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Budget 2012 – Income Taxes
On February 21, 2012, the government announced proposed changes to provincial taxation statutes.
For a list of all the tax changes, please see the Budget 2012 Tax Change Summary.
For a summary explanation of the tax changes, please see the
Budget and Fiscal Plan.
For more information on each change, please see the documents and web pages linked below.
Tax Change |
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The BC Training Tax Credits are extended for an additional three years to December 31, 2014.
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- Shipbuilding and Ship Repair Industry Tax Credit
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Training Tax Credits are introduced for eligible employers that employ apprentices in the BC shipbuilding and ship repair industry.
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- Book Publishing Tax Credit
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The Book Publishing Tax Credit is extended for an additional five years to March 31, 2017.
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- Film and Television Tax Credit
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The BC film tax credits are amended by removing the copyright grind, and the copyright ownership requirement is amended for interprovincial co-productions with principal photography starting on or after January 1, 2012.
The BC film tax credits are amended to clarify that cutscene productions are excluded from the BC film tax credits, retroactive to September 1, 2010.
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- Interactive Digital Media Tax Credit
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The Interactive Digital Media Tax Credit is amended to clarify that cutscene productions in respect of video games are eligible activities, retroactive to September 1, 2010, provided that all other requirements of the credit are met.
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Tax Change |
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The BC Training Tax Credits are extended for an additional three years to December 31, 2014.
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- BC Seniors’ Home Renovation Tax Credit
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Effective for the 2012 and future tax years, the government intends to introduce a BC Seniors' Home Renovation Tax Credit, which is a refundable personal income tax credit to assist individuals aged 65 and over with the cost of permanent home renovations.
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- Children’s Fitness Credit and Children’s Arts Credit
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Effective for the 2012 and future tax years, two new non-refundable tax credits are introduced for children's eligible fitness expenses and eligible arts expenses. Subscribe to our What's New page to be alerted to more information about this credit as it becomes available. |
- Medical Expense Tax Credit
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Effective for the 2012 and future tax years, the $10,000 limit that applied to medical expenses claimed in respect of dependents, other than a spouse or minor child, is eliminated.
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Effective for the 2012 and future tax years, the Enhanced Dividend Tax Credit rate on eligible dividends is increased from 9.76% to 10%.
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The government intends to eliminate the BC HST Credit of up to $230 per family member with the elimination of the HST. The final quarterly BC HST payment will be issued in January 2013.
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Effective for the 2013 and future tax years, the government intends to re-implement the BC Sales Tax Credit. The maximum annual tax credit will be $75 per adult. |
- Basic Personal Amount Tax Credit
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As part of the HST implementation, the Basic Personal Amount Tax Credit was increased from $9,373 in 2009 to $11,000 in 2010. The government intends to reverse this enhancement with the re-implementation of the PST on April 1, 2013. The revised credit amount will be set at $9,373, plus any inflation indexing that has occurred since 2009.
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- First-Time New Home Buyers’ Bonus
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Effective for the period
February 21, 2012 to March 31, 2013, the government intends to introduce a temporary BC First-Time New Home Buyers' Bonus, which will be a one-time refundable income tax credit for first-time new home buyers.
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Historical Budget Bulletins |
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