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

BC Liberal Party candidate for the North Coast Roy Jones Jr. will hold virtual face-to-face meetings for North Coast communities on Oct. 18. (Photo: K-J Millar/The Northern View)
BC Liberal Candidate Roy Jones Jr, will meet constituents virtually

Face to face conversations will be held on Oct. 18 for North Coast communities

The rockslide occurred just east of Firvale before Snowshoe Creek (photo submitted)
Heavy rain causes mud, debris on Highway 20

Environment Canada had issued a rainfall warning on Thursday morning

Phillip Tallio with his supporters Marie Spetch and Robyn Batryn. (File photo)
Appeals trial begins for Phillip Tallio, convicted of killing toddler in 1983

Tallio was 17 at the time of the 22-month-old toddler’s death

Subsea fibre optics running from Prince Rupert to Haida Gwaii and and then south to Vancouver will improve high-speed internet connection options for Coastal Communities, CityWest said on Oct. 13. (Black Press Media)
Subsea fibre optics running from north of Prince Rupert to Haida Gwaii and and then south to Vancouver will improve high-speed internet connection options for Coastal communities, CityWest said on Oct. 13. (Black Press Media)
CityWest to refresh subsea fibre optics project

Fibre optics project to run cable from north of Prince Rupert to Haida Gwaii then south to Vancouver

With local MLA Adam Olsen looking on, BC Greens leader Sonia Furstenau said a Green government would convert BC Ferries into a Crown corporation Wolf Depner/News Staff)
Green leader Sonia Furstenau promises to convert BC Ferries back into Crown corporation

Promise comes Monday afternoon with five days left in campaign

A passer-by walks past a COVID-19 testing clinic in Montreal, Friday, Oct. 16, 2020. THE CANADIAN PRESS/Ryan Remiorz
Canada ‘yet to see’ deaths due to recent COVID surge as cases hit 200,000

Much of the increase in case numbers can be attributed to Ontario and Quebec

Police confirm human remains were found in a recycling bin in Vancouver on Oct. 18, 2020. (Black Press Media file photo)
Human remains found in recycling bin floating near Vancouver beach

Police asking nearby residents to see if their recycling bin has gone missing

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

B.C. Liberal leader Andrew Wilkinson visits a North Vancouver daycare to announce his party’s election promises for child care, Oct. 9, 2020. (B.C. Liberal Party video)
B.C. parties pitch costly child care programs in pandemic

B.C. Liberals say they’ll deliver on NDP’s $10-a-day promise for lower-income families

A B.C. man decided to create a website to help people find family doctors accepting patients. Because Victoria is considered high-demand, clinic openings can’t be posted publicly. (Unsplash)
Vancouver Island man starts website that connects B.C. residents with doctors

Nanaimo man started project to help people find family physicians accepting patients

Voting station at Tzeachten Hall in the riding of Chilliwack-Kent on the first day of advance voting in the provincial election on Oct. 15, 2020. (Paul Henderson/ Chilliwack Progress)
B.C. VOTES 2020: 380,000 British Columbians head to polls in first 4 days of advance voting

Some of highest voter turnout so far has been seen on Vancouver Island and in Shuswap

Most Read