Burnaby Board of Trade Statement on Federal Budget
Burnaby, March 28, 2023 – Today’s Federal Budget addresses important challenges around affordability for Canadians while looking to invest in the ongoing transition to the clean economy of tomorrow, but a clearer economic plan is needed to drive sustainable growth as we continue to navigate economic headwinds still facing the Canadian economy.
“Burnaby businesses have faced unprecedented times these past few years, including a still active pandemic, thirty-year high inflation, and ongoing supply chain issues due to now almost yearly extreme weather events and a regional war in Europe,” says Burnaby Board of Trade president and CEO, Paul Holden, “Given this set of circumstances, it has never been more important for the federal government to focus on economic growth.”
The Burnaby Board of Trade applauds further investments in clean technology, clean electricity, manufacturing of batteries and other clean growth opportunities, but believe it was equally important for the federal government to establish a clear economic path forward against a backdrop of ongoing global uncertainty. The federal government has laid out an ambitious agenda in Budget 2023. It will be essential to work collaboratively with businesses to ensure measures announced are implemented in a manner that will support economic growth.
“A clear economic path forward that can counter the stubbornly high cost of doing business today is a clear miss in this year’s budget,” says Holden. “Our members are very supportive of investing in supply chain resiliency, skills and training and combatting the costly effects of climate change through innovation in clean growth technology, but we can’t lose sight that private sector-led growth fueled by a competitive, sustainable tax structure and further investments in foreign credential recognition to attract workers from around the world will unlock the full potential of businesses and work alike.”
Several items announced in the federal budget will be welcome measures for Burnaby businesses. They include:
- A refundable tax credit equal to 30 per cent of the cost of investments in new machinery and equipment used to manufacture or process key clean technologies.
- Investments in battery manufacturing facilities that generate important demand for Canadian critical minerals and can help attract additional processing activities to Canada.
- Provide $500 million over ten years to the Strategic Innovation Fund to support the development and application of clean technologies in Canada.
- An additional $625 million in Labour Market Transfer Agreements to ensure Canadians continue to have access to the supports they need to skill up and get their next job.
For more information, contact:
President & CEO
Burnaby Board of Trade