Today, Surrey & White Rock Board of Trade (SWRBOT) CEO Joslyn Young and Policy & Media Advisor Aman Parmar attended the provincial Budget Lock-Up in Victoria to review the 2026 fiscal plan.
The budget projects a $13.3 billion deficit – the largest in B.C.’s history. Despite new tax measures and plans to reduce the public service by 15,000 positions, the deficit is still expected to grow in 2026, raising questions about the long-term sustainability of the province’s fiscal trajectory.
“We appreciate that the province is continuing its investment in essential services, but businesses are navigating growing cost pressures and unpredictability. Our members need an affordable environment in which to do business and a clear path back to fiscal balance.”
Joslyn Young, CEO
Key changes taking effect in 2026 include:
- PST expansion to professional services such as accounting, architecture, engineering, strata management, and security – increasing operating costs across multiple sectors.
- Personal income tax increase to the lowest bracket, ranging between $76 to $201 annually per individual.
- Public sector workforce reduction of 15,000 positions by the end of 2028.
The budget outlines several major investments:
- $2.8 billion for healthcare facility construction and upgrades
- $283 million for skills training and workforce development
- $139 million for community safety initiatives
- $330 million for affordable childcare
- A new temporary Manufacturing and Investment Tax Credit has been introduced for Canadian-controlled corporations who invest in buildings, machinery, and equipment used in manufacturing. The tax credit is 15% on the first $2 million invested, for a maximum credit of $300,000.
Locally, Surrey and White Rock will see previously announced investments in:
- The $2.9 billion Cloverdale hospital and cancer care centre
- $521 million for the permanent School of Medicine at Simon Fraser University
- $143 million for new student housing at Kwantlen Polytechnic University
SWRBOT will continue reviewing the fiscal plan and engaging members to assess impacts on businesses across Surrey and White Rock.
To learn more, read the full budget and fiscal plan here: bcbudget.gov.bc.ca
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Aman Parmar
aman@swrbot.com | 604.634.0345
