Aéro Montréal: federal budget reveals $2 billion for aerospace industry
The federal budget has revealed $2 billion to the aerospace sector to support the industry in its recovery.
The Federal Government will provide $1.75 billion over seven years through the Strategic Innovation Fund, and will add $250 million over three years to regional development agencies to implement a regional aerospace recovery initiative.
The funding will help the industry to accelerate its shift to decarbonization. Through measures such as the Net Zero Accelerator, the Federal Government intends to reduce by 50 per cent “the general tax rate on corporations and small businesses that manufacture zero-emission technologies.”
“By tabling this budget, the Federal Government is sending a strong signal to the aerospace sector,” said Suzanne M. Benoît, President, Aéro Montréal. “It is also demonstrating its willingness to work with the provincial government to provide the industry with a harmonized vision for a green recovery and concrete solutions tailored to the needs of the sector. With these measures, we will be able to make the aerospace industry one of the pillars of Canada’s economic recovery and a leader in the sustainable mobility of tomorrow.”