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The federal budget has now been released, with $101.4 billion in new spending and a projected deficit of $354.2 billion for 2020 and dropping to $154.7 billion in the current 2021-22 fiscal year.
The focus of the budget is on pandemic recovery and resiliency with spending in three key areas: raising the federal minimum wage, $30 billion towards a national childcare plan, and $17.6 billion towards cleantech investments. It also includes a 50 per cent 10-year reduction on corporate and small business income tax rates for companies manufacturing zero-emissions technologies, such as solar panels and electric buses.
But there is plenty of interest for Canada’s manufacturing sector, although the Canadian Manufacturers & Exporters association found much to criticize.
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OTTAWA, ON, April 19, 2021 /CNW/ - Tech-Access Canada, the national network of Canada s 60 Technology Access Centres (TACs), welcomes Budget 2021 s support for the Interactive Visits Program and the numerous initiatives to support innovation and applied research at Canada s colleges and cégeps.
Specifically, Budget 2021 announced:
Funding to provide more businesses with access to the National Research Council s Industrial Research Assistance Program s Interactive Visits, where firms can access equipment, facilities, and expertise at college-affiliated Technology Access Centres.
Expanding the Industrial Research Assistance Program to support additional innovative small and medium-sized firms.
Significant support for collaborative innovation projects and increasing TAC capacity through the College and Community Innovation Program.
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