GVBOT responds to 2024 Federal Budget

For Immediate Release
April 16, 2024

VANCOUVER, B.C — In response to the 2024-2025 federal budget, Bridgitte Anderson, President and CEO of the Greater Vancouver Board of Trade, has issued a statement:

"Today's budget did not deliver the medicine needed for an ailing economy. While there were some positive measures, we hoped for a budget that would create the conditions for inflation and interest rates to moderate, while also spurring private sector investments to foster robust economic growth and high quality, family supporting jobs. Instead, we face $120 billion in deficits over the next three years combined with government policy that has thus far been unable to reverse our lagging productivity, flat growth, and a worsening cost of living crisis.

The red ink remains after adding higher capital gains taxes for individuals and corporations - poised to cost $20 billion – which marks a significant policy shift, making Canada a less attractive environment to build and grow a business. This major shift is partially mitigated by an increase in the Lifetime Capital Gains Exemption and an enhancement of accelerated capital cost allowance for innovation-related assets, but the overall impact is concerning.

We welcome the positive developments in the budget meant to spur action on the housing crisis in the form of new and expanded programs and loans. The EIFEL tax exemption for housing is a commonsense approach that will ensure we can fund new construction. That said, housing starts are softening nationally and there is a substantial need for workers to build new homes and the foundational infrastructure required to build communities. B.C. has significant infrastructure needs resulting from recent growth that did not see new investment in the budget.

Finally, we are pleased to see the announcement of a new Indigenous Loan Guarantee Program. This is a positive initiative that builds on progress in Alberta and B.C. that will help to unlock access to capital for Indigenous communities and get projects built."

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About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada’s leading business association, engaging members to positively impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one third of B.C.’s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events businesses in the country, providing a platform for national and international business and thought leaders to further enlighten B.C.’s business leaders.

Media contact:

Federico Cerani
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com