In 2024, Canfor will no longer be paying property tax on the plant they are shutting down. That's tax revenue that will need to be made up for by the rest of the property owners in our city.
Three hundred employees, in the space of one news release, went from having a good career with great paying jobs to scrambling to see how much was in their rainy-day savings account.
For some, who were close to retirement, they will likely make the decision to retire a little earlier than they had planned. Those in the trades are fortunate that employers are actively looking to fill those kinds of positions in their companies. Those employees will be fortunate to have employment options to consider. The remainder will have a more challenging time finding work, especially at the wage they were earning.
In 2024, Canfor will no longer be paying property tax on the plant they are shutting down. That will cost the City of Prince George approximately $2 million in lost property tax. That's tax revenue that will need to be made up for by the rest of the property owners in our city. So, for next year, on top of whatever inflation brings to your property tax bill, you will be paying an additional two per cent to make up for the lost property tax resulting from Canfor’s closure.
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