Finance Minister Carole James announced the 2018 BC Budget today.
"Budgets are not only about the bottom line, they should be about people. That's why British Columbians are at the centre of every choice we have made in Budget 2018," said James. "These include historic investments in child care and affordable housing that will be felt for generations."
Over three years, an investment of more than $1 billion will set the province on the path to a universal child-care plan that will make child care affordable for parents and caregivers, create more than 22,000 child-care spaces throughout the province and ensure those spaces meet rigorous quality and safety standards.
A housing plan introduces new taxation measures to tackle foreign and domestic speculation, to close loopholes and crack down on tax fraud, and to stabilize housing prices. It invests more than $1.6 billion over three years to build and maintain affordable rental housing, help finance student housing, increase rental assistance for low-income seniors and working families, and provide supportive housing for at-risk British Columbians.
Budget 2018 Highlights:
* Introducing a new affordable child-care benefit that will reduce child-care costs by up to $1,250 per month for every child and support 86,000 B.C. families per year by 2020-21.
* Providing up to $350 per month directly to licenced child-care providers to reduce fees for an estimated 50,000 families per year by 2020-21.
* Helping to build 114,000 affordable rental, non-profit, co-op and owner-purchase housing units through partnerships.
* A speculation tax, and increases in the foreign buyers' tax to 20%, while expanding from Metro-Vancouver to other areas of BC, including the Central Okanagan
* Eliminating Medical Services Plan (MSP) premiums by Jan. 1, 2020, saving individuals up to $900 a year, and families up to $1,800 a year.
* An employer health tax to allow for the full elimination of MSP premiums.