Mar 31, 2024 $103.8 billion = about $18,600 for each adult and child in BC
Mar 31, 2025 $123.3 billion
Mar 31, 2026 $142.3 billion
Mar 31, 2027 $165.0 billion
There has been a Balanced
Budget and Ministerial Accountability Act in place for decades, s. 2 of
which prohibits deficit budgets. In August of 2020, s. 2.2 was added to the Act
to allow deficits for a temporary period. This was modified in June of
2022 and May of 2023 to extend the temporary period, with the last extension
being for the 2025-2026 fiscal years. Bill 3 above extends this temporary period
further, to the 2026-2027 fiscal years.
Fiscal measures proposed:
Home
flipping tax, even on your principal residence, if sold within 2
years of purchase, and if sold on or after January 1, 2025. Not done on the
tax return.
tax rate for remuneration over $1 million but not greater than $1.5
million increased from 2.925% to 5.85%
Establish a First Nations Equity Financing special account with an
initial balance of $10 million.
As announced in January, the 2024 Home
Owner Grant threshold is increased to $2.15 million from $2.125
million.
BC
Family Benefit Bonus will provide temporary increased payments under
the BC family benefit from July 2024 to June 2025. The benefit bonus will be
25% of the annual benefit amounts, and the income thresholds used to
determine eligibility for the BC Family Benefit will increase by 25%.
Climate
Action Tax Credit will be increased effective July 1, 2024 by
12.75%, with the income thresholds also increasing.
New approach to property taxation on Nisga'a Lands and Treaty Lands
introduced, effective for the 2025 taxation year, to enable Modern Treaty
Nations to self-determine property taxation on their treaty lands. Modern
Treaty Nations will continue to contribute to applicable provincial
services.
Full exemption increased from $750k to $1.1 million.
Partial exemption threshold is increased from $800k to $1.15 million.
Purpose-Built
Rental Exemption adds an exemption from the general property
transfer tax on purchases of new qualifying purpose-built rental buildings
effective January 1, 2025 to December 31, 2030.