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:

• Liquified natural gas
• Consumer taxes
• Income taxes
• Property taxes

Learn more about the following tax changes using the sources below.

Liquified 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

• Goods brought into BC by new residents (Bulletin PST 306) (PDF)

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

• Accommodation (Bulletin PST 120) (PDF)

Multijurisdictional vehicle exit tax clarified

• Multijurisdictional vehicles (Bulletin PST 135) (PDF)

Technical changes made for clarity and certainty

• Boats (Bulletin PST 108) (PDF)
• Energy and energy conservation (Bulletin PST 203) (PDF)
• Exemptions for first nations (Bulletin PST 314) (PDF)
• Farmers (Bulletin PST 101) (PDF)
• Legal services (Bulletin PST 106) (PDF)
• Motor vehicle dealers and leasing companies (Bulletin PST 116) (PDF)
• Partnerships (Bulletin PST 319) (PDF)
• Production machinery and equipment exemption (Bulletin PST 110) (PDF)
• PST exemptions and documentation requirements (Bulletin PST 200) (PDF)
• PST on vehicles (Bulletin PST 308) (PDF)
• Related services (Bulletin PST 301) (PDF)
• Rentals and leases of goods (Bulletin PST 315) (PDF)
• School supplies (Bulletin PST 202) (PDF)
• Small sellers (Bulletin PST 003) (PDF)
• Software (Bulletin PST 105) (PDF)
• Telecommunication services (Bulletin PST 107) (PDF)
• Thrift stores, service clubs, charitable organizations and societies (Bulletin PST 304) (PDF)

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

• Distant location regional tax credit
• Distant location production services tax credit

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

• B.C. scientific research and experimental development tax credit

Training tax credit program extended

• Training tax credit

Personal income tax

B.C. early childhood tax benefit introduced

• B.C. early childhood tax benefit

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

• B.C. mining flow-through share tax credit

Property taxes

Home owner grant

Home owner grant threshold decreased

• Home owner grant

Property transfer tax

First time home buyers’ threshold increased

• First time home buyers Program

Historical budget information

• 2013 Budget tax changes