February 21, 2017 02:04 pm
BC’s new budget is being announced this afternoon.
Finance Minister Mike de Jong says the 50 billion dollar document is
the 5th straight balanced budget for the Liberal government.
He say it will leave nearly $1 billion more in the pockets of B.C.
families by cutting Medical Services Plan (MSP) premiums as a first step
to eliminating them entirely as it becomes affordable.
Beginning Jan. 1, 2018, MSP premiums will be reduced by 50% for households with an annual net income of up to $120,000.
“Following this change, more than two million British Columbians will
pay no premiums and a further two million will see a 50% reduction in
their premiums – cutting premiums near to levels set in 1993,” says a
government release. “A typical family of four paying full premiums will
save $900 per year in 2018. A single parent with net income up to
$40,000 and two children will see their monthly premiums drop from $46
to $23. A family with net income less than $35,000 and two children will
see their monthly premiums eliminated.”
De Jong says the education budget will increase by $740 million over three years.
The Ministry of Health will see a three-year increase of $4.2 billion, compared to its 2016-17 base budget.
The minister says a surplus of 295 million dollars is forecast for the coming year.
See also: Budget
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