(VICTORIA) February 22, 2024 — The provincial government unveiled the 2024 BC Budget in Victoria.
The Vanderhoof Chamber of Commerce is pleased to see the BC Budget include some tangible cost-savings for businesses, including a cut to the Employer Health Tax that we have long been advocating for. We also welcome the much-needed investments in health care, housing, and education. But the rise in the province's budgeted and planned deficit over the next three years is simply staggering.
Businesses with payrolls of up to $1 million will now be exempt from paying the Employer Health Tax (EHT). The previous threshold was $500,000.
While also applauding the EHT threshold change and investments in critical infrastructure, the BC Chamber of Commerce shares concerns with all Chambers or Commerce about the province’s ability to afford the investments that are planned.
"The continued reliance on deficit spending means we are transferring responsibility for paying for today’s government services onto our future selves and future generations," said Fiona Famulak, President and CEO, BC Chamber of Commerce. “We need a thriving business community creating and sustaining good paying jobs and an economic environment that attracts investment. The BC Chamber of Commerce will therefore continue to advocate for policies that enable businesses to prosper, British Columbians to thrive and communities to flourish.”
The Vanderhoof Chamber of Commerce along with other Chambers and Boards of Trades message to government at budget time, and every single day of the year, is to reduce the costs of doing business. Small- and medium-sized businesses are the backbone of our economy, and the government needs to do more to ensure businesses can thrive. Strong business is key to strong communities.
