- Ontario gives $263 million to company that makes $111 million in profit. Smart
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Weren't we supposed to have learned something from the recession? Apparently not.
Here we are bailing out General Motors and other corporate casualties, and yet the Ontario government is still handing millions in a “grant” to a company to open an office here.
It’s bad enough that companies with terrible balance sheets get cash from taxpayers, but encouraging software companies that make money to play the same game is something else again. If you're losing money, Ontario wants to support you. If you're making money, Ontario wants to support you. Maybe this is what Michael Bryant meant by "government as entrepreneur".
The Toronto Star:
A major video-game company that made $111.5 million in global profits last year on popular titles such as Assassin's Creed is getting a $263 million grant from the Ontario government to open a new studio in Toronto and create 800 jobs over a 10-year period.
The deal was announced yesterday after a three-year courtship of Ubisoft, which is based in France and employs 2,200 in Montreal.
Other games in its stable include Prince of Persia, Far Cry and the Tom Clancy titles Splinter Cell and Rainbow Six.
But Ontario taxpayers won't get a share of the company's profits from games developed at the new Toronto studio to open later this year, Premier Dalton McGuinty said.
"Do we get a piece of the action? No, no," the Premier said. "What we're talking about here is an investment in jobs and in strengthening the industry as a whole.
National Post
Wednesday, July 08, 2009
Has McGinty Not Heard Of Filmport
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About Me
- Unhypentated Canadian
- I lean to the right but I still have a heart and if I have a mission it is to respond to attacks on people not available to protect themselves and to point out the hypocrisy of the left at every opportunity.MY MAJOR GOAL IS HIGHLIGHT THE HYPOCRISY AND STUPIDITY OF THE LEFTISTS ON TORONTO CITY COUNCIL. Last word: In the final analysis this blog is a relief valve for my rants/raves.
3 comments:
I see the conservative thinkers are showing their incredible minds for math.
That's 111 million, in ONE year.
The investment, creates 800 high end jobs, all paying a lot of taxes, for years to come.
Since when do we quantify return on investments, in just one year?
What is the return, over 10 years?
I know. Silly questions eh?
That's 111 million, in ONE year. None of which we see.
The investment, creates 800 high end jobs, all paying a lot of taxes, for years to come.
800 jobs over 10 years and even being cautious the taxes paid would take more than 17 years to recoup the $211 million being "invested." And keep in mind this is based on the premise that the company actually meets their committments and projections
Really. Still haven't mastered math yet, have you.
It's ok when the conservatives do it, but the old calculator comes out if the liberals do it eh?
800 high end paying jobs, lead to quite a few other high end jobs, as those employees, buy houses, hire tradesmen to renovate their bathrooms, buy and pay for services (which creates jobs), and, not to mention the industry they are in, will absolutely spin off many other related high end jobs as well. I know, because I am connected to that industry in an indirect way. One of my long standing clients is an animation company, and I have seen first hand, the impact.
You don't have the first clue of what the fuck you are talking about old man. Now go off to Walmart and buy another cheap power bar or something, and let people who understand these things get on with it.
Kudos to someone recognizing the extending benefits of investing in a growth industry.
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