28 January 2009
Budget highlights: More credit, more capital for printers
OTTAWA—In yesterday’s “stimulus” budget, the Conservative federal government proposed several measures that will offer more investment capital and credit to Canadian printers.
Key proposals included:
  • A $200 billion “Extraordinary Financing Framework” to improve access to financing for households and businesses;
  • Creation of an agency with up to $12 billion to support financing of vehicles and equipment for consumers and business;
  • An increase in credit limits and maximum loans available under the Canada Small Business Financing Program;
  • Allocation of $13 billion to financial crown corporations including the Export Development Bank (EDC) and the Business Development Bank (BDC);
  • An extension to the end of 2011 of the two year write-off period—or capital cost allowance—on investments in manufacturing or processing equipment and machinery;
  • A temporary 100% cost capital allowance rate for computers bought after Jan. 27, and before Feb. 1, 2011;
  • An increase in the income eligible for the small business tax rate to $500,000 from $400,000;
  • The provision of $200 million over two year, starting in 2009-10, to the Industrial Research Assistance Program to enable it to temporarily expand its initiatives for small- and medium-sized enterprises
  • $30 million over the next two years for continued support of Canadian magazines and community newspapers

Bob Elliott, president of Canadian Printing Industries Association, offered mostly praise for the budget in a released statement.

“I would say that this is generally a positive budget that will address some short term needs of our industry and of Canadians in general,” he said. “The key to its success will be implementation of the various agencies and initiatives that have been announced. Cash and credit is needed now, not six months from now so I hope that we will see money flow very quickly.”

More to come.

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Too bad he stiffed lots of suppliers when he bankrupted Harmony. Ruined his reputation......
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