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B.C. Budget Update - Improving Support for Seniors, Moving B.C. Forward

September 14, 2005

VICTORIA — Improved support for senior citizens is at the heart of new budget measures that also include a significant fund for First Nations and tax reductions to help keep B.C.'s economy strong, Finance Minister Carole Taylor announced with the release of the September Budget Update.

IMPROVED SUPPORT FOR SENIORS

An additional $242 million will be spent over three years to improve the lives of senior citizens. New measures include:

  • Renewing the Seniors' Supplement, to provide a monthly benefit for approximately 40,000 low income seniors.
  • Doubling annual funding for the Shelter Aid for Elderly Renters (SAFER) program, to improve subsidies for lower income seniors who rent, and expand coverage to those who own manufactured homes and pay monthly pad rentals; the changes will apply to approximately 12,000 seniors already receiving SAFER benefits and open the program to an additional 7,200 senior citizens.
  • Updating existing seniors' health facilities and strengthening and modernizing the full range of services for seniors, to help them live as independently as possible.


BUILDING A NEW RELATIONSHIP WITH FIRST NATIONS

The September Budget Update advances the government's commitment to build a new relationship with First Nations by allocating $100 million of one-time funding to a First Nations New Relationship Fund. The Fund will support capacity building initiatives that will assist First Nations communities to be effective partners in consultations concerning the use of land and resources.


ENHANCING BRITISH COLUMBIA'S ECONOMIC COMPETITIVENESS, SUPPORTING JOBS

In addition to confirming February's tax reductions, which included significant measures targeted to low and modest income earners, the budget update provides new measures to enhance British Columbia's economic competitiveness and support job creation. These include:

  • Effective July 1, 2005, reducing the general corporate income tax rate to 12 per cent from 13.5 per cent, to benefit all sectors of the economy.
  • Effective January 1, 2006, providing a tax incentive for the international commercialization of life science patents, to build on B.C.'s growing stature as a centre for biotechnology research and development.


A STRONG ECONOMY

After leading the provinces in 2004 with growth of 3.9 per cent, British Columbia's economy continues to perform impressively in 2005, with positive momentum in employment, consumer spending, non-residential investment, and continued robust levels of home construction as well as consumer and business confidence.

The Ministry of Finance improved its economic forecast to 3.4 per cent real GDP growth for 2005, 3.2 per cent in 2006, and 3.1 per cent for 2007 to 2009.

THE BUDGET SURPLUS OUTLOOK

In keeping with the improved economic outlook, the updated fiscal plan forecasts surpluses of $1.3 billion this year, $600 million next year and $400 million in 2007/08. The healthier surplus track helps to reduce the province's capital infrastructure borrowing requirements and improves the debt outlook compared to the February budget forecast.


More information on the BC Budget Update can be found online at http://www.bcbudget.gov.bc.ca.

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