2013 B.C. Budget balanced
The government of British Columbia unveiled a balanced 2013 budget in Victoria. It is cautious and fiscally prudent budget, which is not surprising with an upcoming election in May. With a balanced 2013 budget, B.C. has the lowest debt to GDP ratio in all of Canada, government announced. However, there wasn’t anything big in the budget for the residential construction industry, such as hoped-for changes to the collection and calculation of the triple-charged Property Transfer Tax (PTT) or news of an extension to the First-Time New Home Buyers Bonus, which ends April 1, 2013.
- A temporary two-year 2.1 per cent increase on personal income tax rate for individuals earning more than $150,000
- Increase in general corporate income tax of one per cent
- Increased spending for improvement of trades training facilities, including Camosun College and Thompson Rivers University
- Effective January 2014: MSP premium increase of four per cent
- The B.C. Training and Education Savings Grant, a one-time $1,200 grant toward a B.C. resident child’s Registered Education Savings Plan (RESP) after the child turns six years old
- Coming in 2015: a new child tax benefit of up to $660 a year, or $55 a month for families with a net income of $100,000 or less – about 90 per cent of B.C. families with young children are expected to be eligible