British Columbia Budget Report 2014

February 18, 2014

HIGHLIGHTS

  • Surplus of $175 million forecast for 2013-14
  • Surplus of $184 million forecast for 2014-15
  • Framework of LNG Income Tax announced
  • Preferential tax rate for credit unions to be phased out

On February 18, 2014, Finance Minister Michael de Jong presented the province’s second successive balanced budget. With ongoing fiscal discipline, the budget sets out a three-year fiscal plan with surpluses projected for each year.  The surplus reported for the 2013-14 fiscal year is $175 million, which is down from the surplus of $197 million predicted in last year’s budget. However, the surpluses are projected to increase going forward to $184 million for the 2014-15 fiscal year and $206 million for 2015-16.

From a personal tax perspective, the budget confirms the introduction of the BC Early Childhood Tax Benefit, which will benefit families with children under the age of six, and it increases the First Time Home Buyers’ threshold for exemption from the property transfer tax. From a business perspective, the corporate income tax preference for credits unions will be phased out beginning in 2016.

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