Highlights of the 2017 British Columbia Budget

Highlights of the 2017 British Columbia Budget

British Columbia Finance Minister Michael de Jong delivered the province’s 2017 budget on February 21, 2017.

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The budget anticipates a surplus of $295 million for the current year, $244 million in 2018-19 and $223 million in 2019-20. These continuing surpluses have led to a reduction in the province’s direct operating debt (with forecasts to eliminate the operating debt as early as 2020) and a forecast taxpayer-supported debt-to-GDP ratio of 15.9% in 2017-18.

The budget includes a number of tax measure announcements, some of which were previously announced, including changes to reduce the small business corporate income tax rate to 2% (from 2.5%), extend the scientific research and experimental development (SR&ED) tax credit for five years, reduce Medical Services Plan premiums, and phase out PST on electricity sales.

Download this edition of the TaxNewsFlash to learn more.

© 2017 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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