The Greater Vancouver Board of Trade (GVBOT) has expressed significant concerns following the recent unveiling of British Columbia’s budget for this year. The GVBOT has given the budget a dismal grade of “D”, marking it as the lowest rating in over six years.
Of particular worry to the GVBOT is the announcement of levy increases that will impact a wider array of businesses through an expansion of the Provincial Sales Tax (PST). From October 1, 2026, professional services like accounting, architecture, engineering, geoscience, and commercial real estate will no longer be exempt from PST obligations.
Bridgitte Anderson, CEO of the GVBOT, emphasized that the budget’s modest investments from previous years are overshadowed by these tax hikes, which are poised to have far-reaching effects across the province.
While acknowledging the positive step of a tax credit for manufacturing and processing, Anderson highlighted that this benefit is outweighed by the introduction of $4 billion in new taxes.
The GVBOT, acting as a voice for business owners throughout Metro Vancouver, evaluates the budget based on core principles of fiscal management, economic growth, and competitiveness. Anderson warned that British Columbia finds itself in a troublesome financial position, with a staggering debt servicing cost of $9 billion, potentially leading to further credit rating downgrades.
Despite hopes for a sustainable fiscal plan from the government, Anderson lamented the absence of a clear strategy to restore the province’s financial health. The budget is projected to result in a record-high deficit of $13.3 billion in the 2026/27 fiscal year, reflecting a deepening financial crisis with no visible pathway to recovery.