BC surplus shows capacity to reduce costs for business

The provincial government announced today that it received more revenue than expected for fiscal 2022-23.

Public Accounts show B.C. ended the year with a $704-million surplus and no operating debt, helped in part by income tax generated by high employment.

BC Minister of Finance Katrine Conroy, who spoke to Chamber members on March 1, said investing in people and businesses is paying off.

“We’ve seen time and again that when we invest in people and the services they count on to build a good life here, it makes our economy stronger and more resilient,” Conroy said in the news release, which also noted that BC has the lowest debt-to-GDP ratio in Canada.

The Chamber will continue to work with decision-makers in all levels of government to reduce the tax burden faced by business, while also calling for smart investment.

“These revenue figures show that the province clearly can do better at reducing costs borne by businesses, such as the Employer Health Tax,” Chamber CEO Bruce Williams said. “The best investment any government can make is creating the right climate for entrepreneurs and businesses, who drive the majority of employment in BC.”

The next report on provincial finances will be the first quarterly report for 2023-24 in September.