Grading the 2016 federal budget

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Infrastructure

We encouraged the government to invest in infrastructure assets that are likely to provide lasting benefit and value to our economy. We are happy to see a focus in this budget on trade-enabling infrastructure like roads, ports, borders, technology and transport corridors that will help boost our growth.

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Competencies & Skills

Canada’s competitiveness will depend, in large measure, on its ability to find and foster workers with the skills businesses need to succeed. While we are pleased to see a commitment to developing a more robust set of labour market data in the budget, more could have been done to emphasize the importance of developing a national competencies framework.

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Trade

Canada’s future economic success lies beyond our own domestic market, and this budget reaffirms the government’s commitment to broadening Canada’s trade ties around the world. We are also pleased to see a focus on removing internal barriers to trade that act as a drag on our economic growth and productivity.

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Innovation

This budget recognizes the important role that innovation will play in securing Canada’s future prosperity, but the business community needs more than vaguely-worded promises of supporting incubators and developing a more efficient tax system to encourage innovation. The Calgary Chamber will look to be a supportive partner in the months ahead as the government crafts a more thorough Innovation agenda.

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Capital

Businesses looking to grow and compete need capital to fund their ambitions, and on this priority, the 2016-17 budget delivers in spades. The restoration of the Labour-Sponsored Venture Capital Corporations (LSVCC) tax credit is a welcome news for businesses looking to see an increase in the flow of venture capital.

Take a look at an annotated version of the Calgary Chamber’s pre-budget submission that includes excerpts from the 2016-17 budget related to our recommendations.