Two sides of the HST

The final numbers for the 2010-11 fiscal year, which ended on March 31, show that the province ran a deficit of $309 million — much lower than projected

The final numbers for the 2010-11 fiscal year, which ended on March 31, show that the province ran a deficit of $309 million — much lower than projected.

This is due partially to strong economic growth and additional tax revenue, but it is also due to a large payment from Ottawa of $769 million.

This payment is related to the decision to implement the HST, which has yet to be ratified by voters. If it is turned down, that money will have to be paid back.

Sales taxes brought in more than $5 billion, with $4.176 billion coming from the HST, which went into effect on July 1, 2010.

Finance Minister Kevin Falcon said that it will cost the province about $3 billion if the HST is rejected by voters.

Only some of that number can be quantified — the only known figure is the $1.6 billion transition payment from Ottawa which will almost certainly have to be paid back.

It is obvious, but remains unsaid, that the HST is a cash cow which the Liberals see as closing the fiscal gap and bringing about an eventual surplus.

The NDP, on the other hand, opposes the HST and wants the provincial sales tax to come back. Whether it would raise as much money is uncertain.

Yet the NDP must eventually give definite answers as to how they would balance the books.

– Black Press

Just Posted

Family Literacy Week in Campbell River a chance to celebrate play

A few additions to the itinerary from previous years, week-long event ‘shaping up to be super great’

Vancouver Island amateur radio operators now better equipped to help in an emergency

More courses starting soon for those interested in helping SRD communicate after a major event

Campbell River-area First Nation chief steps down due to health

After serving five terms as Chief of the Wei Wai Kum Nation,… Continue reading

Report: City of Campbell River needs a maintenance plan for Nunns Creek Nature Trust

Extensive ecological inventory shows both the good and the bad of city-leased lands downtown

Campbell River Fire Department douses truck fire on Inland Island Highway

A driver pulled over when the engine in his truck started smoking… Continue reading

WATCH: Giant waves smash Ucluelet’s Amphitrite Point

Folks made their way to Ucluelet’s Amphitrite Point Lighthouse on Thursday, Jan.… Continue reading

B.C. woman who forged husband’s will gets house arrest

Princeton Judge says Odelle Simmons did not benefit from her crime

Women’s movement has come a long way since march on Washington: Activists

Vancouver one of several cities hosting event on anniversary of historic Women’s March on Washington

Liberals’ 2-year infrastructure plan set to take 5: documents

Government says 793 projects totalling $1.8 billion in federal funds have been granted extensions

Workers shouldn’t be used as ‘pawns’ in minimum wage fight: Wynne

Comments from Kathleen Wynne after demonstrators rallied outside Tim Hortons locations across Canada

John ‘Chick’ Webster, believed to be oldest living former NHL player, dies

Webster died Thursday at his home in Mattawa, Ont., where he had resided since 1969

World’s fastest log car made in B.C. sells for $350,000 US

Cedar Rocket auctioned off three times at Barrett-Jackson Co., netting $350,000 US for veterans

Bad timing: Shutdown spoils Trump’s one-year festivities

Trump spends day trying to hash out a deal with Senate Minority Leader Chuck Schumer

Woman in Nanaimo buys $70 worth of ice cream with allegedly stolen debit card

Purchase said to have occurred on Jan. 11 at 2 a.m. at Nicol General Store

Most Read