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Home  ->  BC Tax  -> BC Budgets  -> BC 2024 Budget

BC 2024 Budget - Thursday, February 22, 2024

All budget provisions are subject to legislative approval.

BC 2024 Budget - on BC Government website

See Progress of Bills for the following Bills:

Bill 3 - Budget Measures Implementation Act, 2024

Bill 15 Budget Measures Implementation (Residential Property (Short-Term Holding) Profit Tax) Act, 2024

Forecast Budget Deficits

bullet2023-24 $5.9 billion
bullet2024-25 $7.9 billion
bullet2025-26 $7.8 billion
bullet2026-27 $6.3 billion

Total Provincial Debt Forecast

bulletMar 31, 2024 $103.8 billion = about $18,600 for each adult and child in BC
bulletMar 31, 2025 $123.3 billion
bulletMar 31, 2026 $142.3 billion
bulletMar 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:

bulletHome 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.
bulletSee Bill 15 above.
bulletEmployer Health Tax
bulletthreshold increased from $500,000 to $1 million
bullettax rate for remuneration over $1 million but not greater than $1.5 million increased from 2.925% to 5.85%
bulletEstablish a First Nations Equity Financing special account with an initial balance of $10 million.
bulletAs announced in January, the 2024 Home Owner Grant threshold is increased to $2.15 million from $2.125 million.
bulletBC 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%.
bulletClimate Action Tax Credit will be increased effective July 1, 2024 by 12.75%, with the income thresholds also increasing.
bulletFirst Time Home Buyers' Exemption Threshold Increased effective April 1, 2024.
bulletNew 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.
bulletNewly Built Home Exemption thresholds increased effective April 1, 2024.
bulletFull exemption increased from $750k to $1.1 million.
bulletPartial exemption threshold is increased from $800k to $1.15 million.
bulletPurpose-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.

For information on all tax changes see BC Provincial Budget Tax Changes.

Revised: April 03, 2024


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