BC Budget Announcement on Feb 20th.
 

This is the BC budget announced today in the province of Bring Cash: :facepalm:

Taxes, taxes, and more taxes. -no mention yet about how ICBC is gonna rape drivers by increasing insurance premiums. :mad:

B.C. Budget 2018: Government focuses on child care and housing | Vancouver Sun


A new child care program that makes care effectively free for some low-income families, and offers modest subsidies for others based on income. There’s no mention of when, or even if, government will meet its $10-a-day child care election promise.

• An immediate increase to the foreign buyer tax from 15 per cent to 20 per cent, and an expansion to Kamloops, Kelowna, Greater Victoria and the Fraser Valley.

• The elimination of Medical Services Plan premiums by 2020 to be replaced by a payroll health tax for businesses.

• $6.2 billion over 10 years to create 33,700 affordable housing units.


• A crackdown on fraud and tax evasion in the housing market, as well as a new speculation tax on those who don’t pay income tax in B.C.

•A hike on the property transfer tax on Feb. 21 from three per cent to five per cent on properties worth more than $3 million, as well as an increase on school taxes.

•A steep hike on tobacco taxes, as well as on taxes for luxury vehicles worth more than $150,000.

•$5.2-billion in new spending over three years, and $5.5-billion in new taxes.

• An estimated $219-million surplus in fiscal 2018/19.

VICTORIA – The B.C. government is offering parents modest relief on the rising cost of child care, housing and medical services plan premiums, funded by a raft of new tax hikes that target businesses, foreign buyers, housing speculators and expensive homes.

Finance Minister Carole James unveiled a budget Tuesday with an estimated $219-million surplus, the first full fiscal plan for the NDP government since it assumed power last July.

James earmarked $1 billion over three years to create child care benefits of up to $1,250 a month for an infant in a low-income family starting in September, effectively making child care free for a family that earns less than $45,000 a year. The subsidies dwindle to as low as $240 for a middle-income family, depending on the age of the child (see a full table at the bottom of this story).

The subsidy, as well as a separate program of per-space government fee reductions, are first steps toward a “made-in-B.C. universal child care program,” said James.

interesting if nothing else..

Just a thought but maybe low income families shouldn't be having children/more children? :pokerface:

Holy shit 15%pst for cars over $120K and 20%pst over $150K plus 5% GST. Good-bye porsche/lambo/ferrari/high end AMG

SENIORS SENIORS AND SENIORS :lol

how about instead of taxing the sales of luxury vehicles, increase insurance rates to reflect the value of the vehicle.. fucking stupid

What a joke.

Selling my investment property now!! Speculation Taxes and interest rates are only going up from here. Get out while it's still low!

This is from reddit.

Birth rates in Canada and other developed nations are falling. We either make it easier for our own people to have children or we loosen immigration standards and invite more people into the country to combat those birth rates.

As usual no help for the middle class. Work already pays for my medical care and I see no tax break for me...... guess in order to get anything from the gov you have be a low income earner. So instead of encouraging people to work hard make more money they are encouraging people to make less.

looks like the biggest middle finger to people that make money and spend money

@zyzzjr I’m loving that 30 point housing plan, too bad it’s 15 years too late

Jesus Christ why do you either have to be poor as fuck or filthy rich to get a break in this city, it's the middle class that needs help.

If you’re middle class and a home owner you’re worse off now than before! Lol :okay:

Kinda funny thing is though the “vocal” minority of NDP voter is probably right in that middle class most effected by poor tax reform and things like removing tolls etc. nice goin

Rather surprised to see the generally meh to negative attitude on the NDP budget. I thought it was OK. Some good. Some bad.

- There is a $219M surplus in the forecast. That is not a lot of money from the province's stand point -- at least, it isn't anywhere close to the ICBC deficit we are seeing. But at least it isn't in the red -- yet. I would generally peg this as a neutral thing.

- Foreign buyer tax hiked to 20%, and extended to the Island, Fraser Valley, Okanagan. Why is that a bad thing? You can argue it may not be effective since there may not be that many foreign buyers. I don't see how it'd hurt though. Again, I'd classify this as a neutral thing.

- I am not completely understanding how the speculation tax will work. From what I can tell, if you leave a housing unit vacant, you're gonna get taxed for it. If you rent it out, you are going to be reporting that rental income anyway, so you shouldn't get hit by this tax? It creates dis-incentives for non-BC residents to play landlord. I can't tell how that will affect the overal rental market in terms of rental costs and avaibility.

- MSP premiums replaced by payroll health tax for businesses. Not good for businesses, esp small businesses. I do not like this at all.

- More money towards affordable housing is a good thing, isn't it?

- No comment on tobacco taxes. But higher tax on luxury vehicles is OK with me. That demand should be generally inelastic, and the cutoff numbers have been set high enough to only include exotic grade vehicles. Those who buy these cars can easily afford it. I think it's a reasonable measure.

- More childcare spaces (for everybody), and more childcre funding for low-income families. I see this as a good thing. Mind you, I also believe that people (and esp married couples) should not be having children unless they have the financial and personal means to support them because this is a matter of responsibility.

Not everybody has children, but certainly gobs of people have them, right? More childcare spaces and funding will help everyone, and more so for the poorer and middle class than the rich.

Also, while the budget didn't do too much to help the middle class, I also don't see how the middle class is getting majorly penalized. The property transfer tax increase only applies to RE properties $3M and above. Places like that kind of fall into the domain of the wealthier middle class, so I don't think it is too bad.

ICBC is a separate issue, and I don't think it should be mixed in along with other NDP policies.

Not even a little surprised.

After much debate, municipalities in Victoria decided not to ask the old provincial government to implement the foreign buyers tax in the area, and now they get it thrust upon them anyways. Way to work with your municipal governments NDP.

they dont have money to do anything else.. :badpokerface:

That’s because they want the big money payday. You did see the housing market in Victoria a few months after the f.b.t began right? It’s a short sighted windfall that screws over future generations

nah, they're planning for the future workforce for min wage positions...who else is gonna serve the ultra rich here their $8 starbucks drinks? :nyan:

20% pst over $150K plus 5% GST for super cars..

looks like its just mustang with a twin turbo kit now to avoid taxes and save money now :okay: maybe GT-R R34 is looking even better.

It was studied and determined that the major factor was mainlanders cashing out and buying over here. But hey, keep thinking you know the situation over here!

Those kids are worth a mint in child tax benefit payouts man!

You also have to add this budget to their stance on UNDRIP and what that means for investment in BC.
Land claims are a mess in this province. It's deterring investors for natural resources. Ajax mining project recently just took a dump in big part because of this. Add that to the petronas LNG deal that fell through. I'd expect a lot more of that for the future, unfortunately.

I’d like to see those iud gadgets provided free to women and see a drop in unexpected pregnancies. High effective rate and can’t forget it like a pill. It’s not 1950 anymore and having 5 kids and no job places a large burden on the system in most cases.