Check your wallet when Clark speaks
Listen to the mouth, but watch the hand. While B.C. Premier Christy Clark says British Columbians want “a government that will control spending, as opposed to one that will raise taxes,” she’s picking your pocket at the same time.
Clark was commenting on a budget that contains massive hidden grabs at citizens’ money. These taxes in disguise will see the government plunder ICBC and B.C. Hydro of more than $2 billion in revenue from British Columbians’ insurance premiums and hydro payments.
The budget’s service plan for ICBC reveals the province plans to loot the Crown corporation of nearly $1.2 billion in revenues from 2010 to 2014.
Hydro, according to figures obtained from the agency by Victoria Times Colonist reporter Rob Shaw, will hand over $942 million to the province from 2009 to 2014.
The huge diversion of motorists’ ICBC premiums into the provincial treasury comes as the Crown insurer this month raised basic rates by 11.2 per cent.
The corporation plans steady increases to premiums through 2014, which will see ICBC revenues outstripping expenses by $146 million this year, $230 million next year and $229 million in 2014. Income generated by drivers’ premiums is forecast to jump $92 million this year, $159 million next year and $90 million in 2014.
Although ICBC’S service plan cites rising injury claims as the primary factor driving rate increases, it notes that “transfer of excess optional capital” to the province was one of the reasons behind a 10-per-cent drop last year in the corporation’s financial stability.
This sneaky gobbling of drivers’ incomes will continue on the home front as well.
Hydro will raise rates seven per cent in April, and plans to hike them 4½ per cent next year and four per cent in 2014.
During this period, Clark’s government plans to suck out of hydro’s revenues $148 million this fiscal year, $102 million next year and $182 million in 2013-14.
The average residential monthly bill will climb from $71 last year to $77 this year, to $80 next year and to $83 in 2014, according to the budget’s service plan for hydro.
Provincial Energy Minister Rich Coleman made it clear hydro fees are being used functionally as taxes to fund basic government services.
“It’s a Crown corporation [that] we expect obviously to give some revenues back to government,” Coleman told Shaw.
“Otherwise it doesn’t help us pay the bills on things like health care and education.”
So, citizens of B.C. already struggling to pay the bills watch the hand that’s just finished cleaning out your wallet. See that middle finger coming up? It’s directed at you.