By Jen Schaeffers, Founder NetworkinginVan
When I first started to hear buzz about the BC Jobs Plan I just brushed it off – I mean I have a job – why should I be interested in the plan? Looking back I think that was a bit ignorant. Firstly, I think as a voter and a resident of BC, it’s good to know what’s going on in your province and what some of the big government “projects” are. Secondly, the BC Jobs Plan isn’t just for people searching for jobs, there is a ton more to it than just the creation of new jobs. So thankfully I did a bit more research and found a few great nuggets, that as a working parent of two children, can help me – and hopefully, you.
1. Fitness & Arts Tax Credits: I don’t know about you, but my little one is in a lot of activities – ballet, gymnastics, swimming, yoga…you name it. I like to expose her to different types of programs while she is young and involve in her an active lifestyle early on. I didn’t realize that in doing so, I can now claim up to $500 – per child, per year – in eligible expenses for sports and arts programs outside the school system. Bonus! More info here.
2. Lowest Personal Taxes: Argh, the word taxes. I hate it. I loathe it. But I understand it. What I didn’t realize was that BC actually has the lowest personal income taxes in Canada. A family of four, earning $70,000 a year, now pays just half of what they did in 2001. This is great! Now only if that family of four could afford to buy a home..darn Vancouver real estate. More info.
3. BC First Time New Home Buyer Bonus up to $10,000: Okay, so lets say you CAN afford to buy a home in the lower mainland (nice work!). Well just so you are aware, the fist time home buyer bonus is up to $10k. Learn more here.
So there you go. A few more details that you might have been unaware of about the BC Jobs Plan. I personally plan on taking advantage of the fitness & arts tax credits for the kids this year.
For more info on the BC Jobs Plan, click here.