B.C. small business owners say they are the least confident across Canada in their provincial government’s commitment to reduce red tape.
That’s according to a Monday report from the Canadian Federation of Independent Business (CFIB) showing only four per cent of West Coast business owners are at least somewhat confident in Victoria.
The report also highlights a 23.7-per-cent hike in B.C. regulation costs from 2014-24, rising from $6.719 million to $8.313 million during that period for the third-highest increase among the provinces.
Low confidence and rising regulation costs in the province could also pose a challenge when passing the torch to the next generation, as almost three-quarters of B.C. business owners (74 per cent) said they agree they don’t advise the next generation to run a business – tied with Nova Scotia for second highest among the provinces.
The CFIB report estimated Canadian small businesses dedicated almost 92 business days to regulatory compliance, with 32 of those days spent on red tape that the business group claimed could be eliminated without any safety repercussions.
Time spent on red tape increased by about 35 per cent – or eight business days – between 2020 and 2024. Regulation compliance costs, meanwhile, increased by $5 billion (+13.5 per cent) to $51.5 billion during the same period. Out of that $51.5 billion, the CFIB says $17.9 billion are red-tape costs.
CFIB’s Regulation and Paper Burden Survey was conducted between July 4 and Sep. 8, 2024 with a total of 2,891 respondents across Canada.
