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BC 2021 Budget - April 20, 2021
All budget proposals are subject to legislative approval.
Bill 4, Budget Measures Implementation Act, 2021 received Royal Assent June 17, 2021.
Forecast Budget Deficits
 | 2020-21 $8.1 billion |
| 2021-22 $9.7 billion |
| 2022-23 $5.5 billion |
| 2023-24 $4.3 billion |
Total Provincial Debt Forecast
| Mar 31, 2021 $87.5 billion |
| Mar 31, 2022 $102.9 billion |
| Mar 31, 2023 $116.2 billion |
| Mar 31, 2024 $127.0 billion |
Personal Tax Credits
Effective Jul 1, 2021, the Climate Action Tax Credit rate remains at $174 per adult and $51 per child due to the delay in the carbon tax rate increases.
Rates will increase to $193.50 per adult and $56.50 per child on Jul 1, 2022.
BC Emergency Benefit for Workers
| Eligibility to be expanded to include self-employed individuals if they would have qualified for the benefit or the Canada Emergency Response Benefit. |
| See BC Emergency Benefit for Workers on the BC website - applications were closed Dec 2, 2020. |
BC Recovery Benefit
| remains open for new applications until Jun 30, 2021. | ||||
| one-time, tax-free payment of up to
| ||||
| See BC Recovery Benefit on the BC website. |
Corporate Tax Credits
The book publishing tax credit is extended for 5 years to Mar 31, 2026.
Sales Taxes
| PST exemption for electric bicycles and tricycles and related conversion kits, parts and services - effective April 21, 2021. | ||||
| PST exemption for new residents' effects temporarily expanded: New
residents of BC on or after March 11, 2019 now have until the earlier of
| ||||
| PST refunds will be eliminated for motor vehicles purchased in B.C. and resold within 7 days - date to be set by regulation | ||||
| Clarification that the exemption for water does not apply to beverages taxed under the soda beverage measures announced in Budget 2020. |
Motor Fuel Tax, Carbon Tax, Tobacco Tax
| Fuel tax refund program for persons with disabilities - expanded
effective Apr 20, 2021 to include persons who receive:
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| Carbon tax rates:
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| Tobacco tax rates will increase effective July 1, 2021. |
For information on all tax changes see BC Provincial Budget Tax Changes.
Other Measures
Free public transportation for children 12 and under starting September 2021, on:
| all BC Transit and TransLink transportation including
|
The above does not include all fiscal measures. See Budget 2021 on the BC website for complete budget details.
Revised: October 26, 2023