The changes will apply to taxation years that began on or after April 7 of this year. The shift aligns BC with the federal government and will particularity benefit businesses that are capital intensive.
The latest Major City Insights report offers forecasts for 13 cities across the country.
The board says our region’s service industries will continue to be key drivers of the economy, with recovery continuing in the hospitality, entertainment and accommodation sectors.
Employers can also expect to face ongoing pressure to increase wages as Greater Victoria’s Consumer Price Index rises to 7.6% this year before dropping to 4% next year and 2.3% the year after.
The latest figures from Statistics Canada show the pace of inflation slowed in September, with the cost of goods rising 6.9% from a year earlier. Inflation has been declining for three months, after peaking at 8.1% in June.
The sharp rise in costs was initially attributed to fuel shortages caused by the war in Ukraine, a super-heated housing market and supply chain disruptions caused by the pandemic. However, fuel costs have stopped rising as sharply and supply chains are getting close to their typical efficiencies.
“However, these gains were largely offset by the continued rise of prices for food and services. Unfortunately, there was no progress on ‘core’ inflation, which held steady at 5%,” Canadian Chamber of Commerce Chief Economist Stephen Tapp said. “Today’s lack of progress on inflation — together with Bank of Canada surveys released earlier this week that suggested inflation expectations remain elevated — should be concerning enough to the Bank of Canada for them to deliver the 50 basis-point interest rate hike that the market expects (Oct. 26).”
Early in the pandemic, the provincial government placed a temporary limit on how much food delivery companies can charge. Last week, the province said it was moving to make the change permanent.
“Transforming the temporary delivery fee cap into a permanent model is a game changer for the recovery of our industry and setting restaurants up to be able to thrive in the future,” said Ian Tostenson, president and CEO, BC Restaurant and Foodservices Association in a news release.
The 15% cap on food and 5% cap on additional fees was set to expire at the end of the year.
At the upcoming 2022 Chamber Auction, we are proud to feature donations that highlight Indigenous art, culture, education and business, including:
2022 Auction
Take a sneak peek at some of the incredible items available at the 2022 Chamber Auction, which runs Nov. 6 – 13.
Interested in having your products or services showcased at our auction?
Email specialevents@victoriachamber.ca or fill out our 2022 Auction Donation Form.
As an event sponsor, Maximum Express, Courier, Freight and Logistics is offering donors complimentary delivery of their auction item to The Chamber Office.
Any questions? Please call (250) 383-7191 or email specialevents@victoriachamber.ca
As the weather gets cooler, take a moment to think about those in Greater Victoria who may not have warm clothes or a place to stay. View Chamber member non-profits here to learn how you can give back this autumn.
We’re Moving!
The Chamber team will work remotely during our office move in December. The best way to reach us is by email.
