Westminster Savings welcomes the province’s decision to restore the small business tax credit for credit unions

Surrey, B.C., September 13, 2017 – Westminster Savings Credit Union (Westminster Savings) applauds the Government of British Columbia’s decision to restore the small business tax credit for credit unions that was announced in the September 11 B.C. budget update.

The province had planned to phase out the small business tax rate on credit unions and increase it incrementally over the next four years. This would have resulted in B.C. credit unions facing a tax increase of more than $26 million annually. In January 2017, the government deferred this decision, pending further consultation. The lower tax rate was implemented originally in recognition of the fact that B.C. credit unions are in a unique position to reinvest capital back into the provincial economy.

“We’ve always believed that a fair and competitive tax environment for credit unions is critical to building the strength of local economies throughout B.C. and ensuring a continued competitive financial services landscape,” said Westminster Savings’ President and CEO Gavin Toy. “We are extremely pleased at the B.C. government’s commitment to make the small business tax status for credit unions permanent. 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 making more local lending decisions to help small businesses and individuals thrive.”

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. In communities where credit unions are the sole financial services provider, this tax change is likely to have an even bigger impact.

About Westminster Savings Credit Union

At $3.8 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. As a designated Caring Company, the credit union contributes a percentage of pre-tax profit to charities and nonprofits annually, helping to set the standard for corporate community investment in Canada. 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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