• Media Release: Budget 2019 puts businesses on the sidelines; Misses chance to fix fundamental flaws in our economy

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    Media Release
    Budget 2019 puts businesses on the sidelines;
    Misses chance to fix fundamental flaws in our economy

    BRAMPTON – March 20, 2019 – Yesterday’s federal budget fails to address the fundamental issues undermining the ability of Canada’s business owners to create more jobs and economic prosperity for all Canadians, according to an analysis by the Canadian Chamber of Commerce and Brampton Board of Trade (BBOT).

    “The path to economic prosperity in Brampton is still unclear for local businesses and job creators,” said Todd Letts, CEO of the Brampton Board of Trade. “While the Budget delivers on some of our advocacy priorities, particularly in the areas of skills and infrastructure, it fails to provide concrete measures to address the tax and regulatory burden on businesses,” added Letts. Until these issues are addressed, businesses will struggle to grow our economy, create meaningful employment for more Canadians, and generate the revenues our country needs to sustain roads, healthcare and education systems.
     
    The Brampton Board of Trade is the voice of local businesses in Brampton. Business members are part of a network of over 450 chambers and commerce and boards of trades representing over 200,000 businesses of all sizes in all sectors of the economy across the country. On behalf of BBOT, the Canadian Chamber of Commerce had outlined several public policy priorities for the government in advance of the 2019 Budget.
     
    The Budget did deliver on some of the Chamber’s policy proposals outlined in its Pre-Budget Submission, including:
    • $631.2 million to expand Work-Integrated-Learning (WIL) programs, with a view to create up to 20,000 new WIL opportunities outside of STEM-related fields.
    • $150 million to create new partnerships between government and industry to create up to 20,000 new WIL opportunities.
    • Multiple funding mechanisms to enhance apprentice programs in skilled trades.
    However, the Budget did not address the key issues identified by businesses in Brampton and across Canada:
    • A commitment to a comprehensive review of the taxation system to make it fair and less cumbersome for businesses.
    • A broad-based commitment to reduce the regulatory burden on businesses.
    • A renewed commitment to eliminating inter-provincial trade barriers and mobility.
    • Support for SMEs to help them find new export opportunities and expand Canada’s ability to diversify its trade.
    • A clear strategy to move the Trans Mountain pipeline forward, given the significant investment made by Canadian taxpayers.
      Some Budget 2019 proposals require more consideration and details before determining the impact on businesses:
     
    • The Budget identified funding programs to develop “regulatory roadmaps” to address stakeholder issues and irritants. While these efforts align with BBOT's interest in reducing the regulatory burden on businesses, the Budget proposals unfortunately maintain a lackluster, made-by-government solution to a made-by-government problem.
    • The new Canadian Training Credit and EI Training Support Benefits to support the up-skilling and re-skilling of Canadians align with BBOT's recommendations. However, the potential impact on small businesses remains unclear. The Brampton Board of Trade needs more information and wants to see a commitment that business is consulted.
    • The Budget offered little new information regarding the national pharmacare plan. BBOT supports focusing efforts on the 10% of Canadians that are uninsured or underinsured.
    • BBOT supports making the Global Talent Stream program permanent.

    “The core issues facing our economy that are driving away investment and suffocating our ability to attract top talent are broken taxation and regulatory systems and an inability to get our resources to tidewater. Without addressing the underlying, structural problems in our economy, we will not see the growth needed to create greater prosperity for Canadian families,” said the Honorable Perrin Beatty, President and CEO, Canadian Chamber of Commerce.
     
    Heading into the 2019 Federal Election, the Brampton Board of Trade will continue to engage with Federal representatives to focus on reducing the overall taxation and regulatory burden as critical priorities for businesses to maintain competitiveness and prosperity for all Canadians.

    If you'd like to learn more about the 2019 Federal Budget, join us on March 26th for our Federal Issues Forum and speak directly to local MPs, or meet with Innovation Minister Navdeep Bains on March 27th for an engaging luncheon discussion. 
     


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