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By Liam Verster

Budget 2024 Reaction

Kelowna Chamber sees pros and cons in federal budget, but still waiting to hear from members

Apr 18, 2024 | 6:00 AM

The Kelowna Chamber of Commerce is mostly applauding the federal government’s budget, though is still awaiting feedback.

“We’re waiting to hear from our business members before speaking too broadly,” Kelowna Chamber CEO, Dan Rogers, stated.

“One important message is a policy win for us, and for our B.C. based businesses – a focus on streamlining internal trade. Strengthening our internal trade could elevate GDP growth by up to eight per cent across the country, and fortify Canada’s economic foundation. It shouldn’t be easier to trade with Europe than it is within our own country.”

Included in the budget was the launching of a first-ever Canadian Survey on interprovincial trade this summer, which will allow Canadian businesses to provide insights on challenges they face when buying, selling and investing across provincial and territorial borders.

There was also a focus on expanding the inventory of both rental and owned homes in the budget, as well as new infrastructure funding for emergency response, both of which Rogers said should be beneficial to British Columbians.

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“As we’re hearing both from the government and the media, it’s a budget aimed primarily at millennials and gen Z,” Rogers stated.

“With regard to housing, however, we still need more; much more. Capping development charges is a positive initiative which we support.”

The local chamber did note than an increase to the capital gains tax could affect 12 per cent of businesses across the country, and stated “the Canadian Chamber generally opposes any measure which will increase the costs for businesses when we’re experiencing challenging economic headwinds.”

Rogers noted the budget also includes other measures that could impact businesses, including the accelerated depreciation rate, immediate expensing of certain equipment, and extension of the GST Rebate to student residences.

The Chamber hosted a virtual analysis with the local an accounting and business consultation firm Wednesday, April 17, to learn more about what the budget may mean for the Okanagan, though did not divulge any of the findings from that conversation.