B.C. needs bold action to improve investor and SME confidence

VANCOUVER, B.C. — As the government begins consultation on ways to make it easier to do business, the Board of Trade is highlighting its recommendations in a recent report called Simplify to Grow: Boosting Business in British Columbia, as part of its ongoing 3% Challenge campaign to grow the economy.

“Now more than ever, B.C. needs bold economic leadership that focuses on what we can control — cutting red tape, lowering costs, and supporting small and medium-sized businesses,” said Bridgitte Anderson, President and CEO of the Greater Vancouver Board of Trade. “We need to make it easier to invest, build, and grow in this province.”

In its report, released last month, the GVBOT is calling for urgent action in three areas:

• Lower costs by reducing taxes, simplifying compliance, and returning WorkSafeBC surpluses to employers.
• Build faster through streamlined permitting, a ‘One and Done’ reporting system, and unlocking industrial land.
• Expand opportunity by removing interprovincial trade barriers and supporting export growth for SMEs.

“These issues are stalling housing, pushing industrial projects out of B.C., and making life more expensive,” added Anderson. “If we want to protect jobs and lift our standard of living, we must create an environment where businesses can succeed.”

The report builds on previous work and feeds into the province’s Ease of Doing Business Review announced today. It also supports GVBOT’s Agenda for Growth – The 3% Challenge, which calls for B.C. to target 3% annual real GDP growth.

“A 3% growth target could mean up to $9,000 more per person, $4 billion in new government revenues, and tens of thousands of new jobs,” said Anderson. “We must act now to create a stronger future for British Columbians.”

Additional Facts:

• Canada's regulatory burden has grown 37%, reducing investment by 9% and real GDP by 1.7%.
• B.C. has added over $6.5 billion in cumulative business costs since 2022.
• Small businesses face compliance costs per employee, seven times higher than large firms.
• Greater Vancouver has lost 5.1 million square feet of industrial land to Calgary since 2020.
• B.C.’s permitting process for major projects can take 12 to 15 years.

GVBOT’s Simplify to Grow: Boosting Business in British Columbia report outlines the regulatory and structural barriers issues affecting business and offers three areas for urgent reform:

1. Increase the Employer Health Tax (EHT) exemption amount to $1.5 million and index it to inflation.
2. Implement a PST exemption on machinery and equipment
3. Create a Red Tape Veto
4. Conduct a review to simplify compliance and reporting mechanisms
5. Return surplus WorkSafeBC funds to employers where the funding ratio exceeds the board’s 130% funding target

1. Prioritize faster, predictable permitting including statutory timelines for decisions
2. Create “One and Done” reporting (i.e. centralized digital platforms, sunset clauses)
3. Reform and reduce Development Cost Charges (DCCs)
4. Bring online more industrial lands

1. Remove interprovincial barriers through mutual recognition
2. Promote trade diversification and support SME export growth

About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Western Canada's leading business association, engaging our members to inform public policy at all levels of government and empowering them to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events platforms in the country, providing a stage for national and international thought leaders to enlighten B.C.'s business leaders.

Media contact:
Federico Cerani
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com