Calgary Chamber urges focus on affordability, competitiveness & talent in upcoming federal budget

Calgary, March 27, 2023 – Businesses continue to face significant barriers related to rising costs and inflation, economic competitiveness and diversification and the labour shortage. As the federal government releases its budget tomorrow, the Calgary Chamber urges the government to prioritize solutions to the most pressing challenges facing our economy to ensure a prosperous economic future for Canadian businesses and the people who drive them.

"Despite some positive indicators, our economic recovery remains uneven, with several factors preventing strong and sustainable economic growth," says Deborah Yedlin, President and CEO at the Calgary Chamber of Commerce. "The federal government has an important role to play in establishing the conditions required for businesses to be successful, regardless of size or location. Government needs to remain focused on immigration to address the persistent labour shortage and skills mismatch, as well as introduce incentives aimed at boosting technology adoption, accelerating innovation and increasing Canada's economic productivity."

Recommendations

Affordability for Canadian business

Inflation and rising costs continue to directly impact businesses. To alleviate the burden of inflation on business, the government should not introduce or increase any fees or taxes. The government must also pay down debt and reduce spending to mitigate ongoing increases to inflation. The Inflation Reduction Act (IRA), has proven to be successful to attract investmentin both Europe and the United States. We must accelerate Canada’s regulatory timelines to reduce the transactional friction for businesses, as a means to compete. Trade barriers continue to impede business success, a focus on increasing domestic trade volumes and reducing barriers to internal trade is needed.

Investment attraction

The federal government must position Canada as the most competitive jurisdiction globally, demonstrating clear and consistent regulatory frameworks to potential investors. More specifically, the Chamber calls on the federal government to establish the Canada Innovation Corporation (CIC) in Calgary, having a proven track record in entrepreneurship and a strong foundation for innovative companies to thrive. To ensure Canada’s economy is competitive, creating tax credits for Carbon Capture Utilization and Storage, and support for critical minerals and nuclear technologies is critical. The government must also prioritize Indigenous economic reconciliation to ensure all Indigenous businesses have the supports needed to invest in their communities and grow their local economies.

Talent and labour

A lack of available talent and competition for workers continues to dampen business success across sectors. To remain competitive, the federal government must collaborate with Alberta-based businesses to understand the needs and challenges with current immigration programs. Further, investments must be made to attract and retain talent including young people and newcomers.

This budget, the Chamber encourages the federal government to work with Calgary’s business community to address the most pressing issues and develop solutions, together. View our federal pre-budget submission: https://www.calgarychamber.com/release-calgary-chamber-2023-federal-pre-budget-submission.

ABOUT THE CALGARY CHAMBER OF COMMERCE

The Calgary Chamber exists to help businesses thrive. 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, we build on our 131-year history to serve and advocate for businesses of all sizes, in all sectors, and across the city.

Media opportunities

For media inquiries, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.