Calgary Chamber encourages investment in diversification & small business given surplus

This statement is attributable to Deborah Yedlin, President & CEO of the Calgary Chamber of Commerce.

“We are encouraged by the higher personal income tax revenue and commodity prices that are leading to a projected surplus of $4.6 billion for the Government of Alberta, indicating a strong economy underpinned by the success of both individuals and companies. At the same time, with an ongoing reliance on commodity prices, we are concerned that the long-term fiscal stability could be at risk, should the drop in oil prices be sustained and the weakness in natural gas prices persist. This volatility illustrates Alberta’s exposure to global markets and underscores the fact that we remain price takers in the energy markets. While we recognize and appreciate the ongoing importance of energy in Alberta’s economy, this fiscal vulnerability reinforces the importance of a broadly diversified economy that is not subject to geopolitical shifts.

“Small businesses are a key part of diversification, as they contribute to economic resiliency because of their diversified nature. Earlier this year, the Calgary Chamber of Commerce released our report, Go Big on Small Business, calling on the province to eliminate the small business tax to curb rising costs to small business, allowing them to reinvest in their businesses and communities. This measure is estimated to cost approximately $308 million, only 6.7 per cent of the total surplus, but would provide savings of up to $10,000 for over 153,000 businesses across every corner of the province. This would allow businesses to grow and compete, despite ongoing headwinds related to rising labour costs and supply chain disruptions.”

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About the Calgary Chamber of Commerce

The Calgary Chamber of Commerce exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.

Media opportunities

For media inquiries, please contact

Brittany Brander, Manager, Public Relations & Communications
media@calgarychamber.com