As part of B.C.’s Economic Recovery Plan, the Ministry of Finance has opened applications for two new programs to help corporations recover from the financial impacts of COVID-19.
1. The B.C. Increased Employment Incentive is a one-time refundable tax credit for employers which encouraged the creation of new jobs for B.C. workers or increases in payroll for existing low- or middle-income employees in the last quarter ending December 31, 2020. The tax credit is calculated at 15% of the amount that the employer’s eligible remuneration for the last quarter ending December 31, 2020 exceeds the employer’s eligible remuneration for the quarter ending September 30, 2020.
2. The B.C. PST Rebate on Select Machinery and Equipment is a temporary provincial sales tax (PST) program that acts like a refund but is separate from the existing PST Refund process. Under this temporary program, corporations can apply to receive an amount equal to the PST they paid between September 17, 2020 and September 30, 2021 on qualifying machinery and equipment.