British Columbia -> BC Budgets -> 2020 Economic Recovery Plan
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.
- increased 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.
- 100% PST rebate on select machinery and equipment for businesses, effective September 17, 2020 until September 30, 2021. To be eligible, a business must be incorporated. See page 7 of BC's Economic Recovery Backgrounders for details.
- 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.
- 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.
Revised: December 29, 2020
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