BC Budget 2025 attempts to tackle trade war’s unknowns
VICTORIA, B.C. – The best news from today’s B.C. Budget 2025 announcement was a promise from the provincial Finance Minister to work more closely with businesses going forward.
Brenda Bailey, a former tech sector entrepreneur, was elected to government in 2020 and appointed Finance Minister in November 2024. Her first budget day was overshadowed by news that the United States was moving ahead with a trade war on Canada.
Bailey acknowledged the curveball, noting that the budget was put together with tariffs in mind. There is also $4 billion in contingency funds set aside annually for three years to address unforeseen challenges. It’s a strategy that makes sense, but one business groups will be watching closely.
“We want to see policies that are looking at the horizon, that are investing in making our private sector bigger, growing our economy,” Chamber CEO Bruce Williams said. “We’re fortunate to live in a region with a diverse economy that is relatively sheltered from a trade war. That said, we know we’re in for challenging times ahead as Canada will be impacted by tariffs.”
Minister Bailey spoke about efforts to break down interprovincial trade barriers — something that the Canadian Chamber has long advocated for at the federal level. Government staff confirmed to The Chamber that British Columbia has identified a subset of exemptions to remove, however the list has not been made public.
Budget 2025 lacked any splashy new announcements. Instead, it focused on maintaining healthcare, education and social services, while making minor cuts to other budgets.
Other highlights include tax credits for film and television, an increase to the Small Business Venture Capital Tax Credit and funds for safe communities. The latter includes $90 million to deter encampments, $67 million to address repeat offenders and train new police officers and $168 million for public safety and justice programs.
To arrange an interview with The Chamber, or to register as media for tomorrow morning’s event with Minister Bailey, email communications@victoriachamber.ca.
For more information on the event, go to victoriachamber.ca.
Business Leaders Series: Budget 2025 – A Conversation with BC’s Finance Minister
- Wednesday, March 5, 8 -9:30 a.m. (The Minister will begin her speech at about 8:40 a.m.)
- Hotel Grand Pacific – Vancouver Island Ballroom
- 463 Belleville St., Victoria, B.C.
About Greater Victoria Chamber of Commerce
Since 1863, The Chamber has served Greater Victoria by working together to build good business and great community for all through advocacy, networking, professional development, and innovative services as changing times require. In 2020, the Chamber Champions initiative added a powerful resource to provide leadership and guidance to our organization. Current Champions are: Acera Insurance, BC Ferries, Berwick Retirement Communities, Canadian Western Bank, Camosun College, CHEK Media Group, CIBC, ColdStar Solutions, Edwards Heritage Consulting, H2 Accelerator, Knappett Projects, Mike Geric Construction, MNP, PARC Retirement Living, RBC, Scotiabank, Seaspan Victoria Shipyards, Starlight Developments, Times Colonist, TD Commercial Banking, TELUS Business, Times Colonist and the University of Victoria. Find out more at Victoriachamber.ca.
Media Contact:
Jim Zeeben, Policy and Strategic Communications
Greater Victoria Chamber of Commerce
communications@victoriachamber.ca
