John Deeuw, CEO of the Ladysmith & District Credit Union, is pleased with changes to the way the province will tax credit unions. Rick Stiebel/The Chronicle John de Leeuw, CEO of the Ladysmith & District Credit Union, is pleased with changes to the way the province will tax credit unions. Rick Stiebel/The Chronicle

LDCU ‘thrilled’ with B.C. NDP’s tax break for credit unions

Credit unions across the province are applauding the provincial government’s decision to reinstate a more favourable tax rate.

The changes announced in the NDP provincial budget on Sept. 11 reinstates a lower tax rate for credit unions. The former Liberal government had planned to increase the rate incrementally over the next four years.

The Liberals, who were defeated in the May election, had previously decided in January to defer a decision on the proposed increases to allow time for more consultation.

The government’s announcement is welcome new for credit unions, said John de Leeuw, CEO of the Ladysmith &District Credit Union. Credit unions in B.C. were facing a tax increase of more than $26 million a year.

“We’re thrilled by the decision,” he said. “With this permanent tax change, we’ll have money 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 growth. It helps level the playing field with the big banks.”

De Leeuw said he is pleased the provincial government recognized that a competitive tax rate enables credit unions to reinvest in a diverse provincial economy, create jobs and provide additional support for community projects. It also acknowledges the unique position credit unions are in regarding reinvesting capital back into the economy, he noted.

“In communities where credit unions are the sole financial service provider, the tax change is likely to have an even bigger impact,” de Leeuw added.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

What’s in a name? Ladysmith’s historical streets re-examined

Several streets in downtown Ladysmith are named after generals that served in the Boer War

QUIZ: Put your knowledge of Canada to the test

How much do you know about our country?

Retired Ladysmith master mariner publishes memoir of a life at sea

John Anderson’s book: Of Times and Tides is a vivid memoir of decades in the shipping industry

Direct mail delivery to Penelakut Island a big benefit for residents

Service that started in mid-March has especially been appreciated since pandemic restrictions

‘This year is unlike any other’: Trudeau delivers Canada day address

Sophie Gregoire Trudeau and the Prime Minister release video celebrating the national holiday

Facing changes together: Your community, your journalists

We’re asking you to lock arms with us, as we look to better days ahead

Tsilhqot’in Nation demands meeting with feds on declining Fraser River chinook stocks

The Nation wants to partner with DFO to rebuild and recover the stocks

PHOTOS: Dual rallies take over Legislature lawn on Canada Day

Resist Canada 153 highlighted colonization and genocide, Unify the People called COVID a hoax

Gov. General honours Canadians for bravery, volunteer service

Five categories of winners presented on Canada Day

COVID-19: Should non-medical masks be mandatory in Canada?

New poll shows Canadians are divided on the rules around mandatory masks

Victoria police investigating possible hate crime on BC Transit bus

A young Black man was randomly struck by a Caucasian man who he did not know

UPDATE: No COVID-19 at Nanaimo shopping centre as memo mixed up mall identities

Woodgrove Centre sent memo to tenants Tuesday advising them of positive case

Most Read