The federal economic update could hold some good for Saskatchewan according to the Regina Wascana MP.
Finance Minister Bill Morneau released the fall update on Wednesday which includes $16-billion in tax incentives to businesses that invest in Canada, an unemployment rate decrease from 5.9 to 5.8 per cent and projected deficit of $18.1 billion for current fiscal year.
Ralph Goodale says there are several provisions in this update that will help Saskatchewan, including the accelerated capital cost allowance. “This is a provision that allows businesses, when they are making investments to upgrade their technology, improve their innovation, expand their plant and equipment, get new machinery and so forth, it allows them to write off the cost of the cost of that new equipment against their revenue that would be otherwise taxable.”
Goodale says the federal liberal’s plan to improve trade and exports will be great for Saskatchewan. “Especially creating new trade corridors. We’re already at work on several across the province of Saskatchewan, but there’s additional money now and accelerated money in the federal budget in order to move on those trade corridor upgrades faster than what would otherwise be the case.”
He adds that the plan to expand funding in the strategic investment fund will not only do well for the province, but also Regina. Goodale says this find is aimed to help “firms like Evras for example to deal with their issues when they are now struggling against the illegal tariffs that have been imposed by the United States.”
Goodale says in the end, this is a good, progressive document that will contribute to economic growth and job creation. He adds that it is especially relevant to Saskatchewan which is nice to see.