The Federal Government tabled its annual budget on February 27, 2018.
Canadian Chamber Provides Preliminary Analysis: “Long on Spending, Short on Growth.”
The Canadian Chamber of Commerce has released an analysis of this year’s budget, titled “BUDGET 2018: Long on Spending, Short on Growth.” Click here to download the CCC’s analysis document (PDF); you’ll find excerpts from their press release with their initial response to the budget below.
Ottawa, February 27, 2018 – The 2018 Budget presents many interesting measures, but does not address the fundamental issues facing Canada’s economy, says the Canadian Chamber of Commerce.
“Canadian business asked the government to focus on fundamentals like the growing competitiveness gap, the need to attract more private sector investment and presenting a realistic plan to balance the government’s books. Although the budget sets out many positive measures, including support for women entrepreneurs, a clearer path to Indigenous self-determination and improved skills development, it doesn’t address the most basic issues facing our economy,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “The cost of running a business in Canada is rising rapidly. Without a strong private sector, there’s no way to pay for all this spending, except by sending the bill to our kids…” (Read more on the CCC website)
Chamber Recommendations Adopted in Budget 2018
Budget 2018 contained a number of measures that reflect the policy recommendations and the advocacy work of the Canadian Chamber of Commerce, of which the Thunder Bay Chamber is an active member. Here are some of the Chamber-supported initiatives that made it into this year’s Budget:
Cyber Security, Intellectual Property, and Innovation:
- Taking steps to streamline and simplify access to government innovation incentive programs.
- $150 million to be invested toward DARPA.
- De-risking the commercialization of innovative technology.
- Increased support to entrepreneurs by making it easier for them to access capital.
- Funding for a patent collective pilot project and an IP marketplace.
- A $100 million investment toward rural access to digital networks.
- Coordinating an approach toward cyber security.
- Amalgamation of multiple trade promotion programs under the Trade Commissioner Service to ensure a simplified offering for business.
- Additional funding to support Canadian companies looking to tap into export opportunities within Asia.
- Announcement of government plans to streamline the administration of the customs tariff legislation to reduce compliance costs for business.
Labour Market, Skills, and Training:
- Expansion of the Canada Summer Jobs program and the Youth Employment Strategy.
- Simplification of the application process for businesses seeking partnerships and financial support through the “Innovation Canada” single window.
- Commitment to simplify support programs for entrepreneurs, all-of-government data collection for performance metrics.
- Investment in capacity development for Indigenous peoples’ self-determination.
Transportation and Infrastructure:
- A commitment to fund the renewal of VIA Rail’s fleet for the Windsor-Quebec City corridor.
- A $236.4 million investment toward CATSA for air security screening.
This is a Federal Issue.
Our local Members of Parliament:
Thunder Bay – Rainy River
Don Rusnak, MP
Thunder Bay – Superior North
Patty Hajdu, MP
Resources Related to the Federal Budget:
- 2018 Budget Document - Government of Canada website
- Canadian Chamber of Commerce' Budget Analysis - CCC website
- Press Release: Canadian Chamber responds to 2018 Budget - CCC website
- Chamber Policy Document: 10 Ways to Build a Canada that Wins