Significant Victory for Small Businesses in B.C’s Budget: RCC’s Advocacy Efforts Lead to Tax Relief
February 28, 2024RCC celebrates a significant win for small businesses in British Columbia, thanks to its strategic advocacy alongside other business associations. The B.C. government has announced a change in the 2024 budget: the employer health tax exemption threshold has been raised from $500,000 to $1 million, effective January 1, 2024. This pivotal adjustment means that businesses with payrolls under $1 million are exempt from the employer health tax, while those between $1 million and $1.5 million will see a rate of 5.85%.
Despite this success, RCC remains concerned, especially with regard to the ongoing increases in B.C.’s carbon tax. The tax is set to rise from $80 per tonne of CO2 equivalent emissions in 2024/5 to $110 per tonne of CO2 equivalent emissions in 2026/7.
