Tom Mulcair says NDP would restore tax credit for union-sponsored corporations

NDP Leader Tom Mulcair says if his party wins office he'll restore the 15 per cent tax credit for union-sponsored corporations that invest in small and medium-sized businesses.

Speech Thursday to Montreal's board of trade says ending credit in 2013 was 'ideological decision'

NDP Leader Tom Mulcair told a Montreal board of trade luncheon that Conservatives cut a tax credit for purchasing shares in union-sponsored corporations for ideological reasons. (Paul Chiasson/Canadian Press)

NDP Leader Tom Mulcair says if his party wins office he'll restore the 15 per cent tax credit for union-sponsored corporations that invest in small and medium-sized businesses.

Mulcair made the announcement Thursday during a speech at the Board of Trade of Metropolitan Montreal, where he discussed the party's plan for sustainable economic growth.

The Conservatives removed the tax credit in their 2013 budget.

Individuals used to be able to receive the tax credit if they bought shares in these union-sponsored corporations.

"This purely ideological decision hurts the economy of all regions of Quebec and they're already paying the cost," Mulcair said.

Mulcair said he'd restore the credit, which helps working families save and invest in small and medium-sized businesses that are important to regional economies.

Liberal Leader Justin Trudeau also vowed to restore the credit when he outlined his party's economic vision for the country in late February.

Mulcair also reiterated earlier promises to cut the small business tax rate by two points to 9 per cent as well as investing in infrastructure.

The federal NDP is riding high in the polls with successive surveys indicating the party is first place in Quebec and has a strong chance at winning government in the fall.

Mulcair will deliver another speech to Economic Club of Canada in Toronto next Tuesday.

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