Charlottetown, PE (April 7, 2022) – The Greater Charlottetown Area Chamber of Commerce welcomes Deputy Prime Minister Freeland’s 2022 federal budget, entitled A Plan to Grow Our Economy and Make Life More Affordable, and the investments made in businesses and Canadians.
“As our economy enters the recovery phase, it is encouraging to see the federal government introduce some measures to tackle overall affordability for businesses and Canadians alike,” said Robert Godfrey, Chamber CEO. “Tackling inflation and focusing on future economic growth must continue to be priorities for this government moving forward.”
The Chamber noted the removal of all COVID-19 business support programs and what that could mean for those in the hardest-hit sectors.
“Removing COVID-19 business support programs too quickly could cause damaging effects for businesses in the hardest-hit sectors such as tourism and hospitality,” said Godfrey. “While we understand that the federal government must make cuts, it is important to recognize that many of these hard-hit industries continue to face financial pressures resulting from the pandemic.”
Several other key investments supporting Canadians and economic recovery include:
- The gradual phase-out of the small business tax rate when taxable capital reaches $50 million instead of $15 million;
- Funding towards a trusted employer program for Temporary Foreign Workers that will address labour shortages;
- Various measures to support the net-zero transition, including the introduction of a tax credit for carbon capture, utilization and storage, incentives for Zero Emissions Vehicles, and investment tax credits for net-zero technologies;
- $1.5 billion over two years to expand the Rapid Housing Initiative and $4 billion over five years to launch a new Housing Accelerator Fund, creating more affordable housing;
- $15 billion to launch the Canada Growth Fund to attract substantial private sector investment and support supply chain development; and,
- Investments to help stabilize the PEI potato industry
To view the 2022-23 federal budget address and themes, click here.
To view the Chamber’s 2022 federal pre-budget submission, click here.
About The Chamber:
The Greater Charlottetown Area Chamber of Commerce connects business and community and is PEI’s largest business advocacy organization with more than 1,100 members. For more information on the Chamber visit www.charlottetownchamber.com.
Policy and Communications Manager
(902) 628-2000 x 224