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2023 B.C. Budget Highlights

March 1, 2023

On February 28, 2023, B.C. Finance Minister Katrine Conroy tabled the first provincial budget under new Premier David Eby. The focus of this budget is on improving health care, housing, helping with rising costs, and public safety. 

Although there were no changes to the corporate or personal income tax rate, the proposed budget did include other tax measures, such as: 

  • A permanent increase to the B.C. Family Benefit effective July 1, 2023 
  • An increase to the Climate Acton Tax Credit effective July 1, 2023 
  • The introduction of a Renter’s Tax Credit of up to $400 annually, effective July 1, 2023 
  • For eligible households with an income threshold of less than $80,000 for 2023 (amount to be indexed for inflation thereafter) 
  • Extension of the Interactive Digital Media Tax Credit through August 31, 2028 
  • An increase to carbon tax rates by $15/tonne of carbon dioxide equivalent emissions effective April 1, 2023, until reaching $170/tonne in 2030 
  • An output-based pricing system for large industrial operations to be effective April 1, 2024 
  • Amendments to the Provincial Sales Tax Act for certain online marketplace activities effective July 1, 2023 
  • The introduction of a partial exemption for new purpose-built rental buildings under the Property Transfer Tax Act, effective for transactions that occur on or after January 1, 2023 


For more details and information pertaining to the 2023 B.C. Budget, please refer to the links below.
 

If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.

Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.

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