BMO: Canadian Businesses Stand to Benefit from Federal Budget

BMO: Canadian Businesses Stand to Benefit from Federal Budget

Budget extends support to Manufacturing, Skills Training

TORONTO, ONTARIO -- (Marketwire) -- 03/21/13 -- Today's federal budget, released today by Finance Minister Jim Flaherty, provides new support for manufacturing, skills training and infrastructure, according to BMO Commercial Banking.

Key initiatives include:

 
--  Support for manufacturing: $1.4 billion, two-year extension of the
    accelerated capital cost allowance. 
--  $920 million in renewed funding for the Economic Development Agency for
    Southern Ontario. 
--  Canada Job Grant. To help address skills shortages, Ottawa is
    introducing this grant, where they will pick up a third of the $15,000
    available per person for training (along with the provinces and
    businesses). 
--  Infrastructure funding of about $5 billion per year maintained for next
    decade.

"The extension of the accelerated capital cost allowance, in conjunction with the continuing strength of the Canadian dollar, gives manufacturers the opportunity to invest in their operations and improve productivity," said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "Combined with the Canada Job Grant and infrastructure funding, this budget is good news for Canadian business. We congratulate the Minister for his efforts to support Canadian firms."

Mr. Murphy encouraged businesses to get their share of the $10 billion in credit BMO has made available, giving them access to the capital they need to grow.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions. Contacts: Media Contacts: Matt Duffin, Toronto (416) 867-3996 matthew.duffin@bmo.com

Ronald Monet, Montreal (514) 877-1873 ronald.monet@bmo.com

Laurie Grant, Vancouver (604) 665-7596 laurie.grant@bmo.com

Internet: www.bmo.com Twitter: @BMOmedia