Winners and losers in Monday’s B.C. budget
Small business owners: Sales tax on electricity purchases by businesses is being phased out and the small business corporate income tax rate is being lowered to 2 per cent from 2.5 per cent.
Corporate businesses: The general corporate income tax rate will rise to 12 per cent from 11 per cent.
Jock Finlayson, B.C. Business Council vice president, said the business community expected the tax changes as they were part of the NDP’s election platform, but “this budget isn’t going to create a lot of new investment.”
High-income earners: The government has increased the individual income tax rate to 16.8 per cent from 14.7 per cent on taxable income over $150,000.
BC Hydro ratepayers: The NDP promised during its election campaign to freeze BC Hydro rates, a pledge reiterated in the premier’s mandate letter to Energy Minister Michelle Mungall, but there was no mention of a freeze in the budget tabled Monday.