“Increasing the EHT exemption is welcome news for business. The experience in other provinces has shown we can expect an increase in productivity as employers have more room to increase wages and promote staff,” said Bruce Williams, CEO of the Greater Victoria Chamber of Commerce, noting his organization has been calling for the change since the new tax was introduced in Budget 2018. “A healthy economy needs new jobs to come from the private sector and not be so reliant on adding more government workers. Reducing the burden on business is a smart investment and we’d like to see the EHT exemption increased to $2 million to include even more businesses.”

Overall, B.C. Budget 2024 was relatively constrained considering it was the last chance for the government to introduce new spending in an election year. However, the increased size of the budget — coming in at a record $7.9 billion — and the scale of deficits projected in the years ahead is a concern. Businesses understand the risk of accumulating debt and the potential problems that creates for our economy.

Minister Conroy, who will address Chamber members tomorrow during a business luncheon at the Hotel Grand Pacific, said the deficit is needed to maintain services during “extraordinary times.” British Columbia’s debt is among the most affordable in Canada, Conroy said, with investment interest remaining high.

Among the highlights in the budget are a new tax to deter home buyers from quickly reselling their properties, and a promise to cover the cost of one cycle of invitro-fertilization for any individual who wants to have a baby. The budget also includes an increase to the B.C. Family Benefit program and a one-off rebate to help with electricity bills.

“We had hoped to see more investment in business, specifically help for the restaurant sector, but instead we’re concerned the increase to the carbon tax will make it ever more expensive for those businesses that rely on natural gas for their operations,” Williams said. “We also have questions about the impact that the cap on international students will have on revenue that post-secondary schools rely on, as well as about the province’s plan to ensure our court system has the resources needed to more effectively deal with repeat offenders.”

To arrange an interview with The Chamber, or to register as media for tomorrow’s event with Minister Conroy, email communications@victoriachamber.ca.

Conversation with Hon. Katrine Conroy, Minister of Finance  

• When: Friday, Feb. 23, 11:30 a.m. – 1 p.m. (Minister’s speech starts at 12 p.m.)
• Where: Hotel Grand Pacific – Vancouver Island Ballroom (463 Belleville St.)

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, Big Wheel Burger, Camosun College, CHEK Media Group, CIBC, ColdStar Solutions, 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 Communication
Greater Victoria Chamber of Commerce 
250 360-3471 | communications@victoriachamber.ca