Taxes onerous as growth dwindles

Statistics Canada’s latest population projections do not bode well for B.C.’s future, on a number of counts.

Statistics Canada’s latest population projections do not bode well for B.C.’s future, on a number of counts.

The federal agency has B.C. falling to  fourth-largest province in the country, with Alberta moving ahead of it to third. This is projected to happen over the next 20 years or so.

B.C. will still be growing — but at a lesser rate than Alberta is projected to grow. Perhaps more dramatically though, B.C.’s population of seniors is expected to grow the most, to 27 per cent of the population by 2038. This is a higher-than-usual percentage of seniors, who for the most part will not be working and contributing to long-term economic growth. At the same time, they will put added pressure on the health care system.

This is not to say that seniors are bad for a province or an economy. It is simply that their needs bring new challenges to an economy which is already hobbled by minimal growth, and to a province where every resource-based proposal is met with a fury of opposition.

A province cannot thrive long-term without economic growth. Simple population growth is not enough.

B.C. is already a very expensive place to live. At the same time, few younger people have the opportunity to make really good incomes, and are thus handicapped from getting ahead.

Taxes in B.C. are already quite high, which is masked by the sleight-of-hand about low income tax rates. However, when the seven per cent PST, ICBC rates, ferry fares, BC Hydro rates (all of which are tax increases), TransLink taxes and MSP premiums are taken into account, taxes are quite onerous on many people already.

Low economic growth will inevitably lead to even higher taxes.

B.C. weather and scenery are great, but they don’t pay the bills.

-Victoria News

 

Just Posted

Single-use plastic bag ban expected to begin July 1

Exemptions to include packaging bulk items, frozen food, flowers, meats and poultry

Okanagan Shuswap weather: Hold on to your toque, wind and snow today

The sun will be hiding behind the clouds for the next few days

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Friendship accord may help with rail trail funding and other initiatives

Agreement between Splatsin, Sicamous and Enderby to be signed Feb. 25

Branching out: learning to ski at Revelstoke Mountain Resort

It’s the first time at the hill for the editor of Revelstoke Review

Trudeau takes personal hit amid SNC-Lavalin controversy: poll

Overall, 41 per cent of respondents believed the prime minister had done something wrong in the affair

B.C. photographer captures otters on ice

A Langley photographer was at the right place at the right time on the Fraser River

Man charged in Kamloops kidnapping makes first court appearance

Kelowna - Justin Daniels has been charged with armed robbery and forcible confinement

Okanagan College launches Indigenous cooking training

The program will infuse Indigenous-knowledge in its professional cook training

Armstrong curlers take championship

Chase Curling Club hosts provincial open stick event.

Okanagan ‘pot-caster’ talks politics and weed sales

Pot podcaster Daniel Eastman says B.C. has kind of dropped the ball as far as legalization

Do you live with your partner? More and more Canadians don’t

Statistics Canada shows fewer couples live together than did a decade ago

B.C. child killer denied mandatory outings from psychiatric hospital

The B.C. Review Board decision kept things status quo for Allan Schoenborn

Most Read