THE CANADIAN CHAMBER OF COMMERCE

THE CANADIAN CHAMBER OF COMMERCE

February 26, 2008 18:50 ET

The Canadian Chamber of Commerce : Budget Does Not Go Far Enough on Tax Relief

OTTAWA, ONTARIO--(Marketwire - Feb. 26, 2008) - While today's federal budget focused on a number of the right elements, more could have been done to continue to address Canada's heavy tax burden. "The Canadian Chamber of Commerce is pleased that the budget addresses a number of our recommendations in critical areas such as infrastructure, immigration, creation of an Employment Insurance Financing Board, and education and training. Furthermore, the budget puts in place a number of measures in response to recommendations made in the just released Chamber led coalition paper on reducing border costs. By contrast, the government's extension of the accelerated capital cost allowance for manufacturers and processors came up short of Chamber members' expectations" said Perrin Beatty, President and CEO of the Canadian Chamber of Commerce.

"The current and foreseeable Canadian and global economic climate dictates prudence and responsibility. The Canadian Chamber of Commerce supports the government's commitment to reallocate program spending to higher priority areas and to invest in productivity enhancing measures" added Perrin Beatty.

"Combined with last fall's Economic Statement, which addressed personal and corporate income taxes, as advocated by the Canadian Chamber of Commerce, the creation of a Tax-free Savings Account will encourage savings, a measure which the Chamber has sought for many years," concluded Mr. Beatty.

While recognizing the necessity for fiscal prudence in times of economic uncertainty, the Canadian Chamber of Commerce agrees with previous statements from the Finance Minister that Canadians still pay too much tax. Addressing this must remain high on the list of Government priorities as it is crucial to improving the quality of life of every Canadian.

Go to www.chamber.ca to view the Canadian Chamber's budget analysis.

Contact Information

  • Canadian Chamber of Commerce
    Katie Anderson
    Cell : 613-797-1860