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Small-business tax reprieve for B.C. credit unions

On February 18, the B.C. government committed to maintaining the provincial extended small-business tax benefit for credit unions until 2016. The reprieve is good news for B.C.’s credit unions, which were concerned that the benefit would end as a result of the federal government’s decision to phase out the federal reduction.

When Finance Minister Mike de Jong presented B.C.’s budget he acknowledged that credit unions had approached the province on behalf of their members and he agreed to pass legislation “sheltering [credit unions] from the impact of a negative federal income tax change for another three years.” ◊