Greater Victoria business groups today sent a joint letter to federal and provincial leaders with an urgent request for immediate relief for business from late filing penalties and installment interest on taxes and through interest-free BDC loans.
Here is the text from letter from Catherine Holt, CEO, Greater Victoria Chamber of Commerce, Paul Nursey, CEO, Destination Greater Victoria, and Jeff Bray, Executive Director, Downtown Victoria Business Association (DVBA).
Dear Prime Minister Trudeau, Minister Morneau, Premier Horgan and Minister James,
The Greater Victoria Chamber of Commerce, along with our community partners at Destination Greater Victoria and the Downtown Victoria Business Association, urge all levels of government to provide immediate relief for businesses suffering economic consequences due to the public health measures instituted by government to combat COVID 19.
Specifically, we ask that all governments not charge late filing penalties and instalment interest on balances owing to government from today until COVID-19 is under control. Many businesses are struggling to survive the profound loss of revenue caused by requirements for social isolation and restrictions placed on travel.
Governments can help businesses facing financial uncertainty and severe cash flow reduction by being flexible regarding the timing of, and consequences for, payment of taxes and through access to interest-free loans.
For the federal government, this includes payroll instalments, GST and corporate income taxes. Payroll being the most onerous of these.
For British Columbia, this includes Employer Health Tax, PST and WCB premiums. We also ask the province to remove the requirement for BC municipalities to charge 10 percent on the late payment of property taxes.
Additionally, we request that Canada provide immediate access to interest-free loans to business through the Business Development Bank of Canada.
Please help businesses survive this extreme situation.
|Catherine Holt, CEO, Greater Victoria Chamber of Commerce|
Paul Nursey, CEO, Destination Greater Victoria
Jeff Bray, Executive Director, Downtown Victoria Business Association