In August, The Canadian Chamber of Commerce responded to the House of Commons Standing Committee on Finance’s invitation to participate in its pre-budget consultation process by submitting our priorities for the 2015 federal budget.
If you have any questions or if you would like more information, please contact Hendrik Brakel, Senior Director, Economic, Financial and Tax Policy, at [email protected].
Executive Summary
Based on extensive advice from members, the Canadian Chamber of Commerce has nine key recommendations for the 2015 federal budget that will support prosperity, competitiveness and innovation and that align with the government’s priority themes:
Increasing the competitiveness of Canadian businesses through research, development, innovation and commercialization:
1. Create an “innovation box” regime that would reduce the normal corporate tax rate for income derived from patented inventions developed in Canada. Maximizing the number and types of jobs for Canadians.
2. Improve the mobility and employment of skilled trades workers across Canada by changing tax policy to address the relocation costs of skilled trades workers.
3. Increase apprenticeship completions by creating a financial incentive for those employers who retain apprentices in their third or fourth year of training.
4. Invest in labour market information to close the skills gap.
5. Assess the impact of recent changes to the Temporary Foreign Worker Program.
6. Establish a Development Finance Institution (DFI) to promote private sector trade and investment in developing countries. Ensuring prosperous and secure communities, including through support for infrastructure.
7. Develop a long-term, transparent and predictable infrastructure strategy. Improving Canada’s taxation and regulatory regimes.
8. Conduct a comprehensive review to create a streamlined, broad-based tax system with lower rates and fewer tax credits for individuals and corporations.
9. Push for a comprehensive internal trade agreement that is even more ambitious than our major trade agreements.