Canadian businesses calling for tax reform, less red tape in federal budget

OTTAWA - Canadian businesses have shared their demands with Ottawa prior to the release of Thursday's federal budget. The priority areas include tax reform, reduced regulations, and specific actions to convert the government's broad economic goals into investments, productivity, and job creation. Seven main themes emerged from business submissions and interviews with key stakeholders: tax changes to boost competitiveness, less red tape and quicker regulatory approvals, tax policies more competitive with the United States, modifying the global minimum tax and interest deduction rules, promoting Canadian energy exports, tariff relief and trade stability, and access to skilled labour.

Canadian businesses are requesting a reduction in the small-business tax rate from nine per cent to six per cent and an increase in the small-business income threshold from $500,000 to $700,000. They also want a competitive tax environment to encourage investment and job creation. Faster, more predictable regulatory approvals and measures to help businesses diversify into new markets are also sought.