Toronto Dominion Bank recently issued the following announcement.

Canada’s regulatory system is smothering business in Canada, thanks to a growing mix of complex, costly and overlapping rules from all levels of government. A new report by the Canadian Chamber of Commerce and supported by the Mississauga Board of Trade – Death by 130,000 Cuts: Improving Canada’s Regulatory Competitiveness, calls on governments to modernize their regulatory frameworks and give businesses in Canada room to thrive.

“Inconsistent and unpredictable rules and processes are making it difficult for businesses—whether large or small—to keep up and comply. This leads to our businesses being less competitive and Canada becoming a less attractive place to invest, start or grow a business,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “Regulations are designed to keep us safe and to create a level playing field. But when they start to smother businesses, that becomes a real problem.”

As the U.S., our largest competitor and trading partner, has recently implemented significant corporate tax and regulatory reforms, Canada cannot afford to fall further behind. Today’s report identifies opportunities to increase public and investor confidence in Canada’s regulatory systems and provides clear recommendations to government on how it should be done.

“Mississauga businesses continue to cite regulatory burdens at all three orders of government as disincentives,” said David Wojcik, President & CEO, Mississauga Board of Trade. “This report done by the Canadian Chamber of Commerce should be a wake up call for the Federal Government on the regulatory difficulties in Canada.”

The report is available online at www.regulatesmarter.ca or click here to view.

About the Mississauga Board of Trade

The Mississauga Board of Trade is the Voice of Business in Mississauga with a mandate to Advance, Champion and Connect local business.

About the Canadian Chamber of Commerce

The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at Chamber.ca or follow us on Twitter @CdnChamberofCom.

Original source: https://www.mbot.com/news/regulatory-burden-undermining-business-competitiveness-new-chamber-report-finds/