On September 1, 2009 B.C.’s Finance Minister presented his B.C. Budget Update.  Here are the Highlights.

- Deficit projected to hit $2.8 billion this year.

- Medical Services Plan (MSP)remiums will increase by $3 a month for individuals and $72 annually for a family of four.

- Income Tax Basic personal exemptions will rise from $9,373 to $11,000, resulting in a saving of $72 per person per year.

- The harmonized sales tax (HST) system to be introduced July 1, 2010 means a family of four making $60,000 per year will pay $278 more sales tax but save $144 on reduced income taxes, resulting in a $134 net tax increase.

- The harmonized sales tax (HST) will not apply to residential energy costs for electricity, oil, propane and natural gas used in homes.

- The province will begin to introduce full day kindergarten in September 2010 which is valued at $1,150 in daycare savings per child annually.

- $80 million has been set aside to prepare for the H1N1 flu bug coming this fall.

- For Government employees there will be 300 layoffs in 2009-10 and a further 326 staff reductions through attrition.

- The B.C. economy is predicted to shrink by 2.9% in 2009. There will be $4.7-billion in taxpayer-supported capital spending this fiscal year; and taxpayer-supported debt will increase by $14.8 billion over three years to $52.8 billion.

- The government predicts a return to balanced budgets in 2013.