Canada: Tax measures in 2024 budget include real estate tax changes (British Columbia)

No proposed changes to the corporate or individual (personal) tax rates

No proposed changes to the corporate or individual (personal) tax rates

British Columbia’s provincial budget for 2024 was presented on 22 February 2024.

The 2024 budget does not propose any changes to the corporate or individual (personal) tax rates.

However, there are measures in the budget that would:

  • Introduce a new home flipping tax for British Columbia properties sold on or after 1 January 2025
  • Increase certain thresholds for the property transfer tax exemptions
  • Exempt new qualifying purpose-built rental buildings from the general property transfer tax effective for transactions occurring between 1 January 2025 and 31 December 2030
  • Increase the employer health tax exemption threshold to CA$1 million (from CA$500,000)
  • Exclude oil and gas exploration expenditures from qualification for the mining exploration tax credit effective 23 February 2024, in line with similar federal changes
  • Make various changes to the provincial sales tax (PST) rules

Read a February 2024 report [PDF 243 KB] prepared by the KPMG member firm in Canada



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