Niagara, November 14, 2022 – Today, the Ontario Government released the 2022 Ontario Fall Economic Outlook and Fiscal Review.
Mishka Balsom, CEO of the Greater Niagara Chamber of Commerce, released the following statement:
“The Government of Ontario has signalled its willingness to invest in the businesses and the people of this province, and many of their programs are welcomed.
“The GNCC was pleased to see business-friendly measures highlighted, such as providing small businesses with $185 million in income tax relief over the next three years, matching property tax reductions for small businesses within all municipalities that adopt the small business property subclass, and $675 million in additional tax relief through changes to the small business corporate income tax for capital investment.
“Also welcome were investments to help Ontarians with the rising cost of living, including extending the gas tax and increasing the allowable earnings limit for Ontario Disability Support Program (ODSP).
“In addition, improving deficits over the next couple of years, despite an expected economic slowdown, is a positive signal, but one that we view with caution. Organizations are aware that government indebtedness is historically high in Ontario and therefore eliminating the deficit is critical to ensure the province’s long-term economic viability.
“As Niagara businesses seek to create an environment to support long-term growth, productivity, competitiveness and resilience, we are concerned that urgent vulnerabilities in our health care system were not addressed, and neither was a more robust way to deal with talent gaps in our workforce.
“Businesses are eager to work with the government on finding innovative ways to bolster immigration and the skills pipeline, as well as the removal of barriers and red tape to yield greater economic benefits for all.“
The Greater Niagara Chamber of Commerce is the voice of business in Niagara, the largest business organization in the region and the second-largest Chamber of Commerce in Ontario, with 1,500 members representing 50,000 employees. More information on the GNCC is available at gncc.ca.
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