Our response to the 2023 Federal Budget Submission
Mar 28, 2023
We welcome commitments made in Budget 2023 to unlock the potential of the green economy, advance economic reconciliation, mitigate supply chain challenges, and bolster health care resilience – all of which are fundamental to a strong economy.
Several measures announced in the federal budget are welcome news for Ontario’s business community. These include:
- Incentivizing investments in the green economy, with new refundable tax credits for clean electricity, carbon capture, and equipment to manufacture and process clean technologies and critical minerals; an expansion of the reduced corporate income tax rates for zero-emission technologies; and funding through the Canada Infrastructure Bank for major clean infrastructure projects.
- Advancing economic reconciliation by developing an Economic Reconciliation Framework, supporting Indigenous equity ownership of infrastructure projects, co-developing a First Nations-led National Land Registry to help realize economic benefits of First Nations lands, and implementing a co-developed Urban, Rural, and Northern Indigenous Housing Strategy.
- Mitigating supply chain challenges by introducing measures to support a National Supply Chain Strategy and developing transportation supply chain data that will help reduce congestion, improve efficiency, and inform future infrastructure planning.
- Supporting a resilient health care system through the New Canadian Dental Care Plan, funding for a renewed Canadian Drugs and Substances Strategy to help address the opioid overdose crisis, and an ongoing focus on data collection.
The OCC and GCC looks forward to continuing to work with the Government of Canada on other areas of importance to its members, such as:
- Addressing urgent labour market needs by expediting immigration processes and implementing a strategy to attract and retain newcomers in Northern, remote and rural communities.
- Reforming Employment Insurance to reflect the needs of today’s workforce by ensuring the governance, programs, policies, and operations are viable and sustainable, responsive and adaptable, non-partisan, inclusive, and relevant for current and future generations of Canadian employers and employees.
- Modernizing the federal tax system through a comprehensive review, rooted in principles of competitiveness, simplicity, fairness and neutrality.
- Committing to regulatory reforms to support growth and productivity across a variety of industries, including cannabis, hospitality, and tourism.
- Accelerating investments in digital and broadband infrastructure by fast-tracking funding commitments, incentivizing private sector investment and innovation, and coordinating with stakeholders.
We look forward to working with the Government of Canada to prioritize growth-enabling investments, advance productivity, and rebuild business confidence in Ontario.
Click here to view the Federal Budget Submission.