Now is not the time for tax increases: 250+ businesses and associations join together to urge the Finance Minister to halt planned tax hike amid pandemic.
November 4, 2020 – (OTTAWA) – Today the Canadian Chamber of Commerce is making public a letter sent to Deputy Prime Minister and Finance Minister Chrystia Freeland on October 30.
The letter, from Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce, is co-signed by 261 other businesses and associations. The letter urges the federal government to freeze its planned Excise Tax increase on beverage alcohol, currently scheduled for April 1.
The excise tax on beverage alcohol increases automatically each year as a result of measures included in the 2017 budget. The Canadian Chamber of Commerce, along with many other business associations, have expressed concern over the automatic nature of the tax increases since that time.
“The situation in which we now find ourselves, with an automatic tax hike set to come into effect mid-pandemic, demonstrates why this tax increase is so damaging,” commented Beatty on the release of the letter. “So many businesses in the food service industry find themselves in a crisis in ways that could not have been imagined in 2017.
“As the Prime Minister recently commented, now is clearly not the time to increase taxes on Canadians. This is doubly true for an Excise Tax rise that targets one of the hardest-hit industries in the middle of a global pandemic,” continued Beatty. “We have written this letter in the hope that reason and a spirit of collaboration will prevail, and the government will freeze this planned tax increase.”
Chambers of Commerce and Boards of Trade Support Canada United to Help Local Businesses and Accelerate Business Recovery
(TORONTO – October 20, 2020) – Small businesses are at the heart of Canadian communities. They are critical in helping Canada turn the corner on COVID-19 and their success is essential to Canada’s economic strength. Created and launched by RBC, Canada United is a national movement to support local businesses in communities across the country. Today, during Small Business Week, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced an investment of $12 million to support the Canada United Small Business Relief Fund.
Funding available through your local CFDC
In order to provide targeted assistance to the small towns and communities they serve, CFDCs will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000.