close
Share with your friends

Canada: Tax measures enacted in British Columbia

Canada: Tax measures enacted in British Columbia

British Columbia's budget bill (Bill 4) received Royal Assent on 14 August 2020; thereby, tax measures introduced in the province's 2020 budget are now enacted.

1000

Related content

The corporate income tax provisions include:

  • Measures concerning claims for the film production services tax credit
  • Extension of the training tax credits for employers to the end of 2022

The indirect tax and provincial sales tax (PST) measures include:

  • Expanded PST registration requirements for Canadian sellers of goods and for Canadian and foreign sellers of software and telecommunication services, when the specified British Columbia revenues exceed $10,000* (effective date to be set by regulation)
  • Repeal of a PST exemption for carbonated beverages that contain sugar, natural sweeteners or artificial sweeteners (effective date to be set by regulation)
  • Revised carbon tax rates to align with the federal carbon pricing “backstop” methodology (rate increases are effectively deferred to 1 October 2020, through a related remission regulation filed on 18 August 2020).

The individual (personal) tax measures include:

  • A new top income tax rate of 20.5% for individuals earning more than $220,000 (effective 1 January 2020)
  • Extended training tax credit for individuals to the end of 2022 (from 2019)
  • Extended farmers' food donation tax credit to the end of 2023 (from 2020)


Read an August 2020 report prepared by the KPMG member firm in Canada

*$=Canadian dollar

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal