On Monday March 24, the BC government introduced it’s COVID-19 relief measures. The most important item I got out of the announcement — this is just the intial package and the government will be releasing further measures over the coming weeks.
This can be frustrating for those of us that are trying to make difficult decisions about our businesses but I think we need to appreciate that the government has a overwhelming task and they are also trying to make decisions without really knowing what circumstance we will find ourselves in one or two months down the road…
Tax Remittances
The provincial government has provided relief from both filing AND paying provincial taxes until September 30, 2020, including
- PST
- Employer Health Tax
- Municipal and Regional taxes on short-term accommodation, tobacco tax, motor fuel tax and carbon tax
Planned increases on provincial taxes scheduled for April and July have been delayed.
Property Taxes
Reduction in property taxes on classes of commercial and industrial properties – the government is expecting landlords to pass on this savings to their business tenants.
Support for Tourism, Hospitality and Culture
My personal hope was that our provincial government would focus on this specific sector of the British Columbia economy which is such a pivotal aspect of the Valley economy. While the government did not release any support measures yesterday, they have acknowledged that this sector will get their own plan from the government. Unfortunately, there was no indication of when we can expect this plan not the type of support that will be offered.
Please reach out to us at hello@aspirecpa.ca if you need help understanding any of the support measures or options that may or may not apply to your business. We’re here to help!
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