2016 Budget tax changes
On February 16, 2016, the government announced proposed changes to the provincial tax laws.
Read a summary explanation of all the tax changes in the Budget and Fiscal Plan.
Changes were introduced for:
Learn more about the following tax changes using the sources below.
Provincial sales tax
Three new exemptions added for farmers.
- Bulletin PST 101 Farmers (PDF)
Motor fuel and carbon tax
New exceptions for the requirement to pay security.
- Bulletin MFT-CT 001 Fuel Sellers (PDF)
New B.C. Farmers’ food donation tax credit introduced for farmers and farming corporations.
- B.C. Farmers' food donation tax credit
B.C. Seniors’ home renovation tax credit expanded to include persons with disabilities.
- Home renovation tax credit for seniors and persons with disabilities
B.C. Tax reduction tax credit amended.
- Basic tax credits
Mining exploration tax credit extended and filing deadline amended.
- Mining exploration tax credit (personal)
- Mining exploration tax credit (corporate)
B.C. Mining flow-through share tax credit extended.
- B.C. Mining flow-through share tax credit
Film and television regional and distant location tax credits clarified.
Film and television tax credit
Production services regional and distant location tax credits clarified.
- Production services tax credit
Property transfer tax
New tax rate introduced on the portion of a property's fair market value above $2 million.
- Understand your taxes
New exemption introduced for newly built homes.
- Newly built home exemption
New citizenship disclosure requirements will come into effect in Spring 2016.
- Legal professionals