CCI's Response to Ontario's 2023 Budget

Today in Toronto, Ontario Finance Minister Peter Bethlenfalvy delivered the province’s 2023 budget. On behalf of CCI’s members in Ontario, the province’s most promising high-growth technology companies, CCI Vice-President of Strategy and Advocacy Dana O’Born delivered the following statement:

Ontario’s 2023 budget comes at a challenging time for the Canadian technology sector, as inflation and tight capital markets create significant headwinds for high-growth companies. We appreciate that Minister Bethlenfalvy and the Ontario government has listened to many our members concerns and presented a plan to work closely with Ontario innovators.

This budget recognizes the massive buying power and potential of the provincial government must be leveraged to bolster economic development and technology adoption across Ontario. We’re pleased to see a focus on improving procurement processes for homegrown firms, especially those looking to help transform Ontario’s healthcare sector.

We welcome the government efforts to work closer with innovators in the life sciences and advanced manufacturing sectors with the creation of industry-led councils. We also appreciate the Ontario government’s commitment to skills development and retraining. Access to skilled talent is the most important factor propelling the growth of innovative companies in the knowledge economy.

We had hoped to see more substantial movement on the work of Digital IDs in this budget, and while the new Ontario Made Manufacturing Investment Tax Credit will support tangible capital investments businesses make, it would have been a game-changer for Ontario technology companies if businesses could also claim the tax credit for expenditures into Ontario-made cybersecurity, digital services, and supply chain technologies.

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Media Contact:

Patrick Searle

psearle@canadianinnovators.org

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