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BC 2020 Economic Recovery Plan TaxTips.ca
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British Columbia  ->   BC Budgets   -> 2020 Economic Recovery Plan

Previous announcements:

British Columbia COVID-19 Information and Support

COVID-19 Action Plan - Provincial Tax Changes

 - Relief for BC Hydro residential and small business customers

 - One-time July 2020 enhanced Climate Action Tax Credit

BC 2020 Economic Recovery Plan - September 17, 2020

All proposals are subject to legislative approval.

BC Economic Recovery Plan - September 17, 2020 - on Government of BC website.

bulletincreased employment incentive (IEI) tax credit for increase in eligible salaries and wages in Q4 2020 compared to Q3. Subsidies from the Canada Emergency Wage Subsidy will not reduce the tax credit.  Applications for the credit will begin in March 2021.
bullet 100% PST rebate on select capital assets for businesses, effective September 17, 2020 until September 30, 2021 - now extended to March 31, 2022.  To be eligible, a business must be incorporated. See below for details.
bullet small and medium sized business recovery grants from $10,000 up to $30,000 ($40,000 for tourism businesses) for businesses with 2 to 149 employees and with a significant and sustained downturn in sales and revenues due to COVID-19.  See page 6 of BC's Economic Recovery Backgrounders for details.  Eligible businesses are those that have had a COVID-related revenue reduction of at least 70% and continue to have revenues below 50% of pre-COVID levels. The documentation doesn't say if there are other eligibility criteria besides # of employees and % revenue reduction.  Nor does it provide a start date.
bullet scheduled carbon tax increase deferred until April 1, 2021.

These are many of the business-related measures, and there are other measures involving skills training programs, child care, health care, and much more.  See the link above for complete details.

100% PST Rebate for Select Machinery and Equipment

The BC government is providing a 100% PST rebate on select machinery and equipment for businesses, effective September 17, 2020 until September 30, 2021 - now extended to March 31, 2022.  To be eligible, a business must be incorporated.  The asset purchased must be capitalized for accounting and tax purposes.

Although the description is machinery and equipment, some eligible capital assets really wouldn't be described as such, including, for instance, furniture.

All rebate applications must be received by September 30, 2022.

April 8, 2021 News Release

BC PST rebate on select capital purchases - who can apply, qualifying CCA classes, qualifying leased assets, how to apply, etc.

Revised: October 16, 2021

 

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