Federal Budget 2019: Business Priorities and Trade Challenges
The Federal Budget 2019 outlines several key priorities for businesses, reflecting a focus on economic stability and strategic growth. Among these are prescription drug pricing, housing affordability, trade infrastructure, and tax simplification.
Businesses are increasingly looking to the federal government as a leader in trade matters, with highlighted challenges including regulatory burdens and interprovincial trade barriers. The budget serves as a platform for advancing these issues, offering opportunities such as new trade agreements and streamlined compliance processes.
Focus Areas:
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Prescription Drug Pricing: A proposed agency aims to negotiate drug prices and create a formulary of covered medications, addressing the current 20% out-of-pocket cost for prescriptions.
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Housing Affordability: Measures include enhancing the first-time homebuyer tax credit, extending amortization periods, and simplifying the stress test rule to make homebuying more accessible.
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Trade Infrastructure: Efforts are underway to reduce barriers to importing goods, supported by initiatives like "trade enabling infrastructure."
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Tax Simplification: A comprehensive review of the Canadian tax code is proposed, potentially revising regulations to eliminate redundant rules and streamline processes for businesses seeking growth opportunities.
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Deficit Management: Plans include measures to balance the books, though challenges remain with deficits spanning multiple years.
Business Insights:
- Email: npowell@nationalpost.com | Twitter: @Naomi_Powell
Comments on Federal Budget 2019 Business Priorities
Prescription Drugs: A Road Ahead for Canadian Pharmacare
- Email: abc123@example.com | Twitter: @PharmaFocus*
The proposed pharmacare agency could be a game-changer, simplifying drug negotiations and improving affordability. However, ensuring equitable access while maintaining service quality is crucial.
Housing Market Dynamics: Navigating the New Path
- Email: def456@example.com | Twitter: @HomeBuilderTalk*
Affordability gains momentum with extended amortization periods but may require targeted incentives to support millennials’ entry into the housing market.
Trade Challenges: A Call for Strategic Leadership
- Email: ghi789@example.com | Twitter: @TradeLeadership*
Businesses are keen to see federal leadership in trade, aiming to reduce barriers and enhance global competitiveness. Collaborative trade agreements could pave new avenues for economic expansion.
Tax Simplification: Streamlining for Growth
- Email: jkl901@example.com | Twitter: @TaxSimplify*
A revised tax code could attract investment by eliminating redundant regulations but must balance complexity with support for innovation and small businesses.
Prescription Drugs: Potential Leap Forward
- Email: mno203@example.com | Twitter: @DrugPricing*
The formulary model could streamline prescription costs, but ensuring it doesn’t drive up out-of-pocket expenses remains a key consideration.
This structured approach ensures clarity and conciseness while maintaining the essence of each business priority and trade-related challenge.
