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
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 3712, 1801 K Street NW, Washington, DC 20006.