B.C. Government $5B Relief Plan Breakdown
Updated: Mar 24, 2020
On Monday March 23rd, B.C. Premier John Horgan and Finance Minister Carole James announced that the B.C. Government will provide $5 billion in relief for B.C. individuals and businesses who are affected by the COVID-19 virus. This financial relief package includes $2.2 billion in support for businesses and $2.8 billion for individuals.
Here is a brief breakdown of what was announced:
A one-time $1,000 tax-free benefit for British Columbians who are unable to work due to the crisis.
Businesses with a payroll over $500,000 will be able to defer their employer health tax payments until Sept. 30, 2020.
Tax filing and payment deadlines for the provincial sales tax, municipal and regional district tax, tobacco tax, motor fuel tax and carbon tax will be deferred until Sept. 30, 2020.
The increase to the provincial carbon tax, which was scheduled for April 1st, as well as the new PST registration requirements on e-commerce and the implementation of PST on sweetened carbonated drinks will be delayed and their timing are to be reviewed by Sept. 30, 2020.
Employer health tax payments can be deferred until September 30th.
Top-up of BC Climate Action Credit, allowing families of four to receive up to $564 and individuals up to $218.
Licensed child care providers will continue to receive government funding, whether they are able to stay open or not. Those that are staying open may be eligible to receive even further government funding.
BC Hydro clients will be able to defer their payments or arrange for flexible payment plans with no penalties.
ICBC customers may be eligible to defer their payments for up to 90 days with no penalties.
Commercial and industrial properties in Class 4, 5 or 6 will have their tax-cut rate cut in half for the 2020 tax year.
Support for tourism, hospitality and cultural sectors is on it's way.
A complete overview of all the measures that are being taken on a provincial level within British Columbia, and details about the most recent relief package can be found here: https://www2.gov.bc.ca/gov/content/safety/emergency-preparedness-response-recovery/covid-19-provincial-support