Budget holds back Canada’s potential
The Business Council of Canada believes the budget does not address important problems facing Canadians today and discourages economic growth. Our press release and views were featured in several media stories about the 2024 federal budget.
“With the tax-and-spend budget we’ve seen today, business investments and private investments will be more difficult to make in Canada because of higher taxes on capital.”
Robert Asselin, Senior Vice-President, Business Council of Canada
“Wealthy people always have a choice to invest here or somewhere.”
Robert Asselin, Senior Vice-President, Business Council of Canada
“Wealth redistribution is not wealth creation and the spending measures introduced today will saddle Canadians with debt without encouraging the strong and sustained economic growth they deserve.”
Goldy Hyder, President and Chief Executive Officer, Business Council of Canada
“Over time, it’s not clear they have enough revenues to carry all these new programs.”
Robert Asselin, Senior Vice-President, Business Council of Canada
“What (the government) is doing is discouraging business investment at a moment where we have a productivity crisis, where we need more business investments.”
Robert Asselin, Senior Vice-President, Business Council of Canada
“I would characterize this budget as a tax-and-spend budget. A level of spending that is incredibly high.”
Robert Asselin, Senior Vice-President, Business Council of Canada
“You’re putting more of a choke point to people investing money in the economy.”
Robert Asselin, Senior Vice-President, Business Council of Canada
« On dit aux investisseurs et aux gens qui ont de l’argent : “Votre capital est moins bienvenu qu’il l’était hier, on va le taxer davantage. C’est un choix qui se défend pour le gouvernement, sauf que l’on rivalise avec d’autres pays. »
Robert Asselin, Senior Vice-President, Business Council of Canada
“It is a desperate measure that will increase uncertainty in an economy that needs more investment.”
Robert Asselin, Senior Vice-President, Business Council of Canada
« Ce budget est pire que ce à quoi on s’attendait. Le gouvernement utilise une mesure bazooka sur le gain en capital pour financer des dépenses encore extraordinaires qui ne sont pas soutenables à long terme. C’est un budget qui va rendre l’investissement privé moins attrayant dans l’économie. On va exacerber le problème de productivité au Canada »,
Robert Asselin, Senior Vice-President, Business Council of Canada
“Increasing the cost of capital might appear to be good politics to some, but it is bad economic policy for all.”
Goldy Hyder, President and Chief Executive Officer, Business Council of Canada
«Le gouvernement est désespéré. Il tente de sauver sa peau et de s’en sortir en augmentant les taxes»
Robert Asselin, Senior Vice-President, Business Council of Canada
“Everything gets announced, nothing gets done. They’re just slow. There isn’t that sense of urgency and if you’re not urgent, capital moves and talent moves and I think we have evidence that that’s already happening. My worry is actions like yesterday might expedite it for others and we’re trying to stop that from happening. We want Canada to be successful and for Canada to prosper.”
Goldy Hyder, President and Chief Executive Officer, Business Council of Canada
“We need more growth, a bit less spending, and more controlled spending so we can preserve what we cherish as Canadians.”
Robert Asselin, Senior Vice-President, Business Council of Canada
“We’re seeing a lot of spending that’s duplicatory in many ways.”
Goldy Hyder, President and Chief Executive Officer, Business Council of Canada
