Richmond Chamber Comments on Budget 2025

RICHMOND, BC – This afternoon, the Hon. Brenda Bailey, Minister of Finance announced B.C.’s Budget 2025, which sets Provincial priorities and spending for the year ahead.

The Chamber’s President & CEO Shaena Furlong said, “at the outset of today, the threatened U.S. tariffs came into force. As Minister Bailey highlighted, Budget 2025 has integrated tariffs into some of the economic modelling. In the face of this unprecedented shift in Canada’s closest trading relationship, British Columbian employers and workers are facing significant challenges ahead.”

Furlong continued, “in Budget 2025, we see another record deficit – this year $10.9 Billion. Over the three-year fiscal plan, the deficit is projected to surpass $30 Billion, with a projected debt to GDP ratio of 34.4%. As a business organization, we worry about these significant, ongoing deficits affecting the Province’s ability to respond effectively to unexpected challenges and manage the cost of servicing its debts. Now, more than ever, it is critical that we incentivize investment in B.C., and support local employers to diversify their trading relationships. We had hoped to see a greater emphasis in this budget on initiatives that would spur business and job growth in B.C. to prepare us for the uncertain years ahead. With that said, an emphasis on removing red tape and accelerating project approval is significant and we are hope to see this approach continue.”

Highlights in Budget 2025 for Richmond employers and workers include:

Modelling the Impacts of Tariffs:

• The Province estimates that the impact of U.S. tariffs on B.C.’s GDP (assuming U.S. and retaliatory tariffs are in place until 2029) to be a cumulative $43 billion loss.
• 45,000 fewer jobs in B.C. by 2029
• A decline in corporate profits by $3.2 to $5 billion by 2029

Capital Investments for Richmond:

• The continued capital budgeting of $4.2 billion to fund the replacement of the current George Massey Tunnel crossing with a new 8 lane immersed-tube tunnel. The Province continues to communicate an estimated completion date of 2030.
• The continued capital budget allocation of $2.0 billion for the redevelopment of the Richmond Hospital, including the new North Tower and demolition of the existing Acute Care Tower.

Other highlights for employers and workers included in Budget 2025:

• A new $110 per eligible policy holder ICBC rebate;
• An additional $100 million budgeted for heat pump rebates for low and moderate income home owners;
• An increase to the small business venture tax credit from $120,000 to $300,000, beginning today;
• $235 million over three years to support community safety initiatives including programs to address repeat violent offending, strengthen intervention services and connect to services;
• A new Community Safety and Targeted Enforcement Program to address robbery, shoplifting, theft and property-related offenses through creating additional resources for police;
• Increasing the interactive digital media tax credit from 17.5% to 25% and making it permanent;
• An extension for the training tax credit for apprentices for three years, to the end of 2028;
• Greater incentives for the film and television industry, including:
  • The basic Film Incentive BC tax credit increasing from 35% to 40%
  • The basic production services tax credit is increasing from 28% to 36%
  • A new major production tax credit for projects with B.C. production costs greater than $200 million
• An additional $318 million over three years to support more middle‑income rental homes through the BC Builds program;
• $30 million more over three years to continue and expand the Integrated Marketplace Initiative; and,
• $95 million for critical highway and bridge maintenance.

Today, Premier Eby also announced a shift in Provincial procurement policies toward a ‘Buy Canadian’ approach, indicating greater opportunities for local employers to work with the Provincial government.

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The Richmond Chamber of Commerce is a broad-based non-profit membership association, celebrating over 90 years of commitment to make Richmond the most prosperous and favourable place to do business.

Media Contact:

Aleena Hussain

Communications & Policy Coordinator

Richmond Chamber of Commerce

(604) 278 – 2822 ext. 103

aleenah@richmondchamber.ca