| “This is a budget
that business in our community will find encouraging,”
says Brampton Board of Trade President Wayne Waters.
“The continued commitment to balancing the budget, debt
reduction, reducing Canada’s high tax burden, fairness
for Ontario, infrastructure investments, and other productivity
initiatives to support our economy, is on the right
track.”
One noteworthy announcement was the acceleration of
the capital cost allowance for manufacturers, who from
now until 2009, can completely write off new investments
in equipment over a two year period. “The tax relief
announced for manufacturers comes at a critical time,
particularly in Brampton which has a large manufacturing
sector that has been impacted by a higher Canadian dollar,
a downturn in the U.S. economy, and global competition,”
says Waters. “This tax relief will encourage new investments
that increases productivity, making our businesses more
competitive and sustainable.”
The Brampton Board of Trade has also been a strong
advocate for increased support to municipalities and
infrastucture investments. “The four year extension
of the sharing of federal gas tax revenues with municipalities
to meet infrastructure needs is good news for rapidly
growing communities like Brampton that are experiencing
significant challenges in addressing transportation
and traffic gridlock issues, yet much more still needs
to be done,” says Waters.
One surprising announcement in the budget was the much
higher than anticipated federal surplus. The Brampton
Board of Trade believes that this money is better to
be left in the hands of personal and business taxpayers,
and the federal government missed a great opportunity
to provide further tax relief than what was announced.
As “The Voice of Business”, The Brampton Board of Trade
represents the interests of 1,200 businesses in and
around the Brampton community.
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