Budget Highlights: reader friendly, plain-language overview of Budget 2020. The Ontario government dropped its budget yesterday (Nov 5). For those looking for a quick snapshot of the province's budget for the 2020-21 fiscal year, here are some of the highlights. health officials providing unusually timed COVID-19 update Saturday, More COVID-19 exposure notices involving multiple employees posted for B.C. has recorded more than 400 COVID-19 cases in 24 hours, Man loses leg after Strathcona Park attack, Machete-wielding man threatens store clerk. Child Opportunity Benefit will be implemented this year. The PST rate will increase from 10% to, 15% for vehicles with an average value of $125,000 to $149,999.99; and. Alyse Kotyk Further, all Canadian sellers who deliver vapour products to BC consumers will be required to register. requires 11 instructional videos to explain, Bear cub with 'no travel documents' caught trying to cross Canada-U.S. border, B.C. The province projects a surplus of $203 million for the 2019-21 fiscal year. The budget was delayed from the Spring in light of COVID-19, and includes $45 billion in spending over the next three years related to the novel coronavirus. A summary of the Budget highlights is provided below. 1. Police would like you to claim it, COVID-19 cancellations: Here's what's still happening and what isn't in Metro Vancouver this holiday season, The count goes on -- with Biden on the cusp of presidency, Armed men arrested near Philadelphia vote counting location, Whole Foods reverses ban on staff wearing poppies after outcry, Airlines' 'bait-and-switch' strategy lures customers to flights that never take off, Fall snowstorm may force residents to 'stay home for a few days' and could cause power outages: City of Saskatoon, First-of-its-kind intersection in P.E.I. The Ontario government dropped its budget yesterday (Nov 5). On February 18, 2020, BC’s Ministry of Finance released the 2020 Budget. In 2023-24 — after the next election — the province says it will cut spending by $3.8 billion, leaving it with a surplus of $300 million. dance studios worry they'll be forced to close after Chilliwack outbreak, Mayor says he just found out Vancouver is getting $16M, not $60M, from feds for COVID recovery, Did you lose 'a large amount of cash' in a Coquitlam Staples? CM Punjab, Usman Buzdar took swift steps in response to corona virus situation in the country and changed provincial budget to accommodate maximum population for effects of virus. For the 2020-2021 fiscal year, however, the province projects a surplus of $86 million for the Crown corporation. Taxable income above $220,000 will be subject to a BC personal income tax rate of […] You can RSVP by contacting Piccini’s office via e-mail david.piccinico@pc.ola.org or telephone 905-372-4000. Piccini says local small business owners can hear more about the budget and have a conversation with him and Minister Phillips during an 8 a.m. Budget Breakfast on November 12. This year's budget has set aside $11 million to pay for an inquiry into money laundering in the province. Effective February 19, 2020, electric aircrafts are exempt from PST. man was murdered, but inquest rules 2011 death 'accidental', Toxic street drugs prompt warning to people in their 20s from police in Abbotsford, 'Air hugs only': B.C. Task force weighs in, Caught on cam: Machete-wielding man threatens store clerk, $70M Lotto Max jackpot goes to first-time player in Quebec, Caught on cam: Vehicle goes airborne in Conn. parking lot, B.C. Budget and Fiscal Plan: the main budget document; it lays out the Province's three-year fiscal plan, including economic outlook, revenues, spending, tax measures, and forecasting risks and assumptions. As a result of the increase to the top marginal personal tax rate, the top charitable donation tax credit rate (for annual donations in excess of $200) has also increased to 20.5% (from 16.8%), to the extent the individual has income subject to the top tax rate of 20.5%. An additional $20 million is being added to the province's program to help residents purchase zero-emission vehicles, as well as $5 million in incentives to build home and workplace charging stations. This is an increase of 3.7% above BC’s 2019 top marginal rate of 16.8%, which was applicable to income over $153,900. Effective April 1, 2020, a Tobacco Tax of $0.295 will apply per heated tobacco product unit. to protect clients, COVID-19 exposure: Warning notice posted for Metro Vancouver pub, Erection joke about Lululemon founder prompts apology from West Vancouver councillor, People called 911 to ask for updates, how 4-way stops work during Vancouver power outage, Special flight leaving YVR makes pet reunions paw-ssible, Looking ahead to the weekend? Reader friendly, plain-language overview of Budget 2020. Use of this Website assumes acceptance of Terms & Conditions and Privacy Policy, Associate News Producer, McLaughlin On Your Side, Published Tuesday, February 18, 2020 1:48PM PST, Last Updated Wednesday, February 19, 2020 10:18AM PST, These are the schools that have reported possible COVID-19 exposures so far, Read our in-depth coverage of the 2020 budget, Budget 2020: New tax bracket for B.C. The new B.C. Member of provincial parliament for Northumberland – Peterborough South, David Piccini, gives us the highlights of the $187-billion budget, and how they will impact locals. Someone in need may want it, Chilliwack dance studio outbreak meets definition of 'superspreader event,' Fraser Health says, B.C. 7. students, NDP throne speech highlights accomplishments at midway point of mandate, How can B.C. 1. 3. Taxable income above $220,000 will be subject to a BC personal income tax rate of 20.5%. An additional $65 million in funding is being allotted to help B.C. sets highest amount of capital spending commitments in latest budget, Here's what the 2020-21 budget is promising B.C. Economic Response Plan and support available for individuals and businesses. 10. Personal Income Tax Rates Effective January 1, 2020, the Budget proposes to add a new top personal tax bracket. 20% for vehicles with an average value of $150,000 or more. The BC training tax credits are extended for three years to the end of 2022. Effective March 1, 2020, higher PST rates will apply when a motor vehicle dealer or manufacturer changes the use of a vehicle in their sale or lease inventory. There's no mention in the budget of the $400 renters' rebate promised three years ago, but 500 new shelter spaces will be created and investments are being made in modular housing. 9. Effective July 1, 2020, Canadian sellers of goods, and Canadian and foreign sellers of software and telecommunication services, will be required to register and collect PST if specified BC revenues exceed $10,000. 240 billion were issued for various projects. Some families with children under 18 could get up to $1,600 per year, those with two kids could get up to $2,600 and those with three could get up to $3,400. Smythe LLP is a member of Allinial Global. Government's strategic plan, setting out the overarching vision, goals and priority actions for the Province of British Columbia. grocery stores, pharmacies, As Remembrance Day ceremonies move online, observers urged to 'remember in place', Family believes B.C. New sources of revenue were also announced, including a tax on sodas and a new tax bracket targeting the province's top one per cent of earners. The property value threshold for the full home owner grant is decreased to $1.525 million in 2020 (from $1.65 million in 2019). shatters daily COVID-19 case record with 589 infections, B.C. prepare for, respond to and recover from wildfires, floods and other climate-related emergencies. All Rights Reserved.info@smythecpa.com. The farmer’s food donation tax credit is being extended for three years to the end of 2023. Access Grant, for low and middle income post-secondary students, up to $4,000. 's top earners, funding for students, B.C. A new exemption from additional property transfer tax will be introduced for qualifying Canadian-controlled limited partnerships, to be effective at a date to be specified by regulation. For those looking for a quick snapshot of the province's budget for the 2020-21 fiscal year, here are some of the highlights. Associate News Producer, McLaughlin On Your Side. 8. 's 2020 budget was released Tuesday, promising new funding for post-secondary students, investments in climate action and housing supports for the province's most vulnerable residents. Effective on a date to be specified by regulation, the new mine allowance is extended for five years to the end of 2025. Member of provincial parliament for Northumberland – Peterborough South, David Piccini, gives us the highlights of the $187-billion budget, and how they will impact locals. View the Media Presentation. 2. 11. New tax credit for child-care support A new grant for students was announced, the B.C. You can also learn more about the budget by visiting news.ontario.ca/en/release/59065/ontarios-action-plan-protect-support-recover. 4. 12. There is a new tax bracket for the top one per cent of earners, those who make over $220,000 a year. The provincial government ensured that Rs. This change is intended to ensure new housing developments by Canadian-controlled limited partnerships are treated similar to those by Canadian-controlled private corporations. Lynn Hardy, RBC Wealth Management Women Of Influence Day, Family Dental Centre Hooray for Coaches Day, https://media.socastsrm.com/wordpress/wp-content/blogs.dir/435/files/2020/11/November-6-David-Piccini-WEB.mp3, https://media.socastsrm.com/wordpress/wp-content/blogs.dir/435/files/2020/11/November-6-David-Piccini-1.mp3, https://media.socastsrm.com/wordpress/wp-content/blogs.dir/435/files/2020/11/November-6-David-Piccini-3.mp3, https://media.socastsrm.com/wordpress/wp-content/blogs.dir/435/files/2020/11/November-6-David-Piccini-2.mp3, news.ontario.ca/en/release/59065/ontarios-action-plan-protect-support-recover. The fiscal plan shows a record deficit of $38.5 billion for this year. 6. He adds that a good portion of the budget focuses on recovery. Finance Minister, Rod Phillips, says he projects the deficit to decrease to $33.1-billion next year and $28.2-billion the following year. PST will apply to all beverages dispensed through soda fountains or similar equipment, along with all beverages dispensed through vending machines (except those wholly dedicated to dispensing other than sweetened carbonated beverages). A tax of 29.5 cents on new "heated tobacco products" that are not commonly yet used will take effect in April. Strategic Plan. On February 18, 2020, BC’s Ministry of Finance released the 2020 Budget.

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