Since 1887, The Brampton Board of Trade has served the needs of Brampton's business community. Whether a home-based operation or a large multi-national company, we are here to represent you. We identify issues and lobby all levels of government on your behalf and that of the Brampton Business community. Our members include: small businesses, corporate executives, public officials, community organizations, consultants, engineers...and the list goes on. Call us at 905.451.1122For frequent updates, visit Brampton Board of Trade for more information.
Provincial Budget on right track
but misses needed corporate tax cuts
Brampton - The Brampton Board of Trade was pleased to see the Government of Ontario, in its Provincial Budget announcement, take measures towards addressing some key economic issues, including investment in skills training, education, and infrastructure; however tax relief for business was modest.
"We recognize that the province is facing significant pressures to address many important issues affecting quality of life and economic development in Ontario.While we applaud the provincial government for its ongoing commitment to balanced budgets, debt reduction, and long-term economic prosperity initiatives, tax reduction remains a very high priority for Brampton businesses," says Brampton Board of Trade President Linda Ford.
The provincial budget offered several key initiatives to support the manufacturing sector, including: elimination of the capital tax for manufacturing and resource sectors, retroactive to January 1, 2007; and a 3 year extension (from 2009 to 2012) of the accelerated Capital Cost Allowance (CCA) rate for manufacturing and processing machinery and equipment investments made before 2012.
"The Brampton Board of Trade welcomes the support to manufacturers, given Brampton's high concentration of manufacturing companies, but feel that given the significant pressures of a high Canadian dollar, increasing energy prices, stronger global competition and weakening U.S. demand, that a reduction of corporate tax rates was also needed," says Ford. "Tax relief for business stimulates new investments that increases productivity, creates jobs, and makes our businesses more competitive."
Other highlights in the budget announcement included a $1.5 billion investment in skills development and job training over three years and an extra $1 billion in infrastructure this year that will help increase Ontario's competitiveness on a global scale.
The Brampton Board of Trade will be hosting John Tory, Leader of the Official Opposition and P.C. Party of Ontario for an upcoming Post Provincial Budget Breakfast on Tuesday, April 8, 7:30 a.m. to 9:15 a.m., at the Brampton Golf Club (7700 Kennedy Rd. South). Cost to attend is $30 for Board of Trade members or table of eight for $240; $35 for non members.For more information, call The Brampton Board of Trade at 905-451-1122 or visit www.bramptonbot.com.