Province Defers Tax Increase on Credit Unions Through 2017
Revelstoke Credit Union welcomes province’s decision to defer a tax increase
Revelstoke Credit Union is pleased that the Government of British Columbia has decided to retain the current tax rate on credit unions, while consulting further on the matter.
The deferral will enable the province to consider the impact of the tax increase within the context of its ongoing review of the two main pieces of legislation governing the credit union sector.
“We are pleased by this decision,” said Roberta Bobicki, CEO of Revelstoke Credit Union. “This means we will have more money to lend to our members and support local businesses and home owners.”
A competitive tax environment allows credit unions to reinvest in a diverse provincial economy by providing more financial support for community projects; and making more local lending decisions to help small businesses and individuals.
The province had planned to phase out a small business tax rate on credit unions and increase it incrementally over the next four years. The lower tax rate was put in place in recognition of the fact that credit unions, as B.C.’s cooperatively-owned financial sector, are in a unique position to reinvest capital back into the provincial economy, as well as support initiatives in local communities. For the past three years B.C. credit unions have been advocating for a continuation of the existing tax rate.
“We look forward to meeting with the government to explain our position and help develop regulations and legislation that will allow us to grow,” said Roberta Bobicki, CEO of Revelstoke Credit Union.
About Revelstoke Credit Union
With 4500 members, and $175 million in assets, Revelstoke Credit Union has contributed almost $6 million of profit directly back to its Members and the Community over the past 17 years.
Roberta Bobicki, CEO
Revelstoke Credit Union
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