Burnaby Board of Trade Statement on BC Budget 2025
Burnaby, B.C. – The B.C. Budget 2025 was unveiled amid one of the most uncertain economic periods in recent memory, with the government committing to significant new spending while businesses face growing financial pressures. The Burnaby Board of Trade has carefully reviewed its impact on local businesses. While the budget includes promising measures that will benefit some sectors, it arrives at a time of rising global trade tensions, particularly with implementing new U.S. tariffs, which pose significant risks to B.C.’s economic stability.
We welcome the increased support for B.C.'s film, television, and creative sectors, as these industries play an important role in our local economy. Burnaby has long been a proud and essential part of ‘Hollywood North,’ and these enhancements to the Film Incentive BC and production services tax credits will help further strengthen our position as a film and television production destination. With the Film Incentive BC credit for Canadian content productions increasing from 35% to 40% and the tax credit for international projects rising from 28% to 36%, these changes are expected to secure jobs and opportunities for businesses in the sector.
In addition, the incremental $172 million in additional support for highway maintenance, BC Transit services, and the expansion of the Integrated Marketplace Initiative pilot program is a positive step. This funding will help advance low-carbon technologies, improve health and safety, and enhance productivity and competitiveness. These are key factors in strengthening B.C.'s infrastructure and fostering a more sustainable and resilient economy.
A key takeaway from the 2025 Budget is the continued focus on post-secondary education and skills training, aligning with BurnabyWorks' efforts to close the skills gap in the local workforce. The province has already committed over $700 million through the StrongerBC: Future Ready Action Plan, with an additional $4.7 billion in capital funding for post-secondary institutions. This includes major projects like the Centre for Clean Energy and Automotive Innovation at Vancouver Community College, which will train workers in high-demand sectors such as clean energy, healthcare, and technology. These investments are crucial to ensuring Burnaby businesses have access to a skilled, adaptable workforce that can drive innovation and competitiveness.
The province forecasts moderate economic growth of 1.8% in 2025, slightly increasing to 1.9% in 2026. The Budget also commits to reviewing B.C.’s exceptions under the Canadian Free Trade Agreement and working with other regions to recognize each other’s regulatory measures for the sale and use of goods. While these efforts aim to reduce trade barriers and create opportunities for local businesses, they come at a time of increasing uncertainty in global trade relationships.
However, the government’s heavy spending approach raises concerns about long-term economic stability. The 2025 budget includes a projected deficit of $10.9 billion for 2025-26, with further deficits of $10.2 billion in 2026-27 and $9.9 billion in 2027-28. This follows the $9.1 billion deficit for the current 2024/25 fiscal year, amounting to over $40 billion in deficit spending across four years. No clear plan was outlined to balance the budget, and the outlook could worsen as the economic impact of tariffs materializes.
While specific initiatives will help businesses, they represent only a fraction of the provincial budget and may not provide the substantial economic boost needed for sustained growth. The government’s ability to balance these investments with sustainable economic policies will be crucial in the months ahead. More comprehensive actions will be needed to support businesses in Burnaby and the province. As global challenges continue to evolve, a broader commitment to strengthening Burnaby’s business community — and the province’s economy — will be more important than ever.
For the full 2025 B.C. Budget details, visit: BC Budget