The federal government has clarified rules around intergenerational transfers of shares in a small business. The clarification came after push back from business organizations, including the national chamber network.

The change will help businesses with succession planning, and make it easier for children and grandchildren to carry on with the company. Bill C-208 was passed earlier this week to “support family-run Canadian small business, protect the tax system and ensure everyone pays their fair share,” states the federal government’s news release.

Greater Victoria Chamber of Commerce CEO Bruce Williams has been named to the inaugural Canadian Chamber of Commerce BIPOC and Inclusion Council.
 
Diversity initiatives across the country are playing a part in creating a more socially inclusive economy. Small businesses play an important role, but often don’t know where to start.
 
“Chambers are experts at building connections and bringing people together,” Chamber CEO Bruce Willams says. “We talk about being more inclusive and diverse, and we also need to walk the walk by hearing directly from voices and lived experiences that will guide us in making meaningful change.”
 
The new council will inform the Canadian Chamber’s initiatives in supporting BIPOC, drive meaningful action to address the identified challenges and opportunities BIPOC face in participating in the Canadian economy, share and recognize best practices and advocate for changes that facilitate diversity and inclusion.
 
The Chamber has repeatedly advocated that inclusion is a key economic driver. Across Canada, improved participation rates could add 2.2 million workers to the labour force by 2040, including more women, Indigenous peoples and persons with disabilities, thereby growing our economy by $101 billion.

The pandemic has made it clear that affordable and accessible child care is needed to ensure employers can access the talents and skill sets of parents. Last week, the federal government announced that BC will receive $3.2 billion over five years to improve access to child care for kids under six years old. The provincial and federal governments say they are working toward $10 per day child care, with BC also committing another $2.5 billion over three years. The agreement is expected to lead to 40,000 new child care spaces in the next seven years.
 
“Studies show that for every dollar invested in early childhood education, the broader economy receives between $1.50 and $2.80 in return,” states the federal government news release.

The future of transportation will include a blend of public and private options, with more convenient transit and car-sharing playing roles. A recently formed citizens’ group, Better Mobility Saanich, has reached out to the District of Saanich to encourage adoption of services such as Evo, which currently has a fleet available in the City of Victoria. With Evo, members are able find cars parked within a “home zone” and pay a small fee that lets you drive as needed. When you’re done, you park the car back in the home zone.

The Chamber has submitted a request to speak to BC’s Select Standing Committee on Finance and Government Services. The annual process helps the provincial government plan for its next budget.
 
As our economy takes flight and the pandemic recedes from view, we need government to focus on being fiscally responsible and enable growth to be led by the private sector. Government has tools to encourage an increase in housing supply and more efficient transportation options for our region. We need to attract more workers and keep them here. Immigration will be key. And we need to do better at including Indigenous businesses and workers.
 
Another focus will be on investing in economic opportunities that create jobs and improve food security as one way to mitigate climate change through innovation.
 
Do you have questions or concerns about the next provincial budget? Send us your thoughts at communications@victoriachamber.ca.