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17 Feb

Highlights of BC Budget 2015- will your family save money?

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Posted by: Angela Calla

Courtesy of CBC

The B.C. government tabled a surplus budget on Tuesday that contained a few small tax breaks for families, along with some modest increases for health care and education.

  • B.C. Budget 2015 full online coverage, from highlights to analysis
  • Budget surplus for 2014-15 to hit $879 million, nearly double earlier forecasts.
  • People on income or disability assistance will be able to keep all of their child support payments.
  • Children born since Jan 1. 2007, now eligible for one-time training and education savings grant of $1,200.
  • Early childhood tax benefit of $660 per year for children under six starts April 1.
  • Families eligible for a new PST tax credit on up to $250 worth of children’s sports equipment, worth $12.65 per child.
  • $564 million extra funding for education over three years, to meet terms of collective agreement with B.C. Teachers’ Federation.
  • Temporary personal income tax rate of 16.8 per cent on individuals earning over $150,000 eliminated, as scheduled on Jan 1. 2016.
  • $3 billion funding increase for health care over three years.
  • Medical Services Plan premiums will continue to rise by four per cent, to $75 per month for individuals, $136 for a family of two, and $150 for families of three or more.
  • No changes to BC Ferries funding, minimum wages or social assistance rates.

Questions on if you have the best suited mortgage for your family? The Angela Calla Mortgage Team is here to help you personally 604-802-3983 or callateam@dominionlending.ca

BC BUDGET BALANCE

On mobile? Click here to see a chart of B.C.’s budgets over the years