Victoria (BC Economic Development Assn) – The 2024 BC Provincial Budget released February 22 represents the current government’s focus on housing, affordability, health care, community safety and building a stronger and cleaner economy. This BCEDA release by BCEDA Board Member, Rose Klukas summarizes the key outcomes and new initiatives from the perspective of the provincial economic development community.
NOTE: this is the last budget before the October 19 Provincial Election.
Overall, the budget has few new initiatives including a one-time BC Electricity Affordability Credit for people and businesses, a BC Family Benefit Bonus and expanded first-time home buyers program. Additionally the 2024 budget includes funding that will help BC mitigate and better respond to climate emergencies by reducing flooding, bolstering resources for evacuees, improving wildfire prevention and response and improving drought resiliency.Click here to view the 2024 BCEDA BC Budget Summary.
Highlights:
The budget includes capital investments to fund schools, post-secondary facilities, housing, health-care facilities, road and other infrastructure over the next 3 years.
The budget includes funding to support CleanBC initiatives including more heat pump rebates, funding for electric vehicle charging infrastructure and the new made-in-BC Critical Minerals Strategy in collaboration with First Nations, industry, local governments and the public, and strengthens resources for mine permitting.
Effective January 2025 a new flipping tax on profits made from selling a residential property within two years of buying it will come into effect. This is intended to target those trying to profit from housing speculation and includes exemptions for specific life circumstances
BC Family Benefit
More families with children will get more help with costs. Families will see a 25% increase to their
monthly benefits starting in July 2024. A family of 4 will receive up to $2,850 per year and with a
one year bonus will now receive as much as $3,563.
On average families will receive $445 more and more families will benefit. Approximately 66,000
more families will receive the benefit and the bonus this year.
BC Electricity Affordability Credit
People in BC will get a break on their electricity bill thanks to a one-time year-long BC Electricity
Affordability Credit:
- Households will save an average of $100 on their bills over course of the year, depending on
their power usage; - Commercial and industrial customers will also receive savings up to 4.6% of their electricity
consumption
People and businesses will see the credit on each monthly bill starting April 2024.
Renter Tax Credit
Starting in 2024 as people file their 2023 income tax, renters will see up to $400 come back to them through the BC Renter’s tax credit.
