BC’s Economic Recovery Plan

“StrongerBC” – BC’s Economic Recovery Plan

September 17 – This afternoon, the provincial government released information about BC’s Economic Recovery Plan.

Highlights of the announcement include a new small business grant, a new 15% tax credit on hiring, and a new PST tax credit on equipment and machinery. In addition, there is funding to build skills and capacity in small businesses, as well as for a provincial investment fund to keep high-growth companies in BC.

The Burnaby Board of Trade applauds each of these specific policies, which are in line with our previous and ongoing advocacy efforts.

The BBOT has long advocated for PST tax credits and is pleased this is being delivered, if only for 1 year. In our submissions to government we also called for direct grants to small businesses. We are pleased to see this included, but are concerned the program is quite limited in scope. We have also long supported a provincial investment fund to help keep BC’s high-growth companies here, instead of being sold and moved abroad.

The Burnaby Board of Trade remains committed to our role as the champion for Burnaby businesses, and will continue to advocate for further supports or changes as needed by our members.

The BC Economic Recovery Plan has four components: Supporting BC Businesses,Jobs & Opportunities, Stronger Communities, and Better Health Care. Read the highlights below, or see the full report here.

  • Supporting BC Businesses
    • New BC Small and Medium Business Recovery Grant
      • Grants range from $10,000 to $30,000 for most businesses, and up to $40,00 for tourism businesses
      • Eligibility is limited to businesses with between 2 – 149 employees
      • Must have experience 70% declines in revenue, and continue to be facing 50% declines in revenue
    • 100% PST rebate on select machinery and equipment (info)
      • Equipment must be purchased between today and September 30, 2021
      • Applications for the rebate open April 1, 2021
      • A list of eligible and ineligible purchases is available
    • BC Increased Employment Incentive (info)
      • A new refundable tax credit for businesses that create new low to middle income jobs or increase those salaries
      • Applications open March 2021
      • Credit is 15% of the increase in salaries paid in Oct-Nov-Dec 2020 compared to July-Aug-Sept 2020
      • Using the Canada Emergency Wage Subsidy in addition to this is allowed
      • Open to for-profit businesses as well as non-profit organizations
    • New $500 million strategic investment fund for scaling-up businesses
    • Deferring any carbon tax increases until April 1, 2021
    • Support for business training in the areas of e-commerce and digital marketing
  • Jobs & Opportunities
    • Fast tracking skills training programs
    • $100 million in supports for tourism-related businesses and communities
    • Accelerating the creation of 1,200 additional childcare spaces
    • Supporting jobs in clean tech
  • Stronger Communities
    • $100 million for infrastructure grants for local shovel-ready projects
    • Supporting the hiring of more people with disabilities
    • Additional funding for the safe return to school
  • Better Health Care
    • Increased mental health supports
    • New “Hospital at Home” program
    • Building new facilities and increasing surgeries