BC 2024 Budget Release


February 22, 2024, Victoria/Burnaby –

Special Update: Our Marketing & Communications Lead, Robyn, Reporting Live from Victoria for the Budget Release!

The unveiling of the BC Provincial Budget brings a sense of accomplishment to BBOT as one of our long-standing advocacies is finally addressed after over 5 years of relentless pursuit. The budget introduces significant changes to various sectors, including the Employer Health Tax, the implementation of the new Electricity Affordability Credit, and substantial funding towards the Province’s StrongerBC: Future Ready Action Plan.

This year’s provincial budget continues to confront the pressing challenges faced by working and middle-class families, aiming to pave the way for advancement. Emphasizing assistance with everyday expenses, the expansion of housing availability, bolstering healthcare and services, and fostering a resilient, sustainable economy.

Key Highlights from the Burnaby Board of Trade:

Business & Economy 

Employer Health Tax

Burnaby Board of Trade has been fighting for this for our members, with this change, a business of $1 million payroll will see savings of $14,000 yearly. Budget 2024 answers calls from growing businesses by doubling the exemption threshold of the Employer Health Tax, from $500,000 to $1 million. With this change, 90% of businesses will be exempt from the tax, estimated to save small-medium businesses more than $100 million total a year.

BC Electricity Affordability Credit

A new BC Electricity Affordability Credit will save the average small business around $400 over the year, commercial and industrial customers will also receive savings of approx. 4.6% of their electricity consumption. The credits will appear on bills from April 2024 to March 2025.

StrongerBC: Future Ready Action Plan

Launched in 2023, the plan will see an increase in budget of $228 million over the course of three years to sustain programs. The plan is helping thousands of people get the skills they need to succeed in a changing economy and help close the skills gap many businesses are facing. Students, employees, business and employers through the province are benefiting from the action plan.

Building a stronger BC, taxpayer-supported capital spending over the fiscal plan is forecast at nearly $43.3 billion to sustain and expand provincial infrastructure, such as schools, post-secondary facilities, housing, health-care facilities, and transportation projects, including highway improvements, landslide cleanup and prevention, and bridge repair replacements. Through the province’s capital plan and these projects, 185,000 jobs will be directly or indirectly created over the next three years.


First-Time Home Buyer Program

The program sees changes in 2024, qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. That could mean as much as $8,000 in savings.

Launch BC Builds

BC Builds will leverage government-owned, public, and underused land, and low-cost financing to bring down construction costs and deliver more middle-class housing.

One of the best features is that these homes will be income tested when a person moves in. Most residents will be spending no more than 30% of their income on rent.


The government has capped rent increases below the rate of inflation and boosted the BC Rent Bank.

This is also the first year that as people file their 2023 income taxes, renters can receive up to $400 through a renter’s tax credit.

Making sure affordable rentals stay on the market through the Rental Protection Fund

BC Home Flipping Tax

The 2024 budget release also includes the introduction of the BC Home Flipping Tax effective January 1, 2025, as part of the Home for People plan. This is to discourage speculators from driving up prices on homes. This will be a tax on the profit made from selling a residential property within two years of buying it, with specific exemptions for life circumstances, such as divorce, death, illness, and relocation for work, among others. Revenue from the tax will go directly to building affordable housing throughout B.C.

Everyday Costs 

Electricity Affordability Credit

A new BC Electricity Affordability Credit will save seniors, families and individuals an average of $100 on their household bills over the next year. The credits will appear on bills from April 2024 to March 2025.

Climate Action Tax Credit

Climate Action Tax Credit increase for individuals and families. A family of four can receive up to $1,005, and an individual will receive up to $504, starting July 2024.

BC Family Benefit – One Year Bonus

$248 million has been allocated for a BC Family Benefit Bonus. Approximately 66,000 more families will receive the BC Family Benefit and the bonus this year.  A total of 340,000 families increasing 25%, starting July 2024.


For more information on the Provincial 2024 Budget