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Tuesday, 21 February 2012 17:53 |
It's Budget Day in British Columbia. Our province's Finance Minister Kevin Falcon promised to balance the books by next year. The government is predicted steady growth in BC's over the next three years, rising from 1.8 percent this year to 2.5 percent in two years. The growth in the economy, combined with the province's direction will result in a deficit of nearly 970 million dollars this year. But it's predicted to be balanced next year and provide a surplus of nearly 250 million dollars in 2014-2015.
The budget includes a 4 percent increase to Medical Service Premiums (MSPs). Corporate tax rates may also be on the rise. Falcon promises to balance the budget next year and will increase corporate taxes by one percent if he needs to.
As far as breaks are concerned, there will be an income tax credit worth 10 thousand dollars for first-time home buyers purchasing newly built homes. Seniors will qualify for a tax credit worth up to one thousand dollars a year to renovate their homes.
The carbon tax will be reviewed, and there will be no further increases. Also included in the budget is the removal of international jet fuel tax, which Prince George Mackenzie MLA Pat Bell says will have benefits for our region by bringing more cargo flights into Prince George.
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