Points of Interest in Provincial Budget

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Surrey: Our Tax expert from Gilmour Knotts, Chartered Accountants says, like the Canadian federal budget, the BC provincial budget was aimed at balancing expenditures and revenues and did not introduce any significant tax measures. In fact the BC government is projecting a budget surplus for the next three years. For the owner managed businesses the good news is that there were no significant changes to corporation tax measures. There will be a number of technical amendments made to the Provincial Sales Tax Act (PST) such as taxation of leases, taxation of tangible personal property used to improve real property and various exemptions and refunds. Hopefully these amendments will help clarify some of the more cumbersome and challenging aspects of the act.

• Tobacco taxes will rise as of April 1 by 32 cents per pack
• The B.C. Training and Education Savings Grant – a one-time payment for children born in B.C. in 2007 or later and whose parents have contributed to a Registered Education Savings Plan
• BC Early Childhood Tax Benefit of $55 per month per child under the age of six will begin to be paid out.
• The government is devoting $29-million over three years to push the LNG strategy forward.