Tax relief for tech sector finds local approval
The provincial government’s new Innovation Agenda could not come at abetter time, said the co-chairman of a group guiding Ottawa’s economicdevelopment.
The provincial government’s new Innovation Agenda could not come at a better time, said the co-chairman of a group guiding Ottawa’s economic development.
Recent layoffs announced at the Dell call centre in Kanata only underlined the need for Ottawa companies to be on the higher end of the technological food chain and the new strategy will help local businesses grow, Chris Henderson, co-chairman of The Ottawa Partnership and chair of The Delphi Group said at the University of Ottawa yesterday.
“We got to be on the innovation and wealth creation agenda,” he said. “If we do that, we’ll win.”
To encourage innovation in the marketplace, the province announced yesterday a 10-year corporate tax exemption for Ontario businesses that create patented technologies and intellectual properties developed at Canadian universities, colleges or research institutes.
The $1.5 billion Next Generation of Jobs Fund will be directed to areas where Ontario has the potential to dominate world markets, such as life sciences, biotech and pharmacological research, digital media and bio-based alternative energies.