helping business thrive in golden bc

B.C Budget: 5 things business owners need to know

Businesses in B.C would be wise to start budgeting this year for new payroll taxes in 2019.

Of the $5 billion the government plans to raise in new taxes or tax increases, $4.2 billion will come from the new payroll tax, with the private sector paying the lions share: $3.4 billion.

Here are 5 other things B.C business owners need to know about B.C budget...

1. Budget is balanced, but looks to be on the back of business.

2. The provincial government makes key investments in housing affordability and available childcare, but business is facing a cumulative effect of crippling tax increases that will challenge their ability to invest and grow.

3. Businesses will be footing the bill to the tune of almost $2 billion by 2030-21 to cover the full phase-out of MSP premiums. This new ‘Employers Health Tax’ will have a negative effect on growth and investment.

4. Only some of the increased Carbon Tax revenue collected will be Focus on support for in missions intense industry to transition to a low carbon economy.

5. Budget 2018 does include the BC Chamber network recommendation to levelling the playing field by allowing online accommodation platform to collect the PST and MRDT.