First Time New Home Buyers Get Break In Falcon Budget
VICTORIA – Budget 2012 lays a firm foundation for the future, putting
British Columbia on the right path to eliminate the deficit, protect
public services, and build a more competitive economy that attracts jobs
and investment, Finance Minister Kevin Falcon announced today.
Budget 2012 shows the deficit forecast for 2011-12 improved by $594
million over second Quarterly Report projections to $2.5 billion. The
Province forecasts a deficit of $968 million in 2012-13, and surpluses of
$154 million in 2013-14 and $250 million in 2014-15.
Over the next three years, government will contain spending growth to an
annual average of two per cent while continuing to protect health and
education funding. The Ministry of Health budget will increase $1.5
billion over the three-year fiscal plan to nearly $17.3 billion in 2014-
15. While continuing to achieve key health outcomes that lead the
country, government will work to reduce the rate of growth in health
spending through an ongoing focus on identifying additional best
practices for delivering care and finding administrative savings.
Funding to school districts will increase, despite a trend of declining
enrolment. In addition to the $4.7 billion a year districts will receive
for the next three years, government is investing an additional $165
million to establish a fund to deal directly with issues of class
composition. The annual facilities grant for maintenance again totals
$110 million in 2012-13.
Government remains committed to funding critical social services and is
reallocating contingency funds to the ministries of justice and social
development, where caseloads continue to rise.
Budget 2012 introduces new tax measures that benefit seniors, families
and businesses in B.C., including:
* The B.C. First-Time New Home Buyers’ Bonus of up to $10,000.
* The B.C. Seniors’ Home Renovation Tax Credit of up to $1,000.
* The Children’s Fitness Credit and the Children’s Arts Credit.
Budget 2012 also supports the B.C. Jobs Plan with tax measures for
businesses that:
* Eliminate the provincial jet fuel tax for international flights.
* Provide an additional $3 million for the Small Business Venture Capital
Program.
* Extend the Training Tax Credit program.
* Introduce new training tax credits for shipbuilding and ship repair
industry employers.
* Make permanent the existing temporary municipal tax rate caps for
B.C.’s major port terminals.
Given the uncertain fiscal environment, the small business corporate tax
rate will be maintained at 2.5 per cent, and will be revisited after the
fiscal situation has improved. The fiscal plan also includes a temporary,
one-point increase in the general corporate income tax rate to 11 per
cent, effective April 1, 2014. The requirement to implement this tax
measure will be re-evaluated in next year’s budget. Additionally, to help
spur economic activity throughout the province and generate needed
revenue, government will release non-strategic surplus assets for sale.
Over the next year, the government will undertake a comprehensive review
of the revenue-neutral carbon tax. The review will cover all aspects of
the carbon tax-both positive and negative-including revenue neutrality,
and it will consider the impact on the competitiveness of B.C.
businesses, and in particular B.C. food producers.
Comments
Axe the Tax!!
Heres a good one. The rich helping the rich. May be even corporate tax cuts.
Cheers
Cheers
Corporations will NOT pay more tax, reas people..
“Due to the âuncertain fiscal environment,â Falcon also said the government will keep the small business corporate tax rate at 2.5 per cent, and introduce a one-per-cent increase to the general corporate tax rate, moves which will surely anger some in B.C.âs business community.
The increase to the general corporate tax rate, which currently sits at 10 per cent, effective April 1, 2014, will only be triggered if the governmentâs financial situation worsens, said Falcon.”
You see the word IF..IF..IF…And only by 2014..IF..IF..
Little people pay more for MSP, more for fuel, the Government is selling assets, yet corporations are still getting their HST, and only IF..IF..IF..Things worsen in 2014 they will pay more..
Call the damn election already!
How the heck can you tell me in 2 years there will be a surplus ? Okay I’ll play the fantasy projection game. In 2 years Albert Pujols will be the first baseman on my softball team.
MSP premiums are going up again, promised small business tax cut that was to go in effect April 1st/2012 canceled..
” Tuesday, announcing plans to privatize the liquor distribution branch, increase MSP premiums and some business taxes, and to sell off hundreds of millions of dollars in surplus government properties.
” Falcon said his government will cancel a drop in the small business corporate income tax rate, keeping it at 2.5 per cent instead of dropping it to zero as had been planned for this coming April.
Kevin Falcon has chosen to tax small business, not corporations, notice the word IF in the below statement
He added that if the fiscal situation worsens, the government will increase the general corporate income tax rate to 11 per cent from 10 per cent on April 1, 2014″
No money for education, education budget frozen for 4 years, nothing for inflation, education funding will fall again as inflation takes its toll..
Money for healthcare being scaled back,
“Jim Sinclair of the B.C. Federation of Labour called the budget tailor made for the top one per cent of wage earners in B.C.
“If you’re an ordinary person, you’re going to pay more for everything, including MSP premiums and at the end of the day you’re worse off,” he said.
” British Columbia Teachers’ Federation president gave the budget a failing grade.
“This is a fiscal failure of gargantuan proportions,” she said.
“We calculated, looking at the operating budget this year, that it would cost about $137 million just to keep up with inflation alone,” she added.
“If you take the $30 million the finance minister has allowed for public education, that means $100 million cut to public education next year,” she said, predicting “deep cuts” to class size and the prospect of more school closures”
” Mary Ellen Turpel-Lanfond, B.C.’s Representative for Children and Youth, was also highly critical, calling Tuesday’s budget “callous” and a “U-Turn from [Premier Christy Clark’s] families first agenda”.
“On the sale of government assets, Falcon said government plans to generate $706 million by selling select assets in the 2013-14 and 2014-15 fiscal years.Falcon said one of the key assets it hopes to sell is the liquor distribution branch, a move he said is fashioned to allow government to “get out of a business we don’t need to be in.”
“Falcon’s budget also said the government will proceed with the next increase to the Carbon Tax planned for this July – a lift that will bring that tax to 7.67 cents per litre from 6.39 cents”
http://www.vancouversun.com/plans+balance+2013+selling+assets+raising+corporate+taxes/6186544/story.html
Families will pay more for healthcare, more for fuel, small business get their chained yanked while corporations get left alone, Christy Clark and Kevin Falcon with this budget have clearly chosen the rich over the rest, for shame, more to come, I`m still in shock…And everyone who works for a decent buck in the liquor business will now be laid off and replaced with a private sector Mc flip pay job..And The BC Liberals are selling assets that belong to the people to shore up budget numbers, again for shame, the worst budget in BC Liberal history..
“Sinclair said the budget was a clear illustration of the governmentâs misplaced priorities.  âIf a CEO buys a vacation home in Whistler, this budget puts up to $10,000 in his pocket,”
So Jim Sinclair, please tell me how many CEOs will be first time home buyers when they buy a vacation home in Whistler?
Whether you are for or against the budget does anybody still listen to the alarmist rhetoric that Sinclair spews?
Either way you look at it, this is funneling taxpayer money into the hands of the wealthy and or contractors. I don’t know what percentage of first-time home buyers purchase a new home, but I bet it’s pretty low and these people are fairly wealthy on average.
Our city hall gonna hire more staff for the influx of permits needed to build a new house here? Let us know how many new home permits are issued. Invite Kevin to yer housewarming party. After all, he let you build.
we are talking deficit, how much are we in the hole? what we over spend now we have to pay back later plus interest, I like to see zero increase on everything. start getting value for our dollars spend.We can end up like Greece. If Iran keeps increasing its trouble,the price of fuel might rise enough to make all these budged nr,s look like a dream,goverment uses alot of fuel and it would make it hard for schools to stay within their budgeds because of rising transportation cost and heating
Tax all the corporations so they move away!
Uh, wait a second…
Lol Johnny – you bet! That’s what the NDP did in the 90’s. Worked out pretty good! I can’t wait to be a “have not” province again.
Yes, these corporations can take thier iron ore, oil and gas, gold, moly, fish, and everything else they rely on this province for with them. Don’t be a dolt. Unless taxes are increased to an unacceptable rate these corporations aren’t going anywhere. They are here for a reason, and it isn’t for the tax breaks.
Some corporations will leave, others will threaten to leave. The whole thing boils down to who is to have the control – the corporations or the people (through the government).
But: “Don’t be a dolt. Unless taxes are increased to an unacceptable rate these corporations aren’t going anywhere. They are here for a reason, and it isn’t for the tax breaks.”
Don’t be name calling. And if you think corporations don’t move to save money on the bottom line, then I don’t know what to tell you. It happens. If BC isn’t competitive, business will set up shop and/or move elsewhere.
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