What is a Pre-Budget Submission?
Did you ever wonder how the government plans its spending?
Think of the federal budget as a financial map outlining a government’s priorities from healthcare to education to infrastructure. But before it’s finalized, there’s a consultation period when stakeholders representing every sector of the economy share their insights and recommendations.
These insights are shared through Pre-Budget Submissions to the government’s Standing Committee on Finance, which allow stakeholders to share their sector-specific expertise and recommendations.
Each year, the Canadian Chamber makes a submission which is followed by a letter to the Minister of Finance. These recommendations are shared with members of the Canadian Chamber Network for use in their advocacy work.
Why Our Input Matters
Governments need to hear from stakeholders who have real-world experience in the day-to-day functioning of the economy.
Associations like the Canadian Chamber of Commerce offer an essential perspective. Our recommendations carry the weight of 200,000 members’ views on matters of common economic concern. When we submit recommendations during the consultation period, it’s our first chance to help to ensure that the federal budget aligns with the needs of Canadian businesses by encouraging growth, job creation, and sound investments.
Spotlight on the Issues
If we don’t take decisive steps to bolster our economic growth, our standard of living and essential services for Canadians will hang in the balance.
We encourage the government to address several long-standing challenges. Overcomplex regulations hold back growth and prevent businesses from reaching their full potential. Interprovincial trade barriers create a maze that hinders the free flow of goods and services across the nation. And a cumbersome tax code causes nothing but confusion and headache for business owners.
But that’s not all. Supply chain disruptions are like unexpected plot twists in this economic narrative. The recent labour disruptions at Canada’s West Coast ports created widespread uncertainty, inflicting harm on our economy and denting our reputation on the global stage. The plot thickens further with the Digital Services Tax, a complex legal provision that risks triggering a double tax on revenue and invites the threat of trade retaliation.
The Canadian Chamber of Commerce recognizes these challenges. Through our Pre-Budget Submission, we look to turn the page towards economic rejuvenation, simplified regulations, smoother inter-provincial and international trade, and strategies to address supply chain disruptions.
Solutions that Count
So, what are we proposing in our submission?
The Canadian Chamber of Commerce’s Pre-Budget Submission isn’t just a document; it’s a blueprint for progress.
The path towards a stronger, more resilient Canadian economic landscape begins with these recommendations. As policymakers pore over the details, we hope to see these insights incorporated into the budget’s very foundation.