BC Businesses: 5 Billion Dollars in EXTRA tax since 2013
Small businesses are feeling it. That's the consensus after a recent report looked into how the tax changes have impacted businesses in BC over the last six years. The Business Council of BC (the BCBC), who did the report, estimated that BC Businesses are paying almost 5 Billion dollars in additional taxes than they were in 2013.
The largest tax increase to businesses- the failed shift to the Harmonized Sales Tax (HST)- which they estimate accounts for about 3 Billion dollars in additional sales tax. The second largest- the introduction of the Employer Health Tax (EHT) which will eliminate MSP premiums by 2020. Additionally, increases in corporate tax rates, rising carbon tax, taxes on fuel, etc. have also contributed to the overall burden on BC businesses.
So, the results show that these tax changes clearly impact BC businesses. Cahill CPA is watching these changes closely to see how we can better help your business minimize losses. Every time there are tax changes, we have to look carefully at your bookkeeping and year ends to make sure we are accounting for these changes and looking for ways to save you money. This is why having an accountant is so important- we know about these changes, and we know how we can help you and your business. If you have any questions about these specific tax changes, or have noticed something new or different recently with your business, don’t hesitate to call us.
Cahill CPA- we focus on your accounting, so you can focus on what YOU do best!
To read the original report published by Hayley Woodin on August 1, 2019:
Or the updated report, published by PIQUE magazine on August 6, 2019:
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