Today the Provincial Government of British Columbia announced their action plan to support British Columbians impacted by the COVID-19 pandemic. The following highlights some of their key initiatives, which include credits and benefits to complement federal income supports. For more information on COVID-19 Provincial Support and Information, please click here.
Individuals
B.C. Emergency Benefit For Workers
There is a $1,000 tax-free one-time payment, which will be paid in addition to federal income supports, to British Columbians who are impacted in the following ways by COVID-19:
· Laid-off
· Sick or quarantined
· Caring for sick family members, such as an elderly parent
This is available for British Columbian residents receiving Employment Insurance, the new federal Emergency Care Benefit, or Emergency Support Benefit resulting from the COVID-19 pandemic. Workers can be EI eligible, or non-EI eligible, such as those who are self-employed.
B.C. Climate Action Tax Credit
There will be an increase in the regular climate action tax credit payment in July, 2020 of up to $112.50 per family of four, and up to $43.50 per adult, meaning an eligible family of four may receive up to $564 and eligible individuals may receive up to $218. This will impact roughly 86% of British Columbians.
The eligibility and amount of this tax credit will be based off your 2019 tax return, once it has been filed.
Provincially Funded Non-profits / Service Delivery Agencies / Child Care Providers
The Government will continue to provide funding for these organizations, even if they are closed or regular operations have been disrupted.
There will be additional funding provided to licensed child care providers to keep operations going. This funding will cover approximately 75% of average monthly operating expenses.
Students
The Provincial Government will put a freeze on BC student loan payments for six months, beginning March 30, 2020.
Note that there will also be a similar freeze on federal student loan programs.
ICBC & BC Hydro Payment Deferral
There is the option to defer BC Hydro and ICBC payments. If someone is experiencing job loss, illness or loss of wages as a result of COVID-19, they may also qualify for BC Hydro’s Customer Crisis Fund grant program for up to $600.
Businesses
Extended Filing & Payment Deadlines
Filing and payment deadlines are extended to September 30, 2020 for the following:
· Employer Health Tax (EHT) for businesses with payroll over $500,000
· Provincial Sales Tax (PST)
· Municipal and Regional District Tax (MRDT – accommodation tax)
· Tobacco Tax
· Motor Fuel Tax
· Carbon Tax
School Tax Reduction
The School Tax, collected through municipal property taxes, will be cut in half for Business and light- and major-industry property classes. The anticipation is that this should provide $500 million in tax relief, and the intent is that commercial landlords will pass the savings on to tenants in triple-net leases.
There are additional funds that are earmarked for a recovery plan, following the pandemic, to assist sectors of the economy that have been hit particularly hard.
There was also mention of the fact that the legislature will be reviewing employment standards, in the context of the COVID-19 pandemic, and so there may be updates coming with regards to the Employment Standards Act in the next few days.
Please note that some benefits, such as the B.C. Climate Action Tax Credit, may be based on your 2019 tax return. If you have not yet submitted your documents to us to do your 2019 tax return, you can do so by uploading them to this link.
As always, if you have any questions at all, please call or email our office.
The information contained in this communication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
Commentaires