Simplifying business, making life more affordable
VANCOUVER, B.C. — The Greater Vancouver Board of Trade (GVBOT) has released its latest policy report, Simplify to Grow: Boosting Business in British Columbia, as the newest pillar of its Agenda for Growth – The 3% Challenge campaign.
“Now more than ever, B.C. needs economic leadership that takes action on the things we can control — reducing costs, cutting red tape, and supporting SMEs.” said Bridgitte Anderson, President and CEO of the Greater Vancouver Board of Trade. “The B.C. government must be laser-focused on building a more competitive investment climate.”
When businesses can operate efficiently, invest with confidence, and expand without unnecessary barriers, they create the jobs, innovation, and economic activity that lift the standard of living for all British Columbians. The report outlines the regulatory and structural barriers issues affecting business and offers three areas for urgent reform:
- Lower Costs: Reduce Red Tape and Business Burden
a. Increase the Employer Health Tax (EHT) exemption amount to $1.5 million and index it to inflation.
b. Implement a PST exemption on machinery and equipment
c. Create a Red Tape Veto
d. Conduct a review to simplify compliance and reporting mechanisms
e. Return surplus WorkSafeBC funds to employers where the funding ratio exceeds the board’s 130% funding target
- Build Faster: Streamline Permits and Project Approvals
a. Prioritize faster, predictable permitting including statutory timelines for decisions
b. Create “One and Done” reporting (i.e. centralized digital platforms, sunset clauses)
c. Reform and reduce Development Cost Charges (DCCs)
d. Bring online more industrial lands
- Expand Opportunity: Open New Markets and Break Down Barriers
a. Remove interprovincial barriers through mutual recognition
b. Promote trade diversification and support SME export growth
The data is stark:
- 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.
“These barriers are not abstract. They are stalling housing, pushing industrial development out of the province, and making life more costly,” said Anderson. “If we want to restore investor confidence, protect jobs, and increase government revenues, we must address these issues head-on.”
This report draws on feedback from hundreds of GVBOT members and builds on past reports including Counting the Costs, Unleashing Local Trade, and Unlocking Industrial Land. It supports the province’s forthcoming Ease of Doing Business Review and reinforces the GVBOT’s call for bold, growth-oriented policies under the Agenda for Economic Growth – The 3% Challenge — a campaign that advocates for a target of 3% annual real GDP growth.
“A 3% growth target is not just aspirational — it’s necessary,” added Anderson. “It could raise GDP per capita by up to $9,000, generate $4 billion in new revenues for public services, and create tens of thousands of jobs across the province. But that starts with making B.C. a place where businesses can build, hire, and thrive.”
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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