2024 British Columbia Budget Summary

On February 22, 2024, Katrine Conroy, British Columbia's Finance Minister, announced the 2024 British Columbia Budget. The Budget aims to help British Columbia's residents deal with everyday costs, find affordable housing, and gain improved access to government services. No changes were made to the existing provincial personal and corporate tax rates.

Housing Tax Measures

Tax Targeting Home Flipping Activity

Legislation will be proposed in early Spring of 2024 to impose a new tax on proceeds from the sale of residential real estate in British Columbia. The tax will apply to income from the sale of property that was held for less than two years, at a rate of 20 per cent for properties sold within 365 days of purchase and declining to zero when sold between 366 and 730 days of purchase. The tax will apply to income from the sale of properties with a housing unit and properties zoned for residential use and to income from the assignment of contracts to purchase