 were announced at an auto parts plant in Brampton, Ont.
Flaherty said that about 25,000 businesses in Canada have used the accelerated capital cost allowance program to buy new machinery.
He said the measure, which involves a straight line 50 per cent depreciation rate instead of a declining one, helps make Canada more competitive globally.
The head of the Canadian Manufacturers and Exporters association says the tax provision gives companies the capital they need to invest in improvements.