Ontario Welcomes $4.5 Million Manufacturing Investment in Ottawa

June 26, 2023

Ontario Welcomes $4.5 Million Manufacturing Investment in Ottawa

The Ontario government is supporting a $4.5 million investment by Veritas Tools Inc. to boost local manufacturing and create 30 new good-paying jobs in Ottawa. As part of this investment, the government is providing $675,000 in funding through the Regional Development Program’s Eastern Ontario Development Fund.

“Local manufacturers like Veritas Tools play a key role in communities across the province, and our government is proud to support them as they expand and create more good-paying jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Just last month, we saw the manufacturing sector in Ontario grow by over 20,000 jobs. We continue to create the right conditions to attract investments from both global and domestic companies.”

Vic Fedeli, Minister of Economic Development, Job Creation and Trade

Veritas Tools, the manufacturing arm of Lee Valley, is a world leader in woodworking tool-design innovation. The Ottawa-based company is investing $4.5 million to increase production and add new state-of-the-art equipment to meet growing global demand. With more than 1,250 woodworking tool products and more than 100 patents, Veritas Tools manufactures some of the most sought-after woodworking tools in the world.

“Lee Valley and Veritas Tools are committed to domestic manufacturing, creating and preserving meaningful employment. We believe these to be foundational to a healthy economy. Investment in these areas is critically important and remains a priority,” said Jason Tasse, President of Lee Valley. “We appreciate the support of Ontario’s Regional Development Program. Strengthening Canada’s manufacturing sector is most effective in collaboration, as demonstrated with this expansion initiative.”

Jason Tasse, President of Lee Valley

Ontario is investing $140 million through its Regional Development Program to support distinct regional priorities and challenges. To date, Ontario has provided more than $91 million to support 84 projects through the program, leveraging more than $940 million in new investments and helping to create more than 1,800 jobs in the province.

Quick Facts

  • The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
  • In 2022, the government launched the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program. It supports Ontario advanced manufacturers to invest in the equipment, advanced technologies and the skilled workforce needed to improve competitiveness and growth, and to create and retain jobs across the province. The next round of applications for the stream opens on July 20, 2023.
  • As part of the 2023 Ontario Budget, the government introduced the Ontario Made Manufacturing Investment Tax Credit, which will provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.

Quotes

“Our government is strengthening the local economy through our Regional Development Program. Not only will this investment create good-paying jobs in Ottawa, but it will also lead to the development and manufacturing of world-class products used locally, nationally and around the globe that are made in Ontario.”

Goldie Ghamari, Member of Provincial Parliament for Carleton

“Our government continues to invest in local manufacturing like Veritas Tools, resulting in the creation of 30 good-paying jobs right here in Ottawa. We’re supporting our local economy and future investments towards the growth of our city and those who work hard to contribute to its success.”

Lisa MacLeod, Member of Provincial Parliament for Nepean

Additional Resources

Learn more about the Regional Development Program

Source

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