2023 British Columbia Budget Highlights

British Columbia (B.C.) Minister of Finance Katrine Conroy tabled the province’s 2023 Budget on Tuesday, February 28, 2023. This year's budget, Stronger B.C. for everyone, is focused on improving health care, building more homes, helping with rising costs, and making communities safer.

No changes to corporate or personal income tax rates were announced.

Other tax measures in the budget include:

• Permanent increase to the B.C. Family Benefit effective July 1, 2023
• Increase to the Climate Action Tax Credit effective July 1, 2023
• Introduction of a Renter’s Tax Credit of up to $400 annually, effective January 1, 2023, for eligible households within an income threshold (less than $80,000 for 2023, amount to be indexed for inflation thereafter)
• Extension of the Farmer’s Food Donation Tax Credit through 2026
• Extension of the Interactive Digital Media Tax Credit through August 31, 2028
• Increase to carbon tax rates by $15 per tonne of carbon dioxide equivalent emissions effective April 1, 2023, until reaching $170 per tonne in 2030; an output-based pricing system for large industrial operations was also announced, to be effective April 1, 2024
• Amendments to the Provincial Sale Tax Act for certain online marketplace activities effective July 1, 2023
• Introduction of a partial exemption for new purpose-built rental buildings under the Property Transfer Tax Act, effective for transactions that occur on or after January 1, 2024

More details and highlights of the 2023 B.C. Budget can be found here.