British Columbia -> BC Budgets -> Budget 2019
BC 2019 Budget - February 19, 2019
There were no personal or corporate income tax rate changes in the budget, despite the notation on the main budget page indicating a 20% reduction in the small business tax rate. This refers to the tax rate reduction that was made effective April 1, 2017, and was included in the previous government's February 21, 2017 budget. There was no reminder that the general corporate tax rate was increased to 12% effective January 1, 2018, as provided for in the current government's September 11, 2017 Budget Update.
Bill 5, Budget Measures Implementation Act, 2019 was tabled on February 19, 2019 and received Royal Assent April 11, 2019.
BC Child Opportunity Benefit
BC Early Childhood Tax Benefit (BCECTB) will be replaced by the BC Child Opportunity Benefit (BCCOB) effective October 1, 2020. Parents who are registered for the Canada Child Benefit before September 30, 2020 will be automatically registered for the BCCOB. Both benefits are non-taxable.
The BCECTB provides up to $55 per month per child up to the age of 6.
The BCCOB will continue to the age of 18, paying up to
- $1,600 for a family's first child,
The benefit is reduced by 4% of family net income over $25,000, and by 4% of family net income over $80,000. These thresholds will be indexed to inflation.
For more information see BC Child Opportunity Benefit on the BC website.
The budget proposes to increase the amount of the tax credit each year on July 1st from 2019 to 2021. See the above link for more information.
Student Loan Interest Relief
Effective February 19, 2019, all BC student loans will stop accumulating interest. See BC Budget Highlights.
Other Tax and Tax Credit changes:
- Training tax credits for employers and apprentices
For information on all tax changes see BC Provincial Budget Tax Changes.
See Budget 2019 on the Ministry of Finance website for complete budget details.
Revised: December 29, 2020
Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved. See Reproduction of information from TaxTips.ca