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Kamloops Chamber Requests Budget Deficit Transparency
For Immediate Release: Thursday, June 25, 2020
Kamloops Chamber is requesting that the government provide transparency and forward guidance on the plan to address budget deficits as a result of COVID related tax support programs.
Canada will enter recovery with substantial new public and private debt. Federal and provincial/territorial governments used ample fiscal stimulus in an unprecedented health crisis, and further support may be necessary to avoid a prolonged economic downturn.
Personal and private sector debt is also going to expand as households struggle to make payments and firms borrow to preserve their operations. Canada will have to walk a fiscal tightrope between reducing debt and deficits and maintaining a competitive tax system that encourages business investment and economic growth.
As more and more economic stimulus aid and programming becomes available and existing criteria and deadlines are expanding, there is a growing concern over the government’s plan to address budget deficits.
There is a fine balance between providing support to help businesses keep the doors open and burdening them with future deficits which will need to be recouped through taxation.
We request that government provide transparency and forward guidance on the plan to address budget deficits as a result of COVID related tax support programs, so that our membership better understands the fiscal realities of these decisions and the government’s plan to repay them.
Board of Directors
Kamloops Chamber of Commerce