On Feb. 16, B.C. released its fourth consecutive balanced budget.
As a result of fiscal discipline, we are in a position to invest $1.6 billion in new spending towards initiatives that make a real difference in people’s lives. As Canada’s strongest economy we are leading in economic growth and predicted to stay as leader; we created 50,000 jobs last year (the most of any province); and we are the only province rated AAA stable, which is the highest possible rating.
Within the three-year fiscal plan, new and increased investments in government programs and services include annual three per cent increases to the Ministry of Health totalling $3.2 billion; $673 million in additional support for children, families and individuals in need; $143 million to enhance key areas of the B.C. economy that support jobs in communities and diversify local economies, increase support for youth trades training, build our B.C. wood brand in India, and increase B.C. transit funding; $20 billion in capital infrastructure, including BC Hydro, which will create more than 71,000 jobs over three years; exempting children from MSP premiums and enhancing premium assistance to help lower-income families, individuals and seniors with the cost of living; expanding eligibility for the B.C.
Training and Education Savings Grant from 2007 to 2006; an inaugural investment of $100 million to establish the B.C. Prosperity Fund, focused on eliminating the debt, preserving a share for future generations and investing in vital services today.
New measures aim to improve housing affordability: Newly built homes priced up to $750,000 will be fully exempt from the property transfer tax when bought by Canadian citizens or permanent residents as a principal residence and lived in for a full year. The measure aims to assist purchasers and help stimulate the construction of moderately priced homes.
The exemption will save a purchaser up to $13,000, and provide an estimated $75 million in property transfer tax relief for new construction in 2016-17. Partial exemptions are available for new housing valued up to $800,000.
Proposed changes to the Property Transfer Tax Act will authorize the government to collect new information from owners when they register their property. Purchasers will be required to identify themselves as Canadian citizens or permanent residents. Individual transferees who are not Canadian citizens or permanent residents will be required to disclose their citizenship.
Corporations will be required to disclose their directors’ citizenship. Transferees will also be required to disclose whether or not they are holding the land as bare trustees when they register and provide information on the settlor and beneficiaries of the bare trust.
Learn more about what is happening in North Vancouver-Seymour by subscribing to my monthly MLA report at janethornthwaitemla.bc.ca/subscribe. Contact [email protected], 604-983-9852, facebook.com/jane.thornthwaite, Twitter at @jthornthwaite, or at my constituency office.
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