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Premier David Iby said Tuesday that the middle-income tax cuts he promised during last fall’s campaign would help set the NDP government’s New Year’s agenda.
“I hear you want our government to work harder to address the issues you and your families are talking about around the dinner table,” he said in a statement. “This is our focus in 2025 and beyond.”
In early December, Ibe promised economic development and tax cuts in a year-end interview with The Canadian Press.
“The focus will be on growing our economy,” he said. “Of course, there’s also affordability. British Columbia is going to see middle-class tax cuts.
Ibi has said he expects the newly established Ministry of Infrastructure to help drive economic development in 2025.
“You’re going to see us come up with a way to streamline the project to get it approved and make sure people are working properly,” he said. “Around the province, we have established a new infrastructure ministry focused on streamlining and accelerating the construction of facilities such as schools, hospitals and transportation systems.”
During the campaign, Eby said tax cuts of up to $1,000 would initially be given as a rebate in 2025, with an additional $10,000 of personal income exempt from provincial tax every year thereafter. This means a tax cut of $1,000 for families and $500 for individuals.
B.C. Opposition finance critic Peter Milobar said Eby promised immediate tax cuts during the election, but people are still waiting.
“David Eby could have recalled the Legislature last November to deliver relief ‘immediately,'” Milobar said in a statement. “Would Eby ultimately deliver next February? We still don’t know.
Milobar said Ibe has promised tax cuts and affordability measures, but the NDP government is preparing to implement a carbon tax increase on April 1.
“David Ibe and Finance Minister Brenda Bailey are touting temporary cost-of-living relief while households face more lasting pain from the carbon tax in just three months,” Miloba said. “When New Democracy “It’s hard to see how serious the party is about the cost of living when they plan to increase petrol prices by 3.3 cents a liter on April 1.”
B.C. Finance Minister Brenda Bailey said her government is committed to helping people cope with the high cost of living brought on by global inflation.
“While the federal government continues to require a carbon tax, we will continue to ensure that the cost to British Columbians is offset by our climate action tax credit, which is worth $600 per year for the average household,” Bailey said. “We’ve made it clear that there’s more to come.”
The current carbon tax per liter of gasoline in B.C. is nearly 18 cents. Prices are expected to rise by more than 20 cents in April.
The provincial government said the government’s previously announced 20% home flip tax on non-exempt persons who sell their homes within two years of purchase is intended to deter investors from “purchasing homes for a quick profit.”
Exemptions from the new tax include cases involving divorce, job loss or other changes in family members.
The province estimates that about 4,000 properties will be subject to the tax in the new year, with the revenue going toward “enhancing housing programs and building new affordable housing.”
A new maximum annual allowable rent increase of 3% also came into effect on Wednesday, down from 3.5% in 2024, the Treasury said in a statement.
Other New Year’s regulations include new rules to reduce methane emissions from B.C.’s oil and gas industry and a possible exemption from general property taxes for qualifying purchasers of purpose-built rental homes.
In late January, the province said eligible residents should also receive quarterly climate action tax credits as well as income support, including a temporary 25 per cent cost-of-living bonus.
— With files from Chuck Jiang in Vancouver.
This report by The Canadian Press was first published Dec. 31, 2024.
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2025 British Columbia David Eby Home Flip Tax Provincial Government Territory Tax Canadian Press
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