British Columbia Budget 2024: Key Tax Changes
Building a BC for Everyone
Budget 2024 Highlights
- BC Home Flipping Tax: 20% on profits from properties sold within 730 days of purchase
- BC Speculation and Vacancy Tax rates maintained for foreign owners (2%) and non-BC Canadians (0.5%)
- Renters' Tax Credit of $400 for eligible BC renters
- BC Training Tax Credit extension for tradespeople
- MSP premium elimination maintained (abolished 2020)
- BC carbon tax rate increase aligned with federal carbon pricing schedule
Provincial Income Tax Rates (2024)
Provincial income tax rates apply on top of federal rates. See our complete tax rate tables for combined federal-provincial rates by income level.
| Taxable Income Bracket | Provincial Rate |
|---|---|
| Up to $45,654 | 5.06% |
| $45,654 – $91,310 | 7.70% |
| $91,310 – $104,835 | 10.50% |
| $104,835 – $127,299 | 12.29% |
| $127,299 – $172,602 | 14.70% |
| $172,602 – $240,716 | 16.80% |
| Over $240,716 | 20.50% |
Recent Tax Changes in Detail
BC Home Flipping Tax
Effective: January 1, 2025A new provincial tax applies to profits from selling residential properties in BC owned for less than two years. The full 20% rate applies to properties sold within 365 days. The rate gradually reduces between 366 and 730 days of ownership, reaching 0% at 730 days. The federal Residential Property Flipping Tax (properties under 365 days) stacks with this provincial measure.
BC Renters' Tax Credit
Effective: 2023 tax yearA new $400 refundable Renters' Tax Credit for BC residents who rent their principal residence. The credit phases out for individuals with adjusted net income between $60,000 and $80,000. Renters claim the credit on their BC income tax return; no landlord involvement is required. The credit applies beginning with the 2023 tax year.
Speculation and Vacancy Tax
Effective: OngoingBC's Speculation and Vacancy Tax applies to residential property owners in designated urban areas who leave properties vacant or who are foreign owners or satellite families. The 2024 rates remain 2% for foreign owners and satellite families, and 0.5% for Canadian citizens and permanent residents who are not BC residents. BC residents are generally exempt if the property is their primary residence.
BC PST — No Rate Change
Effective: OngoingBritish Columbia's Provincial Sales Tax remains at 7%, applied to most goods and some services. BC does not participate in the Harmonized Sales Tax framework. Major exemptions from PST include basic groceries, prescription drugs, and residential rent. PST on sweetened carbonated beverages was introduced in 2022.
Official Resources
For the complete budget documents, legislative details, and supplementary information, visit the official British Columbia government budget page:
BC Budget Documents ↗TaxSimplified summarizes budget measures for informational purposes. Always refer to the official budget documents and the Canada Revenue Agency for authoritative tax guidance. Consult a CPA for personalized tax advice.