Minister Thompson highlights how the new Productivity Mega Deduction will help Newfoundland and Labrador businesses invest and grow

Canada has what the world wants: abundant energy and critical minerals, the most educated workforce in the world, access to 1.5 billion consumers through our free trade agreements, and the strongest fiscal position in the G7. We are building on these advantages to make Canada the best place in the world to invest, build, and grow.

Paradise, Newfoundland and Labrador - Canada has what the world wants: abundant energy and critical minerals, the most educated workforce in the world, access to 1.5 billion consumers through our free trade agreements, and the strongest fiscal position in the G7. We are building on these advantages to make Canada the best place in the world to invest, build, and grow.

Today, the Honourable Joanne Thompson, Minister of Fisheries and Member of Parliament for St. John’s East, visited Virtual Marine, a Paradise company that designs and builds simulators to train crews for emergencies at sea. During the visit, Minister Thompson highlighted how the federal government is helping Canadian businesses of all sizes invest in new equipment, adopt new technologies, expand their operations, and compete at home and around the world.

At the centre of this work is the new Productivity Mega Deduction, one of the most significant changes to Canada’s business tax system in half a century. It will allow businesses to immediately deduct the full cost of a much broader range of investments, giving them a powerful incentive to build, expand, and create good jobs in communities across Canada.

This new tax incentive will increase the amount of assets eligible for immediate expensing from roughly 15% of assets to more than 65%, including software, research and development, computer equipment, fibre-optic cable, greenhouses, aircraft and vehicles, patents, rail track, bridges, and roads.