Nelson & District of Commerce Statement on Budget 2024
The provincial government unveiled the 2024 BC Budget February 22nd in Victoria.
“The Nelson and District 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 our Chamber in collaboration with the BC Chamber of Commerce network has been advocating for since it was first brought forward.
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.
Chamber Executive Director Tom Thomson adds “We also welcome the much-needed investments in health care, housing, and education. There are some other wins for business: there is a tax incentive aimed at encouraging more purpose-built rental construction. The government also introduced a modest one-time BC Electricity Affordability Credit that reduces electricity costs for residential, commercial, and industrial users,
Investment in BC Builds should wrestle down the ever-increasing cost of housing.
But the rise in the province’s budgeted and planned deficit over the next three years is simply staggering.”
While also applauding the EHT threshold change and investments in critical infrastructure, the BC Chamber of Commerce shares concerns with Nelson and District Chamber 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.”
Nelson and District Chamber President Karen Bennett notes that 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 and help pay for the many social programs that exist.”
