Winners and losers in Tuesday's B.C. budget | iNFOnews | Thompson-Okanagan's News Source
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Winners and losers in Tuesday's B.C. budget

Premier Christy Clark, second from left, looks on as B.C. Finance Minister Michael de Jong, second from left, shakes hands with Minster of Energy and Mines Rich Coleman after delivering a balanced budget for a fourth year in a row at Legislative Assembly, in Victoria on Tuesday, Feb. 16, 2016. THE CANADIAN PRESS/Chad Hipolito

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)

News from © The Canadian Press, 2016
The Canadian Press

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