ADVOCACY IN ACTION

LOCAL & REGIONAL

2024: ONE OF THE MOST IMPORTANT YEARS IN MISSISSAUGA’S 50-YEAR HISTORY

Local Government

On June 10, the people of Mississauga elected Carolyn Parrish as our new mayor. MBOT congratulates Mayor Parrish, on her victory. We look forward to working with her in the years to come as we position Mississauga for future success.

Over the last 50 years, Mississauga has achieved many successes, including becoming one of Canada’s top economic and job centres. Additionally, Mississauga is the largest local economy in Ontario after Toronto. We would not be here were it not for the many Mississauga-based industries and the leadership at City Hall that make Mississauga’s economy so prosperous and successful.

This year – 2024 – is the 50th anniversary of the City of Mississauga. It is in this context that MBOT hopes to encourage debate about where our local economy goes over the next 50 years.

PROVINCIAL

INCREASED VOICE FOR MISSISSAUGA IN FORD CABINET

On June 6, Premier Ford shuffled his cabinet amid discussion about a possible early provincial election. As a result of the changes, Mississauga sees increased representation in the cabinet. In addition to Hon. Nina Tangri, the long-standing Associate Minister of Small Business, Natalia Kusendova-Bashta will also be a voice for Mississauga in the cabinet. Minister Kusendova-Bashta, MPP for Mississauga Centre, is now Minister of Long-Term Care. MBOT looks forward to discussing issues of importance to both the Mississauga business community and the long-term care sector with the new minister.

RED TAPE REDUCTION

The Ford Government is conducting ongoing consultations with Ontario’s business community regarding red tape reduction. Specific requests were made to Ontario chamber members and business leaders to provide suggestions for red tape reduction. If you have any suggestions or ideas for reducing red tape on business in Ontario, please feel free to contact Brett McDermott, Director of Government and Stakeholder Relations at MBOT, at bmcdermott@mbot.com.

FEDERAL

FEDERAL BUDGET

The spring federal budget focused less on fiscal restraint and more on spending to address challenges in a variety of areas. In total, the budget is $537.6 billion with a deficit of $39.8 billion. Debt as a percentage of GDP is 41.9% with a plan to reduce this to 39% by 2030.

Large spending items in the budget include:

• Old Age Security ($80.6 billion);

• Health care transfers to the provinces ($52 billion);

• Defence ($33 billion); and,

• Public debt charges ($54.1 billion)

CAPITAL GAINS TAX INCREASE

One point of contention in the budget is the proposed capital gains tax increase. The government proposed increasing the inclusion rate to 67%. This has been criticized by many, including the Canadian Chamber of Commerce. In a time when the Canadian economy’s low productivity has been described as an “emergency,” increasing the capital gains tax will not increase productivity. Additionally, the stated purpose for increasing the tax is to finance health care. In the context of health care, the opposite may occur: an increased capital gains tax may reduce access to health care.

To see the Canadian Chamber of Commerce’s joint letter to Chrystia Freeland, please visit: www.chamber.ca/news/joint-letter-to-minister-freeland-on-capital-gains/