ANNOUNCEMENT 31 Jul 2015In July 2015, the governments of Canada and Province of Ontario announced a change in private-sector financial support.
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The provincial government of Ontario and the Canadian federal governments will provides $100 million in financial aid to Toyota to increase production capacity and create new jobs in Southern Ontario. The company will invest $321 million at its Cambridge assembly plant, of which $58 million will be loaned by the federal government and another $42.1 million will come from a provincial subsidy. Gary Goodyear, minister of state responsible for the Federal Economic Development Agency for Southern Ontario, and Brad Duguid, the Ontario Economic Development Minister, announced the project on July 31, 2015.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.