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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
 | 2023-24 $5.9 billion |
| 2024-25 $7.9 billion |
| 2025-26 $7.8 billion |
| 2026-27 $6.3 billion |
Total Provincial Debt Forecast
| 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.
| 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.
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| Employer
Health Tax
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| 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. | ||||
| First Time Home Buyers' Exemption Threshold Increased effective April 1, 2024. | ||||
| 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. | ||||
| Newly
Built Home Exemption thresholds increased effective April 1, 2024.
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| 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. |
For information on all tax changes see BC Provincial Budget Tax Changes.
Revised: September 20, 2024