Atlantic Chamber Expresses Support for PEI 2021 Budget

Atlantic Chamber Expresses Support for PEI 2021 Budget
2021-22 Provincial Budget Recognizes Implications for Recovery
 
Windsor, NS (March 12, 2021) – Recognizing the positive efforts and burden of protecting Islanders and businesses from the effects of COVID-19, the Atlantic Chamber of Commerce (ACC) is expressing support for the 2021 - 2022 Prince Edward Island budget tabled on March 12, 2021.

The ACC and its member chambers are strongly encouraged by the positive proposals to raise the basic personal amount, support the tourism sector through non-repayable grants, and reduce the small business tax rate to per cent (1%). Our members believe the reduction in tax burden will lead to an increase in private investment, personal taxes from new job creation, and a more robust economy.

“Today’s budget reflects the plan of the Government of Prince Edward Island to address the impacts of COVID-19 and position PEI to begin economic recovery from the pandemic” said Sheri Somerville, CEO, Atlantic Chamber of Commerce. “Our members are encouraged by a reduction in the small business tax rate to 1 per cent, positioning Prince Edward Island at the lowest rate in Atlantic Canada. The ACC is also pleased to see the addition of non-repayable grants for tourism businesses to bolster activity for the 2021 tourism season.”

This year’s budget contains concerning news about continued deficit spending, but the Atlantic Chamber supports the measures put in place to help businesses succeed as our economy begins recover from the COVID-19 pandemic. The Atlantic Chamber is also encouraged by Government raising the basic personal amount to $11,250 and the low-income reduction threshold to $20,000. The commitment to provide $625,000 to reduce childcare rates to $25 per day as of January 2022 will also provide greater opportunities for families to participate in the workforce and make for an overall better labour market.

Prince Edward Island Chambers of Commerce recognize the challenges faced by the current government and remain willing to be a partner in the next steps ahead. The budget today signals to businesses that Prince Edward Island values a competitive private sector and aims to strengthen it with the announcements made. The business community is committed to continue to create the jobs and income that will pay for investments in Islanders and the province’s economy.

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About the Atlantic Chamber – The Voice of Atlantic Canadian Business
The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses through its network of 94 Chambers of Commerce and Boards of Trade and 27 corporate partners in the four Atlantic Provinces.

For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada. ACC does this through strategic advocacy that shapes policy issues that impact business, the delivery of high-value programs and services to support business, and the facilitation and promotion of initiatives for business that contribute to sustainable economic growth in the region.