Restaurants like this one in Victoria are getting by on mostly take-out business as winter closes in, and some tourism-dependent businesses have already shut down for good. (Tom Fletcher/Black Press)

B.C. VOTES 2020

B.C. Liberals offer bridge financing, no more small business tax

Tourism, hospitality companies may close by Christmas

B.C. Liberal leader Andrew Wilkinson has added to his tax incentive program with a vow to provide bridge financing to fading small businesses and permanently eliminate their business income tax.

The extra relief is urgently needed for tourism and hospitality-related businesses who are saying they will decide by Christmas whether they can carry on in 2021, Wilkinson said at an independent clothing retailer in Delta Oct. 8. He promised a loan guarantee program to help small tourism and hospitality firms keep bank financing going as they struggle through the COVID-19 pandemic.

Timing of the loan guarantees depends on the Oct. 24 election being resolved and a new government being in place once a record number of mail-in ballots are counted, Wilkinson said.

“We have to be able to tell them, let’s plan for a vaccine,” he said. “Let’s plan for a return of international tourism. Let’s plan for the U.S. border opening again, so that those hotels in Victoria can have customers, so those tourism operators in the Georgia Strait can do whale watching again, so that people in the Interior can reopen the fishing camps.”

The small business income tax is currently set at two per cent, a reduction from 2.5 per cent that both the B.C. Liberals and NDP promised in the 2017 election. Former finance minister Carole James made good on that promise, retroactive to April 2017, and raised the large corporate income tax rate from 11 to 12 per cent to make up revenue to the province.

RELATED: NDP matched small business tax cut promise in 2017

RELATED: Cut sales tax, boost daycare, Business Council says

Wilkinson noted that Manitoba eliminated its small business income tax a decade ago. He said the current tax takes in about $220 million in a pre-pandemic B.C. economy, and while greatly diminished this year and likely in 2021, forgoing the provincial income is worth it to “turbocharge” the recovery.

The B.C. Liberal promise continues an election theme where the NDP offers direct payment to individuals and their main opponents offer assistance through the tax system. NDP leader John Horgan said this week his plan to send another round of $1,000 pandemic assistance payments to families earning under $125,000 was a direct response to Wilkinson’s offer of a year-long elimination of the provincial sales tax.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC politicsBC Votes 2020

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police tape is shown in Toronto Tuesday, May 2, 2017. (Graeme Roy/The Canadian Press)
CRIME STOPPERS: ‘Most wanted’ for the week of Oct. 18

Crime Stoppers’ weekly list based on information provided by police investigators

Brandon Nathan Teixeira, arrested last December in California in connection with a fatal 2017 shooting in South Surrey, is next due in court on Nov. 12. (File photos)
Notorious South Surrey fugitive returns to court Nov. 12

Brandon Teixeira was arrested last December in California

THROUGH YOUR LENS: Micheal McGarry shared a snap shot of autumn, in the form of a tugboat trolling down the Fraser River, as he recently saw from the Edgewater Bar area of Derby Reach Regional Park. Send us your photo showing how you view Langley, email to: editor@langleyadvancetimes.com. (Special to Langley Advance Times)
SHARE: Reflections of autumn

Send us your photo showing how you view Langley, and it could be featured in a future edition

A case of COVID-19 at Langley Lodge was declared over on Tuesday, Oct. 20, 2020 (Langley Advance Times file)
COVID-19 case over at Langley Lodge

No new cases have been discovered

Mary Foote (right) took part in the Gutsy Walk in August 2020 at the age of 104. She was joined by son in-law Clarence and daughter Edith Olson. (family photo)
Langley woman turns 105 on Oct. 25

In August, Mary Foote took part in the Gutsy Walk to battle Crohn’s and Colitis

Maple Meadows Station’s new Bike Parkade. TransLink photo
TransLink to remove abandoned or discarded bicycles from bike parkades

Rules at TransLink bike parkades ask customers to use facilities for single day use only

This 2020 electron microscope image made available by the National Institute of Allergy and Infectious Diseases shows a Novel Coronavirus SARS-CoV-2 particle isolated from a patient, in a laboratory in Fort Detrick, Md. THE CANADIAN PRESS/AP-NIAID/NIH via AP
At least 49 cases of COVID-19 linked to wedding in Calgary: Alberta Health

McMillan says the city of Calgary has recently seen several outbreaks linked to social gatherings

UBC geoscientists discovered the wreckage of a decades-old crash during an expedition on a mountain near Harrison Lake. (Submitted photo)
Wreckage of decades-old plane crash discovered on mountain near Harrison Lake

A team of Sts’ailes Community School students helped discover the twisted metal embedded in a glacier

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Officers with the Lower Mainland Emergency Response Team were at a White Rock home Tuesday (Oct. 20) to assist Vancouver Police Department with execution of a search warrant. (Contributed photo)
ERT, VPD response to White Rock home connected to homicide: police

Search underway in the 15800-block of Prospect Crescent

The official search to locate Jordan Naterer was suspended Saturday Oct. 17. Photo courtesy of VPD.
‘I am not leaving without my son,’ says mother of missing Manning Park hiker

Family and friends continue to search for Jordan Naterer, after official efforts suspended

A bear similar to this black bear is believed responsible for killing a llama in Saanich on Oct. 19. (Black Press Media file photo)
Bear kills llama on Vancouver Island, prompting concerns over livestock

Officers could not track the bear they feel may not fear humans

Most Read