Production volume grew by 23% to $1.6 billion in direct spending from 2014 to 2017, creating 32,740 jobs and contributing $2.3 billion to GDP.
Every $1 million spent on tax credits creates:
- 109 direct and spin-off FTEs
- $7.4 million in provincial GDP
In addition, for every $1 spent on tax credits $1.20 is received in provincial and municipal taxes and fees (will grow to $1.24 by 2022).
Industry is expected to grow by 5.4% annually to $2.1 billion by 2022, supporting 38,980 jobs and contributing $3.0 billion to GDP.
Comparisons with competitive jurisdictions demonstrate that tax credits have a direct impact on production spending in a jurisdiction:
- Introducing or enhancing credits leads to higher production volume
- Removing or reducing credits leads to lower production volume