Industry welcome tax credits, but say more needed to tackle Biden's IRA

“It’s a great start, but the clock is ticking,” Dennis Darby, chief executive of the Canadian Manufacturers & Exporters , said. “The signal … is positive and may cause companies to make sure they consider Canada in investment decisions. The problem is businesses tend to make decisions in the here and now; they don’t make decisions on the promise for the future. Timing matters.”Article content

He said businesses will only know how competitive the new incentives are compared to the IRA once the federal government releases all the details in the next budget.Similarly, Catherine Cobden, chief executive of the Canadian Steel Producers Association, said the tax credits were a good start, but businesses need more given the threat to Canada’s competitiveness.

“We don’t expect Canada to meet the IRA dollar for dollar,” she said. “The U.S and Canada have taken a very distinctly different approach. In the U.S., they are just looking at incentives. In Canada, we are looking at incentives plus … carbon pricing. So, to protect our competitiveness under the IRA, we need to be comprehensive in our approach.”Article content

Brian Kingston, chief executive of the Canadian Vehicle Manufacturers’ Association, said the tax credits will not benefit the

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