Finance Minister Mike de Jong presents the current budget in February 2014. He has promised another surplus forecast for the next one.

Relief coming for rich, poor in B.C. budget

Tax hike for incomes over $150,000 ends, Finance Minister Mike de Jong looks at ending child support payment clawback

B.C. will likely be the only province in Canada to report a balanced budget for the current year and project surpluses for the next three years, Finance Minister Mike de Jong says.

In a briefing for reporters on what to expect when the annual budget is presented Feb. 17, de Jong said the surplus for the current year will be larger than the $444 million forecast in November. Corporate and personal income tax has been stronger than expected, but there is no certainty that will continue into the new fiscal year that begins April 1.

The second straight surplus after billions in deficits the previous four years will be used to pay down debt, but there is some room for helping poorer people, de Jong said. He hinted that this may include a change to the long-standing practice of deducting spousal child support payments from social assistance and disability payments to single parents.

“There are some areas where we believe there have been pressures on the programming side,” de Jong said. “We have a little more ability to deal with them and relieve some of that pressure, to assist people in greatest need.”

NDP house leader Mike Farnworth said he is hopeful the child support clawback policy will be changed after more than a year of protest by the opposition. And he said the government isn’t telling the whole story about balancing the budget using “tax increases by another name.

“You’re going to see higher Medical Services Plan premiums, higher ICBC rates, we’re already seeing higher fees for camping,” Farnworth said.

The next budget will also provide tax relief for the wealthiest B.C. residents, as a two-year increase on incomes more than $150,000 a year comes to an end. De Jong imposed the 2.1 per cent hike in his pre-election budget in 2013, after then-NDP leader Adrian Dix promised a similar move to help balance the books.

The recent plunge in oil prices has had a major impact on revenues to Alberta, Saskatchewan and Newfoundland, but B.C. has largely escaped that due to continued gas production but little oil from B.C. petroleum fields.

De Jong emphasized that with the continued glut of shale gas produced across North America, it remains an urgent priority to develop liquefied natural gas exports to Asia before B.C. revenues fall further for lack of sales.

 

Just Posted

Broken axle caused New Hazelton train derailment: TSB

It could happen again without a different way to inspect trains

Cullen remains uncertain about political future

Says he’ll make decision in early March

Terrace resident’s bill banning single-use plastics introduced in Ottawa

MP Nathan Cullen’s presented Ben Korving’s private member’s bill Wednesday

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Sell regulated heroin to curb B.C.’s overdose problem: report

B.C. Centre on Substance Use points to organized crime and money-laundering as contributing factors

Australian woman killed in avalanche while snowboarding at Whistler Blackcomb

The woman and her partner were reportedly rescued by ski patrol, but the woman died in hospital

B.C. legislature moving suspended staff controversy to outside review

Whale watching, Seattle Mariners trips billed as emergency preparedness, Speaker Darryl Plecas says

Trudeau tells Canadians to listen to clerk in SNC-Lavalin matter

Privy Council clerk Michael Wernick delivered a blunt assessment at the House of Commons justice

Mueller report looming, new attorney general in hot seat

Robert Mueller is required to produce a confidential report to pursue or decline prosecutions

Regulator’s report unlikely to settle Trans Mountain pipeline expansion battle

The Trans Mountain pipeline will remain a controversial topic both in the political ring and out

B.C. woman shares story of abuse with church officials ahead of Vatican summit

Leona Huggins was the only Canadian in the gathering ahead of a historic summit at the Vatican

Galchenyuk scores in OT as Coyotes edge Canucks 3-2

Vancouver manages single point as NHL playoff chase continues

More people signing up for compulsory vaccines

Maple Ridge mom says public tired of hearing about measles

Most Read