The BC government has launched consultations for Budget 2027, from June 1 to June 19. The public has an opportunity to submit recommendations and present those recommendations to the Standing Committee on Finance over the summer.  British Columbia is facing economic uncertainty, affordability challenges, and slower growth. The budget consultation paper highlights the need to balance fiscal discipline with continued investments in services, infrastructure, and economic development.

A theme throughout the document is competitiveness. The BC Government notes the challenges posed by geopolitical uncertainty and the pressure on businesses and households. The consultation specifically asks stakeholders for ideas on how to strengthen BC's economy, support investment, and improve productivity.

For credit unions, this is an opportunity to highlight the challenges faced by small- and medium-sized businesses across the province. While large projects and major industries often receive attention, SMEs continue to face higher financing costs, labour shortages, red tape, and growing uncertainty around trade. As community-based financial institutions, credit unions have strategic insight into the pressures facing local businesses and entrepreneurs.

The consultation also emphasizes affordability and housing. The BC government continues to seek solutions that increase housing supply and improve affordability for British Columbians. Credit unions play an important role in financing housing projects, supporting first-time homebuyers, and working with local developers and communities to address housing needs.

Trade and economic resilience are also emerging as priorities. Ongoing trade tensions have renewed BC government interest in strengthening domestic markets and reducing barriers to doing business across Canada. For many credit unions, this aligns with efforts to support local businesses seeking growth opportunities and with the credit union system's ambitions for interprovincial expansion.

There is a pathway for the credit union system to provide recommendations to improve access to capital for SMEs, support interprovincial trade, encourage investment in technology and innovation, and expand financing options for housing and community development.

Credit unions interested in providing recommendations to the Standing Committee on Finance and Government Services are encouraged to participate in the consultation process. Register here to participate.