Chamber welcomes balanced budget, tax cut for small business federal & transit funding

 

TRI-CITIES, April 22, 2015 — The Tri-Cities Chamber of Commerce joins other Chambers of Commerce across BC and Canada in welcoming the balanced budget that was tabled by Finance Minister Joe Oliver yesterday. “This federal budget means that BC is one of the only jurisdictions in the world to have two levels of government paying down their debt. That will allow both provincial and federal governments to keep tax rates competitive and foster confidence in our economy. There is a definite benefit to business in this budget,” says Tri-Cities Chamber Chair, Rick Pasin.

One of the highlights for business is the reduction of the small business tax rate from 11% to 9% by 2019 with 0.5% reductions every year starting in 2016. This will save small businesses across Canada nearly $2.7 billion through 2020. This tax reduction in conjunction with an expansion of the small business eligibility criteria to firms with a gross annual revenue of $10 million or less (up from $5 million) means that more businesses will benefit from these tax reductions.

Another budget highlight is the federal commitment to public transit infrastructure funding. However, the Chamber does have concerns that the funding is too little too late. “While it’s great that there is dedicated funding for municipal transit infrastructure, the funding doesn’t kick in until 2017. Metro Vancouver will require funding immediately following the transit plebiscite, regardless of the outcome to carry out the Mayors’ Plan or other infrastructure projects. We were hoping the federal government would be more committed to expanding accessibility in Canada’s Asia-Pacific Gateway,” says Executive Director, Michael Hind.

The Minister of Industry and Minister Responsible for British Columbia, James Moore, who is also the MP for Port Moody-Westwood-Port Coquitlam, will be speaking to members of the Chamber Board of Directors and Public Policy Committee about the budget and its impact on local business during a roundtable discussion on Friday, April 24th.

About the Tri-Cities Chamber of Commerce:
The Tri-Cities Chamber of Commerce is a proactive network of business-minded individuals that are committed to acting as an accessible, visible, supportive and reciprocal resource to our members and the Tri-Cities at large, communicating their collective voice to help shape a prosperous business community.

For further information, please contact:

Michael Hind, Executive Director
Tri-Cities Chamber of Commerce
T: 604.464.2716

Aaron Robinson, Public Policy Advisor
Tri-Cities Chamber of Commerce
T: 604.464.2716