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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,
    - $1,000 for a second child, and
    - $800 for each subsequent 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.

Climate Action Tax Credit

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 extended
    - Venture capital tax credit enhanced
    - Shipbuilding and ship repair industry tax credit extended
    - Mining exploration tax credits for personal and corporate income tax made permanent
    - Farmers' food donation personal and corporate tax credits extended
    - BC mining flow-through share tax credit extended
    - Motor fuel tax revised to enable TransLink to increase fuel tax rates from 17 cents to a maximum of 18.5 cents per litre.
    - Mine allowance is extended for 1 year to the end of 2020.

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: October 26, 2023