British Columbia finance minister Mike de Jong has tabled a balanced budget that will see a surplus of $175 million this year rising to $451 million by the 2016-2017 fiscal year.
"It may not be glitzy or chock full of goodies, but it is the right plan for British Columbia,'' he said.
From a payroll perspective, the biggest item of note is the budget proposes to increase the premium rate for the Medical Services Plan (MSP), effective Jan.1, 2015. Premiums for a single person would rise from $69.25 per month to $72. The maximum premium for a family of two would increase from $125.50 per month to $130.50 and for a family of three or more it would increase from $138.50 per month to $144.00.
The budget did not propose any changes to personal income tax rates or tax brackets.
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