Budget 2015 Briefing for Thunder Bay CEDC and Chamber

THUNDER BAY – BUSINESS – Greg Rickford, the Minister of Natural Resources and Member of Parliament for Kenora was in Thunder Bay today to address a business audience on the Federal Government’s Economic Action Plan.

Minister Rickford delivered keynote remarks at an event hosted by the Thunder Bay Chamber of Commerce, the Thunder Bay Community Economic Development Commission and Ambassadors Northwest.

Minister Rickford highlighted the Government of Canada’s prudent fiscal management, low-tax plan for supporting jobs and growth, support for families and communities and measures to ensure the security of all Canadians.

During his address, Minister Rickford emphasized Canada’s strong economic fundamentals and the Government’s actions to create one of the world’s most favourable investment climates by lowering taxes and opening new markets through free trade agreements.

The Minister highlighted the extension in Economic Action Plan 2015 of the Mineral Exploration Tax Credit and the expansion of the definition of Canadian Exploration Expenses for tax purposes to include costs of environmental studies and community consultations that are required to obtain a permit for grassroots exploration.

In addition, Economic Action Plan proposes to invest $23 million over five years, starting in 2015–16, for technological innovation in the area of rare earth elements and chromite, a key mineral and a focus of exploration in the Ring of Fire region. Unlocking the potential of commercial production of these elements represents a significant economic opportunity for Northern Ontario and all of Canada.