Updates to income taxes

On this page

• Personal income tax and tax credits
• Corporate income tax and tax credits
• Insurance taxes
• Logging tax
• BC home flipping tax

Personal income tax and tax credits

June 25, 2024

The B.C. family benefit page has been updated with the maximum annual credit amounts and income threshold amounts, and to include the temporary B.C. family benefit bonus payment, for the July 2024 to June 2025 benefit year.

June 17, 2024

The B.C. climate action tax credit page has been updated with the maximum annual credit amounts and income threshold amounts for the July 2024 to June 2025 benefit year.

May 3, 2024

Information about eligibility and how to claim the B.C renter’s tax credit has been updated.
Information about the mining exploration tax credit has also been updated.

February 22, 2024

The provincial government announced its 2024 Budget on February 22, 2024. Programs administered by the Income Taxation Branch are amended as a result. Learn more at B.C. Provincial budget tax changes.

January 26, 2024

Information about the B.C. renter's tax credit has been updated.

January 17, 2024

The 2024 B.C. personal income tax brackets and rates and basic tax credits are now posted on our website.

For years prior to 2023, see our archived tax rates and archived basic tax credits pages.

Corporate income tax and tax credits

September 20, 2024

The natural gas tax credit has updated interest rates (%) on overdue balances and refunds for October to December 2024.

September 11, 2024

The Natural gas tax credit and the Cost of natural gas for the natural gas tax credit web pages have been updated to include information about the future application process and required documents, in particular for partnerships. This program will be of interest to natural gas owners planning to liquify natural gas at a major LNG facility in the future.

September 9, 2024

Information about production services tax credits and film and television tax credits has been updated to include links to new tools for estimating eligibility and filing deadlines.

June 25, 2024

The natural gas tax credit tax has updated interest rates (%) on overdue balances and refunds for July to September 2024.

May 3, 2024

Information for the clean buildings tax credit and the mining exploration tax credit have been updated.

March 21, 2024

The natural gas tax credit tax has updated interest rates (%) on overdue balances and refunds for April to June 2024.

Insurance taxes

September 20, 2024

Insurance premium tax has updated interest rates (%) on overdue balances and refunds for October to December 2024.

June 25, 2024

Insurance premium tax has updated interest rates (%) on overdue balances and refunds for July to September 2024.

March 21, 2024

Insurance premium tax has updated interest rates (%) on overdue balances and refunds for April to June 2024.

January 3, 2024

As of January 1, 2024, electronic filing and payments for insurance premium tax are mandatory. 

The insurance premium tax web pages and FIN 518, Assignment of Refund (PDF, 170KB) have been updated to reflect this change. For more information, see:

• File and pay your insurance taxes for licensed insurance
• File and pay your insurance taxes for unlicensed insurance

Logging tax

September 20, 2024

Logging tax has updated interest rates (%) on overdue balances and refunds for October to December 2024.

June 25, 2024

Logging tax has updated interest rates (%) on overdue balances and refunds for July to September 2024.

March 21, 2024

Logging tax has updated interest rates (%) on overdue balances and refunds for April to June 2024.

BC home flipping tax

September 16, 2024

The BC home flipping tax pages have been updated to include information on selling property with portions of property acquired on different dates and with portions of property sold. 

September 4, 2024

The BC home flipping tax website has been updated with a new page to provide information about trusts.

August 21, 2024

The BC home flipping tax website has been updated to add a new page to provide information about penalties and waivers.

August 13, 2024

The BC home flipping tax has been updated to provide additional information on the disposition of a taxable property. 

August 8, 2024

The website has been updated to add a new page with details about commercial properties for the BC home flipping tax. 

July 30, 2024

We've updated the Terms and definitions for the BC home flipping tax to include information about the cost to purchase the property.

June 17, 2024

The BC home flipping tax webpages have been expanded with more information on exemptions and calculations.

April 3, 2024

Bill 15, Budget Measures Implementation (Residential property (short-term holding) profit tax) Act, 2024, has been introduced in the BC legislature on April 3, 2024 to provide the proposed legislation for the BC home flipping tax. 

Information on the BC home flipping tax has been expanded. Additional information will continue to be added to the BC home flipping tax website. 

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March 20, 2024

Information about how the BC home flipping tax applies to presale contracts has been added to our website.