VICTORIA — A maximum 20-per-cent home-flipping tax is among new regulations taking effect in British Columbia as of Jan. 1, with a promised middle-income tax cut arriving in the coming months as well as a spring carbon tax increase.
Premier David Eby said Tuesday the middle-income tax cut he promised during last fall’s election campaign would help form the New Democrat government’s agenda in the new year.
“I have heard that you want our government to work harder to tackle the issues that you and your family are talking about around the kitchen table,” he said in a statement. “That is our focus for 2025 and beyond.”
Eby had promised economic development and the tax cut in a year-end interview with The Canadian Press earlier in December.
“The focus will be on growing our economy,” he said. “And, of course, affordability. British Columbians are going to see that middle-class tax cut.”
Eby had said he expected the newly created Ministry of Infrastructure to help drive economic development in 2025.
“You’re going to see an approach from us about streamlining projects to get them approved and ensure people are working,” he said. “Around building the province, we’ve got a new infrastructure ministry that is focused on streamlining and expediting things like schools, hospitals and transit systems.”
Eby said during the election campaign the tax cut of up to $1,000 would initially come as a rebate in 2025, followed by the exemption of an additional $10,000 of individual income from provincial tax every year after that. That would represent a tax cut of $1,000 for households and $500 for individuals.
Opposition B.C. Conservative finance critic Peter Milobar said Eby promised immediate tax relief during the election, but people are still waiting.
“David Eby could have recalled the legislature last November to deliver the ‘immediate’ relief,’ said Milobar in a statement. “Will Eby finally deliver next February? We still don’t know.”
Eby has promised tax relief and affordability measures, but the New Democrat government is poised to implement a carbon tax increase on April 1, Milobar said.
“David Eby and Finance Minister Brenda Bailey are touting temporary cost-of-living relief while families are facing more permanent carbon tax pain in just three months,” Milobar said. “It’s tough to see how the NDP are serious about the cost of living, when they plan to add 3.3 cents a litre to the price of gas on April 1st.”
The current carbon tax on a litre of gasoline in B.C. is almost 18 cents. That is scheduled to increase above 20 cents in April.