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Government keeps promises

Logging contractors are now protected under the Forest Service Providers Protection Act

Central Interior Logging Association

It’s a banner day for BC’s logging contractors! After decades without creditor status, logging contractors are now protected under the Forest Service Providers Protection Act, and are able to draw from a compensation fund in the event a licensee defaults.

Premier Christy Clark announced Friday that the Compensation Fund is going into operation immediately in order to provide security for contractors if the needs arise. There is still a lot of work to be done in terms of regulations and process, but it’s there if we need it – and that’s what counts.

 

On another issue, the Revitalization Tax Trust issue has also been resolved, by Orders in Council from both the federal and provincial governments. The Premier announced Friday during the Truck Loggers Convention in Victoria that agreement between the province and Canada Revenue Agency was finalized last week, and contractors who have had funds withheld in the tax trust, or paid taxes on the money received when they gave up quota during the take-back in 2004, will now be able to get their money back. This amounts to over $9 million back into the hands of 180 contractors.