2014 Budget tax changes

On February 18, 2014, the government announced proposed changes to the provincial tax laws.

Read a summary explanation of the tax changes in the Budget and Fiscal Plan.

Changes were introduced for:

Learn more about each tax change using the sources below.

 Liquefied natural gas

Liquefied natural gas (LNG) income tax update

  • Liquefied natural gas income tax

Consumer taxes

Provincial sales tax

Exemption for settler’s effects expanded

Purchase price of accommodation sold with meals and services for a single price clarified

Multijurisdictional vehicle exit tax clarified

Technical changes made for clarity and certainty

Tobacco tax

Tobacco tax rates increased

  • Notice to Tobacco Retail Dealers and Wholesale Dealers - Tobacco Tax Rate Increase (PDF)

Income taxes

Corporate income tax

Film and television tax credit – distant location tax credit expanded

Preferential treatment for credit unions phased out

The preferential treatment for credit unions will be phased out over five years beginning for tax years that include January 1, 2016. The preferential treatment will be reduced to 80% for 2016, 60% for 2017, 40% for 2018, 20% for 2019, and 0% for 2020 and later years.

Credit unions will continue to receive the small business rate of 2.5% on income that is attributable to a small business.

B.C. Scientific research and experimental development tax credit extended

Personal income tax

B.C. Early childhood tax benefit introduced

B.C. Mining flow-through share tax credit extended

Property taxes

Home owner grant

Home owner grant threshold decreased

Property transfer tax

First time home buyers’ threshold increased

Historical budget information