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PACIFIC
OCEAN
N.S.
ATLANTIC
OCEAN
U.S.A.
BALANCED BUDGET
DEFICIT BUDGET
SURPLUSES
16
15.2
12
BUDGET 2015
10.2
8
honourable
michael de jong , q . c .
minister of finance
4.8
5.7
BUDGET 2016
04/05
05/06
06/07
07/08
08/09
2.7
09/10
10/11
11/12
12/13
13/14
14/15
15/16
16/17
17/18
18/19
To help every British Columbian realize the dream of home ownership, Budget 2016
introduces measures to improve housing affordability:
PROPERT Y TRANSFER TAX: A new full exemption for newly built homes
up to $750,000, saving buyers up to $13,000 on the purchase of a new
home, with a partial exemption up to $800,000. Costs of the New Housing
exemption will be offset by increasing the property transfer tax rate to 3%
from 2% on the portion of fair market value over $2 million.
A COUPLE
A SENIOR
A SINGLE
SAVE $480/YEAR.
SINGLE PARENT
WITH 2 CHILDREN
$150
$78
DIFFERENCE:
SAVINGS
$864/YEAR
SINGLE PARENT
WITH 1 CHILD
$136
$78
DIFFERENCE:
SAVINGS
$696/YEAR
INCREASED SOCIAL
ASSISTANCE DISABILITY
RATES: WHAT IT MEANS
To support our plan
to make B.C. the most
progressive province for
persons with disabilities,
Budget 2016 provides
$170 million over three
years to increase income
assistance rates for persons
with disabilities. Effective
Sept. 1, 2016, all persons
on disability assistance will
receive an increase up to
$77 per month.
$170 million to increase income assistance rates for Persons with Disabilities.
Safe and healthy communities are the foundation of a vibrant B.C. Thats why we are
making significant investments in 201516 for community safety including:
$560
$18,505
$17,968
$537
$1,060
($ MILLIONS)
$17,445 Restated
Budget 2015 Base
$523
$523
2016 /17
2017/18
2018/19
$12 BILLION
24% HEALTH
21% POST-SECONDARY
14% EDUCATION
15% OTHER (INCLUDING BC HOUSING)
26% TRANSPORTATION
TAXPAYER-SUPPORTED
DEBT-TO-GDP RATIO (PER CENT)
ENCOURAGING
INVESTMENT IN
SMALL BUSINESS
The Small Business
Venture Capital Tax Credit
budget is being
increased by $5 million
to encourage even
more investment in B.C.
small businesses.
OTHER ASIA
9.1%
JAPAN
10.1%
CHINA
16.9%
US
51.9%
BRITISH COLUMBIA
OTHER
6.5%
ASIA
6.3%
US
87.2%
ALBERTA
OTHER
15.6%
ASIA
4.0%
US
80.4%
ONTARIO
SOURCE: BC STATS
T WO-INCOME FAMILY OF 4
$90,000 INCOME
British Columbians
continue to
have one of the
lowest overall tax
burdens in Canada
when all taxes are
considered
including income
tax, consumption
tax, health care
premiums and
payroll tax.
$9,716
$10,107
BC
SK
$12,652
$12,956
$12,992
$13,253
$13,729
$14,197
NL
MB
PEI
ON
NB
NS
$7,821
QC
T WO-INCOME FAMILY OF 4
$60,000 INCOME
LOWEST
OVERALL TAXES
$8,093
$8,153
$8,225
$8,280
$8,724
$8,823
ON
MB
NL
NB
PEI
NS
$9,250
$6,446
$5,322
$3,911
SK
BC
QC
SINGLE INDIVIDUAL
$80,000 INCOME
$11,155
$7,828
$8,106
BC
AB
$11,897
$12,311
$12,354
$12,695
NL
ON
PEI
$14,164
$14,344
MB
NS
SK
NB
QC
SENIOR COUPLE
EQUAL PENSIONS
$30,000 INCOME
For More
Information
$2,894
$3,023
$3,320
$3,552
ON
SK
$4,453
$3,680
$2,438
MB
AB
BC
NL
PEI
NS
NB
QC