The rising cost of living is a hot topic of conversation for many Islanders, especially with winter and the higher oil and electricity costs it will bring, lurking around the corner, writes columnist Andy Walker.
The rising cost of doing business is a major concern for the Island business community as it attempts to recover from the economic downturn caused by the COVID-19 pandemic. A recent survey conducted by the Greater Charlottetown Area Chamber of Commerce showed 75 per cent of respondents cited inflation and the high cost of doing business as a major concern. Rising interest rates, resulting largely from efforts by the Bank of Canada to cool inflation, were cited by 40 per cent of members.
The chamber is urging the federal government to institute a number of measures to ease the rising costs including an income tax indexing system to prevent inflationary bracket creep, raising and tying subsequent basic personal amount increases to the consumer price index, and more competitive tax bracket rates.
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