Federal budget misses mark on challenges businesses face: Newmarket chamber

Yorkregion.com
March 26, 2019
Teresa Latchford

The federal budget missed the mark on a number of local business concerns that will have a ripple effect in the community.

Newmarket Chamber of Commerce president and CEO Tracy Walter acknowledges there were a number of wins for individuals in the recent unveiling of the federal budget but she fears there were missed opportunities when it comes to supporting local businesses.

“There are not a lot of permanent solutions to the challenges local businesses face, for example taxation and regulatory burdens,” she said. “It makes it hard for businesses to thrive.”

While the general public may think local businesses have little impact on their daily lives, Walter said the entire community is connected. Newmarket businesses create jobs, drive the economy and put money back into the community through sponsorships or giving to charity.

The budget included funding to develop “regulatory road maps” but the definition is yet undefined and is a lacklustre solution to a made-by-government problem, according to Walter.

For example, there are many sources of funding to support businesses but the application process is complex and time consuming, leading too many to give up before completing the process.

The new Canadian Training Credit and EI Training Support Benefits to support the up-skilling and re-skilling needs more business consultation as it is unclear how absences will be supported at the workplace and offering $250 for training per year won’t go very far.

Little new information was offered about the national pharmacare plan, which brings concern for the 10 per cent of Canadians that are uninsured or underinsured.

The chamber also recommends making the Global Talent Stream program permanent and include a focus on bringing skilled immigrants to rural communities where they are most needed. It would also assist businesses when it comes to the attraction and retention of employees.

The Canadian Chamber of Commerce has provided a number of recommendations to help address these issues in the past.

The Newmarket Chamber intends to continue the discussions of challenges facing local businesses with federal candidates heading into the upcoming federal election focusing on reducing the overall taxation and regulatory burden.