IN THE KNOW:
Provincial budget braces for tariff impact
Last week, British Columbia’s 2025 budget was unveiled by Finance Minister Brenda Bailey, featuring several measures aimed at supporting businesses, but also drawing mixed reactions from business leaders and Chambers of Commerce.
Titled Standing Strong for B.C., it presents a fiscal plan that includes a record deficit of $10.9 billion for the 2025-26 fiscal year. This deficit is part of a broader trend of increasing financial shortfalls, with projected deficits exceeding $9 billion in subsequent years. Details can be found here.
The day after announcing the plan, Finance Minister Brenda Bailey met with the Greater Victoria Chamber of Commerce to discuss its impacts.
Herself a former tech sector entrepreneur, Bailey acknowledged this year’s budget is overshadowed by US trade war with Canada, prompting a $4 billion contingency fund set aside annually for three years to address unforeseen challenges.
“We want to see policies that are looking at the horizon, that are investing in making our private sector bigger, growing our economy,” Chamber CEO Bruce Williams said in response. “We’re fortunate to live in a region with a diverse economy that is relatively sheltered from a trade war. That said, we know we’re in for challenging times ahead as Canada will be impacted by tariffs.”
Fiona Famulak, President and CEO of the BC Chamber of Commerce, said in a statement that Budget 2025 “does not deliver the economic incentives, tax changes, programs or policy shifts that are required to kick-start our economy and which we have been advocating for since before the last election.
“The debt-to-GDP ratio will rise from 22.9% today to 34.4% by the end of the fiscal plan. This will increase the Province’s interest-bite by 60.5%, from 4.3 to 6.9 cents per dollar of revenue.”
Meanwhile, the Greater Vancouver Board of Trade gave the budget a ‘C-‘ rating, expressing concerns about the lack of economic vision and fiscal management. President and CEO Bridgette Anderson emphasized the need for a new agenda focused on economic growth, including reducing red tape, lowering barriers to investment, and increasing internal trade.
Trade war prompts further response
Premier David Eby has announced a comprehensive plan to counter U.S. tariffs on Canadian goods and energy that includes introducing tariff-response legislation to provide new tools for defending BC jobs and businesses.
The legislation aims to enable swift responses to emerging challenges, such as removing interprovincial trade barriers and mandating the use of Canadian low-carbon fuels. Additionally, BC may apply tolls or fees to U.S. commercial vehicles using BC infrastructure to travel to Alaska.
“The tariffs imposed by Trump are a profound mistake and are hurting families on both sides of the border,” Premier Eby said. “My team will continue to work hard every day to defend British Columbians through this and come out stronger on the other side. Every option is on the table.”
The province’s initial response to tariffs includes directing the BC Liquor Distribution Branch to immediately stop buying American liquor from “red” states and remove red-state brands from the shelves of public liquor stores. The B.C. government and Crown corporations have also been directed to buy Canadian goods and services first.
The countermeasures are a first step and part of a ‘Team Canada’ approach that includes 25% tariffs on $155 billion worth of imported U.S. products imposed by the federal government.
The provincial Chambers of Commerce have responded to the tariff situation by presenting a unified plan to enhance national competitiveness. The BC Chamber of Commerce, along with other provincial chambers, is advocating for the removal of internal trade barriers and the strengthening of domestic supply chains.
The BC government’s plan to diversify trade markets and reduce reliance on the U.S. is generally seen as a strategic move to mitigate the impacts of tariffs. By expanding trade relationships with key Asian markets like China and South Korea, BC aims to position itself more favorably compared to other provinces. However, sectors heavily reliant on U.S. exports, such as softwood lumber, remain vulnerable.
South Island Prosperity Partnership announces new economic taskforce
In response to the escalating trade tensions with the U.S., the South Island Prosperity Partnership (SIPP) has launched the Rising Economy Task Force 2.0 in Greater Victoria.
This initiative aims to address the economic vulnerabilities of the region by coordinating community and business leaders’ response efforts. The task force, which was initially established to tackle the economic impacts of the COVID-19 pandemic, will now focus on identifying interventions, unlocking funding and policy support, and encouraging investment in emerging industries.
Rising Economy Task Force 2.0 is designed to be a proactive strategy, not just a response to the tariffs. It will bring together government program leaders, business service organizations, and financial institutions to safeguard the region’s future.
SIPP CEO Aaron Stone highlighted the potential for resilience and innovation, noting that just as the region rebuilt stronger post-pandemic, it can emerge from this challenge more united and prosperous. The task force will begin meeting in mid-March to identify immediate actions that address the threat of tariffs and other economic pressures.
Royal Roads University plans Salt Spring Island campus
Royal Roads University has partnered with Salt Spring Island Farmland Trust on a collaborative planning process to develop a strategic plan and operational framework for the recently established Royal Roads University property on Salt Spring Island, known as Bloom Castle by the Sea.
The goal is to establish the property as a hub for education, collaboration, and innovation, benefiting diverse communities, including Salt Spring Island residents, the 14 Indigenous communities with linkages to Salt Spring Island, local non-profit organizations and local businesses, and Royal Roads alumni, staff and faculty.
Island Coastal Economic Trust is contributing $30,000 towards the $117,250 project through the regional collaboration stream of the Trust’s Investment Readiness program.
Victoria welcomes first cruise ship of the season
March 6 saw the arrival of Victoria’s first cruise ship of the 2025 season, the Disney Wonder, expected to be one of 320 cruise ship visits this year. To mark the occasion, Chief Jerome Thomas of the Xʷsepsəm Nation provided an official Lək̓ʷəŋən welcome to the ship’s captain.
For the full 2025 cruise schedule, including arrival and departure details, visit GVHA’s website.
BC transitions to new Business Registry Application
As of March 2025, B.C.’s corporate and business registry services has transitioned to a new platform the province says will enhance user experience, security, and accessibility.
This change affects all companies incorporated under the B.C. Business Corporations Act, including limited companies, unlimited liability companies, and community contribution companies.
Users will log in using the BC Services Card app, eliminating the need for traditional usernames and passwords. To access the new Business Registry, ensure you have the BC Services Card app installed and activated.
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MARK YOUR CALENDAR:
MARCH
March 13: GVCC Business Leaders Series with Captain (N) Whiteside
MAY
May 1: VIATEC Awards
May 4 – 9: International Seaweed Symposium
May 27 – 30: Web Summit
JUNE
June 4: Greater Victoria Chamber of Commerce Business Awards
June 10: TEDxVictoria
