The Provincial Government announced several initiatives to help British Columbians facing hardship due to the COVID-19 Pandemic.
Deferred Tax Payments
Effective immediately, BC is extending filing and payment deadlines for the following taxes until September 30, 2020:
Reduced School Tax Rates for Businesses
School tax rates for commercial and industrial properties (Classes 4, 5 and 6) will be reduced by 50% for the 2020 tax year.
Enhanced BC Climate Action Tax Credit
An additional one-time payment will be made in July 2020 on top of the regular climate action tax credit amount for qualifying individuals and families. The previously scheduled credit increase effective July 2020 remains the same.
BC Emergency Benefit for Workers
The BC Emergency Benefit for Workers will provide a one-time $1,000 payment to people who lost income because of COVID-19.
Climate Action Tax Credit
A one-time enhancement to the climate action tax credit will be paid in July 2020 for moderate to low-income families:
BC Student Loans
Starting March 30, 2020, BC student loan payments are automatically frozen for six months.
Rental Rebate, Moratorium on Evictions and Rent Freeze
The BC Government is offering a $500/month payment for the next 3 months which will be paid directly to landlords. The funds will support renters experiencing a loss of income by helping them pay their rent and will be paid directly to landlords on their behalf, to ensure landlords continue to receive rental income during the pandemic. Benefiting people with low to moderate incomes, this supplement will be available to renters who are facing financial hardship as a result of the COVID-19 crisis, but do not qualify for existing rental assistance programs.
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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