Atlantic Chamber Calls for Action on Deficit Spending in Budget 2024

 

Windsor, NS (April 16, 2024) – The Atlantic Chamber of Commerce (ACC) remains concerned with high deficit spending in Canada. Government’s sustained deficit spending has led to a projected deficit of $41.1 billion this year and to debt servicing charges now eclipsing the total amount that Canada spends on health transfers each year. Interest charges in Canada will now cost Canadians $54 billion this year.

ACC is also concerned with the lack of measures in Budget 2024 to address the cost of doing business in Atlantic Canada, as well as new tax increases. Businesses and entrepreneurs will now be subject to higher capital gains tax, which acts as a disincentive to business growth. The digital services tax, Employment Insurance premiums, the carbon tax, and the alcohol tax are all expected to rise over the next 12 months, furthering the cost of doing business for many.

“Canada’s Budget 2024 missed the mark for businesses,” said Rhonda Tulk-Lane, CEO of the Atlantic Chamber of Commerce. “Our country needs to actively look at ways to reduce the cost of living and the cost of doing business. The Atlantic Chamber continues to call on Government to reduce deficit spending, launch a comprehensive review of our taxation system, and actively explore reducing regulatory burden for business.”

ACC welcomes news that Government is planning to release $2.5 billion owed to businesses in carbon tax rebates and that Governement is making a critical investment of $463.3 million to repair and maintain small craft harbours which will have a direct impact on many communities across Atlantic Canada.

The AVCC strongly believes that sound fiscal management is critical to the economic health of the country and implores government to create a pathway to balancing the budget and restrain spending measures. ACC remains a willing partner for Government and looks forward to working together to reduce the cost of doing business and create economic prosperity for generations to come.

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About the Atlantic Chamber – The Voice of Atlantic Canadian Business
The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses and their 300,000 employees through its network of 90 Chambers of Commerce in the four Atlantic Provinces. For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada.