On February 22, 2022, British Columbia's Finance Minister Selina Robinson announced the 2022 British Columbia Budget. New measures are intended to promote a stronger society, economy, and environment. No changes were made to the existing provincial personal and corporate tax rates.
Crowe MacKay's tax experts summarize how British Columbians will be impacted by the new tax measures.
Download >> 2022 British Columbia Budget Summary
Scientific research and experimental development (SR&ED) tax credit extended
The SR&ED tax credit has been extended for an additional five years, until August 31, 2027.
This tax credit is available to businesses of all sizes and sectors that conduct research and development activities. All British Columbians are expected to benefit from the long-term economic growth resulting from research and development.
Introduction of the clean buildings tax credit
As of February 23, 2022, a new tax credit is temporarily available for those who retrofit and improve energy efficiency for multi-unit residential buildings that have four or more dwellings and prescribed types of commercial buildings.
Taxpayers who improve their building's energy efficiency to meet prescribed energy use targets after the retrofit is completed can receive a refundable tax credit of 5% of the eligible expenditures paid. Eligible expenditures are to be submitted before April 1, 2025, and under a contract entered into after February 22, 2022.
Extended training tax credits
The training tax credits have been extended for two years, until the end of 2024, with an enhanced tax credit available to First Nations individuals or persons with disabilities for all trade programs.
Extension to the shipbuilding and ship repair industry tax credit
The shipbuilding and ship repair industry tax credit has been extended for two years, to the end of 2024, with an enhanced tax credit available to First Nations individuals or persons with disabilities for eligible trade programs.
For more information on the 2022 British Columbia Budget, please visit the Government of British Columbia's website.
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