VANCOUVER, October 23 - The Canadian Federation of Independent Business (CFIB) wishes to announce their support for the Split Assessment Amendment Act to be introduced today in the House. If passed, the Bill would help bring the assessment system into the 21st century by allowing municipalities to offer targeted tax relief for small, community businesses in rapidly densifying neighbourhoods.
Small businesses in BC are facing massive property tax increases, largely because of an archaic assessment system. In fact, a recent CFIB survey found over half of business owners in Metro Vancouver have considered closing down due to property taxes and/or lease costs.
“This proposal is one that many stakeholders have come out in support of. The policy would help save some of the businesses being pushed out of our neighborhoods from a phenomena completely out of their control,” said Aaron Aerts, Western Economist for CFIB. “We hope that all parties come together to develop a concrete plan to tackle the property tax crisis with clear timelines and objectives.”