The federal and provincial governments have introduced significant incentives in their 2009 budgets to support investors in these sectors. That’s on top of the already important advantages that Elgin County offers because of its strategic location and extensive transportation infrastructure, low business costs and well-established industrial clusters backed by a skilled labour force.

The federal government’s 2009 budget brought in several incentives for investments in agriculture. Those included measures to help make credit available to new farmers and agricultural cooperatives and to support inter-generational farm transfers. More than $700 million worth of financial incentives are available to facilitate new agricultural initiatives.

The 2009 Ontario budget also gave a boost to agribusinesses. It allocated $8 million annually to promote Ontario food products to the broader public sector and gave $1.5 million to the Ministry of Agriculture, Food and Rural Affairs to plan the development of new agri-food research centres. Clearer Ontario Food definitions will encourage consumers to identify and purchase Ontario foods.

The energy and environment sector, one of Elgin County’s growing strengths, received major attention in the federal budget. Ottawa will spend $1 billion over five years to support research, development and demonstration of clean energy technologies. The Ontario government is adding more incentives through its Green Energy and Green Economy Act. It will provide $390 million as the provincial share of the federal Green Infrastructure Fund. The province estimates that its initiatives to foster the growth of renewable energy sources and increase energy conservation will create 50,000 jobs in three years.

What about manufacturers? Elgin County’s broad base of manufacturers can look forward to paying much less in taxes. Provisions in the 2009 federal budget will provide almost $12 billion in tax relief to manufacturers and processors in the five fiscal years beginning in 2008. And in Ontario, tax savings provided by the elimination of capital tax for manufacturers and new-business tax relief will mean more than $1.3 billion a year, when fully implemented, in additional tax relief for the manufacturing sector.

Other benefits to manufacturers in the 2009 Ontario budget include:

• Cutting the manufacturing and processing corporate income tax rate to 10 per cent from 12 per cent, effective July 1, 2010;
  
  
• Cutting the general corporate income tax rate to 12
  per cent from 14 per cent, effective July 1, 2010, and
  to 10 per cent in 2013;
  
  
• Exempting more small and medium-sized businesses from the Corporate Minimum Tax and cutting the rate to 2.7 per cent from four per cent effective July 1, 2010.

Finally, investors in Elgin County’s thriving tourism industry will receive plenty of financial and promotional support from government budgets at both levels. The federal government has allocated $40 million to the Canadian Tourism Commission over two years, including $20 million for domestic advertising and $20 million for new activities in priority international markets. There will also be $100 million over two years to help support marquee festivals and events such as music festivals.

Ontario’s budget provides for $41 million over the next three years to enhance Ontario attractions, and $40 million from sales-tax revenue to support destination marketing in Ontario tourism regions, once established. Elgin Tourism Services, www.elgintourist.com, which promotes the County as a place where visitors can find peace of mind, will no doubt find some peace of its own from these budget provisions, as will investors throughout Elgin County.