Integris supports BC Chamber recommendations for fair taxation to benefits local communities
For immediate release
Prince George, B.C., July 28, 2017— Integris Credit Union supports consultation with the current B.C. government to restore the small business tax credit for credit unions – together with B.C. credit unions, Chambers of Commerce and Boards of Trade. Integris supports continued competitive financial services and local economic investment for British Columbia through fair taxation of credit unions.
A planned phase-out of the provincial small business tax rate on credit unions would put increased pressure on capital, impacting local economies. Without changes, after full phase out, B.C. credit unions would face a tax increase of over $26 million annually, which is money that could be better spent by credit unions to support our local communities.
“Credit Unions are uniquely positioned to reinvest capital back into the provincial economy while supporting initiatives in the communities we serve. Last year alone, Integris invested 25% of our profits into our communities! These funds assist us in developing strategic partnerships in our region that strengthen the economy in British Columbia. Our ability to invest in our communities is a core reason why individuals and small businesses choose to invest in Credit Unions; without this community impact our organization and the 42 Credit Unions in British Columbia will be heavily impacted,” says David Bird, President and CEO at Integris Credit Union.
In January 2017, the government deferred a planned tax increase for one year, pending further consultation. BC Chamber of Commerce recently released its 2017-2018 Policy & Positions Manual, including a section recommending a Competitive Tax Environment for Credit Unions.
British Columbia’s 42 credit unions operate in every corner of the province and provide financing for homeowners and businesses in excess of $56 billion.
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About Integris Credit Union
Integris Credit Union is a financial cooperative located in North Central BC. With $1.4 billion in assets under administration, Integris offers banking, insurance (including ICBC Autoplan), Financial Planning, and Group Benefits to over 25,000 members in the region. As a living wage employer, Integris continues to be a leader and community enriching organization.
For more information about Integris, visit: www.integriscu.ca