Brampton - The Brampton Board of Trade was pleased to see the federal government present a budget that addresses some key interests of the Ontario business community, including debt reduction, infrastructure, creation of an Employment Insurance Financing Board, and education and training. However, it did not go far enough to further stimulate economic development through tax relief.
"This is a budget that business in our community will likely be indifferent about," says Brampton Board of Trade President Linda Ford. "The continued commitment to balancing the budget, debt reduction, infrastructure investments, and other productivity initiatives to support our economy is encouraging, but more is needed on the tax front to bolster business and our economy."
While recognizing the necessity for fiscal prudence in times of economic uncertainty, addressing Canada's high tax levels must remain high on the list of Government priorities. "Tax relief for business stimulates new investments that increases productivity, creates jobs, and makes our businesses more competitive," says Ford. "Similarly, reductions in personal income taxes create a higher incentive to work for low to modest income workers, and at higher tax brackets will keep talent working in Canada."
The government's extension of the accelerated capital cost allowance for manufacturers was welcome news, particularly in Brampton that has a high concentration of manufacturing companies.
The Brampton Board of Trade has also been a strong advocate for increased support to municipalities. "The permanent 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," says Ford.
As "The Voice of Business", The Brampton Board of Trade represents the interests of 1,200 businesses in and around the Brampton community.