The Timmins Chamber is calling yesterday’s federal budget announcement good news.
They say there are a bunch of opportunities for local businesses, with $65M going into supporting businesses and post-secondary institutions. There is also a proposed reduction of the Small Business Tax, down from 11% to 9% in the next four years.
There is also going to be $86M to expand the forestry industry.
Chamber President Al Thorne says staffing concerns are on top of mind for many local companies, and the feds putting a priority on improving hiring and training support is appreciated.
Thorne says they are pleased to note the feds are putting a priority on improving hiring and training for small and medium businesses.
Budget highlights:
• $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% Mineral Exploration Tax Credit for flow-
through share investors.