Letter: Capital comment

NDP has stated that effective October 1st, 2013 we would reinstate the corporation capital tax on financial institutions.

To the Editor:

On May 7, President and CEO of Kootenay Savings Credit Union, Brent Tremblay, wrote a letter to local media outlying his concerns with the proposed capital tax on financial institutions that the NDP has discussed implementing if we win Government on May 14th.

Firstly I want to thank Brent for expressing his concerns and having met and discussed this issue with him I understand that as CEO he is responsible for the well being of KSCU and its members.

I think it is important to clarify exactly what the NDP platform says regarding this issue. As a part of our fully costed party platform the NDP has stated that effective October 1st, 2013 we would reinstate the corporation capital tax on financial institutions.

After discussion with Brent and members of the BC Central Credit Union Board, the NDP and leader Adrian Dix relooked at our initial proposal of a 3% tax on all financial institutions.

Banks would continue to pay 3 per cent, while financial institutions with headquarters in BC including credit unions will pay 1 per cent.

If the credit union has capital holdings of less than $20 million they will be exempt from this tax. This measure will add $75 million in revenue in 2013-2014 and $150 million in 2014-15 and 2015-16.

Why are we proposing to reinstate this tax? Since 2011 we have stated that we want to bring back non-repayable grant programs for post secondary students in BC that was eliminated by the Liberals in 2004-05.

This minimum tax on financial institutions will allow us to provide substantial funding for students to address the large skills shortage our province is experiencing.

This tax would not touch any deposits and would affect less than half of BC Credit Unions. Carol Taylor, former Liberal Finance Minister, removed the previous bank tax in 2009 and was later appointed to the Toronto Dominion Bank, Board of Directors.

The tax had existed since 1973 in BC. While we appreciate the feedback from KSCU we also realize that we have to be responsible in finding funding for important programs.

Katrine Conroy, Pass Creek

Just Posted

Rossland’s Seven Summits school gets grant to grow global presence

Centre for Learning hopes to triple the number of international students it has

Rural dividend grants awarded in Kootenay West

Kootenay West MLA Katrine Conroy made the grant announcements in Trail on Thursday

Rossland skiier places third at U19 Canadian Ski Cross

Rossland’s Sage Stefani finished out a successful season.

Warfield elementary school celebrating 70 years

Webster Elementary School officially opened April 23, 1949; open house and events planned next week

Trail workshop offers path forward for affordable/supportive housing

Columbia Basin Trust, BC Housing and the CMHC all spoke during the Tuesday morning session

Dashcam captures close call between minivan, taxi at busy Vancouver intersection

To make the footage more nerve-wracking, a pedestrian can be seen standing at the corner

Waste not: Kootenay brewery leftovers feed the local food chain

Spent grains from the Trail Beer Refinery are donated to local farmers and growers, none go to waste

Deck collapses in Langley during celebration, 35 people injured

Emergency responders rushed to the Langley home

B.C. mom wages battle to get back four kids taken from her in Egypt

Sara Lessing of Mission has help from Abbotsford law firm

VIDEO: Fire guts Peachland home

Crews are still on scene pumping water onto the blaze in the Okanagan neighbourhood

$6K raised in one day’s time for family of woman gunned down in Penticton

GoFundMe launched for family of Darlene Knippelberg, to pay for funeral costs and other expenses

B.C. mountain biker sent home from hospital twice, despite broken vertebrae

Released in Maple Ridge to go home with three fractured vertebrae

Seven tips to travel safely this Easter long weekend

An average of three people are killed, and hundreds more injured, each Easter long weekend in B.C.

Seattle’s 4-20 ‘protestival’ enjoys tolerance, some support – and B.C. could do the same

Seattle’s Hempfest a large-scale occasions with vendors, prominent musical acts and thousands of attendees

Most Read