At a time when Canadians are feeling anxious about their own and their families’ standard of living and quality of life, the Business Council of Canada is proposing a plan to promote and sustain long term economic growth that can secure a better future for all Canadians.
“The federal party that next wins a majority will have done so because it shows that it understands the scale of the challenges facing Canada’s economy and has a plan to overcome those challenges,” said Goldy Hyder, President and Chief Executive Officer of the Business Council, in his speech to the Canadian Club of Ottawa where he unveiled “A Better Future for Canadians: report and recommendations of the Task Force on Canada’s Economic Future.”
The document is the culmination of nine months of policy development and consultation across the country with diverse stakeholders, including Indigenous groups, environmental organizations, boards of trade, local chambers of commerce, social service agencies, universities, think tanks, and other stakeholder organizations.
It offers six specific, practical and achievable recommendations that Canada’s new government can implement to accelerate the pace of economic growth: 1) Regulatory modernization; 2) prioritizing nationally significant infrastructure; 3) modernizing and simplifying the tax system; 4) a foreign policy for a changing world order; 5) a labour force to meet Canada’s needs; 6) a national resource and climate strategy.
As employers of more than 1.7 million Canadians, the members of the Business Council recognize their own duty to helping Canadians. As such, we are committing to take further action to expand opportunities for all citizens. “The job of building the economy we need to ensure a better future for Canadians is not just the responsibility of government. Business has to step up, too,” said Mr. Hyder in his address.
The six areas where Business Council members are prepared to expand opportunities for Canadians include:
Quotes from the Task Force co-chairs:
“The core issue in Canada is a lack of urgency. It’s not just on government. A lot of this stuff is on business, too.”
– Nicole Verkindt, Founder and Chief Executive Officer, OMX
“Canada has loads of untapped potential, yet large areas of our economy are struggling because of delays and regulatory uncertainties. We need to make sure that public debate and regulatory decisions take into account the interest of all regions of the country.”
– Louis Vachon, President and Chief Executive Officer, National Bank of Canada
“When you look at what’s happening around the world, the theme of change is powerful and we should ask ourselves: Is there more we should be doing to ensure Canada is the preferred place to do business? Because investment brings jobs, it pays for the social services that we are rightfully proud of, and it improves quality of life for all of us.”
– Chuck Magro, President and Chief Executive Officer, Nutrien Ltd.
About the Business Council of Canada:
Founded in 1976, the Business Council of Canada is a not-for-profit, non-partisan organization representing business leaders in every region and sector of the country. The Council’s member companies employ 1.7 million Canadians, contribute the largest share of federal corporate taxes, and are responsible for most of Canada’s exports, corporate philanthropy, and private-sector investments in research and development. Through supply chain partnerships, service contracts and mentoring programs, Business Council members support many hundreds of thousands of small businesses and entrepreneurs in communities of all sizes, in every part of Canada. Please connect with us on LinkedIn or Twitter and subscribe to our recently launched podcast, Speaking of Business.