A small-business corporate income tax rate has been announced for British Columbia, retroactive to April 1st, 2017.
The announcement sees the rate move down 20% from 2.5% to 2%.
This will benefit the small businesses in Prince George which, as PG Chamber of Commerce CEO Erika Ewacha, are an important part of the economy in the northern capital.
“We know how much we enjoy the diversity that we’re seeing and where we can shop, and downtown is only improving and being revitalized and growing and becoming more exciting to be in,” she explains.
“So this cut really helps Prince George.”
The plan for a minimum raise spike to $15-per-hour was, and still is, a potentially dangerous thing for small businesses in the province.
Ewacha says the tax rate decrease will help.
“It definitely does help because it’s more money that they know they can put in their budget to combat that wage hike,” Ewacha says.
“Being able to have this tax cut and keep that money in their business, it will likely be a benefit for them to be able to plan for that minimum wage hike.”
B.C. now has the second lowest rate for this specific tax, tied with Alberta and Saskatchewan.
#CFIB pleased to support half point reduction in #smallbiz tax rate by the #BCgov https://t.co/kYtZSxTOpp @BCGovNews #bcpoli
— Richard Truscott (@cfibBC) November 9, 2017
Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].
