The provincial government has tabled its 2013-14 budget, calling for a surplus of $ 197 million in the coming fiscal year, with some new programs aimed at children and families
Here are some of the highlights:
–the surplus will be achieved through a mix of tax increases, spending restraint, asset sales and economic growth
–tax hikes will bring in an extra $ 327 million in the coming year
–the corporate income tax rate rises from 10 to 11 % on April first, one year earlier than planned (raising $ 205 million)
–there will be a temporary two year increase in the personal income tax rate for individual income over 150-thousand dollars, effective january first, 2014 (raising 50 million dollars), goes up by about 2 percent
–tobacco taxes go up by two dollars per carton on october first (raising 17 million dollars)
–msp premiums go up by about four percent on january 1, 2014 (raising 23 million dollars)
–school property tax credits for light industry are phased out for the 2013 tax year (raising 32 million dollars)
–as promised, no increase in carbon tax, rate to stay the same for next three years…but there is
20 million to provide carbon tax relief for commercial greenhouse vegetable and flower growers
..and farmers will get carbon tax exemptions for coloured fuel
–government says it will hold annual spending increases to 1.5 per-cent over the next three years, while revenue is expected to average three per-cent annual growth
–savings of 1 billion dollars identified in ministries and crown agencies over 3 years
–economy expected to grow by 1.6 per-cent in 2013, 2.2 per-cent in 2014, 2.5 per-cent in 2015
–land sales of more than 100 surplus properties, raising 800 million in the coming fiscal year, 150 million the following year…that represents less than two percent of government’s 70 billion dollar portfolio
–there are some new spending measures spread out over the next 3 years
–government is introducing a new bc training and education savings grant worth 12-hundred dollars
–when a child born on or after january 1st, 2007 turns six years old, government will deposit 12-hundred dollars into r-e-s-p (registered education savings plan); no matching contributions are required
–a new early childhood tax benefit to be introduced in 2015, worth up to 55 dollars per month or 660 dollars annually for each child under six…..aimed at low income families, would be phased out for families with net income between 100-thousand and 150-thousand dollars
–76 million over 3 years to improve early learning and child care services and supports
–there will be 52 million dollars in new money over 3 years to cover increased rcmp costs
–60 million in new and reallocated fundeing for the sports and arts legacy fund
–18 million for the new b-c creative futures agency
–13 million over 3 years to support renewal and renovation of 13 provincially owned s-r-o hotels on downtown eastside
–5 million to enhance counselling and treatment for problem gambling
–4 million over 3 years to help agricultural land commission increase oversight of the a-l-r
–total provincial debt forecats to be 63 billion dollars in 2013-14, rising to 69 billion in 2015-16
–key measure of debt-to-gdp ratio will peak at 18.3% in 2014-15, then fall to 18.1% the following year
–fiscal plan has forecast allowance of 200 million dollars and contingency fund of 225 million dollars
–deficit for the current fiscal year ending on march 31st has been reduced from 1.5 to 1.2 billion dollars
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