Atlantic Chamber of Commerce calls on feds to take action on high deficit spending

The Atlantic Chamber of Commerce wants action on Ottawa’s deficit spending in the 2024 budget.

According to the business organization, with the fed’s projected $41.1 billion deficit and ballooning debt servicing charges, interest charges will cost Canadians $54 billion this year.

The ACC says it’s also concerned with the lack of budget measures to address the cost of doing business in Atlantic Canada plus new tax increases.

The digital service tax, employment insurance premiums, carbon tax, and alcohol tax are all expected to rise over the next 12 months.

Chamber CEO, Rhonda Tulk-Lane says, “Budget 2024 missed the mark for businesses. Our country needs to actively look at ways to reduce the cost of living and the cost of doing business.”

The ACC is calling on Ottawa to reduce deficit spending, review taxation, and explore reducing regulatory burden for business.

Meanwhile, the organization says it welcomes the news that the government plans to release $2.5 billion owed to businesses in carbon tax rebates and invest more than $460 million to repair and maintain small craft harbours, which it says will have a direct impact on many communities across Atlantic Canada.