Winners and losers in Tuesdays BC budget

Winners and losers in Tuesdays BC budget

by The Canadian Press Posted Feb 16, 2016 3:06 pm MDT Last Updated Feb 16, 2016 at 5:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email VICTORIA – The British Columbia Liberal government tabled its budget Tuesday. Here is are a look at some of the winners and losers:Winners — Starting Jan. 1, 2017, all children will be exempted from medical-service-plan premiums. Low income families, individuals and seniors will also benefit from lower premiums for those earning up to $51,000.Winners — Those who buy newly-constructed houses and condominiums priced up to $750,000 are exempt from the property transfer tax.Winners — Monthly disability income assistance rates go up by $77 per month, but that replaces monthly transportation subsidy for the one-third of those on disability who get the benefit.Winners — Public-sector employees benefit from the improved economy by getting a dividend on wages of as much as $1,298 or .45 per cent that had been written into their last contract.Losers — Another tax tier has been added to the property transfer tax. Those who buy property over $2 million will pay a three per cent tax on the cost above the $2 million threshold. The current tax of one per cent up to $200,00 and two per cent up to $2 million remains unchanged.Losers —Government said it will work with the movie and TV industry to review the film tax credit as the lower Canadian dollar already offers a discount.Losers — Someone who buys an older home under $750,000 still has to pay the transfer tax, unlike those who buy a newly built home.Losers — With the exception of Quebec, all other provinces, territories and the federal government that aren’t predicting a balanced budget.(The Canadian Press) Winners and losers in Tuesday’s B.C. budget


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