Businesses brace for looming economic slowdown, ask for break on taxes
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."
U.S. President Joe Biden has made it to Canada, as part of his first official visit since taking office. Alongside Prime Minister Justin Trudeau, Biden will be meeting with top officials and addressing Parliament in an effort to reaffirm the strength of the Canada-U.S. relationship.
As Joe Biden makes his first trip to Canada as president of the United States, CTVNews.ca is offering live coverage of the leader's visit. Follow our live blog on CTVNews.ca and the CTV News app for the latest updates.
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Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
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Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
