Highlights of Tuesday’s B.C. provincial budget, tabled in the legislature by Finance Minister Mike de Jong:
- A fifth consecutive balanced budget, with surpluses predicted $295 million on $50.8 billion in revenue in 2017-18, $244 million on $51.2 billion in revenue in 2018-19, and $223 million on revenue of $52.0 billion in 2019-20.
- Cutting by half January 1 the Medical Services Plan (MSP) premiums for those with net family incomes of less than $120,000, with a pledge to eliminate premiums if the province exceeds its economic forecasts.
- Reducing to 2 per cent, from the existing 2.5 per cent, the small business corporate income tax rate starting April 1.
- Cutting by half the provincial sales tax for businesses on electricity starting Oct. 1, with an elimination of the seven-per-cent tax in April 2019.
- $87 million in additional funds for technology sector support, with details to be revealed at next month’s BC Tech summit.
- If forecasts hold, there would be no provincial operating debt as early as 2020, the first time in 45 years.
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