Last evening the Trudeau government brought down its 4th budget. There was something for everyone in this budget, except business. This budget missed the chance to fix fundamental flaws in our economy and enable business growth.
We all want a Canada that is more prosperous for more Canadians, but the road to prosperity starts with helping this country’s business owners create more opportunities for more Canadians. They are the ones that drive the economy, that start and grow businesses that hire people and build projects. This budget did little to help them build that road.
The Budget failed to provide any meaningful solutions to the greatest concerns of business owners, including:
In addition, this budget continued to add to our debt. The federal department of Finance projects that, on current plans, the federal government won’t balance its budget until at least 2040, when the federal debt will approach nearly $1 trillion.
According to a Fraser Instititue study "the Trudeau government has voluntarily increased spending to a level not seen outside of recession or large-scale military conflict. The risks to current and future federal finances are significant and the benefits to Canadians are not readily apparent."
The core issues facing our economy that are driving away investment and suffocating our ability to attract top talent are broken taxation and regulatory systems. Without addressing the underlying, structural problems in our economy, we will not see the growth needed to create greater prosperity for all.
We will be seeking further clarification on some Budget proposals and policy interests that have the potential to impact businesses including Pharmacare and the new Canadian Training credit.
For further budget analysis check out this synopsis from Deloitte