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BC Delays Tax Rate Increase

Media Release - February 2, 2017

Integris applauds the Provincial Government’s decision to delay tax rate increase for 42 credit unions and numerous small businesses in BC

February 2, 2017

Prince George, BC – Integris Credit Union is commending the Provincial Government for their decision to retain the current tax rate on credit unions.  There will be further consulting on the matter of the current tax rates which will affect the forty-two credit unions in BC and numerous small businesses.

“On behalf of B.C. credit unions, we deeply appreciate the minister’s decision to defer the tax increase. This announcement demonstrates that the province understands the importance of credit unions and their impact in the communities where they operate,” said Don Wright, President and CEO of Central 1.

“We look forward to continued consultations with the government and we hope that the result will allow credit unions to continue to support local economic development and provide financial services to underserved communities,” Wright said.

Credit Unions in BC play a larger role than that of just financial cooperatives; we are community champions and change makers.  In fact, Credit Unions are uniquely positioned to reinvest capital back into the provincial economy while supporting initiatives in the communities we serve – the reason why the tax rate was initiated in the first place. 

“Last year, Integris invested 25% of our profits into our communities.  These funds assist us in developing strategic partnerships in our region that enrich the economy in BC” says David Bird, President and CEO of Integris.

“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 reinvestment our organization and the forty-two Credit Unions in British Columbia will be heavily impacted” continues Bird. “We continue to be impressed with this government’s open consultation approach on gathering input for the review of the Financial Institutions Act and Credit Union Incorporation Act,” finishes Bird. 

About Credit Unions

Credit Unions in BC employ over 18,000 direct and indirect jobs across the province, providing $1.62 billion in salaries and benefits. Credit unions across Canada have allotted 8.5 percent of their loan portfolios to small businesses, a stark contrast to the chartered banks whose total loans extended to small businesses does not exceed 1 percent.

About Integris Credit Union

Integris is a proud financial cooperative in located in North Central British Columbia. With seven branches in five communities, they serve 25,418 members and 3,237 small businesses. In 2015, $714,239.47 was given back to Integris communities through member dividends and community donations.

cori-ramsay Written by Cori Ramsay, BA – Communications Officer