For those looking to move to British Columbia it may be worth a quick look at the province’s budget so that you can see the impact it might have on your life in Canada.
The province has a AAA rating. This is almost the highest you can get and puts us on equal footing with the UK and above the US. A tribute to Canada’s banking system and B.C.’s conservative fiscal management.
The rating doesn’t tell it all, because B.C. is running a budget deficit at present. However we are on track to balancing the budget by 2013/2014.
An attractive environment
B.C. has long promoted our beautiful natural environment, but this budget was also about attracting overseas investors. The AAA rating is part of that. In addition B.C. has reduced the corporate income tax rate five times, for a total reduction of almost 40% since 2001. That means, when combined with federal tax rate cuts, the corporate income tax rate in B.C. is among the lowest of both Canada and the rest of the G7 nations.
Health, education and social services
The budget gave more money for these services. Many people coming to B.C. are looking for healthcare and with an aging population it is good to know that services are being funded.
Similarly education is an important consideration for many immigrants who want good publicly funded schools for their children.
Social services may not be something we think about as immigrants but we appreciate the existence of such services – just in case.
Full details of the budget are available on the province’s budget web site.