Businesses brace for looming economic slowdown, ask for break on taxes
At 2:18 Run in Victoria, Phil Nicholls is wondering what an economic slowdown might mean for his small business specializing in high-end sneakers and clothing.
"I talk to my bank a lot even today, to say, 'Do we actually believe Victoria is recession-proof?'" he told CTV News.
He sort of laughs as he says it. Nicholls has heard the gloomy forecast.
Monday's throne speech repeated warnings from economists that a global downturn is likely and B.C. won't be spared.
Nicholls, the director of the store, says his supply chain hasn't been hurt, but he's feeling the burden of taxes.
"It's just everything seems to be taxed so heavily now," he added, explaining he paid hundreds of dollars a year in taxes on his lease.
That's why the Surrey Board of Trade is asking for help. President and CEO Anita Huberman told CTV News the current tax system is cumbersome.
"We are wanting a comprehensive review of the tax system in British Columbia, which is eroding the bottom line of businesses and making them less competitive," she said.
With a $5.7 billion surplus at last count, Finance Minister Katrine Conroy says some of the extra cash will be spent before the end of March. Anything left over – by law – must pay down the provincial debt.
"We're making sure that we invest in people in the province and make sure we provide the supports that people want, and some of it will be left at the end of the year," said Conroy.
Those investments include yet-to-be-detailed financial support programs for parents and lower-income British Columbians.
Andrey Pavlov is a professor of finance at Simon Fraser University's Beedie School of Business. He echoed calls to help small businesses.
"We need to reduce taxes, regulation and red tape. If we don't do that, giving money to any group of people really doesn't help those people because all that's going to do is increase the price of the goods and services they consume," Pavlov explained.
Huberman says she's heard from many small businesses, and says most owners are exhausted.
"It is so challenging to be an entrepreneur these days, in the face of rising costs, supply chain challenges, labour force challenges, trying to find staff in the in the face of rising taxation," Huberman said.
When asked what he thought would help his business, Nicholls made a sports analogy.
"If the teams and athletes aren't doing well we take a look at the coaches. So hopefully the coaches are taking a good look at this."
CTVNews.ca Top Stories
BREAKING Former Air Canada employees among suspects identified in gold heist at Pearson airport: police
Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.
'$6.66 per day': Advocacy groups disheartened by funding in budget for disability benefit
Advocacy groups across Canada are expressing widespread disappointment about the amount of funding earmarked in the 2024 federal budget for the long-awaited Canada Disability Benefit.
BREAKING Toronto Raptors player Jontay Porter banned from NBA
Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association (NBA) following an investigation which found he disclosed confidential information to sports bettors, the league says.
Earthquake jolts southern Japan
An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday, said the Japan Meteorological Agency, without issuing a tsunami warning.
MPs summon ArriveCan contractor to the House to be admonished in rare parliamentary display
Enacting an extraordinarily rarely used parliamentary power, MPs have summoned an ArriveCan contractor to appear before the House of Commons on Wednesday afternoon to be admonished publicly for failing to answer their questions.
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
Gas prices across Ontario expected to climb to levels not seen since 2022, analyst says
Ontario is going to see a big jump at the pumps later this week as gas prices in the province hit levels not seen in nearly two years, according to one industry analyst.
Ancient skeletons unearthed in France reveal Mafia-style killings
More than 5,500 years ago, two women were tied up and probably buried alive in a ritual sacrifice, using a form of torture associated today with the Italian Mafia, according to an analysis of skeletons discovered at an archeological site in southwest France.
Paul McCartney and John Lennon’s sons have released a single together
A new Lennon and McCartney collaboration is the last thing anybody expected.