This is a reminder that effective June 1, 2021, the minimum wage in British Columbia will increase from $14.60 to $15.20 per hour. Additional information regarding minimum wages and employment standards can be found at the BC Government website here.
Keep in mind that if your business exceeds the threshold of $500,000 for BC remuneration, and you therefore already pay Employer Health Tax, your Employer Health Tax may rise with the minimum wage increase. You can estimate your EHT using this calcuatolr. As a business owner, we understand the impact this may have on your profitability which considering ongoing COVID restrictions, may put additional strain on your business. With that in mind, the importance of understanding your profitability and cash flow management is essential. Last May, we issued a bulletin (which can be found here), that highlighted key suggestions of how to measure and manage both areas.
An additional tool the Canadian Government has issued is the Business Benefit Finder, which can be found here. This tool can assist you in discovering which government support, whether related to COVID or not, your business may qualify to receive.
If you need help sorting through what type of assistance is available, managing your cash flow, or better understanding how to grow your profitability, please know that these are services that we do provide, to help you in these areas. Please feel free to reach out, and we will be happy to put together a proposal for these services to help your company reach its short and long-term goals.
Thank you, The Raincoast Team