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$206 million for Economic Development in Southern Ontario is good news for Canada's Technology Triangle

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Category: Events

Created on Thursday, 29 January 2009 05:33

For Immediate Release

Canada's Technology Triangle, Waterloo Region, January 29, 2009...Canada's 2009 budget takes a proactive approach to tackling Canada's recession. The finance minister envisions a $34 billion deficit this year, followed by forecasted deficits until 2013, with the plan of spending $40 billion over the next two years to stimulate Canada's economy. The hope is that Canada will bounce back by 2010.

??This is good news for Canada's Technology Triangle, as this year's budget includes $206 million in funding for new regional economic development in southern Ontario with the total funding rising to $1 billion over five years. In addition the announcement speaks to infrastructure programs to the tune of $12 billion over the next two years, $200 billion to the financial markets to improve access to credit, $8.3 billion for job retraining and $7.5 billion for sectors and regions especially hard hit by the global slowdown such as the auto sector. ??

John Jung, CEO of Canada's Technology Triangle Inc, comments, "The potential of funding to the Waterloo Region will allow for continued development, business investment and job creation. The opportunity to focus some of the infrastructure funding on the Region's plans for the Rapid Transit Corridor and to potentially assist in servicing employment lands is important to Waterloo Region's continued success." ??

Another $1.5 billion of the budget has been put into measures to stimulate ICT and boost Canadian productivity. Between January 27, 2009 and February 1, 2011 the budget includes 100 per cent capital cost allowance rate for acquired computer hardware and systems software, a measure that will allow business taxpayers to expense computer and systems investment. "This will be important to our Region's knowledge workers and their companies," adds Jung. An enhanced program is also in place to encourage businesses to invest in machinery and equipment. ??

Also on the radar is the development of electronic health records for Canadians. The hope is that by 2010, at least 50 percent of Canadians will have the ability to access their health records electronically. Additional funding will be used to help implement an electronic infrastructure for patients, hospitals, community healthcare facilities and pharmacies. ??

In order to maintain a steady level of development initiatives, the budget provides $200 million over two years for the National Research Council's Industrial Research Assistance Program, and expands the Canada Graduate Scholarships Program and funding for the national granting councils. A $50 million allotment will go toward construction of the new University of Waterloo Institute for Quantum Computing facility. ??

"It is a positive indicator that the Government is committed to stimulating the economy with substantial spending for infrastructure, research funding, support for our universities and for key regional ICT and health informatics sectors," says Jung.