While the Burnaby Board of Trade was happy to see investments in numerous areas by the B.C. government in its 2023 budget, the organization is also disappointed there wasn't as much support for businesses.
Included were housing supports, mental health and addictions funding, free prescription contraception and other financial commitments.
Burnaby Board of Trade president and CEO Paul Holden believes businesses throughout the province need more assistance, adding the cost of doing business in the province is weighing down a potentially stronger recovery from the COVID-19 pandemic.
"The B.C. Government is focusing in on many of the right issues when it comes to affordability – but the question is, will these spending investments be sustainable in an increasingly uncertain global economy, while domestically, our businesses are facing increasing cost pressures?" Holden said in a news release.
"Ultimately it's a healthy, thriving business community that supports these needed investments; it's important we don’t lose sight of that."
The organization said it "applauds" the additional investments in affordable housing, mental health and addictions and crime prevention, but didn't see a strong vision from the provincial government for businesses.
"Budget 2023 offered no attention to the overall cost of doing business in our province, including the need to reduce the burden of the Employers Health Tax that is expected to raise $2.7 billion from B.C. businesses in 2023/24," the release added.
"And while there are many potential cures to our collective cost burdens on business, one solution the Burnaby Board of Trade and its members were advocating for was an increase to the Employers Health Tax base payroll threshold, which would exempt more businesses from this one specific tax burden."
The board of trade said helpful investments for businesses in the 2023 budget included $480 million to support the Future Ready Plan, $58 million directed towards speeding up foreign credential recognition for qualified professionals and increased support to address significant societal issues that have a direct impact on business including housing, homelessness and mental health.
