The Honourable Jill Burridge
Minister of Finance
Government of Prince Edward Island
95 Rochford Street
Charlottetown, PEI, C1A 3T5
(via email)
Jsburridgeminister@gov.pe.ca
DeptFinance@gov.pe.ca
Re: Prince Edward Island Pre-Budget Consultation
Dear Minister Burridge,
The Atlantic Chamber of Commerce, in support of the six chambers of commerce and more than 1,700 member businesses in Prince Edward Island, is pleased to submit the following recommendations for your consideration and inclusion in the 2024-25 provincial budget. Acknowledging PEI has experienced several years of exceptional economic outcomes, these business-oriented perspectives are intended to help weather the challenges of inflation and improve the environment for job creation and economic growth.
Improve Access to Qualified Workers
Labour market shortages have been a consistent challenge for employers across all levels of skills and education. Most recently the scarcity of skilled construction workers has been highlighted across our region as all jurisdictions try to increase the supply of available housing. The Government of PEI should make sure Islanders have easy access to upskilling opportunities by working directly with the private sector to achieve targets for employment, and economic growth by focusing on community-led solutions.
Accelerate and Index Increases to the Basic Personal Exemption
Government has acknowledged the issue of tax bracket creep with recent increases and a commitment to increasing to $15,000. In recognition of the extended inflationary conditions that are reducing the value of personal wages, we request that your government accelerate implementing a $15,000 basic tax exemption within two years, and thereafter index annual increases to the Consumer Price Index.
Continue Efforts to Attract and Retain Immigrants
PEI has proven the value of and its ability to grow the population through immigration. The next budget needs to allocate adequate resources to ensure newcomers have access to employment and housing, and all the supplementary supports (e.g., language training, mentoring, integration into local communities. We urge your government to continue and expand funding to immigrant support services like PEI Connectors.
Focus on Creating a Competitive Regulatory Environment
One of the most cost-effective measures to help businesses reduce costs and increase productivity is to reduce the regulatory and reporting burden, particularly on small businesses. Every new measure or regulation should be required to complete a Business Impact Assessment to avoid unnecessary increases in the individual and collective compliance burden. Excessive red tape is directly responsible for businesses being required to allocate resources to non-productive applications.
We are pleased to submit these observations to you today as you undertake allocating taxpayer’s resources to chart a course to prosperity for Islanders and businesses. The annual budget process provides an opportunity for Government to reaffirm the role of the private sector by pursuing investments and policies that facilitate growth and innovation as key determinants of quality of life. The Atlantic Chamber remains a willing partner for Government as Prince Edward Island continues on the path to prosperity.
Sincerely,
Atlantic Chamber of Commerce
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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.
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