PwC Federal Budget Instant Reaction: $170 million short term support for forest industry



    OTTAWA, Jan. 27 /CNW/ - PricewaterhouseCoopers (PwC) Canada tax
specialists commented today:
    The forest products industry is currently facing challenges that include
weak markets, increasing competition, proposed climate change requirements,
volatility of exchange rates, and increasing energy, transportation, and fibre
costs, all of which have resulted in fundamental changes in industry
infrastructure and numerous mill closures.
    Budget 2009 provides a total of $170 million over two years for the
following measures to help companies develop new products and processes, and
take action on new opportunities in the international market place.
    Budget 2009 also provides $80 million over two years to Natural Resources
Canada for the Transformative Technologies program administered by
FPInnovations. An additional $40 million will be provided to Natural Resources
Canada in 2010-11 to develop pilot-scale demonstration projects of new
products that can be used in commercial applications.
    The Budget also provides Natural Resources Canada with $40 million over
two years for the Canada Wood, Value to Wood, and North America Wood first
programs to help forestry companies market innovative products
internationally.
    A further $10 million will be provided to Natural Resources Canada in
2009-10 to support large-scale demonstrations of Canadian-style use of wood
for construction in targeted off-shore markets, and non-traditional uses of
wood in domestic markets.
    A PwC Budget Flash with additional Budget highlights will be issued later
today followed by a detailed Budget Memo. For more information and detailed
commentary on the Budget please contact, Carolyn Forest,
carolyn.forest@ca.pwc.com, 416-814-5730 or visit www.pwc.com/ca/budget.

    PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance,
tax and advisory services to build public trust and enhance value for its
clients and their stakeholders. More than 155,000 people in 153 countries
across our network share their thinking, experience and solutions to develop
fresh perspectives and practical advice. In Canada, PricewaterhouseCoopers LLP
(www.pwc.com/ca) and its related entities have more than 5,200 partners and
staff in offices across the country.
    "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, an Ontario
limited liability partnership, or, as the context requires, the
PricewaterhouseCoopers global network or other member firms of the network,
each of which is a separate and independent legal entity.





For further information:

For further information: Carolyn Forest, PricewaterhouseCoopers LLP,
(416) 814-5730, carolyn.forest@ca.pwc.com

Organization Profile

PwC

More on this organization

FEDERAL BUDGET 2009

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890