New initiatives include several tax breaks for low-income families, including a renters’ rebate and higher family benefits
: Personal income tax revenue is down by almost 10 per cent, reflecting the softening economy. But revenue projections in many of British Columbia’s traditional industries have plummeted: Forest industry revenue is expected to decline by 54.4 per cent and revenue from the corporate income tax is expected to shrink by 43.5 per cent. The property transfer tax revenue, which has been a steam engine mirroring B.C.’s hot housing market, is expected to decline by 20 per cent.
Spending on health care, education and housing measures – many of which were previously announced – will reach record highs. Health care spending as a share of the total budget, however, has declined. Twenty years ago, health spending consumed 41 per cent of the provincial government’s expenditures. In the coming fiscal year, it will take up 38 per cent of total spending.
Ms. Conroy announced a string of measures to provide tax relief targeting low- and moderate-income earners, including an income-tested renter’s tax credit that will provide a maximum amount of $400 annually for low income renters. The rebate works out to about $33 per month in relief and was promised by the NDP for six years. Roughly 80 per cent of renters are expected to benefit.
The single largest tax increase is the carbon tax, which will rise by $15 per tonne of CO2 emissions in April. That is in step with the federal carbon pricing schedule, which is set to rise every year by $15 increments until it reaches $170 per tonne in 2030. That means British Columbians, who currently pay about 11 cents per litre at the pumps for the tax, will be paying 37 cents per litre by the end of the decade.
Health care spending rises to $28.7-billion, which will help pay for more supports for cancer care, and treatment beds for those with mental health and addictions, and more money to help fund a new compensation model for family doctors that has already been established. Housing investments will increase substantially, to $1.9-billion, with the promise to build new homes for the middle class, new student housing, and funds to preserve existing rental housing for lower-income families. The provincial government is facing headwinds, however, with new housing starts expected to decline by 16.5 per cent as higher interest rates cool the housing market. More details of the government’s new housing plan will be released later this spring.
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