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BC Budget 2018


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#1 snub

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Posted 25 February 2018 - 08:29 PM

Don't know if this topic is already on here, can't find it.

 

 

VIDEO: Top 10 B.C. budget highlights

The NDP is focusing on childcare, affordable housing and speeding up the elimination of MSP premiums

 

In its first provincial budget in 16 years, the B.C. NDP is focusing on childcare spaces, affordable housing and speeding up the elimination of Medical Services Plan premiums.

New spaces a step to universal childcare

 

The 2018 B.C. budget is touting a “made-in-BC” child care plan, with an investment of more than $1 billion to put the province on the path to universal childcare with more than 24,000 spaces over the next three years.

A new affordable childcare benefit will reduce costs by up to $1,250 per month for every child and provide up to $350 per month directly to licenced childcare providers to reduce fees for an estimated 50,000 families.

Payroll tax to replace MSP premiums

 

The province will phase out Medical Services Plan premiums a year earlier than promised in the last election, set to be nixed on Jan. 1, 2020.

Instead, a new “employer health tax” will take effect Jan. 1, 2019, and will apply to businesses with annual payrolls of more than $500,000 – some of which now pay MSP premiums on behalf of their employees.

Freezing ferry fares

 

Reduction and price freezes are taking effect on BC Ferries routes.

Fare will remain unchanged on all major routes, and will be reduced on non-major routes. Monday-to-Thursday seniors’ fare discount will also be reinstated.

Foreign buyers’ tax extended, speculation tax added

 

Finance Minister Carol James introduced a much-anticipated housing speculation tax, to be put into place by the fall. The tax will start at 0.5 per cent and rise to two per cent this year, as promised during the campaign.

It’s estimated to bring in $87 million in its first year, $13 million shy of the $100 million promised during the election.

Meanwhile, the foreign buyers’ tax will be extended to other hotspots in the province including the Fraser Valley, Okanagan and Vancouver Island, and go up from 15 per cent to 20.

Historic funding for purpose-built rentals

 

The 2018 budget rolled out $1.6 billion for affordable housing over three years as part the province’s previously announced $6-billion commitment to build 114,000 units over the next decade.

Over those next three years, $378 million will build 14,000 homes for “the missing middle,” or the skilled workers that James said are choosing other places to work because of the cost of housing in B.C.

Millions earmarked for wildfire recovery

 

To prepare for what could be another devastating wildfire season, the latest budget sets aside $72 million for animal recovery programs and fire prevention efforts.

It also includes $5 million for BC Parks to create 1,900 new campsites across the province.

Reinstating free disability bus passes

 

The NDP are fulfilling an election promise to reinstate free bus passes, expected to affect 100,000 people receiving disability assistance.

$548 million for seniors’ care

 

Half a billion dollars over three years will go toward improving conditions in senior care homes, most of which do not meet the province’s standard of daily care hours per patient.

B.C.’s regional health authorities have been told they will be funded to upgrade part-time care aide positions to full time in the fiscal year starting April 1.

Indigenous skills training gets boost

 

Aboriginal Friendship Centres and the provincial Indigenous skills program will get $201 million over three years.

About $50 million will also provide programs to revitalize Indigenous languages.

Funding to hire more sherriffs, court staff

 

Multi-year court delays could be on the verge of shrinking as the government pledges $15 million to hire more sheriffs and administration staff in the 2018 budget.

The province has struggled with a sheriff shortage for years and the B.C. Government and Service Employees’ Union said that between 2012 and 2016, at least 20 sheriffs left for higher-paid jobs.

 
 
About $50 million will also provide programs to revitalize Indigenous languages

 

Is that a misprint? Seems a bit much.

https://www.goldstre...get-highlights/

 

 

 

 

 

 

 



#2 VicHockeyFan

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Posted 25 February 2018 - 08:35 PM

Well if it was not on here before we certainly have no need to go find it on the original publication. You have placed it all here.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#3 snub

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Posted 25 February 2018 - 08:49 PM

These are just the highlights. There is tons more in the original publication.



#4 spanky123

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Posted 21 October 2018 - 02:58 PM

One issue that seems to have been lost during the election discussion was the recent change in the speculation tax that was outlined in the last budget. Sounds like Andrew Weaver has agreed to support the speculation tax now that the NDP has lowered some of the rates.

 

Although that may sound like a positive move, Andrew Weaver has been telling business groups for the past several months that the Greens would not permit ANY tax and that they were willing to topple the Government if necessary. As a result, a lot of folks continued with their development plans and investments thinking that they had his word.



#5 Mike K.

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Posted 22 October 2018 - 08:45 AM

This has gone from bad to worse, hey? I know several developers who rely on non-local buyers to pick up 10-15% of inventory and thereby allowing the project to proceed with locals making up the difference to that all-important 50% threshold. These non-local buyers are not interested in little investor suites or first-time homes like so many locals are, they want the larger 2BR units that are traditionally more difficult to sell in Victoria's market (look at the inventory remaining at most projects, it's all 2BR+) and difficult to see a return on if renting it out.

 

Many are buying ahead of retirement but also want to have the home available to them when they visit town for several months of the year. Renting such a suite is not practical, and now that short-term rentals are no longer permitted they can't even use that option so some will either walk away or seek out an area of the province that doesn't have the tax (like Parksville-Qualicum where Weaver has his secondary home).


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#6 rjag

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Posted 22 October 2018 - 08:53 AM

https://www.facebook...1266055/?ti=icl

Andrew Weaver is holding a town hall this Thursday evening it will be interesting to see if he is held to account for being a weather vane

#7 spanky123

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Posted 22 October 2018 - 09:00 AM

This has gone from bad to worse, hey? I know several developers who rely on non-local buyers to pick up 10-15% of inventory and thereby allowing the project to proceed with locals making up the difference to that all-important 50% threshold. These non-local buyers are not interested in little investor suites or first-time homes like so many locals are, they want the larger 2BR units that are traditionally more difficult to sell in Victoria's market (look at the inventory remaining at most projects, it's all 2BR+) and difficult to see a return on if renting it out.

 

Many are buying ahead of retirement but also want to have the home available to them when they visit town for several months of the year. Renting such a suite is not practical, and now that short-term rentals are no longer permitted they can't even use that option so some will either walk away or seek out an area of the province that doesn't have the tax (like Parksville-Qualicum where Weaver has his secondary home).

 

Will wait to see how this plays out but I know many developers who would be beyond livid if Weavers renegs. With the new group in council I see a 0% chance that they would try to exempt Victoria or lobby on anyone's behalf.


Edited by spanky123, 22 October 2018 - 09:00 AM.


 



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