Updates to income taxes
Last updated on December 12, 2024Not subscribed for tax updates yet? Sign up here.
On this page
- Personal income tax and tax credits
- Corporate income tax and tax credits
- Insurance taxes
- Logging tax
- BC home flipping tax
Personal income tax and tax credits
December 11, 2024
The B.C. climate action tax credit page has been updated to clarify that due to the postal disruption, Canada Post will not be delivering cheques for the B.C. climate action tax credit. Payments by direct deposit will still be made on January 3, 2025.
Find more information and learn how to sign up for direct deposit with the Canada Revenue Agency.
December 3, 2024
The 2025 B.C. personal income tax brackets and rates and basic tax credits are now posted on our website.
For years prior to 2024, see our archived tax rates and archived basic tax credits pages.
November 28, 2024
The Training Tax Credits: Table of Eligible Programs and Completion Requirements for Apprentices (PDF, 200KB) has been updated to:
- Remove programs that no longer apply
- Correct program names
- Show that the Gasfitter - Class B program became an interprovincial (Red Seal) program in 2024
- Note that the federal government announced they will be ending the Apprenticeship Incentive Grant and Apprenticeship Completion Grant programs on March 31, 2025
June 25, 2024
The B.C. family benefit page has been updated with the maximum annual credit amounts and income threshold amounts, and to include the temporary B.C. family benefit bonus payment, for the July 2024 to June 2025 benefit year.
June 17, 2024
The B.C. climate action tax credit page has been updated with the maximum annual credit amounts and income threshold amounts for the July 2024 to June 2025 benefit year.
May 3, 2024
Information about eligibility and how to claim the B.C renter’s tax credit has been updated.
Information about the mining exploration tax credit has also been updated.
February 22, 2024
The provincial government announced its 2024 Budget on February 22, 2024. Programs administered by the Income Taxation Branch are amended as a result. Learn more at B.C. Provincial budget tax changes.
January 26, 2024
Information about the B.C. renter's tax credit has been updated.
January 17, 2024
The 2024 B.C. personal income tax brackets and rates and basic tax credits are now posted on our website.
For years prior to 2023, see our archived tax rates and archived basic tax credits pages.
Corporate income tax and tax credits
December 12, 2024
The Film and television tax credit and Production services tax credit web pages have been updated with new tax credit measures, subject to approval of the legislature.
See the related news release for more information.
November 28, 2024
The Training Tax Credits: Table of Eligible Programs and Completion Requirements for Employers (PDF, 170KB) has been updated to:
- Remove programs that no longer apply
- Correct program names
- Show that the Gasfitter - Class B program became an interprovincial (Red Seal) program for taxation years that end after April 30, 2024
September 20, 2024
The natural gas tax credit has updated interest rates (%) on overdue balances and refunds for October to December 2024.
September 11, 2024
The Natural gas tax credit and the Cost of natural gas for the natural gas tax credit web pages have been updated to include information about the future application process and required documents, in particular for partnerships. This program will be of interest to natural gas owners planning to liquify natural gas at a major LNG facility in the future.
September 9, 2024
Information about production services tax credits and film and television tax credits has been updated to include links to new tools for estimating eligibility and filing deadlines.
June 25, 2024
The natural gas tax credit tax has updated interest rates (%) on overdue balances and refunds for July to September 2024.
May 3, 2024
Information for the clean buildings tax credit and the mining exploration tax credit have been updated.
March 21, 2024
The natural gas tax credit tax has updated interest rates (%) on overdue balances and refunds for April to June 2024.
Insurance taxes
September 20, 2024
Insurance premium tax has updated interest rates (%) on overdue balances and refunds for October to December 2024.
June 25, 2024
Insurance premium tax has updated interest rates (%) on overdue balances and refunds for July to September 2024.
March 21, 2024
Insurance premium tax has updated interest rates (%) on overdue balances and refunds for April to June 2024.
January 3, 2024
As of January 1, 2024, electronic filing and payments for insurance premium tax are mandatory.
The insurance premium tax web pages and FIN 518, Assignment of Refund (PDF, 170KB) have been updated to reflect this change. For more information, see:
- File and pay your insurance taxes for licensed insurance
- File and pay your insurance taxes for unlicensed insurance
Logging tax
September 20, 2024
Logging tax has updated interest rates (%) on overdue balances and refunds for October to December 2024.
June 25, 2024
Logging tax has updated interest rates (%) on overdue balances and refunds for July to September 2024.
March 21, 2024
Logging tax has updated interest rates (%) on overdue balances and refunds for April to June 2024.
BC home flipping tax
September 16, 2024
The BC home flipping tax pages have been updated to include information on selling property with portions of property acquired on different dates and with portions of property sold.
September 4, 2024
The BC home flipping tax website has been updated with a new page to provide information about trusts.
August 21, 2024
The BC home flipping tax website has been updated to add a new page to provide information about penalties and waivers.
August 13, 2024
The BC home flipping tax has been updated to provide additional information on the disposition of a taxable property.
August 8, 2024
The website has been updated to add a new page with details about commercial properties for the BC home flipping tax.
July 30, 2024
We've updated the Terms and definitions for the BC home flipping tax to include information about the cost to purchase the property.
June 17, 2024
The BC home flipping tax webpages have been expanded with more information on exemptions and calculations.
April 3, 2024
Bill 15, Budget Measures Implementation (Residential property (short-term holding) profit tax) Act, 2024, has been introduced in the BC legislature on April 3, 2024 to provide the proposed legislation for the BC home flipping tax.
Information on the BC home flipping tax has been expanded. Additional information will continue to be added to the BC home flipping tax website.
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March 20, 2024
Information about how the BC home flipping tax applies to presale contracts has been added to our website.