Vancouver, December 17, 2024 – The Canadian Federation of Independent Business (CFIB) is deeply concerned to see British Columbia’s deficit climb to $9.4 billion in the provincial government’s Fall 2024 Economic and Fiscal Update.
“The deficit announced today—the largest in B.C.’s history—signals a troubling lack of fiscal discipline,” says Emily Boston, Senior Policy Analyst for B.C. “Residents and small businesses have made difficult adjustments to manage their finances and it’s time for the government to demonstrate the same level of responsibility.”
The update also showed a $1 billion decline in corporate tax revenues since Budget 2024, reflecting another challenging year for businesses. With the threat of 25 per cent U.S. tariffs looming, small business owners are looking on with concern.
“Small businesses across B.C. are feeling tapped out and are tired of serving as the government’s go-to revenue source,” continued Boston. “Addressing the deficit must not come in the form of increased costs to local businesses. Whether it is reducing red ink or red tape, we need this government to chart a clear path forward to lower tax rates and generate economic growth.”
Significant steps are needed to restore business confidence, and the government’s upcoming ‘ease-of-doing business’ review and 2025/26 budget present opportunities to put the economy first and support small businesses.
“According to recent CFIB survey data, 61 per cent of BC small businesses believe halting the deficit’s growth should be a top priority for the provincial government to improve the business environment. We hope that in Budget 2025, this effort begins with a plan to tackle the deficit and tax relief for small business owners facing a rising cost of doing business in this province,” concluded Boston.
For media enquiries or interviews, please contact:
Emily Boston, Senior Policy Analyst, CFIB
236-878-3818
emily.boston@cfib.ca
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.
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