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BC Government Lowers Small Business Tax Rate from 2.5% to 2%, Feds Follow (to Drop from 10.5% to 9% by 2019)
Tuesday, October 17, 2017Company Profile | Follow Company
West Vancouver, BC, October 17, 2017--(T-Net)--Premier John Horgan delivered a message of support, including lower taxes, to help kick off Small Business Week and Manufacturing Week (Oct. 16 to Oct. 20).
British Columbia's small businesses are showing strong signs of growth and creating jobs for people throughout B.C. according to a new report issued by the government today.
“Small businesses are the economic engines of B.C.'s communities and create good jobs for people throughout the province,” said Premier Horgan. “We're working hard to make sure that small businesses and manufacturers have the support they need.
That's why we're reducing the small business tax rate to 2% from 2.5% and establishing a Small Business Task Force to help strengthen and grow the sector in B.C.”
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Editor's Note: The federal liberal government also made good on its election pledge to match the conservatives original promise to drop the small business tax rate to 9% by 2019 (curremntly 10.5%)
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The Small Business Profile 2017 report shows that employment in B.C.'s small-business sector grew faster in 2016 than at any time in the past decade, with more than one million people employed in small businesses last year.
In fact, small businesses produced more than one-third of provincial GDP in 2016 and $15.8 billion in exports in 2015, an increase of nearly $3 billion over the previous year.
The latest numbers show British Columbia leads the country in growth in the number of new small businesses and has the highest number of small businesses per capita across Canada, with small business making up 98% of all businesses in the province.
“There are significant growth opportunities ahead in advanced manufacturing, while the growth of small and medium-sized businesses can be fast-tracked by relying more on the use of technology,” said Jobs, Trade and Technology Minister Bruce Ralston. “Small businesses and manufacturers help create well-paying jobs for British Columbians throughout the province, and are major contributors to the provincial economy.”
“We at Small Business BC are thrilled to partner with the Government of B.C. for Small Business Week to provide our high-quality training and expert advice to small businesses, free of charge,” said Sandra Miles, chair of Small Business BC. “By making it possible to share these valuable tools for free, the Province is giving small business owners the opportunity to learn, grow, and succeed in their endeavours.”
Quick Facts:
Small Business in B.C.:
Manufacturing in B.C.:
Learn More:
To check out the Small Business Profile 2017, visit:http://www2.gov.bc.ca/assets/gov/employment-business-and-economic-development/business-management/small-business/sb_profile.pdf
To learn more about small business in British Columbia, visit:www2.gov.bc.ca/gov/content/employment-business/business/small-business
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