Incentives of $2 Billion Are Now Available to Canada’s Aluminum and Steel Industries
In 2017, the Canadian Steel and Aluminum industries employed over 33,500 hardworking Canadians and contributed approximately $8.9 Billion to the country’s Gross Domestic Product. In addition, $25.4 Billion USD-worth of aluminum and steel products were traded between the United States and Canada.
President Trump recently surprised many by imposing tariffs on certain aluminum and steel products produced in Canada, at 10% and 25% respectively. In response, Prime Minister Trudeau imposed our own tariffs of $16.6 Billion on US steel and aluminum imports. In addition, the Canadian federal government has allocated $2 Billion to defend and protect Canadian workers and businesses within the aluminum and steel industries. This includes the following set of countermeasures:
Increasing funding to the affected provinces and territories to support existing job training programs
Offering up to $250 Million in new support through the Strategic Innovation Fund (SIF) to bolster competitiveness within the Canadian supply chain
Investing $50 Million over the next five years to assist companies in diversifying their exports through new trade agreements, such as CETA and CPTPP
The now $1.51 Billion SIF will cover up to 50% of eligible project costs associated with the enhancement of Canada’s competitiveness in its industrial and technology sectors. Eligible projects will look to encourage R&D that will accelerate technology and commercialize innovative products, processes and services to maintain and grow the Canadian production of aluminum and steel.
Our team of Funding Specialists are available to discuss and help your organization secure your share of the newly announced funding to help you remain competitive. Please contact us today to start preparing your funding application!