Priorities for the federal budget
Budgets are investments in priorities and the federal government is expected to release its updated priorities in coming weeks through the 2022 budget.
Chambers of commerce and boards of trade from across the country have worked alongside the Canadian Chamber of Commerce on recommendations for the upcoming federal budget.
The pre-budget submission includes a range of topics, from unlocking the potential of legal cannabis to tax reform. Here are some of the highlights:
In a time when our economy, public services, and population are going online and depending on digital like we’ve never seen before, the Canadian Chamber of Commerce reports that Canada spends about half as much per-capita as G7 peers like the UK and France when it comes to cyber security. Just as bridges and border crossings impact our supply chain and national security, so too does our digital infrastructure.
The CCC is calling on the Government of Canada to invest $1 billion in the cyber security of our infrastructure, supply chains and businesses. They would also like to see the government invest $300 million to accelerate the commercialization of cybersecurity products ands services and invest $200 million in building our cybersecurity workforce.
Industry and government need to work together on our path toward a sustainable net-zero future. The CCC is recommending the government:
• Accelerate the wide scale deployment of carbon capture, utilization and storage
• Support transitionary measures, like extracting biofuels from waste
• De-risk critical minerals supply chains, including investments in supporting infrastructure like small modular reactors and site-specific clean water solutions
• Champion a hydrogen ecosystem
Our innovation needs are wide-ranging and extend beyond the traditional tech sector. We’re looking for investment in a life-sciences strategy to improve the health of Canadians and prepare us for any future health crisis.
To be ahead of the curve on innovation, we need to invest in digital infrastructure. This means investing in broadband internet access for everyone and more access to 5G internet in rural and remote communities.
We also need to make sure our innovation is protected through updated data and privacy legislation.
Immigration has long played a critical role in our communities and our economy. The CCC is asking the government to decentralize the immigration selection process and support local solutions built by communities to address community workforce needs, streamline the temporary foreign worker program process, and facilitate integration of foreign-trained workers into the labour force to maximize
The CCC recommending the federal government provide debt relief for hard-hit small and medium-sized businesses. This includes extending repayment terms and forgiving interest for the Canada Emergency Business Account (CEBA), the Business Credit Availability Program (BCAP) and the Highly Affected Sectors Credit Availability Program (HASCAP).
They’re also asking the government to support domestic tourism through new tax incentives and rebates for travel and hospitality activities to encourage families to travel within Canada in 2022.
The full pre-budget submission is available at chamber.ca.
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