September 20, 2017
Integris Welcomes Provinces’ Decision to Restore Credit Union Tax Benefits
Prince George – Integris is pleased by the Government of British Columbia (B.C.)’s decision to reinstate the credit union tax treatment, which was announced in the September 11 B.C. budget update.
Previously, the lower tax rate was implemented in recognition of the fact that B.C. credit unions are in a unique position to reinvest capital back into the provincial economy.
A competitive tax environment enables credit unions to reinvest in a diverse provincial economy by creating quality, head-office jobs across the province, providing more financial support for community projects, and making more local lending decisions to help small businesses and individuals thrive.
The province had planned to phase out the small business tax rate for credit unions and increase it incrementally over the next four years. In January 2017, the government deferred this decision, pending further consultation. Without the restoration of the credit union tax treatment, B.C. credit unions faced a tax increase of over $26 million annually.
“We’re thrilled by this decision,” said Alison Hoskins of Integris credit union. “With this permanent tax change, we’ll have greater leverage to lend to our members and support local businesses. Ultimately, this decision enables us to continue to make important investments in our community and support local economic development.”
In communities where credit unions are the sole financial services provider, the tax change is likely to have an even bigger impact.
“We’re very glad the government sees the benefits in this tax change and we look forward to further opportunities to work with the government to develop legislation and regulations that enable us to grow and support our communities,” said Alison Hoskins, Interim Chief Executive Officer for Integris Credit union.
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