Westminster Savings supports BC Chamber recommendations for fair taxation to benefit local communities

Surrey, B.C., July 26, 2017– Westminster Savings Credit Union (Westminster Savings) 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. Westminster Savings supports continued competitive financial services and local economic investment for British Columbia through fair taxation of credit unions.

Without changes to restore the small business tax credit, after full phase out, B.C. credit unions would face a tax increase of more than $26 million annually, which is money that could be better spent by credit unions to support local communities.

“A fair and competitive tax environment for credit unions remains critical to the strength of local economies throughout B.C. We applaud the commitment of the BC government to make the small business tax status for credit unions permanent, as outlined in a recent letter from Premier John Horgan to Minister of Finance Carole James, and look forward to seeing this change implemented. This decision will enable all B.C. credit unions to continue their long-standing tradition of serving their members, making important investments in their communities and supporting local economic development,” said President and CEO Gavin Toy.

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.

About Westminster Savings Credit Union

At $3.6 billion in assets under management, more than 56,000 members and 400 employees, Westminster Savings is among the largest credit unions in Canada. Known for its customer and community focus, people oriented culture, and sound financial and operating practices, Westminster Savings provides a full range of retail, commercial, leasing and wealth management solutions to meet its customers' evolving needs. To learn more, visit www.wscu.com.

For more information:

Cathryn Tucker
Manager, Corporate and Internal Communications
Westminster Savings
ctucker@wscu.com
604-519-4210

 

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