Candace Nancke Chair of the Certified General Accountants Association of B.C. speaking about today's BC Provincial budget
Candace Nancke Chair of the Certified General Accountants Association outlined some other highlights from today's budget.
VICTORIA, BC, Feb. 19, 2013 /CNW/ - Finance Minister Michael de Jong has
marked the government's return to fiscal discipline with a balanced
budget and a $197 million surplus for 2013-14, Candace Nancke, FCGA,
Chair of the Certified General Accountants Association of B.C. said
"Families and small businesses have to show that discipline and live
within their means every day. And government should be no different,"
Nancke said. "The minister has achieved this through a combination of
spending cuts, the sale of some surplus properties and modest tax
increases," Nancke said. "We like this direction as it shows
willingness by government to say 'no' and limit spending increases and
recognizes that the province must stay on track for the future."
Surpluses of $211 million are expected in 2014-15 and $460 million in
Nancke said that good debt management remains high on the government's
radar. Taxpayer-supported debt is forecast to be $42.6 billion in
2013-14 and will reach $46.1 billion in 2015-16. While the Association
has expressed concern about rising debt levels it recognizes that
B.C.'s debt-to-GDP ratio at 18.3 per cent in 2014-15 remains relatively
low compared to provinces such as Ontario and Quebec which have much
higher debt-to-GDP levels.
Other changes include:
Increasing the general corporate income tax rate to 11 per cent from the
current 10 per cent as of April 1, 2013. While the tax rate remains the
third lowest in Canada (after Alberta and New Brunswick), the
Association has cautioned in the past that even minor increases to tax
rates can affect the province's competitive position. This could reduce
economic growth at this critical time.
A temporary two-year increase in the personal income tax rate to 16.8
per cent from 14.7 per cent for individuals earning more than $150,000
starting January 1, 2014. While these increases are not always welcome,
they will help boost revenues ensuring good fiscal management.
Addressing the sometimes contentious carbon tax and its impact on
farmers by providing a carbon tax exemption for the same coloured motor
fuels and $20 million to provide relief for commercial greenhouse
CGA-BC represents almost 11,000 CGAs and nearly 5,000 CGA students in
the province of British Columbia. Our members provide financial
management and accounting services to small and medium-sized businesses
across the province and occupy financial management and leadership
positions in the public and private sector.
Audio with caption: "Candace Nancke Chair of the Certified General Accountants Association of B.C. speaking about today's BC Provincial budget". Audio available at: http://stream1.newswire.ca/media/2013/02/19/20130219_C6844_AUDIO_EN_23851.mp3
Audio with caption: "Candace Nancke Chair of the Certified General Accountants Association outlined some other highlights from today's budget.". Audio available at: http://stream1.newswire.ca/media/2013/02/19/20130219_C6844_AUDIO_EN_23852.mp3
SOURCE: Certified General Accountants Association of British Columbia
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Edward Downing, Director of Communications
Cell: (778) 838-6334