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The federal budget offered a host of tax credits and funding to support R&D programs. Jayson Myers, President and CEO of Canadian Manufacturers and Exporters, talks to BNN about what those and other measures mean for leading manufacturers.
“The budget has a lot of good stuff for manufacturers and exporters,” Myers tells BNN. "Increased spending on business innovation through The National Research Counsel, new funds going into venture capital, speedier regulatory approvals -- these are all good for Canadian industry."
But Myers says he is concerned by the budget’s call for a reduction in the rate of a tax credit for scientific research and experimental development to 15 percent from 20 percent and cutting the eligibility of equipment for the credit.
“As governments around the world make significant investments in manufacturing, industrial innovation and new technologies, we have to be just as competitive and I don’t think when these tax measures come in we’re going to be as competitive,” he says.