Carole James, minister of finance, led a 2018 Budget Roundtable hosted by the Prince George Chamber of Commerce Saturday at the Coast Inn of the North.
There were more than 50 people in attendance.
Highlights for Prince George were mentioned specifically during James' introduction to the budget during the event.
"I think it covers the gamut, we're investing in everything from health care to the university, to training spots by expanding engineering, those are all critical pieces that will really help build a strong economy," James said. "One of the real shifts in this budget that I hope people will see is that it's balanced fiscally, we have a balanced budget each year and we have good prudence built into our budget and it's also balanced in its approach and it invests in the people who help build the economy. We know in the north, whether it's resources, the forest industry, mining or other areas, we know that the resources in British Columbia also come from rural and remote communities and we want to share some of that back."
Some of the highlights included in the budget that were addressed during the forum were a comprehensive housing plan that will address tax targets aimed at foreign and domestic speculators, including increasing the foreign buyers' tax from 15 to 20 per cent, while closing loopholes that allow tax fraud to occur like hidden ownership by improving the province's auditing and enforcement systems.
Although not breaking news, it is worth repeating that for the first time in the province's history $6 billion will be invested over the next decade towards homes for families, seniors, those women and children fleeing violence and student housing. Rental assistance grants will increase, which will help more than 35,000 households achieve a more affordable rent. James assured the small audience Prince George and rural communities will not be forgotten.
Child care will be heavily subsidized to the tune of $1 billion in the next three years.
A new benefit will see as much as $1250 per month go to as many as 86,000 families by 2020 and a child care fee reduction will start April 1 for parents with children in licensed day cares.
Another notable was how the budget includes eliminating the Medical Services Plan premiums completely by January 2020. As of this Jan. 1 the premiums were cut in half and the employers health tax will take the place of that revenue stream. To make sure not to hit up small business, those with a payroll of under $500,000 will not have to pay the tax.
"That's 85 per cent of the businesses in British Columbia that will not have to pay the tax," James said.
Those businesses with payrolls between $500,000 and $1.5 million will pay a reduced rate of the employer health tax while those with payrolls more than $15. million will pay the full rate of 1.95 per cent, including sectors of the government.
Those in attendance were offered the opportunity to comment and ask questions. Few offered positive comments while addressing issues like increasing wages for child care workers. James responded to that saying that is all part of the plan to fine tune the child care delivery system and those details will be worked out as the program is further developed.
"Budget 2018 balances the needs and priorities of British Columbians with the fiscal prudence that marks B.C. as an economic leader in Canada," James said. "It sets B.C. on a path to shared prosperity for everyone in our province with a made-in-B.C. child care plan, a comprehensive housing plan and record levels of capital investment in every corner of the province."
