Surrey Business News

Sur­rey Board of Trade Pleased with Up­com­ing Busi­ness Prop­erty Tax Re­lief Leg­is­la­tion

- Business · Tax Credit · Taxes · Property Tax · Surrey · British Columbia

On Jan­uary 17, the BC Gov­ern­ment stated that small busi­nesses, non-prof­its, and arts and cul­ture or­ga­ni­za­tions pay­ing high prop­erty taxes through their com­mer­cial leases will be able to get re­lief through in­terim busi­ness prop­erty tax re­lief leg­is­la­tion that is now un­der devel­op­ment. This is ex­pected to pro­vide mu­nic­i­pal­i­ties with a tool to help with the in­creas­ing costs to busi­ness and or­ga­ni­za­tions.

“It will be in­ter­est­ing to see how mu­nic­i­pal­i­ties will iden­tify those busi­nesses and non-prof­its pay­ing high prop­erty taxes as a re­sult of in­creas­ing real es­tate val­ues,” said Anita Hu­ber­man, CEO, Sur­rey Board of Trade.

“BC’S busi­ness com­mu­nity faces some of the high­est taxes in Canada, with prop­erty taxes be­ing the most bur­den­some. The Sur­rey Board of Trade looks for­ward to more in­for­ma­tion that will help Sur­rey’s busi­ness com­mu­nity, and that in­cludes our non-prof­its as well as our arts and cul­ture or­ga­ni­za­tions.”

“The Sur­rey Board of Trade re­leased the fourth an­nual Red Tape Re­port in Fall 2019, which de­scribed how bur­den­some tax­a­tion, reg­u­la­tory, and com­pli­ance sys­tems are for small and medium sized busi­nesses. We called on all lev­els of gov­ern­ment to ex­am­ine the cost of com­pli­ance. Re­duc­tions in prop­erty tax is a nec­es­sary step to­wards cre­at­ing an eco­nomic cli­mate in this prov­ince con­ducive to growth and sus­tain­abil­ity.”

The up­com­ing in­terim leg­is­la­tion would al­low mu­nic­i­pal­i­ties to ex­empt a por­tion of the value of a sub­set of com­mer­cial prop­er­ties from tax­a­tion, eas­ing the tax bur­den for ten­ants re­spon­si­ble for prop­erty taxes through their com­mer­cial leases.

The pro­posed leg­is­la­tion would ap­ply to the 2020 tax year and be in ef­fect for a max­i­mum of five years. It is be­ing de­signed to pro­vide a way for mu­nic­i­pal­i­ties with enough flex­i­bil­ity to pro­vide tax ex­emp­tions to tar­get spe­cific busi­nesses and non-profit or­ga­ni­za­tions to sup­port those most im­pacted by the cur­rent frame­work, with­out chang­ing an al­ready com­plex as­sess­ment sys­tem.

MORE IN­FOR­MA­TION: news.gov.bc.ca/21384

 ??  ?? Min­is­ter Selina Robin­son
Min­is­ter Selina Robin­son

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