Budget 2018

[CapitalB]

Looks like we're in for another cycle of;

NDP creates a bunch of expensive programs.
Liberals will spend the next decade slowly whittling them down to what they think is good.
NDP come back and create a bunch of expensive programs.

Absolute government power guys, gotta love our system.

You guys have to like the PST cut on business power payments though right?

[Veovis]

I would like to see the full chart for this payroll tax as it is going to just hammer business hard. Wow.

1.5 million is a small company payroll, it really is. What payroll? Taxable benefits count towards it? Actual payroll costs or net take home pay issued? Just plain gross hours*rate? What about on call does it apply.....

All these and many more .........not to be answered.

[alanjh595]

Highlights of British Columbia's 2018-19 budget presented Tuesday:

Effective Wednesday, a tax on foreign homebuyers increases by $5,000 to $20,000 and expands from Metro Vancouver to include homes in the Victoria-area, the Fraser Valley, the central Okanagan district in the province's Interior, and the Nanaimo Regional District.
A new speculation tax will be introduced in the fall aimed at foreign and domestic homeowners who don't pay taxes in B.C., affecting properties in Metro Vancouver, the Victoria area, Fraser Valley, Nanaimo Regional District, Kelowna and West Kelowna.
The property transfer tax on homes with a fair market value of more than $3 million increases to five per cent from three per cent.
More than $6 billion will be spent over the next 10 years to create 114,000 housing units for families, seniors, students and women and children escaping domestic violence.
Medical service plan premiums will be eliminated on Jan. 1, 2020, saving an individual up to $900 a year and families up to $1,800 annually.
Starting Jan. 1, 2019, employers with payrolls of more than $500,000 will pay a new employer health tax, which is forecast to raise $1.9 billion in revenue in 2019-20.
Beginning April 1, funding will be provided to licensed care providers to provide a $350 a month cut in the cost of a child care space.
A new affordable child care benefit will start in September providing up to $1,250 a month per child.
An additional $1 billion will be spent over the next three years to expand access to licensed child care, which the province says is part of its plan to create more than 22,000 new spaces.
Fares will be frozen on BC Ferries' three major routes and fares will be cut by 15 per cent on small routes.
A forecast surplus of $219 million, with projections for surpluses to continue through the 2020-21 fiscal year.
The government estimates it will spend $53.6 billion in the next fiscal year, up from an updated forecast of $51.8 billion for 2017-18.
Economic growth for 2018 is forecast at 2.3 per cent, down from 3.4 per cent in 2017.

https://www.castanet.net/edition/news-s ... htm#219379

[George+]

Man, the Liberals look glum and
are already jumpimg to negative.

Bring on PR...the Liberals desperately need new blood.

[Drip_Torch]

I'm sure we're going to hear some moaning, but I just heard the budget speech I voted for.

Some bold and long overdue changes on a number of counts.

Bravo.

[rustled]

Shirley Bond was giving an interesting analysis after the speech, but the feed to CBC was cut. Hmmm.

[Veovis]

Man, the Liberals look glum and
are already jumpimg to negative.

Bring on PR...the Liberals desperately need new blood.

I just want details of the payroll tax that is likely very poorly planned.


Housing speculation tax, I don't mind that, or the foreign buyer taxes. Houses aren't trade-able commodities and shouldn't be treated as such.

But if they think "get companies" is going to be the magic piggie bank they will be surprised, they may hit companies but any one at 600K will look to cut 100K in payroll, not good. Instead of expanding your business that takes time and people you invest in the people and get another big bill on top, nope, no expansion will occur, well less.

But maybe it isn't a complete boondoggle tax, details will be nice to see.

[rustled]

I just want details of the payroll tax that is likely very poorly planned.


Housing speculation tax, I don't mind that, or the foreign buyer taxes. Houses aren't trade-able commodities and shouldn't be treated as such.

But if they think "get companies" is going to be the magic piggie bank they will be surprised, they may hit companies but any one at 600K will look to cut 100K in payroll, not good. Instead of expanding your business that takes time and people you invest in the people and get another big bill on top, nope, no expansion will occur, well less.

But maybe it isn't a complete boondoggle tax, details will be nice to see.

http://vancouversun.com/news/politics/l ... -tax-hikes
It's odd they've provided all the detail on the child care strategy, and none for the payroll tax.
ETA: some detail here:
https://biv.com/article/2018/02/bc-busi ... ial-budget

[rustled]

While I've never been a fan of state-run daycare, I'm very pleased to see the NDP have attempted to address the diversity of needs (shiftwork, part time, etc.) rather than just cater to the "regular" work-week parents.

It will be interesting to see whether or not they can find the employees they will need to make this a reality, in all corners of our diverse province, and at the same time we're coping with needing ever-more caregivers for the elderly.

I didn't catch the entire budget: did they address caregivers for the elderly?

[Drip_Torch]

Today's budget speech will be rebroadcast starting at 7:00 pm this evening. - Looks like the afternoon proceedings, including the budget speech start around 9:00 pm.

http://www.leg.bc.ca/documents-data/bro ... d-webcasts

Some of the little things that I applaud. 72 million into local emergency planning - last year cost us 870 million, and I doubt I was the only person that saw that coming.

Creative BC, expanded to include some development (script writing).

A homeless strategy that involves finding people homes. Genius. I really do suspect that's going to work out way better than just herding the homeless around like cattle. It looks like a budget that attempts to stabilize things for our most vulnerable and one can hope that leads to more opportunities to get people back into our economy.

[TimmyE]

Yep, stick it to the employers again. I hope the government, including hospitals, etc. are going to have to pay this tax. So it's like the left hand moving monies to the right hand. Or are they going to exempt themselves???

[rustled]

Yep, stick it to the employers again. I hope the government, including hospitals, etc. are going to have to pay this tax. So it's like the left hand moving monies to the right hand. Or are they going to exempt themselves???

When hospitals etc. pay it, it comes from us.

[alanjh595]

Except that they are now giving MSP for free now, so they don't even get that anymore.

[Urbane]

The timing of the new tax on business is certainly problematic given the increases in the minimum wage that are being rolled out. Some of us were wondering if the government would run a deficit or raise taxes and now we have the answer. Hopefully things will magically work out but business is the engine that makes our economy run. Therefore, making life more difficult for business doesn't strike me as a wise move.

[The Green Barbarian]

*removed*