BC Ferries stands to save $50-million with the unveiling of the federal budget.

Corporation spokeswoman Deborah Marshall says the savings come after the government revealed it would waive a tariff on the importation of vessels in Tuesday’s budget.

Tariffs totalling $50-million would have been levied on the importation of three new “Salish Class” vessels being built in Poland.

Marshall told CTV News the company will reinvest the savings in some of its other 700 capital projects it has on the go, which total $3.1-billion.

The tariff was first created to protect Canada’s shipbuilding sector, according to the Canadian Ferry Operators Association.

“Ultimately, this means that operators will be able to renew their fleets with vessels that are more efficient, safer and better for the environment as well as make strategic investments in infrastructure,” said CFOA CEO Serge Buy.

The association says 55-million passengers use ferries across Canada every year.