Canada: Tax measures in 2021 budget (British Columbia)

British Columbia's 2021 budget does not propose changes to the corporate or individual (personal) tax rates

2021 budget does not propose changes to the corporate or individual (personal) tax rates

British Columbia's 2021 budget—delivered 20 April 2021—does not propose changes to the corporate or individual (personal) tax rates.

However, the province’s 2021 budget does include tax-related proposals such as measures relating to:

  • An extension of the book publishing tax credit to 31 March 2026 (from 2021)
  • Self-employed individuals who would not be required to repay the emergency benefit for workers if they would have qualified for the benefit or for the federal Canada emergency response benefit based on gross income (instead of net income)
  • An increase of the threshold for the phase-out of the homeowner grant (for the 2021 tax year)
  • An exemption from the provincial sales tax for electric bicycles and tricycles (effective 21 April 2021)
  • Repeal of the provincial sales tax refund for motor vehicles purchased and resold within seven days
  • A delay of a scheduled increase to the carbon tax rate
  • An increased tax rate for sales of cigarettes, heated tobacco (i.e., vaping) products, and loose tobacco (effective 1 July 2021)
  • An exemption from the speculation and vacancy tax for corporations owned by government agencies (effective beginning for the 2021 tax year)

Read an April 2021 report [PDF 193 KB] prepared by the KPMG member firm in Canada

 

 

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