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  • NL Pre-Budget Submission 2025

    NL Pre-Budget Submission 2025

    The Honourable Siobhan Coady
    Deputy Premier and Minister of Finance
    Department of Finance, Newfoundland and Labrador
     
    Re: Atlantic Chamber of Commerce Pre-Budget Submission 2025
     
    Deputy Premier Coady,
     
    The Atlantic Chamber of Commerce, representing 19 chambers of commerce and boards of trade and more than 3,000 businesses across Newfoundland and Labrador submits the below 4 items for consideration in the 2025-2026 Budget. We are willing to meet and explore further.
     
    1. Eliminate Regulatory Burden
    The Government of Newfoundland and Labrador took a step forward in addressing regulatory burden in Budget 2024 by announcing the Business Navigator program. Navigators are an important part in an overall burden reduction strategy that should be accompanied by burden
    reduction targets for government. Implementing targets will ensure government is accountable and pro-actively reducing burden across various sectors of our economy to ensure investment and growth in our province. Actively reducing regulatory burden is one of the most cost-effective
    ways for government to grow the economy and should continue to be a priority for the province. 
     
    RECOMMENDATION: That the Government of Newfoundland and Labrador continue the navigator positions in budget 2025.
     
    2. Create the Right Conditions for Labour Supply to Increase
    To drive sustainable economic growth, the government must create an environment where businesses can attract, develop, and retain top talent. A competitive business landscape depends on policies that support skills development, workforce participation, and a modern
    regulatory framework that empowers employers to build resilient, high-performing teams.
     
    RECOMMENDATIONS: That the Government of Newfoundland and Labrador explore implementing a refund of the provincial income tax paid on the first $50,000 of income earned by workers in eligible skilled trades. Other provinces use a similar program but implement an age restriction for eligibility. Newfoundland and Labrador should implement this program but expand eligibility to all ages of in-demand trade workers to increase the province’s competitiveness in
    attracting and recruiting skilled trade workers.
     
     
    That the Government of Newfoundland and Labrador eliminate the Health and Post Secondary Education Tax.
     
    3. Become More Fiscally Responsible
    The Government of Newfoundland and Labrador has run deficits in 10 out of the last 12 years and has more than doubled the provincial debt during that time to $17.8 billion. 2024/2025 was estimated to be the final year of deficits for the foreseeable future in the province. We applaud
    this commitment to fiscal responsibility and implore the province to maintain that commitment by continuing to prioritize balanced budgets, reducing unnecessary expenditures, and seeking innovative ways to increase revenue without burdening businesses.
     
    RECOMMENDATION: That the Government of Newfoundland and Labrador prioritize and aim for balanced budgets for the foreseeable future.
     
    4. Undergo a Comprehensive Tax Review
    The Government of Newfoundland and Labrador’s last review of its taxation system was in 2018. In 2025, regular reviews of the province’s taxation system will determine if the current tax structure aligns with fiscal responsibility and economic fairness. Simplifying the tax system could
    reduce compliance costs for businesses and individuals, making it easier for them to understand and fulfill their tax obligations. This could encourage more economic participation and investment from both local and external stakeholders by removing barriers to entry and
    operation within the province.
     
    RECOMMENDATION: That the Government of Newfoundland and Labrador launch an immediate tax review and legislate a review every five years going forward.

    The Atlantic Chamber of Commerce is willing to meet regarding the above request to further explore what each of the recommendations could look like once implemented.

    Sincerely,
    Atlantic Chamber of Commerce
     

  • Business Truth & Reconciliation Business Truth & Reconciliation

    The Atlantic Chamber of Commerce takes proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework.

     

    Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.

    Learn more click here