Spotlight on tax and benefit programs

BC home flipping tax

To help increase the housing supply for people in B.C., the new BC home flipping tax targets home flipping activity to take further action on speculation that drives up home prices. The tax will apply to income from the sale of properties that are held for less than two years.

Tax exemptions for property buyers

Budget 2024 is making the first time home buyers program work for more people by raising the threshold to make it available on homes priced at up to $835,000 (up from $500,000) – saving up to $8,000 on the property transfer tax.

The threshold on the newly built home exemption has also been raised to $1.1 million to incentivize more home building and allow more people to benefit from the exemption.

Budget 2024 encourages more rental construction by giving property transfer tax exemptions to builders who open purpose-built rentals buildings. The exemption is extended to 2030.

Benefits and credits for individuals and families

B.C. family benefit bonus introduced

Over 70% of families in B.C. are now eligible for the B.C. family benefit, and the B.C. family benefit bonus means that for the next year families will see a 25% bonus on their monthly payments. The average bonus is now $455 a year.

Climate action tax credit increased

The B.C. climate action tax credit is being increased to reflect the scheduled carbon tax rate increase this year, helping to offset the effects of carbon taxes paid by individuals and families. There will also be more people who receive the credit, as 100% of this year’s carbon tax increase goes into people’s pockets. 

B.C. renter's tax credit

When people file their income taxes, moderate and low-income people in B.C. can now get up to $400 with the new B.C. renter’s tax credit that was introduced in Budget 2023. The credit will help approximately 76% of B.C. renters.

Exemptions and credits for employers and businesses

Training tax credits extended

The training tax credit will be extended for employers and individuals, supporting a diverse workforce by providing both apprentices and employers with an enhanced credit for apprentices with disabilities or who are First Nations.

Employer health tax exemption threshold increased

The exemption threshold for employer health tax is increased from $500,000 to $1 million.

Exemption for farmers enrolled in provincial agricultural insurance programs introduced

B.C. farmers will be exempt from insurance premium tax when paying premiums for provincial agricultural insurance programs offered by the Ministry of Agriculture and Food.

Property Taxation on Nisg̱a’a Lands and Treaty Lands

Amendments to the Nisga’a Final Agreement Act and the Treaty First Nation Taxation Act will enable Modern Treaty Nations to self-determine property taxation on their respective treaty lands, including whether and how to exercise their own assessment and property taxation laws and policies.