British Columbia’s Finance Minister Katrine Conroy delivered the province’s 2024 budget on February 22, 2024. The budget anticipates a deficit of $5.9 billion for 2023-24 and projects deficits of $7.9 billion for 2024-25 and $7.8 billion for 2025-26. Although the budget does not include any new changes to the corporate or personal tax rates, it introduces a new home flipping tax for B.C. properties sold on or after January 1, 2025, and increases certain thresholds for the property transfer tax exemptions, among other changes.

Download this edition of the TaxNewsFlash to learn more.