VICTORIA, BC: BC Government released its 2024 Budget this week which aims to provide immediate support for people and families struggling with inflation. The budget proposes 25% increase in BC Family Benefit, one free in-vitro fertilization cycle, a one-time BC Electricity Affordability Credit, property flipping tax,
“Wherever we live – city, town, rural or First Nations community – we all want a decent, affordable home, quality health care, help when we need it, and a strong future full of opportunity for everyone,” said Katrine Conroy, Minister of Finance. “In the face of global challenges, like inflation and high interest rates, we are taking on big challenges and supporting people to build a good life in B.C.”
To help people through the impacts of global inflation, a BC Family Benefit Bonus will mean more money for more families. More than 340,000 families will receive a 25% bonus with their monthly family benefit in 2024. This includes an estimated 66,000 families that haven’t received the BC Family Benefit previously. A family of four would receive up to $2,850 per year and with the bonus will now receive as much as $3,563. A single parent with one child would receive up to $2,250 and will now receive as much as $2,688 per year. On average, families will receive $445 more.
A one-time BC Electricity Affordability Credit will help reduce electricity bills for people and businesses in the coming year. Small and growing businesses will also receive help with the impacts of inflation and labour shortages, through a higher Employer Health Tax exemption threshold, doubled from $500,000 to $1 million.
To make sure housing is used as homes for people, starting in 2025 the Province is introducing a property flipping tax to further crack down on speculators and those driving up the cost of housing.
Expanding the First Time Home Buyers program will help more people save more money when buying their first home, while other tax changes will lower the cost of new home and rental construction.
Everyone who wants to start a family will have that opportunity. For some people, in-vitro fertilization is one of the few or only options. No one will be denied the opportunity to have a child because of how much money they make, who they love or whether they have a partner. Starting in 2025, people will be able access one cycle of in-vitro fertilization for free.
The budget provides a record $43 billion in capital funding for schools, post-secondary facilities, housing, health-care facilities, roads and other infrastructure over the next three years.
Significant new funding is kept aside to help B.C. mitigate and better respond to climate emergencies by reducing flooding, bolstering resources for evacuees, improving wildfire prevention and response, and improving drought resiliency.
Critical Minerals Strategy in collaboration with First Nations, industry, local governments and the public, and strengthens resources for mine permitting. The Province is also establishing enabling tools to help support equity financing opportunities for First Nations, including provincial equity loan guarantees and other supports.
Responding to the budget, Anita Huberman, President & CEO, Surrey Board of Trade said, “The Surrey Board of Trade is pleased to hear about the increased threshold for the Employer Health Tax, and that the Surrey-Langley SkyTrain and the SFU Medical School projects were specifically mentioned in the budget.”
“We are disappointed that a tax review was not mentioned, and that Surrey will not receive capital investments in Budget 2024 for more health care services at the second hospital in Surrey or for schools. There was no indication of further funds committed if the Surrey policing transition is to continue. Funding for Bus Rapid Transit projects or other transit improvements connecting Surrey all together were also omitted from this budget.”
BC Budget 2024 offers 25% increase in family benefit and free in-vitro fertilization
