Budget 2021 supports businesses, job creation and a green economic recovery
Calgary, April 19, 2021 – The 2021 Federal Budget, tabled today by Finance Minister Chrystia Freeland, outlines a historic plan to provide ongoing direct support to businesses and invest in our economy as the COVID-19 pandemic continues. Bold action is required to protect businesses, create jobs and support economic recovery in all regions. However, Budget 2021 drives the federal debt and deficit to record levels, and will require a long-term plan to ensure financial sustainability and certainty for businesses in the years to come.
“The ongoing support for businesses included in today’s budget will be critical as they continue to face the challenges of the pandemic,” says Murray Sigler, interim CEO of the Calgary Chamber of Commerce. “Budget 2021 provides critical investments aimed at getting our economy back on track and people back to work, including record investments in child care and support for job creation.”
We are encouraged to see significant progress in several areas where we have urged action that fosters growth and optimism for Canadian businesses, including:
Direct support for businesses through the extension of the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) until September 2021.
Supporting job creation through the Canada Recovery Hiring Program, a new hiring incentive that invests $595 million to enable businesses to create meaningful employment.
A historic $30 billion investment in child care, which will help grow our economy, get people back to work, and support an inclusive recovery.
Investments in the Strategic Innovation Fund, as well as carbon capture and storage, will allow Canada to tackle climate change and scale up innovations that will be critical in helping reduce emissions.
As we emerge and recover from the pandemic, the federal government must shift its attention from crisis mode to long-term sustainability through actions including:
Ensure recovery programs for businesses are flexible and accessible, providing supports for the hardest-hit regions and industries, and provides certainty for all sectors.
A plan to return to balance in the long-term will help ensure we are not taking on unsustainable debt or creating a tax burden for Canadians and businesses in the future.
Ensuring the continued use of fiscal anchors, such as debt-to-GDP ratio to provide a transparent view of Canada’s current economic position and ability to take on debt without hampering our economic growth potential.
Consultation with industry on greenhouse gas emissions reduction policies, to ensure the path forward supports the long-term viability and strength of our businesses and effectively mitigates climate change.
Calgary’s business community remains committed to working with all levels of government to ensure we emerge and recover from the COVID-19 pandemic, and harness an inclusive, innovative and sustainable economic future.
About the Calgary Chamber
The Calgary Chamber is an independent, non-profit, non-partisan business organization. For 130 years, the Chamber has worked to build a business community that nourishes, powers, and inspires the world.