B.C. Budget 2024: Rebates, credits, small businesses relief in election year
One-time rebates and bonuses for eligible families and hydro customers will see more money in the pockets of British Columbians as part of the NDP’s election year budget, with more spending in key support programs.
An estimated 340,000 eligible families will get an extra 24 per cent bonus with their monthly B.C. Family Benefit this year, with a family of four that’s been receiving $2,850 a year now eligible for $4,563, an increase of $445 for the year. Some 66,000 of those families will be newly eligible.
The one-time B.C. Electricity Affordability credit will save the average household $100, which will cost the province $370 million in total for the year. Commercial and industrial electricity customers will save up to 4.6 per cent of their energy consumption, which is expected to average $400 for the year.
The Climate Action Tax Credit is also growing slightly: families of four will receive $1,005 per year, up from $890 last year, while individuals who saw $447 last year will get $504 starting in July.
The long-promised renters’ rebate is finally going to be implemented this year, so “as people file their 2023 income taxes, renters will see up to $400 come back through the B.C. renter’s tax credit.”
This means a low-income family of four that rents their home could hold onto an extra $1,060 compared to last year.
PTT Exemption and small business breaks
The province is also implementing a property transfer tax exemption for “eligible purpose-built rental buildings” starting next year and through the end of 2030, which is only applied to rental buildings of four units or more.
Additionally, first-time homebuyers who qualify won’t have to pay any property transfer tax on the first half million dollars of homes worth up to $835,000, an estimated savings of $8,000. The previous threshold was for homes under $500,000, and homes under that amount are completely exempt from the tax.
There’s also an exemption for Employer Health Tax for small businesses from $500,000 to $1 million, meaning 90 per cent of business will not have to pay the Tax. That will cost government $108 million that small businesses will not pay this year.
“The Notch rate for remuneration above the new exemption threshold of $1 million and below the full rate of threshold of $1.5 million is increased from 2.925 to 5.85 per cent,” reads the budget document.
Low-income and disability supports
The province is also earmarking an extra $300 million over the next three years for those receiving income and disability assistance “to support anticipated demand for these supports.”
Community Living B.C. will also be receiving $105 million in the next three years for adults with developmental disabilities access services.
Another $150 million is going toward children and family supports, including individualized autism supports, over the next three years with another $30 million in supports for children with dyslexia and other learning differences in schools.
Full coverage of B.C. Budget 2024
- OVERVIEW: BC NDP delivers election-year budget
- B.C. will implement a new 20% 'flipping tax' on homes: What you need to know
- A look at B.C.'s $6B in new health-care spending
- $1.3B more to address B.C. wildfires, climate change, clean tech
- Billions in infrastructure spending for hospitals, schools, road maintenance
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
LIVE UPDATES Critical infrastructure 'successfully protected': Jasper park officials
Jasper National Park officials in an update said all critical infrastructure in the townsite has been 'successfully protected, including the hospital, emergency services building, both elementary and junior/senior schools, activity centre and wastewater treatment plant.'
Canadian Olympic Committee removes women's soccer team's head coach over drone scandal
The Canadian Olympic Committee has removed women's national soccer team head coach Bev Priestman over a drone scandal, according to a press release from the organization.
Yukon woman narrowly escapes bear attack, credits hair clip
A woman in Yukon believes her hair clip helped save her during a bear attack.
Prince William's 2023 salary revealed in new report
Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.
'I was just shocked': Jasper lodge owner on seeing property destroyed by wildfire
On Wednesday night, the owner of Maligne Lodge in Jasper, Alta., was shocked to receive a photo of her business engulfed in flames.
Mary-Ellen Turpel-Lafond likely has Indigenous DNA: report
The Law Society of British Columbia says a DNA test shows a former judge and Order of Canada recipient accused of falsely claiming to be Cree "most likely" has Indigenous heritage.
U.S. authorities have arrested 'El Mayo' Zambada, a historic leader of Mexico's Sinaloa cartel
Ismael 'El Mayo' Zambada, a historic leader of Mexico's Sinaloa cartel, and Joaquin Guzman Lopez, a son of another infamous cartel leader, were arrested by U.S. authorities in Texas on Thursday, the U.S. Justice Department said.
Harris pushes Netanyahu to ease suffering in Gaza: 'I will not be silent'
U.S. Vice President Kamala Harris pressured Israeli Prime Minister Benjamin Netanyahu on Thursday to help reach a Gaza ceasefire deal that would ease the suffering of Palestinian civilians, striking a tougher tone than President Joe Biden.
'She led it the whole way': 18-year-old B.C. woman leads hikers to safety in Jasper National Park
As fire threatened people in Jasper National Park, Colleen Knull sprung into action.