Government Scoops Additional $137 Million From ICBC's Coffers
While ICBC actively seeks a rate hike from BC motorists the government continues to raid the Crown corporation’s coffers.
As previously reported, the 2013 BC Government budget anticipated scooping a total of $257 million from ICBC in 2013. The BC Government’s Second Quarterly Report has now been released and reveals that “The outlook for commercial Crown corporation net income is up $91 million mainly reflecting an increase in ICBC net income due to improved investment returns.”
In fact by the end of September 2013 the Government already scooped $137 Million more than projected from ICBC. There can be no delusions that ICBC is, has been and is expected to continue to be financially profitable. If the government left those profits intact there would be no need for a hidden tax hike in the guise of increased insurance premiums. Here is the raw data: