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February 12, 2014
For immediate release

Federal Budget contains troubling themes

Finance and Energy

The federal budget was short on information, but contained some troubling themes that may have an impact on provincial finances, says Finance, Energy and Municipal Affairs Minister Wes Sheridan.

“While it is positive to see that the Federal Government has balanced its Budget, our concern is that in their attempt to find positive measures, they are finding the initiatives and the funding within provincial jurisdiction,” said Minister Sheridan.

Following on the heels of the Canada Job Grant from the 2013-14 Budget, the Federal Government has signalled its intent to renegotiate the Labour Market Development Agreement, cut the Immigrant Investors Program, as well as the expected income-splitting policies and steps related to the lotteries regime. All have impacts within our jurisdiction and require consultation and agreement from Provinces.

“We were alarmed to learn the Immigrant Investor Program would be ended without warning, and we were offered a take it or leave it Canada Jobs Grant program,” said Minister Sheridan. “Provinces and Territories have provided a reasonable, unanimous counter-proposal for the Canada Jobs Grant that invests in training, while protecting the most vulnerable. It is our hope that the Federal Government accept it rather than create a new bureaucracy to deliver this program.”

“We are pleased to see additional funding for ACOA to invest in commercialization,” the Minister said. “The Prince Edward Island Government has been investing in innovation since 2007 and this investment should complement that effort and, best of all, help our economy grow and prosper.”

“While we were encouraged to see two years of additional support for the Wood Islands ferry, provincial officials have been consistently lobbying for long-term funding for this essential service,” noted Minister Sheridan. “We look forward to an extension of this commitment prior to the next federal election.”

Media Contact: Jennifer MacDonald-Donovan
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