British Columbia Finance Minister Michael de Jong delivered the province’s 2017 budget on February 21, 2017.
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.
© 2018 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.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.