•  
     

  • Atlantic Chamber of Commerce Applauds Tax Reductions, but Concerned with Rising Debt

    Atlantic Chamber of Commerce Applauds Tax Reductions, but Concerned with Rising Debt

    Windsor, NS (February 18, 2025) – The Atlantic Chamber of Commerce is applauding measures announced today in the Nova Scotia 2025/2026 budget. The budget features key policy decisions that will reduce the cost of doing business and improve economic conditions and competitiveness in Nova Scotia. Measures such as reducing the small business tax rate from 2.5 per cent to 1.5 per cent April 1, 2025, and increasing the small business tax rate income threshold from $500,000 to $700,000 will both have a positive impact on business. Lowering the HST, increasing the basic personal amount, and indexing brackets will also contribute to positive economic growth.

     
    “The reduction of taxes will be a direct benefit to business and economic growth” said Rhonda Tulk-Lane, CEO of the Atlantic Chamber of Commerce. “While the Atlantic Chamber is supportive of reducing taxes, it is also important for the government to practice fiscal responsibility and not add to the debt. Increasing the debt burden of Nova Scotians will have negative implications in the future.”
     
    Nova Scotia’s deficit is a concern. Total spending is forecast to be $17.6 billion, with a projected deficit of $697.5 million and net debt is projected to jump to $23 billion in 2025/2026. The increase in debt could likely lead to higher debt servicing charges in the future. With a high level of economic volatility in the world due to the threat of tariffs and international conflicts it would be fiscally prudent of the Government of Nova Scotia to restrain spending.
     
     
    The Atlantic Chamber of Commerce welcomes Budget 2025 for its emphasis on economic growth and instilling confidence in the private sector. We look forward to continuing our collaboration with the Government of Nova Scotia in the future.
     
     
    -30-
     
    About the Atlantic Chamber – The Voice of Atlantic Canadian Business
    The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses and their 300,000 employees through its network of 90 Chambers of Commerce and Boards of Trade in the four Atlantic Provinces. For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada.
     

  • Business Truth & Reconciliation 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.

    Learn more click here