Province phases out PST
Catalyst Paper Corporation is applauding the BC government’s decision to follow through with the former Liberal government’s plan to phase out collection of provincial sales tax (PST) on industrial and commercial electricity. The move will protect pulp and paper and forestry jobs, according to Catalyst vice president Len Posyniak.
“The elimination of this tax will help industry in BC improve its competitiveness,” stated Posyniak in a media release.
BC Commission on Tax Competitiveness made several recommendations in 2016 to then finance minister Mike de Jong, including the removal of PST collection on power and adopting a harmonized sales tax.
Starting this fall, PST on electricity for commercial and industrial users will be reduced from seven to 3.5 per cent. Commercial and industrial users will be fully exempt on April 1, 2018.
Budget favours credit union
BC’s credit unions are pleased with province’s decision to re-instate a lower small-business tax rate for credit unions in the budget update, according to a statement from First Credit Union chief executive officer Dave Craigen following the budget announcement.
The Liberal government had planned a four-year phase out of the lower rate, but then deferred the decision pending further consultation earlier this year.
According to Craigen, the lower tax rate was in recognition that credit unions support local economic development and reinvest capital back into the provincial economy.
Fire ban lifts
BC Wildfire Service lifted the campfire ban outside City of Powell River boundaries as of September 18. The use of tiki torches, outdoor stoves, gas stoves and other portable campfire equipment is also now permitted.
All fires within City of Powell River boundaries are banned year-round, except during November and April with a city permit.
