Each year, CPABC conducts the Business Outlook Survey to measure members’ perceptions of the current and future economic climates in BC, in Canada, and globally. The survey also asks members to share their thoughts on the challenges for business success and the performance of government in supporting BC businesses. Responses are analyzed by region, and a year-to-year comparison is made. Newly added to the process this year was the analysis of results from members in executive management roles (the “C-suite”).
2. Characteristics & Demographics
• 3,569BC CPAs responded, a 15% response rate.
• 61% of respondentslivein SouthwestBC; 14% live in the Vancouver
Island/Coast region; and 13% live outside of BC.
• Close to half of all respondentswork in “Industry”;one-third work
in “Public Practice,”; another 25% work in “Other” sectors.
• Top three roles CPAs hold within their organizations: ‘Senior
management’ (20%), ‘Middle management’ (19%), and
‘Principal/Owner/Partner’ (18%).
• The maximummarginof error for the total population (n=2,423) is
± 1.9%, 19 times out of 20. Survey results were not weighted.
BC Development Regions
3. Economic Outlook
Over the next two years…
• 77% of CPAs think BC’s economy willstay the sameor
improve.
• 62% of CPAs think BC’s economy willgrow at the same
pace,or fasterthan the Canadian average.
• Looking at global economies, the majority of CPAs see
stability or modest growth over the next two years.
Base:All Respondents,n=3,659
4. Challenges to Business Success
73% of CPAs think the ability to attract &retain skilled labour is the most
substantial challenge to business success in BCtoday.
• Of those who find this the biggest challenge, high costs of living,low
wages,and high housingcosts were identified as key contributing
factors.
Base: Thosewho rated labour as a major challenge,Total n=1,097
5. Challenges to Business Success
The top economic issue challenging business success in BCtoday is housing prices.
• 78% of CPAs ranked BC’s “housing prices” as the top economic issue
impacting business success.
• CPAsin the Lower Mainlandare most likely to rank “housing prices”
(83%)and “foreign ownership of properties” (57%)as economic issues.
• CPAs ranked “Commodity prices” as the second most challenging
economic issue(74%), followed by “the current value of the CAD vs.
USD” (72%), and the “Canadian economic climate” (69%).
Base:All Respondents,n=3,659
6. Municipal governments’ performance in creatinga good climate for
business and investment in BCis weak.
Government Performance
13%
13%
21%
45%
41%
42%
30%
34%
24%
9%
8%
11%
Federal
Provincial
Municipal
Poor Fair Good Excellent Unsure
26%
38%
33%
Base:All Respondents,n=3,659
7. Provincial Government Priorities
to Improve BC’s Economy
1. Improve regional economic
development
2. Reduce government red tape
3. Greater municipal fiscal
responsibility
Base:All Respondents,n=3,659
8. • More than half of CPAs predict their businesswill staythe
same,while four-in-ten expect expansion over the next
two years.
• Three-in-ten CPAs indicate their organization has
investmentplanscurrentlyon hold. This is mostly due to
economic concerns (80%).
Business Outlook
Nearly half of CPAs (47%) indicate that increasing theprovincial tax rate would
impact their company’s or their clients’ business investment plan.
Base:All Respondents,n=3,659
9. • To help businessesovercomechallenges,governmentcan: provide
more financial support such as grants, incentives, SR&ED claims,
funding or tax credits ; reduce government involvement and red tape;
reduce regulations; and stimulate the economy.
• Investmentin technologyis the #1 thing that can or should be
leveraged to stimulate economic growth.
C-Suite Perspectives
Thebiggest obstacle facing their businesses is finding qualified employees,
followed by the ability to raise capital.
Base:C-Suite respondents,n=381