NEWS RELEASE
TIMMINS CHAMBER OF COMMERCE
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With proposed investments in workforce training, infrastructure, and reduction of small business taxes, the 2015 federal budget holds promise for local businesses, according to the Timmins Chamber of Commerce.
The federal budget, as tabled on April 21 by Finance Minister Joe Oliver, offers several opportunities for Timmins businesses, including:
- $65 million to support businesses and post-secondary institutions with curriculum development;
- $4 million to create a one stop portal for labour market information;
- Reduction of the Small Business Tax from 11% to 9% by 2019;
- $5.8 billion in additional infrastructure spending;
- A two-year, $86-million investment in assisting innovation and export market development in forestry operations; and
- Another one-year extension of the 15-per-cent Mineral Exploration Tax Credit for flow-through share investors.
“By and large, the 2015 federal budget is a good one for small business, with several measures that stand to make a difference for all Timmins businesses,” said Timmins Chamber President Al Thorne.
“In particular, we’re pleased to note that the federal government continues to place a considerable priority on improving hiring and training support for small and medium-sized enterprises. Staffing concerns continue to be top of mind for many Timmins businesses, and initiatives to assist with the issue are certainly appreciated.”
This support includes $65 million to allow businesses to work with post-secondary institutions to develop new curriculum to meet the needs of business even better.
Also of benefit to the region is another one-year extension of the 15 percent Mineral Exploration Tax Credit.
Timmins in particular stands to benefit, said Thorne, as junior mineral exploration firms can continue to see incentives for investing in the region.
In support of another crucial resource sector, the federal government has also pledged an additional $86 million to assist with innovation and market expansion for forestry companies.
This generally positive point of view was also shared by the Canadian Chamber of Commerce, which saw much to like in the 2015 federal budget
“Access to global markets starts at home, “explained Perrin Beatty, Canadian Chamber of Commerce President & CEO, It’s no use having the greatest resources in the world if we can’t get them to market. Export infrastructure is critical. And basic public infrastructure- roads, water systems, transit- are also strongly linked to improved productivity across the economy.”
“We also appreciate the fact that the government took the needs of small business into account in this budget, “continued Mr. Beatty.
Specifically, the organization applauded the federal government’s plan to improve access to reliable labour market information which will allow students, businesses and government to focus their energies and resources on the right training programs and incentives.
This move forward is outlined in the Timmins Chamber policy presented to the Canadian Chamber last year entitled: Invest in Labour Market Information to Close the Skills Gap.
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