Every year in advance of the provincial budget, CFIB provides the government and opposition parties the key priorities of small business. These priorities are ones directly formed by your input, whether through your answers to survey questions or in-person meetings.
Small businesses are integral to the BC economy, accounting for 55 per cent of private-sector employment. This needs to be reflected in the provincial budget. While BC’s economy is doing relatively well, your small business still faces many obstacles, top among them being the affordability issues facing them.
For the current fiscal year, the government currently forecasts a third consecutive balanced budget with a surplus of nearly $2 billion. This is positive, as a balanced budget ranks first among small business priorities. However, it also means there is some wiggle room to provide tax relief. CFIB presented the following recommendations to the government (see attached for more details on the full submission):
- Continue to balance budgets and reduce debt;
- Provide a tax credit for PST business inputs;
- Reduce the administrative burden of the PST;
- Legislate the one-for-one rule to control red tape (e.g. for each rule implemented, remove an older rule);
- Make the provincial business school property tax rate more fair (e.g. in Vancouver, businesses pay 4.4 times more than residents); and
- Reduce the small business corporate income tax rate to 1.5 per cent from 2.5 per cent; and
- Continue to support the development of the LNG industry.
We will continue meeting with both government and opposition politicians and will be in Victoria on budget day to ensure your voice is heard.