Canada: Tax measures in 2022 budget enacted (British Columbia)

The legislation includes changes to corporate tax credits.

British Columbia

Legislation in British Columbia—Bill 6—received Royal Assent on 2 June 2022.

The legislation includes changes to corporate tax credits to extend:

  • The scientific research and experimental development tax credit to 31 August 2027 (from 31 August 2022)
  • Training tax credits to the end of 2024 (from the end of 2022)
  • The shipbuilding and ship repair industry tax credit to the end of 2024 (from the end of 2022)

Other tax changes include the introduction of new provincial sales tax (PST) registration, collection, and remittance obligations for marketplace facilitators, effective 1 July 2022.

Finally, the rules were amended to temporarily increase the budget for the small business venture capital tax credit (individual (personal) and corporate) to $41 million* (from $38.5 million), effective for the 2022 to 2024 years, with this increase allocated to investments in clean technology businesses.

Read a June 2022 report prepared by the KPMG member firm in Canada

*$ = Canadian dollar

 

 

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