B.C. Budget 2024 addresses some actions the North Vancouver Chamber has been advocating for, including measures that reduce the cost of doing business.
Items unveiled under B.C. Budget 2024 that will affect businesses in our community include:
Employer Health Tax
- Businesses with payrolls of up to $1 million will now qualify for an exemption from the Employer Health Tax.
BC Electricity Affordability Credit
- Businesses can expect a break on their electricity bill, through a one-time BC Electricity Affordability Credit.
Fiona Famulak, President and CEO of the BC Chamber of Commerce, released the following statement in response to the release of B.C. Budget 2024
“We are grateful for the province’s decision to increase the Employer Health Tax threshold from $500,000 to $1,000,000. This will enable small businesses to lower their costs and direct those additional dollars to hiring staff or investing in innovation that drives productivity and business growth,” said Famulak.
Read Fiona Famulak’s full statement on Budget 2024, HERE.
Media coverage
North Shore News: B.C. budget grants employers relief on health tax
