BC Hydro customers to get 3 months bill relief | ICBC providing Autoplan payment deferral

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BC Hydro customers to get 3 months bill relief

For residential customers

If you or your spouse/partner have lost employment or have become unable to work due to COVID-19, you may be eligible for three months of bill credit based on your average consumption.

To be eligible for the COVID-19 Relief Fund for residential customers:

  • You need to be a residential account holder and have had your account prior to March 15, 2020

  • You need to meet the eligibility criteria of the B.C.Emergency Benefit for Workers

  • You or your spouse/partner have lost your job or have become unable to work (including self-employment) since March 15, 2020. Examples of being unable to work:

    • Being quarantined or sick with COVID-19

    • Taking care of a family member who is sick with COVID-19

    • Having children who require care or supervision due to school or daycare closures

  • You must be able to upload verification of eligibility, such as a copy of your application or approval for the Canada Emergency Response Benefit, Emergency Benefit for Workers, federal Employment Insurance or Record of Employment

There is a maximum of one COVID Relief Fund bill credit per household.

BC Hydro COVID-19 Relief Fund for Residential

For small businesses

If you own a small business that needed to close due to COVID-19, you may be eligible to have your business’ electricity use charges waived for up to three months.

BC Hydro COVID-19 Relief Fund for Residential

Application form to open the week of April 13

The application is not open yet, but we expect it to open the week of April 6. Once it opens, there is no rush to apply. Eligible business customers can apply any time before June 30, 2020 to have their business’ bills waived for April, May and June.

ICBC providing Autoplan payment deferral

For customers that have been financially impacted by COVID-19, ICBC will provide some relief during this challenging time. Customers on a monthly Autoplan payment plan, who are facing financial challenges due to COVID-19, can defer their payment for up to 90 days with no penalty. Payment deferral is also available for fleets.

Apply for ICBC payment plan deferral

Do I Qualify for the Canada Emergency Response Benefit & EI?

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To help Canadians through this difficult time, the Federal Government created the Canada Emergency Response Benefit (CERB) and made changes to the Employment Insurance Program (EI). For those whose employment has affected by the Coronavirus, we have created a chart to help you figure out which program you qualify for and provide links to apply for each program.

The Federal Government has already made numerous changes to these programs so we will be updating this document whenever a change to the program is made.

Stay home and stay safe.

Help for Small/Medium Businesses & Entrepreneurs – 75% wage subsidy, $40,000 interest-free loan & more

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March 27, 2019 – Prime Minister Justin Trudeau announced programs and measures focused on helping Small & Medium Sized Businesses and Entrepreneurs cope with the economic consequences caused by the COVID-19 pandemic.

“With these new measures, our hope is that employers being pushed to laying off people due to COVID-19 will think again,” Trudeau said. “And for those of you who have already had to lay off workers, we hope you will re-hire them.”

Wage Subsidy increased to 75%

The Prime Minister has been under pressure from the small business community to boost the wage subsidy beyond the 10% initially announced to help keep people employed. Today, Mr. Trudeau announced the government will increase the wage subsidy from 10% to 75% to help keep employees on the payroll. This increase will be backdated to Sunday, March 15th.

“It is clear we have to do more, much more so we are bringing that percentage up to 75 per cent for qualifying businesses”

– Prime Minister Justin Trudeau

Canada Emergency Business Account (CEBA)

The CEBA will allow banks to offer $40,000 loans that will be interest-free for the 1st year which will be guaranteed by the government. If you meet certain conditions, $10,000 of the loan can be forgivable.

“To help you bridge to better times, we are launching the Canada Emergency Business Account. With this new measure banks will soon offer $40,000 which will be guaranteed by the government”

Defer GST, HST, Duty

The government will defer GST & HST payments, as well as duty and taxes owed on imports until June 2020.

“This is the equivalent of giving $30-billion of interest free loans to businesses”

Bank of Canada Rate Cut

Bank of Canada slashed its key overnight interest rate to 0.25%.

Full details and qualification requirements will be available on Monday.

Canada Emergency Response Benefit to help workers and businesses

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$2,000/month for 4 months – Canada Emergency Response Benefit to help workers and businesses

To support workers and help businesses keep their employees, the government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a simpler and more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit.

The CERB would cover Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with COVID-19, as well as working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures. The CERB would apply to wage earners, as well as contract workers and self-employed individuals who would not otherwise be eligible for Employment Insurance (EI).

Additionally, workers who are still employed, but are not receiving income because of disruptions to their work situation due to COVID-19, would also qualify for the CERB. This would help businesses keep their employees as they navigate these difficult times, while ensuring they preserve the ability to quickly resume operations as soon as it becomes possible.

The EI system was not designed to process the unprecedented high volume of applications received in the past week. Given this situation, all Canadians who have ceased working due to COVID-19, whether they are EI-eligible or not, would be able to receive the CERB to ensure they have timely access to the income support they need.

Canadians who are already receiving EI regular and sickness benefits as of today would continue to receive their benefits and should not apply to the CERB. If their EI benefits end before October 3, 2020, they could apply for the CERB once their EI benefits cease, if they are unable to return to work due to COVID-19. Canadians who have already applied for EI and whose application has not yet been processed would not need to reapply. Canadians who are eligible for EI regular and sickness benefits would still be able to access their normal EI benefits, if still unemployed, after the 16-week period covered by the CERB.

The portal for accessing the CERB would be available in early April.

Canadians would begin to receive their CERB payments within 10 days of application. The CERB would be paid every four weeks and be available from March 15, 2020 until October 3, 2020.

Canada Emergency Response Benefit

BC Government supporting renters, landlords during COVID-19

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$500/month towards rent

To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions.  

The new rental supplement will help households by offering up to $500 a month towards their rent, building on federal and provincial financial supports already announced for British Columbians facing financial hardship.

“Nobody should lose their home as a result of COVID-19. Our plan will give much-needed financial relief to renters and landlords. It will also provide more security for renters, who will be able to stay in their homes without fear of eviction or increasing rents during this emergency.” – Premier John Horgan

The funds will support renters experiencing a loss of income by helping them pay their rent and will be paid directly to landlords on their behalf, to ensure landlords continue to receive rental income during the pandemic. Benefiting people with low to moderate incomes, this supplement will be available to renters who are facing financial hardship as a result of the COVID-19 crisis, but do not qualify for existing rental assistance programs.

The Province is implementing a number of additional measures to keep people housed and protect their health. The full list of immediate measures includes:

  • The new temporary rent supplement will provide up to $500 per month, paid directly to landlords.

  • Halting evictions by ensuring a landlord may not issue a new notice to end tenancy for any reason. However, in exceptional cases where it may be needed to protect health and safety or to prevent undue damage to the property, landlords will be able to apply to the Residential Tenancy Branch for a hearing.

  • Halting the enforcement of existing eviction notices issued by the Residential Tenancy Branch, except in extreme cases where there are safety concerns. The smaller number of court ordered evictions are up to the courts, which operate independently of government.

  • Freezing new annual rent increases during the state of emergency.

  • Preventing landlords from accessing rental units without the consent of the tenant (for example, for showings or routine maintenance), except in exceptional cases where it is  needed to protect health and safety or to prevent undue damage to the unit.

  • Restricting methods that renters and landlords can use to serve notices to reduce the potential transmission of COVID-19 (no personal service and allowing email).

  • Allowing landlords to restrict the use of common areas by tenants or guests to protect against the transmission of COVID-19.

Read about support for renters & landlords

How to apply for EI benefits for COVID-19 quarantines and other support programs

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What are EI benefits for those quarantined with COVID-19?

Employment Insurance (EI) sickness benefits provide up to 15 weeks of income replacement and is available to eligible claimants who are unable to work because of illness, injury or quarantine, to allow them time to restore their health and return to work. Canadians quarantined can apply for Employment Insurance (EI) sickness benefits.

Is there a waiting period?

For quarantine because of COVID-19, the one week waiting period is waived. Contact the new dedicated toll-free phone number if you are in quarantine and seeking to waive the one-week EI sickness benefits waiting period so you can be paid for the first week of your claim:

  • Telephone: 1-833-381-2725 (toll-free)

  • Teletypewriter (TTY): 1-800-529-3742

What benefits does EI offer?

Employment Insurance (EI) sickness benefits can provide you with up to 15 weeks of financial assistance if you cannot work for medical reasons. You could receive 55% of your earnings up to a maximum of $573 a week.

Who qualifies for EI sick-leave benefits?

Employed Canadians who pay EI premiums and self-employed people registered for access to EI may be eligible for sickness benefits.

There are a number of factors that determine eligibility. You need to demonstrate that:

  • you’re unable to work for medical reasons

  • your regular weekly earnings from work have decreased by more than 40% for at least one week

  • you accumulated 600 insured hours* of work in the 52 weeks before the start of your claim or since the start of your last claim, whichever is shorter

*As an example, 600 hours are equivalent to 20 weeks of work at 30 hours a week.

While you’re receiving sickness benefits, you must remain available for work if it weren’t for your medical condition.

If you are self-employed and pay into EI, you have to wait at least 12 months from the date of your confirmed registration before you are eligible for sickness benefits. You must also meet all of the following conditions:

  • The amount of time you spend on your business has decreased by more than 40% for at least one week because of your medical condition

  • You earned a minimum amount of self-employed earnings during the calendar year before the year you apply for benefits. To receive benefits for 2020, you need to have earned at least $7,279 in 2019

What if I don’t qualify for EI?

In April, the government will be introducing the Emergency Care Benefit providing up to $900 bi-weekly, for up to 15 weeks. This flat-payment Benefit would be administered through the Canada Revenue Agency (CRA) and provide income support to:

  • Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.

  • Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not qualify for EI sickness benefits.

  • Parents with children who require care or supervision due to school or daycare closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.

Application for the Benefit will be available in April 2020, and require Canadians to attest that they meet the eligibility requirements. They will need to re-attest every two weeks to reconfirm their eligibility. Canadians will select one of three channels to apply for the Benefit:

  1. by accessing it on their CRA MyAccount secure portal;

  2. by accessing it from their secure My Service Canada Account; or

  3. by calling a toll free number equipped with an automated application process.

Do you need a Doctor’s note?

According to the Government of Canada’s website, people claiming EI sickness benefits due to quarantine will not have to provide a medical certificate.

How do I get started with the application for EI to see if I qualify?

The application for Employment Insurance can be found here:

Apply for EI Benefits

Support for Business Owners and Employees Covid 19

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We know that clients have questions about the Federal government’s economic response plan, we have included a summary of the information below for business owners, employees and other support that’s available. Please don’t hesitate to contact us. We’re here for you.

For Business Owners

  • Wage Subsidy: To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities. Eligible for those with payroll under $1M.

  • Work-Sharing Program to support your Employees

  • BDC Loan Expansion Facility– Details and contact information on tapping into the expanded credit. You must have been in business for at least two years;  You must have more than $100,000 in annual gross revenues and should be profitable under normal operating conditions;  Owners and/or business should have good credit history; The program enables business owners to apply for a Loan or Line of Credit with BDC for up to $100,000 to be repaid within five years. The interest rate is set today at 3.3%, which is very low for a business loan. The application is done on-line, and applicants would need to have various financial documents available to upload to complete the application. The processing time is about 2-3 weeks at present.

  • Purchase Order Financial available through BDC

  • Facebook announces $100M grant program for small businesses– Facebook announced yesterday that it’s creating a $100 million grant program for small businesses. Applications aren’t open yet, but the company says this will include both ad credits and cash grants that can be spent on operational costs like paying workers and paying rent. It will be available to up to 30,000 businesses in the 30-plus countries where Facebook operates. Facebook has also created a Business Hub with tips and resources for businesses trying to survive during the outbreak.

For Employees

Tax support: 

  • Extending the tax filing deadline to June 1

  • Allowing taxpayers to defer tax payments until after August 31 (for amounts that are due after today and before September)

  • Temporarily boosting of the Canada Child Benefit payments

  • Banks deferring mortgage payments for up to 6 months- RBC, TD, BMO, CIBC, Scotiabank & National Bank.

  • Emergency Care Benefit” which offers up to $900 biweekly (for up to 15 weeks) to provide income support to workers who have to stay home and don’t have access to paid sick leave.

  • Six-month, interest-free reprieve on student loan payments. 

Coronavirus & Market Uncertainty – $82 billion in aid for Families and Businesses

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On March 18th, the Prime Minister, Justin Trudeau, announced a further $82 billion in support including $27 billion in direct support for Canadian workers and businesses. This is in addition to the $20 billion announced days earlier which includes $10 billion available through the Business Development Bank of Canada (BDC) to help small and medium-sized businesses.

To Support Canadians

Temporary Income Support for Workers and Parents

For Canadians without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children, the Government is:

  • Waiving the one-week waiting period for those individuals in imposed quarantine that claim Employment Insurance (EI) sickness benefits. This temporary measure will be in effect as of March 15, 2020.

  • Waiving the requirement to provide a medical certificate to access EI sickness benefits.

  • Introducing the Emergency Care Benefit providing up to $900 bi-weekly, for up to 15 weeks. This flat-payment Benefit would be administered through the Canada Revenue Agency (CRA) and provide income support to:

    • Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.

    • Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not quality for EI sickness benefits.

    • Parents with children who require care or supervision due to school closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.

Application for the Benefit will be available in April 2020, and require Canadians to attest that they meet the eligibility requirements. They will need to re-attest every two weeks to reconfirm their eligibility. Canadians will select one of three channels to apply for the Benefit:

  1. by accessing it on their CRA MyAccount secure portal;

  2. by accessing it from their secure My Service Canada Account; or

  3. by calling a toll free number equipped with an automated application process. Number to be provided

Longer-Term Income Support for Workers

For Canadians who lose their jobs or face reduced hours as a result of COVID’s impact, the Government is:

  • Introducing an Emergency Support Benefit delivered through the CRA to provide up to $5.0 billion in support to workers who are not eligible for EI and who are facing unemployment.

  • Implementing the EI Work Sharing Program, which provides EI benefits to workers who agree to reduce their normal working hour as a result of developments beyond the control of their employers, by extending the eligibility of such agreements to 76 weeks, easing eligibility requirements, and streamlining the application process. This was announced by the Prime Minister on March 11, 2020.

Income Support

For low and modest income families, the federal government will double the maximum annual Goods and Services Tax Credit (GSTC), providing an average income boost of:

  • $400 for low-income income individuals and

  • close to $600 for couples.

Canada Child Benefit (CCB)

The Government is proposing to increase the maximum annual Canada Child Benefit (CCB) payment amounts, only for the 2019-20 benefit year, by $300 per child. The overall increase for families receiving CCB will be approximately $550 on average; these families will receive an extra $300 per child as part of their May payment.

Together, the proposed enhancements of the GSTC and CCB will give a single parent with two children and low to modest income nearly $1,500 in additional short-term support.

Retirees

For Retirees, the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) will be reduced by 25% for 2020, in recognition of volatile market conditions and their impact on many seniors’ retirement savings.

Students

6 month interest-free moratorium on the repayment of Canada Student Loans for all individuals currently in the process of repaying these loans.

Tax Filing Deadline deferred

For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.  However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.

For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020.

The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.

For Tax preparers and Taxpayers to reduce the need to meet, Digital Signatures will be accepted.

Mortgage Payment Deferral

Canada’s large banks have confirmed that this support will include up to a 6-month payment deferral for mortgages, and the opportunity for relief on other credit products.

To Support Businesses

Helping Businesses Keep their Workers

To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.

Flexibility for Businesses Filing Taxes

The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.  This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. 

The Canada Revenue Agency will not contact any small or medium (SME) businesses to initiate any post assessment GST/HST or Income Tax audits for the next four weeks. For the vast majority of businesses, the Canada Revenue Agency will temporarily suspend audit interaction with taxpayers and representatives.

Financing for Businesses

The BDC provides financing for:

  • Small Business Loans – up to $100,000 can be obtained online – here

  • Get extra funds to bridge cash flow gaps and support daily operations with Working Capital Loans

  • Increase your cash flow to fulfill domestic or international orders with Purchase Order Financing

See More on BDC support for entrepreneurs
Canada’s COVID-19 Economic Response

Previously Announced Measures

To further support businesses and households, the Governor of the Bank of Canada, Stephen Poloz, cut the overnight rate to 0.75%.

For those with mortgages, the president of Canadian Mortgage and Housing Corporation (CMHC), Evan Siddall, announced that they are working with lenders to allow deferral of mortgage payments for up to 6 months

More details on mortgage deferral will be made available later this week.

For people quarantined due to COVID-19, the government eliminated the waiting period for EI Benefits; you can get up to $573 a week for an entire 14-day quarantine.

EI Benefits Details

If you need further, please contact me by clicking below:

Contact

Coronavirus & Market Uncertainty – Federal Government $20 billion economic aid package

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On March 13th, the Prime Minister, Justin Trudeau, outlined Canada’s response to COVID-19 including new investments to help protect Canadians and businesses. The total value of the aid package could be up to $20 billion across the country which includes $10 billion available through the Business Development Bank of Canada (BDC) to help small and medium-sized businesses.

The BDC provides financing for:

  • Small Business Loans – up to $100,000 can be obtained online – here

  • Get extra funds to bridge cash flow gaps and support daily operations with Working Capital Loans

  • Increase your cash flow to fulfill domestic or international orders with Purchase Order Financing

See More on BDC support for entrepreneurs

To further support businesses and households, the Governor of the Bank of Canada, Stephen Poloz, cut the overnight rate to 0.75%.

For those with mortgages, the president of Canadian Mortgage and Housing Corporation (CMHC), Evan Siddall, announced that they are working with lenders to allow deferral of mortgage payments for up to 6 months

More details on mortgage deferral will be made available later this week.

For people quarantined due to COVID-19, the government eliminated the waiting period for EI Benefits; you can get up to $573 a week for an entire 14-day quarantine.

EI Benefits Details

If you need further, please contact me by clicking below:

Contact

2020 BC Budget

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BC’s Finance Minister Carole James delivered the province’s 2020 budget on
February 18, 2020. The budget projects:

  • For 2020, a surplus of $227 million

  • For 2021, a surplus of $179 million

  • For 2022, a surplus of $374 million

Personal Tax Changes

Personal income tax rates

Effective January 1, 2020, a new top British Columbia personal income tax rate of 20.5% (up from 16.8%) that will apply to individuals with taxable income exceeding $220,000. As a result, the charitable donation tax credit will also increase to 20.5% for charitable donations over $200 for taxpayers in the new bracket.

Home Owner Grant

BC will decrease the threshold for the phase-out of the home owner grant from $1.65 million to $1.525 million. For properties above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold.

Real property contractors

Effective February 19, 2020, the budget allows real property contractors who perform value-added work to goods and then install those goods into real property outside the province to apply for refunds of PST paid on those goods.

Training Tax Credit

Extended to the end of 2022

Farmers’ Food Donation Tax Credit

Extended to the end of 2023

Corporate Tax Changes

Film Incentive BC and production services tax credit

Effective February 19, 2020, the budget increases the accreditation certificate fee for the Production Services Tax Credit from $5,500 to $10,000.

Production Services Tax Credit Pre-Certification Notification Introduced

Effective July 1, 2020, corporations intending to claim the production services tax credit
must notify the certifying authority of their intent within 60 days of first incurring an
expenditure eligible for the tax credit.

Training Tax Credit

Extended to the end of 2022

Farmers’ Food Donation Tax Credit

Extended to the end of 2023

New Mine Allowance

Effective date to be specified, extended to the end of 2025

PST Registration Requirement

Effective July 1, 2020, Canadian sellers of goods, along with Canadian and foreign sellers of software and telecommunication services will be required to register as tax collectors if specified B.C. revenues exceed $10,000. Additionally, all Canadian sellers of vapour products will be required to register if they
cause vapour products to be delivered to B.C. consumers.

Sales Tax Changes

Carbonated Beverages

Effective July 1, 2020, carbonated beverages that contain sugar, natural sweeteners or artificial sweeteners will no longer qualify for the PST exemption for food products. PST will also apply to beverages that are dispensed through soda fountains, soda guns or similar equipment, along with
all beverages dispensed through vending machines (except vending machines wholly
dedicated to dispensing beverages other than sweetened carbonated beverages, e.g., coffee
or water machines)

Carbon Tax Rates Aligned with Federal Carbon Pricing Backstop Rates

Effective April 1, 2020, the B.C. carbon tax rates for 2020 and 2021 are aligned with
the federal carbon pricing backstop methodology, where applicable. As part of this
alignment, the current B.C. rates for shredded and whole tires are also being replaced
with a new category for “combustible waste”. Combustible waste includes tires in
any form, asphalt shingles as a new taxable combustible and any prescribed material,
substance or thing.
B.C. carbon tax rates are being updated to ensure they are in line with the latest science
on emissions. The previous rates were set in 2008 and are today considered to be based
on old science. For some fuel types, the rates are lower than their original scheduled rates.
For example, the tax rate for gasoline will be 9.96 cents per litre on April 1, 2020, rather
than 10.01 cents per litre. For some fuel types, the rates are higher than their original
scheduled rates. For example, the tax rate for natural gas will be 8.82 cents per cubic
metre on April 1, 2020, rather than 8.55 cents per cubic metre. The new rates will be
available on the Ministry of Finance’s website.
The B.C. carbon tax rates will be reviewed as part of the federal government’s review of
the Pan-Canadian Framework on Clean Growth and Climate Change in 2022.

Tax Rate for Heated Tobacco Products Introduced

Effective April 1, 2020, a default tax of 29.5 cents per heated tobacco product is
introduced. For specific heated tobacco products, this default can be changed by
regulation. A heated tobacco product is a product that contains tobacco and is designed
to be heated, but not combusted, in a tobacco heating unit to produce a vapour for
inhalation.

Property Transfer Tax

Exemption from Additional Property Transfer Tax for Certain Canadian-Controlled
Limited Partnerships Introduced

Effective on a date to be specified by regulation, a new exemption from additional
property transfer tax will be introduced for qualifying Canadian-controlled limited
partnerships. This exemption will treat Canadian-controlled limited partnerships in a
manner more consistent with Canadian-controlled corporations. It will ensure that new
housing developments are treated similarly irrespective of whether the development is
being undertaken by a Canadian-controlled corporation or Canadian-controlled limited
partnership.

The entire BC Budget can be found at https://www.bcbudget.gov.bc.ca/2020/downloads.htm#gotoNewsReleases