B.C. Tax Incentives
1. Increased Employment incentive is a one-time refundable tax credit for employers. The deadline to apply is December 31, 2021.
2. PST rebate on select machinery and equipment is a temporary provincial sales tax (PST) program where corporations may apply to receive an amount equal to the PST they paid between September 17, 2020 and March 31, 2022 (extended six months) on qualifying machinery and equipment. All rebate applications must be received by September 30, 2022.
Federal Tax Measures
3. Canada Emergency Wage Subsidy (CEWS) program ended on October 23, 2021. Depending on claim period, the latest deadline will be April 21, 2022.
4. Canada Emergency Rent Subsidy (CERS) program ended on October 23, 2021. Depending on claim period, the latest deadline will be April 21, 2022.
5. Canada Recovery Hiring Program will extend to May 7, 2022 and increase the subsidy rate to 50%.
6. (Announced October 21, 2021) Hardest-Hit Business Recovery Program (HBRP) will cover period from October 24, 2021 to May 7, 2022. It is targeted to Hard-hit organizations that do not qualify for the Tourism and Hospitality Recovery Program. Eligible organizations would be required to meet the following two conditions to qualify for this program:
- An average monthly revenue reduction of at least 50 percent over the first 13 qualifying periods for the Canada Emergency Wage Subsidy (12-month revenue decline); and
- A current-month revenue loss of at least 50 percent.
Additional details will be forthcoming.
7. (Announced October 21, 2021) Tourism and Hospitality Recovery Program (THRP) will cover period from October 24, 2021 to May 7, 2022. It is targeted to tourism and hospitality sector, such as, hotels, restaurants, bars, festivals, travel agencies, tour operators, convention centers, and convention and trade show organizers.
Eligible organizations would be required to meet the following two conditions to qualify for this program:
- An average monthly revenue reduction of at least 40 percent over the first 13 qualifying periods for the Canada Emergency Wage Subsidy (12-month revenue decline); and
- A current-month revenue loss of at least 40 percent.
Additional details will be forthcoming.
COVID-19 updates for Personal
Federal Tax Measures
8. Canada Recovery Benefit (CRB) ended on October 23, 2021.
9. Canada Recovery Caregiver Benefit (CRCB) and Canada Recovery Sickness Benefit (CRSB) were proposed to be extended to May 7, 2022, with an increase of two weeks to the maximum claims.
10. (New) Canada Worker Lockdown Benefit (CWLB) will be available to workers ineligible for Employment Insurance and unable to work due to a government-imposed public health lockdown. The benefit would be $300 per week and available from October 24, 2021 until May 7, 2022.
(Disclaimer: this is for information only. Updated to October 31, 2021)
