A report by the Greater Vancouver Board of Trade (GVBOT) has found that businesses in British Columbia will face billions of dollars in extra costs imposed by the provincial government over the next three years. The report highlights several significant government-imposed costs, including increases to corporate income tax, payroll tax, new paid sick leave, and the business portion of the escalating carbon tax. Bridgitte Anderson, the president and CEO of GVBOT, has expressed concerns that Small and medium-sized enterprises (SMEs) are already disproportionately impacted by higher interest rates and rising costs in the current economy, and the additional billions in costs will make it incredibly challenging for businesses in British Columbia to grow and thrive. The GVBOT has offered four recommendations to reduce the cost of doing business, particularly for SMEs, which include increasing the employer health tax threshold for SMEs, introducing PST exemptions on business inputs such as computers and equipment, reducing the provincial portion of commercial property taxes, and recycling carbon-tax revenues into local tech and emissions-reduction efforts.
Report predicts $6.5B increase in government costs for BC businesses.
