More than 560 members responded in the most recent survey, which focused on work in BC.

Prior to the COVID-19 pandemic, the way consumers preferred to shop had begun to morph, with an increasing demand for in-store experiences, greater e-commerce, and more sustainable products. The COVID-19 pandemic has only expedited these trends.

Economic data from July indicates that BC is continuing to rebound from the historic lows that began in March. However, the employment rebound has been disproportionately spread across sectors, and areas of consumer spending have shifted since pre-crisis. 

The COVID-19 pandemic has upended the way British Columbians work and live. Over the past few months, businesses across the province closed their doors, displacing a large portion of the workforce.

After March and April brought historic collapses in employment, consumer activity, exports, and increasingly negative GDP forecasts, new data continues to suggest the worst of the economic damage from the COVID-19 pandemic is behind us. While the situation remains precarious, June data shows the economy is continuing its rebound that began in May. 

On July 8, Finance Minister Bill Morneau announced the federal deficit is projected to hit $343 billion this fiscal year, due largely to significant economic aid provided during the ongoing COVID-19 pandemic. Minister Morneau’s fiscal and economic update provides details on how federal benefits and business support programs, including the extension of the Canadian Emergency Wage Subsidy (CEWS), have impacted the Canadian economy thus far.

The economic impact of the COVID-19 pandemic has been devastating. As a result of necessary containment measures, B.C.’s unemployment rate hit 13.4 per cent in May and economic forecasts for the province predict a steep economic contraction in 2020.

After historic collapses in employment, consumer activity, exports, and increasingly negative GDP forecasts, it appears the worst of the economic damage from the COVID-19 pandemic is behind us. While the situation remains precarious, May data shows the economy is beginning to heat up. 

How has containing COVID-19 impacted BC’s economy? Recent data is beginning to illustrate what this looks like.

On May 6, 2020, the BC government announced its plans to re-open the economy, eight weeks after declaring a state of emergency due to the COVID-19 pandemic. The announcement came as BC’s situation looks increasingly positive, with declining total cases and the lowest per capita cases across any jurisdiction with over five million people in Canada, the US, and western Europe.

How has containing COVID-19 impacted BC’s economy? Recent data is beginning to illustrate what this looks like. 

As we better understand the implications of COVID-19 on our society and the measures required to curb its growth, organizations are updating their economic forecasts in real-time. 

If there’s one thing we know about COVID-19, it's that it has brought incredible uncertainty to our lives. It has also brought uncertainty about the state of our economy. 

The Chartered Professional Accountants of British Columbia (CPABC) commends the government for achieving a balanced budget while still investing in social and capital projects.

According to the BC Check-Up, an annual economic report released by the Chartered Professional Accountants of British Columbia (CPABC), B.C.’s economic growth moderated throughout 2018 and into 2019, while the housing market cooled and the labour market neared capacity. B.C.’s GDP growth rate is forecasted to slow from 2.4 per cent in 2018, to 1.7 per cent in 2019, and 2.0 per cent in 2020 based on numbers by TD Economics.

We’re surrounded by water in the form of rivers, oceans, and lakes in the Lower Mainland. Water actually covers 71% of our Earth's surface.

The Chartered Professional Accountants of British Columbia (CPABC) congratulates the government for its seventh consecutive balanced budget.

Long before online ordering at Amazon.ca, the Sears print catalogue was the major shopping source for Canadian families, especially those in rural areas lacking any nearby retail locations.

The approval of the LNG Canada project, the expansion of Amazon’s office, and the opening of an Apple corporate office in Vancouver are positive signs that point to B.C.’s business potential.

Export of goods and services make up 38 per cent of B.C.’s real Gross Domestic Product (GDP). As exports are a vital part of our economy, it is crucial that we continue to focus on exploring and diversifying our export products and markets.

The year 2017 was not without challenges for British Columbia. The uncertainties over NAFTA renegotiations began last year and continue today.

If your business has relationships with the European Union (EU), you’ll want to make sure you’re up to date on the EU’s privacy legislation, as one of the toughest privacy regulations in decades will come into full effect in Europe on May 25, 2018.

CPAs in BC have consistently ranked the ability to attract and retain skilled talent as the greatest challenge to business success in this province. And it is with good reason. Over the past five years, BC has seen unprecedented job growth, especially in burgeoning sectors like tech; in fact, the pace of growth in the tech sector is so fast that labour demand has outstripped supply, making it difficult for tech companies to attract and recruit skilled talent. BC Tech estimated that our tech industry will need to fill approximately 35,000 positions by 2021. 

Technology is rapidly changing how we do things. The introduction of ATM machines in the 1980s, is a prime example, where technology reduced routine cash handling done by tellers and refined their roles to provide better customer service and sales, which required new skills.

People between the ages of 15 and 29 are the leaders of today and tomorrow, and we depend on their ability to foster the economy for the next generation and to care for the previous generation. Despite accumulating skills and making efforts to find work, many young British Columbians are struggling today and feeling anxious: the world of work has changed, leaving their futures unknown. 

According to the Chartered Professional Accountants of British Columbia’s (CPABC) annual Business Outlook Survey, 81% of B.C.’s CPAs identified attracting and retaining skilled labour as a challenge to effective business investment and productivity. B.C.’s high cost of living and increasingly expensive housing, particularly in Greater Vancouver, have impacted recruitment efforts.