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
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
Quebec Health Department reports 28 cases of eye damage linked to solar eclipse
Quebec's Health Department says it has received 28 reports of eye damage related to the April 8 total solar eclipse that passed over southern parts of the province.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.