The British Columbia Provincial Budget 2024 was released on Thursday, February 22, and it outlines the province’s financial plan and strategic vision for innovation, growth, and sustainability across sectors over the next government fiscal year. Within the business-focused spectrum, this budget introduces updates to existing grants, loans, and tax credits, as well as new funding opportunities as part of the province’s commitment to economic vitality and environmental stewardship.

The BC Government is forecasting a $7.9 billion deficit and the budget includes new tax credits, funding programs, and affordability initiatives.

Measures in the BC Budget 2024 are divided into four primary sections:

Building a stronger clean economy;
Delivering more affordable housing;
Strengthening health care and the services people rely on; and
Helping British Columbians with everyday costs.

This article from Mentor Works, a Ryan Company will primarily focus on the British Columbia business funding related takeaways from the provincial budget 2024.

Learn more about the Canadian Federal Budget 2024 and other provincial budgets on our 2024 Budget Overview Page.

Find out more about the various BC provincial funding programs announced in this budget by clicking on one of the links below to scroll down to the appropriate section.

BC Business Tax Credit Budget 2024 Highlights:

The Provincial Budget 2024 introduces a diverse array of tax credit programs, emphasizing economic growth and business support.

Find an additional information on these tax credits from the Ryan Tax Alert: BC Budget 2024.

Training Tax Credits Extended:

Training Tax Credits, which are crucial for workplace diversity, have been extended for employers until 2027 and individuals until 2025.
Enhanced tax credit benefit apprentices, especially those with disabilities or of First Nations descent.
Supported nearly 1,640 apprentice positions over the last decade.

Clean Buildings Tax Credits:

The Clean Buildings Tax Credit is a refundable income tax credit that encourages energy-efficient retrofits.
Deadline has been extended to September 30, 2027, reflecting a sustained commitment to sustainability.
Provisions included for eligible commercial and multi-unit residential buildings with four or more units.
Building retrofits have been mandated to enhance energy efficiency and meet specific energy-use targets.

Shipbuilding and Ship Repair Industry Tax Credit:

Extended for Two years to the end of 2026.
Enhances workforce diversity, offering an enhanced credit for apprentices with disabilities or of First Nations origin.
Over 10% of apprentices hired by employers availing of this tax credit are from First Nations.

Employer Health Tax Exemption Threshold Increased:

Elevated exemption threshold from $500,000 to $1 million in 2024.
Favorable conditions for businesses with payrolls ranging from $1 million to $1.5 million.
Approximately 90% of businesses expected to enjoy exemption, leading to an estimated annual savings surpassing $100 million.
The EHT is an annual tax on an employer’s BC. remuneration paid to employees and former employees starting January 1, 2019.

Small Business Venture Capital Tax Credit:

Temporary tax credit budget increase of $2.5 million for 2022 to 2024 announced in the 2024 BC Budget.
Encourages early-stage equity investments, supporting BC small businesses’ growth.
Introduced in 1979, individuals can receive a credit of up to 30%, with a benefit of up to $120,000 per tax year.

Electricity Affordability Credit:

Starting April 2024, households, commercial units, and industrial customers benefit.
Average savings of $100 on yearly electricity bills for households, with reduced operating costs for businesses.
Projected to save the people of British Columbia nearly $370 million in the next year.

Explore the world of Canadian government funding programs, including grants, tax credits, and more. Download our comprehensive guide on “IRAP vs SRED” for insights tailored to your success and find out which initiative suits your business.

BC Business Funding Budget 2024 Highlights:

The British Columbia Provincial Budget 2024 unveils exciting grant, loan, and incentive opportunities for businesses in the province. Here are the highlights:

CleanBC’s Boost for CleanTech and Environmental Sustainability:

$318 million earmarked for grant and rebate programs in clean transportation, energy-efficient buildings, and low-carbon initiatives.
$93 million dedicated to reducing emissions, including $40 million for low and middle-income households’ heat pump rebates and $30 million for expanding electric vehicle charging infrastructure.

New Critical Minerals Strategy:

$24 million allocated for a made-in-BC critical minerals strategy in collaboration with First Nations, industries, and local governments.
Aims to provide businesses in the sector with essential resources for mine permitting.

Canadian First Nations Business Loans:

Introduction of a First Nations Equity Financing Framework, offering provincial equity loan guarantees and other supports.
Agriculture, aquaculture, tourism, and natural resources identified as focus sectors.

Stay tuned for more details on the First Nations Equity Financing Framework as they are revealed. The budget’s strategic investments underscore BC’s commitment to fostering economic growth, sustainability, and reconciliation across various sectors.

Find out more about when your business should apply for Canadian government funding programs, such as grants, tax credits, or no-interest loans by downloading our When to Apply for Funding slide deck for free.

In addition to business-focused initiatives, the British Columbia Budget 2024 outlines significant investments in non-business sectors. Here is a closer look:

Affordable Housing Initiatives:

New tax targeting home flipping activities will be introduced effective January 1, 2025.
- Tax revenue will directly contribute to building homes in BC, mirroring the successful Speculation and Vacancy Tax.

Emergency Funds for Wildfire Prevention:

Substantial $1.3 billion allocation for new measures to mitigate and respond to the impacts of climate emergencies and foster a cleaner economy.
- Additional $405 million over four years to enhance the province’s capacity to prepare for and respond to future climate emergencies. Of this, $154 million in operating and $21 million in capital funding will support additional wildfire response, recovery, and infrastructure resources following the record wildfire season in 2023.
$60 million has been earmarked for the Forest Enhancement Society of BC and additional year-round wildfire response resources. The objective is to recruit and train more fire crew leaders and front-line staff.

Investments into Education:

Post-secondary institutions across the province will receive $6.0 billion in capital spending over the next three years.
- Investment aims to address economic development needs in key sectors such as health, science, trades, and technology.

Healthcare Services:

Impressive $2 billion allocation to support comprehensive health services, covering primary and acute care, long-term care, assisted living, home care, and mental health and substance-use care.
- Starting April 1, 2025, the launch of a new publicly funded In Vitro Fertilization (IVF) program, with a $68 million budget, assisting with the costs of treatment and medication for a single cycle.
- Additional $215 million over three years to sustain and enhance addictions treatment and recovery programs currently operational or being implemented.

These non-business funding initiatives showcase the province’s commitment to addressing social, environmental, and health challenges, promoting a more resilient and inclusive community.

Apply for Funding in British Columbia (BC)

The British Columbia Budget 2024 signifies a pivotal moment for businesses and communities alike as the government adapts to the current needs of businesses after the pandemic and ongoing recession. The government’s commitment to economic vitality, environmental stewardship, and overall well-being is evident in the diverse range of funding programs, tax credits, and initiatives outlined in this budget. You can also learn about the Canadian Federal and other Provincial funding updates on our 2024 Budget Overview Page.

As Canada’s leading government grant writing service, Mentor Works, a Ryan Company is poised to assist businesses in navigating the complexities of these funding programs. Our team of grant application writers and tax credit consultants is ready to guide you through the application process, ensuring your business has the best chance at securing the support it needs.

We are your strategic partner when offsetting the cost of new business growth initiatives, helping to propel your business towards success in a rapidly evolving economic landscape. Contact a member of our funding team to find out what grant, tax credit, or incentive programs your business may be eligible to receive.

British Columbia (BC) Budget 2024: Business Tax Credits and New Grants