MSP Premiums to be Eliminated on New Year’s Day
50 and 20 dollar bills spread out. Sharon Vanhouwe, MyCowichanValleyNow.com staff.
Better late than never, that’s how many British Columbians feel about the province eliminating Medical Services Plan premiums, effective January 1, 2020.
If it seems like the complete elimination of this tax, that BC is the last to scrap, has taken a long time, well, it’s understandable.
Premiums were cut in half as part of the 2017 budget update and on New Year’s Day, they will be officially eliminated in BC.
The estimated administrative cost savings for the provincial government is a whopping $50 million dollars annually, and the savings for British Columbians are also significant.
Individuals will save up to $900 dollars a year, families will save double that amount.
The elimination of MSP premiums means a net tax cut of $800 million dollars.
Alberta and Ontario scrapped the tax in one budget cycle.