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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.