British Columbia Premier Gordon Campbell has unveiled a 10-point plan that aims to ease the impact of the global financial crisis on the province and is residents.
The measures were announced in a supper-time broadcast on Wednesday evening.
Under the plan, the B.C. government will:
- Introduce unlimited deposit insurance for deposits to credit unions.
- Create a new private sector pension opportunity for British Columbians who currently have no access to a pension plan.
- Impose an accelerated, retroactive personal income tax cut.
- Introduce a school property tax rebate for industry.
- Accelerate tax relief for small business.
- Double the commission paid to business for PST and HRT collection.
- Accelerate public infrastructure construction.
- Introduce a 33 per cent reduction in ferry fares for December and January.
- Rein in avoidable government spending.
- Recall the Legislature on November 20 as a number of the measures require legislative approval.
Campbell said the measures were necessary because the global financial system is in the grips of the worst financial crisis seen for over 75 years, one that is sending ripple effects around the world.
He estimated that the measures are worth an additional accumulation of $485 million in tax relief.
B.C. New Democratic Party leader Carole James called the measures a "missed opportunity," and said Campbell was simply setting up his re-election platform.
Earlier in the day, Campbell said he planned to enlist expert help to ensure the B.C. economy remains strong.
He is creating a new economic advisory council comprised of top Canadian academics, economists and business leaders to get advice on how to improve competitiveness and productivity in B.C.
On Tuesday, Campbell said B.C. will expand hospital, schools and sewer initiatives to take advantage of lower construction prices.
The government will also hold a two-day economic summit in Vancouver in January and a northern economic summit in Prince George.
The B.C. Liberal government has already ruled out a deficit.
However, it's believed these measures are separate from a 10-point action plan Campbell will reveal this evening.
Reporters have been invited to a confidential lockup before the speech, similar to those before provincial budgets -- a suggestion that tax changes may be included in Campbell's statement.
