B.C. budget released
MSP premiums set to rise, tax rate to remain the same
02/16/2011|Canadian Payroll Reporter|Last Updated: 02/16/2011
British Columbia Finance Minister Colin Hansen delivered the province’s 2011 budget on Feb. 15, 2011.
The budget contains the following items that will be of interest to payroll professionals:
1. MSP premiums rising
The budget proposes to increase the premium rates for the Medical Services Plan (MSP), effective Jan. 1, 2012. Budget documents indicate that premiums for a single person would rise from $60.50 per month to $64. The maximum premium for a family of two would increase from $109 per month to $116 and for a family of three or more it would increase from $121 per month to $128.
2. No changes to tax rates announced
The budget did not propose any changes to personal income tax rates or to the Harmonized Sales Tax.
At the time the budget was presented, the governing Liberal Party was in the midst of a leadership campaign. The new leader may implement these budget proposals or present a new budget.