The B.C. government tabled a surplus budget on Tuesday that contained a few small tax breaks for families, along with some modest increases for health care and education.

  • Budget surplus for 2014-15 to hit $879 million, nearly double earlier forecasts.
  • People on income or disability assistance will be able to keep all of their child support payments.
  • Children born since Jan 1. 2007, now eligible for one-time training and education savings grant of $1,200.
  • Early childhood tax benefit of $660 per year for children under six starts April 1.
  • Families eligible for a new PST tax credit on up to $250 worth of children's sports equipment, worth $12.65 per child.
  • $564 million extra funding for education over three years, to meet terms of collective agreement with B.C. Teachers’ Federation.
  • Temporary personal income tax rate of 16.8 per cent on individuals earning over $150,000 eliminated, as scheduled on Jan 1. 2016.
  • $3 billion funding increase for health care over three years.
  • Medical Services Plan premiums will continue to rise by four per cent, to $75 per month for individuals, $136 for a family of two, and $150 for families of three or more.
  • No changes to BC Ferries funding, minimum wages or social assistance rates.
BC BUDGET BALANCE

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