The passing from hand to hand legi...

The passing from hand to hand legislative session concludes on May 30 2002 and take backs from October 7 to November 28th As the BC dominion continues to implement its strange Era agenda, over 100 pieces of legislation are awaited The ICABC has been monitoring the session for any key pieces of legislation.

New Company Act

As Beyond Numbers went to pres the Institute was anxiously awaiting the revised BC Company Act.

Last year, the ICABC commended that the BC government harmonize its corporate legislation with the federal Canada Business Corporations Act (CBCA). There's been speculation that the of the present day act would be modern and "investor-friendly," however not completely harmonized with federal legislation.

Harmonization is of particular interest to the profession since the CBCA replaced joint and several liability with a modified proportionate liability regime. The Institute has advocated a similar amendment to the BC legislation.

The Institute will review the strange legislation when it's introduced in the house. It's been widely speculated that the control won't pass the legislation until the fall session in this way that stakeholders will have time to provide feedback.

Legislative Priorities

The government's sovereignty Speech was very clear about the kinds of legislation coming this session.

Changes are con-ung to the calling Standards Act, the Workers' Compensation Act, and the Labour Relations digest Measures will be introduced to boost investment and work at jobs creation in both the pluck and mining sectors, and to provide more certainty above access rights to Crown lands for coal possessions

The government is also going to release a white paper forward reforms to the Forest Practices digest this spring, with the objective of tabling legislation this fall.

2002 BC packet

The ICABC was exhibited at the 2002 BC pack lock-up by 1st Vice-President Robin Elliott, FCA, 2nd Vice-President John Cowperthwaite, CA, and CEO Richard Ree FCA.

A special thanks goe to J (Woody) Hayes, FCA, for attending the package lockup as a guest of CBC Radio. Hayes serv as a technical advisor to the CBC and also went upon air both before and after the parcel to explain the details to listeners.

Overall, the 2002 lot received a mixed reaction from the province's business organizations. For the Institute, united of the few bright flaws in the budget was an increase in the small business tax opening from $200,000 to $300,000.

Ree pointed not at home that individuals and employers are facing higher MSP premiums and sales tax, and control services are being cut. Corporations are also hurting, and weaker profits from a global recession have deductioned in a projected $741 million pendant in corporate income tax returns for the province in 2002/03

The silver lining, as stated in an ICABC of the present days release, was that the direction had used fiscally conservative assumptions and risk management strategies in the pack along with presenting three-year plans and incorporating a $750 million contingency permanent fund to act as a cushion against unforeseen risks.

The Institute's recents release on the budget is available in the media midmost point section of the ICABC website at www.ica.bc.ca.

2002 Alberta fiscal estimate

Alberta's bad news set had some good news for BC The Alberta rule has slowed down its propos business tax chops Alberta will now reduce the general rate to 115% by means of 2004, instead of 8%, and will increase the small business tax commencement to $400,000 effective April 1 2003 (instead of this year).

While the Klein management still maintains it will bring the general rate to 8% no date has been put to do so.

Effective April 1 2002 Alberta's general rate globules to 13.0%, the small business rate ear-rings to 4.5%, and its small business tax doorsill increases to $350,000.

Unlike Ontario, which legislated its business tax chops Alberta said it would merely proceed if the tax chops were affordable.

Free Electronic Newsletter Available to CAs: The CA Public Policy Review

The ICABC publishes the CA Public Policy Review ten times a year. The electronic newsletter provides an overview of late public policy announcements and reports. CAs can subscribe to the newsletter at no take away from by sending an email beg for to fitzsimm@ica.bc.ca.

Members are welcome to forward the pdf-formatted newsletter to clients or colleagues, and/or pillar it on their own websites.

The CA Public Policy Review is also available forward the ICABC website in the pair the Publications and Government Affairs sections.

Copyright Institute of Chartered Accountants of British Columbia Apr 2002

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