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Sunday, April 18, 1993 - North Shore News

The budget includes new measures you should know about
_ that benefit ordinary working people and middle income families.

The Home Owner Grant.

is imereased for 93% of
B.C. homeowners

FACT: The basic home owner grant is

increased ‘by $20 per year to $470
for homes assessed at up-to
_ $400, 000 in value. ©

“FACT: The home owner grant for
seniors is increased by $25 per year,
- to $745.

” FACT: To: fi nance these increases the
- home owner. grant is reduced or
‘ eliminated ‘for the 5% of B.C. homes

+ Valued at over $400,000.

_ One in three households

will. receive a sales tax
rebate —

FACT: The B.C. sales. tax rate remains

the: the second-lowest in Canada, even with
‘the one percent increase announced in

the budget. To offset’ the impact of this
increase, 600,000 ‘B.C. households will
receive a sales tax rebate. .

FACT: : On average, British Columbians

. pay pay the second- lowest direct provincial:
. taxes.in Canada, ° oo,

‘FACT: There is no increase in the
7 Personal income tax rate this year for: :
92% of British. Columbians — only the

“wealthiest 8% are being ‘asked to.

ontribute-more e through a higher’
income tax rate.” ¥

FACT: vThe net. affect of all tax”
measures included in the budget is that’

8% of British ‘Columbians will benefi t
from an overall tax cut..

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Taxes arecut ;
for small businesses ——
in British Columbia

FACT: The corporate capital tax has
been eliminated for 2,000 small B.C.

“businesses and has been reduced for a

‘further 1,500 smalt businesses:

FACT: The small business provincia!
income tax rate has been frozen at last
year's level.

| me deficit

has been cut.

by 35% tn.
two years |

‘FACT: ‘The deficit for“

1993/94 is projected «:

‘at $1.5 billion — a~

decrease of 35%

/ from the. $2.4 billion
“-annual deficit inher-
“ ited two years. ago...

FACT: The net provincial debt i in British

Columbia, ‘as a proportion of CDF, is

the lowest i in Canada. a

‘

Government spend ding
is under contro?

FACT: Government spending in
1992/93 is forecast to come in
below budget.

FACT: The rate of
growth in govern-
ment spending
has decreased
from 12.1% two
years ago to 5.7%
in the coming year —
the lowest: rate
of increase since
1987/88. Ill 19929) 195888

FACT; The salaries of the Premier and
Cabinet have been cut and the freeze .
on MLAs’ salaries has been extended to
senior officials.

Medicare premiums

are reduced or eliminated
for 565,000 families

FACT: Medicare premiums are being
eliminated for 430,000 lower-income
families and seniors, and reduced for
another 135,000. ©

FACT: Spending on health: and
education will increase by about 3% te.
keep up with population. growth — an,
achievement other provinces have been.
unable to match. f

FACT: The growth rate in the B.C.
economy is projected at 3.2% in the
coming year — allowing us to protect
health care and education at a time
when other provinces are cutting
services.

For more information on how you can benefit from these initiatives, please write: Budget.’93, 109 — 617 Government Street, Victoria, B.C. VBV 1X4