Ontario Chamber Reacts to 2023 Federal Budget

(Toronto – March 28, 2023) – Today, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC), responded to Canada’s 2023 budget, A Made-In-Canada Plan:

“We welcome commitments made in Budget 2023 to unlock the potential of the green economy, advance economic reconciliation, mitigate supply chain challenges, and bolster health care resilience – all of which are fundamental to a strong economy,” said Rocco Rossi, President and CEO, Ontario Chamber of Commerce.

Several measures announced in the federal budget are welcome news for Ontario’s business community. These include:

• Incentivizing investments in the green economy, with new refundable tax credits for clean electricity, carbon capture, and equipment to manufacture and process clean technologies and critical minerals; an expansion of the reduced corporate income tax rates for zero-emission technologies; and funding through the Canada Infrastructure Bank for major clean infrastructure projects.
• Advancing economic reconciliation by developing an Economic Reconciliation Framework, supporting Indigenous equity ownership of infrastructure projects, co-developing a First Nations-led National Land Registry to help realize economic benefits of First Nations lands, and implementing a co-developed Urban, Rural, and Northern Indigenous Housing Strategy.
• Mitigating supply chain challenges by introducing measures to support a National Supply Chain Strategy and developing transportation supply chain data that will help reduce congestion, improve efficiency, and inform future infrastructure planning.
• Supporting a resilient health care system through the New Canadian Dental Care Plan, funding for a renewed Canadian Drugs and Substances Strategy to help address the opioid overdose crisis, and an ongoing focus on data collection.

The OCC looks forward to continuing to work with the Government of Canada on other areas of importance to its members, such as:

• Addressing urgent labour market needs by expediting immigration processes and implementing a strategy to attract and retain newcomers in Northern, remote and rural communities.
• Reforming Employment Insurance to reflect the needs of today’s workforce by ensuring the governance, programs, policies, and operations are viable and sustainable, responsive and adaptable, non-partisan, inclusive, and relevant for current and future generations of Canadian employers and employees.
• Modernizing the federal tax system through a comprehensive review, rooted in principles of competitiveness, simplicity, fairness and neutrality.
• Committing to regulatory reforms to support growth and productivity across a variety of industries, including cannabis, hospitality, and tourism.
• Accelerating investments in digital and broadband infrastructure by fast-tracking funding commitments, incentivizing private sector investment and innovation, and coordinating with stakeholders.

“We look forward to working with the Government of Canada to prioritize growth-enabling investments, advance productivity, and rebuild business confidence in Ontario,” added Rossi.

READ THE OCC’S FEDERAL BUDGET SUBMISSION HERE.

About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, not-for-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC’s mission is to convene, align and advance the interests of its members through principled policy work, value-added business services and broad engagement to drive competitiveness and economic growth in the province.

For more information, please contact:
Andrea Carmona
Manager, Public Affairs,
Ontario Chamber of Commerce
andreacarmona@occ.ca | Mobile: (647) 234-0255