Brampton - Today's federal budget attempted to cover all the bases in order to stimulate our economy quickly. Minister Flaherty consulted very widely and has tried to provide something for everyone in today's budget. "Although the move to deficit financing is troubling we recognize that international economic circumstances are extraordinary and warrant similarly extraordinary measures" said Carman McClelland, President of The Brampton Board of Trade. Most important for Brampton is the support from the federal government for infrastructure improvements and developments, but the administration of that funding through an application process with requirements for matching funding will not funnel the money to the municipality quickly enough for immediate relief. "We are anxious to see what specific projects will be brought to fruition in Brampton", McClelland said.
The Brampton Board of Trade is also pleased with the announcement of:
Greater access to credit and financing for businesses through an injection of $13 billion to
Export Development Canada, the Business Development Bank of Canada, and Canada Mortgage and Housing Corporation.
Extended capital cost allowance rate on investments in manufacturing or processing equipment and machinery
A temporary 100 per cent Capital Cost Allowance rate for computers bought after today and before February 11, 2010
Increase the income eligible for the small business tax rate to $500,000 from $400,000
Increase in the maximum loans available under the Canada Small Business Financing Program.
Other budgetary announcements that will be important for continuing business success include the transition to a single national securities regulator with a view to maintaining provincial jurisdictions. We welcome support of the automotive and parts manufacturing sector through the creation of a $12 billion credit facility to assist with new vehicle purchases and hope it will be well received by consumers. The City of Brampton may also be able to take advantage of $60 million worth of funds for community theatres, libraries, and museums, as well as additional support for improvements to recreation facilities. The Brampton Board of Trade although pleased that the government has attempted to improve the economic conditions overall through this wide ranging budget also express disappointment that such a large deficit will be created. Keeping control of deficit spending and maintaining the commitment to return to balanced budgets within five years is vitally important for long term economic success. The Brampton Board of Trade together with provincial and national chamber partners will closely monitor and hold the government accountable.