Sept. 8, 2009 – Retail Council of Canada applauds the B.C. government's decision to
reduce taxes on small businesses and individuals, providing welcome
relief for retailers.
Retail Council of Canada applauds the B.C. government's decision to
reduce taxes on small businesses and individuals, providing welcome
relief for retailers. With consumer confidence growing, these measures
will add fuel to B.C.'s economy.
"Governments across Canada, and around the world, are facing lower
revenues and tough decisions and B.C. is no different. The fact that
the Province has left room to provide some relief for taxpayers and
small businesses is welcome news for B.C.'s retailers," said Max Logan,
B.C. Director for the Retail Council of Canada.
The Province announced in its September Budget that the basic personal
income tax exemption would be increased to $11,000 as of January, 2010,
meaning that no provincial income tax would be payable on income below
that level. In addition, the Small Business Tax Threshold will be
increased from $400,000 to $500,000 and the small business tax rate
will be reduced to zero by 2012.
"Small businesses in our communities are fundamental to the success of
the entire B.C. economy," said Logan. "We feel these tax reductions
will give those businesses a boost at just the right time."
Logan also reiterated Retail Council's support for the move to a
harmonized sales tax, noting that he was pleased to see a new exemption
for HST on home heating and electricity bills.
"HST is going to mean fewer administrative headaches for retailers,
resulting in time savings and cost savings," said Logan. "In addition,
economists tell us that the B.C. economy will grow more quickly as a
result of a switch to HST. Retailers do well when our economy is
growing and employment is strong, and that's exactly what we expect
from a switch to HST."
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