Finance Minister Mike de Jong presents the current budget in February 2014. He has promised another surplus forecast for the next one.

Relief coming for rich, poor in B.C. budget

Tax hike for incomes over $150,000 ends, Finance Minister Mike de Jong looks at ending child support payment clawback

B.C. will likely be the only province in Canada to report a balanced budget for the current year and project surpluses for the next three years, Finance Minister Mike de Jong says.

In a briefing for reporters on what to expect when the annual budget is presented Feb. 17, de Jong said the surplus for the current year will be larger than the $444 million forecast in November. Corporate and personal income tax has been stronger than expected, but there is no certainty that will continue into the new fiscal year that begins April 1.

The second straight surplus after billions in deficits the previous four years will be used to pay down debt, but there is some room for helping poorer people, de Jong said. He hinted that this may include a change to the long-standing practice of deducting spousal child support payments from social assistance and disability payments to single parents.

“There are some areas where we believe there have been pressures on the programming side,” de Jong said. “We have a little more ability to deal with them and relieve some of that pressure, to assist people in greatest need.”

NDP house leader Mike Farnworth said he is hopeful the child support clawback policy will be changed after more than a year of protest by the opposition. And he said the government isn’t telling the whole story about balancing the budget using “tax increases by another name.

“You’re going to see higher Medical Services Plan premiums, higher ICBC rates, we’re already seeing higher fees for camping,” Farnworth said.

The next budget will also provide tax relief for the wealthiest B.C. residents, as a two-year increase on incomes more than $150,000 a year comes to an end. De Jong imposed the 2.1 per cent hike in his pre-election budget in 2013, after then-NDP leader Adrian Dix promised a similar move to help balance the books.

The recent plunge in oil prices has had a major impact on revenues to Alberta, Saskatchewan and Newfoundland, but B.C. has largely escaped that due to continued gas production but little oil from B.C. petroleum fields.

De Jong emphasized that with the continued glut of shale gas produced across North America, it remains an urgent priority to develop liquefied natural gas exports to Asia before B.C. revenues fall further for lack of sales.

 

Just Posted

Gilmore Lake Fire burning near Topley

Evacuation alert and order in effect

Shovel Lake expanded evacuation order

The Regional District of Bulkley-Nechako has issued an expanded Evacuation Order and… Continue reading

B.C. declares state of emergency as more than 560 wildfires rage

This is only the fourth state of emergency ever issued during a fire season

Houston council supports “multi-species approach” to protect caribou

This approach would include predator management

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

Quebec sets aside $900 million for companies hurt by U.S. tariffs

Premier Philippe Couillard says his government will make $863 million available over five years

B.C. woman set for trial in Alberta as animal cruelty investigation continues in home province

Karin Adams was discovered with eight dogs in Alberta weeks after having 16 dogs seized in Quesnel

B.C. company patents Sasquatch, the country’s first homegrown hops plant

Created by Hops Connect, Sasquatch hops are being grown commercially for the first time in B.C.

Farmers ponder impact of alternatives to pesticides being banned

The nicotine-based pesticides scientists have linked to a rising number of honey bee deaths will be phased out of use in Canada over a three year period starting in 2021.

Time to kick maverick Tory MP Maxime Bernier out of caucus, Scheer urged

Conservative MP Maxime Bernier is taking issue with Prime Minister Justin Trudeau’s oft-repeated message of diversity in Canada, calling it a form of “radical multiculturalism.”

Thousands of police officers expected at regimental funeral in Fredericton

Two civilians were killed in a shooting in Fredericton that also claimed the lives of two police officers.

2 girls, hand-drawn map in hand, sneak out of B.C. home for adventure

The pair’s escape has transit police reminding commuters to report unusual behaviour

Most Read