Burnaby Board of Trade calls on government to reduce the cost of doing business
Burnaby, March 20, 2023 – Ahead of the Federal Government’s 2023 Budget, to be released on March 28, the Burnaby Board of Trade is calling for action to address the rising cost of doing business to head off any potential for recession.
“Since the last federal budget, Burnaby businesses, in particular our small and medium sized enterprises, have faced further challenges beyond the COVID-19 pandemic including an ongoing regional war in Europe, supply chain issues and persistent inflation,” says Burnaby Board of Trade president and CEO, Paul Holden, “Affordability definitely needs to be the theme of this federal budget, not just for our citizens, but also for our businesses that we rely on to fund needed investments in affordable housing, childcare and healthcare.”
In recent years, the federal government has implemented several measures that puts affordability issues for Canadians front and centre. The Burnaby Board of Trade expects and supports further investments in affordable housing and childcare, which are two of the biggest drivers of affordability for businesses and their employees, especially in BC. It’s equally important for the federal government to put forward a clear economic plan, against a backdrop of ongoing global uncertainty, that propels economic growth.
For the Burnaby Board of Trade, any economic plan must include:
- A full review of the tax structure in Canada to ensure taxation levels are competitive and sustainable to meet our social program needs,
- A talent recruitment strategy that not only brings skilled workers from around the world to Canada in a timely fashion, but also ensures their foreign credentials are recognized in an expedited manner to meet the skilled labour shortages facing many businesses, and
- A supply chain strategy that eliminates any and all bottlenecks at key ports of entry and avoids disruptions that lead to increased costs, such as the increased cost we experienced for shipping containers.
“The Burnaby Board of Trade is looking for a clear economic plan that can reduce the cost of doing business that is weighing down lasting growth and can counter any future recession quickly,” says Holden. “And while there are many potential courses the federal government can chart to navigate the strong economic headwinds; the Burnaby Board of Trade and its members are advocating for a competitive tax structure that supports business growth and a foreign credential recognition model that unlocks the full potential of many skilled workers that businesses need to grow.”
Burnaby Board of Trade president and CEO, Paul Holden, will be available to speak on what is expected from the federal budget and the potential impacts for businesses ahead of its release or on Budget Day.