On February 22, 2022, the B.C. Minister of Finance announced the 2022 budget. We have highlighted the most important things you need to know about this budget.
Image by https://www.bcbudget.gov.bc.ca/2022/
Budget 2022 contains several measures to help build a more robust economy, including $50 million to support growing sectors such as life sciences, manufacturing, and agriculture. In addition, the budget allocates funding to help industries impacted by COVID-19, including the tourism industry, the arts, and non-profit organizations. Budget 2022 supports workers looking to upgrade their skills or train for new jobs, with an emphasis on providing training for early childhood educators and health care assistants.
Budget 2022 includes funding to support the opening of new Urgent and Primary care centres and continuing Pathway to Hope from Budget 2021, which dedicated $500 million over two years to support mental health and addiction care. As well, Budget 2022 includes funding for B.C. Centre for Disease Control.
Working with the federal government, the B.C. government will create 40,000 new licensed child care spaces for children under six over the next seven years. The budget also includes an investment in increasing before and after school spaces and expanding the Seamless Day program to include 44 school districts.
Fees for full-day infant and toddler care will be reduced by 50% by the end of 2022 (to an average of $20/day). Average preschool and before and after school care fees will be cut to less than $20/day for the 2023/2024 school year.
Budget 2022 commits to spending over $27 billion to support critical infrastructure, including schools, hospitals, affordable housing, and highways and bridges. This amount of capital spending will support the creation of over 100,000 jobs.
Budget 2022 allocates 2 billion dollars to HousingHub. HousingHub is a program that provides low-interest loans to private developers and other community groups and is designed to give middle-income British Columbians more opportunities to rent or own homes.
Budget 2022 continues to build on the B.C. government’s plan to fight climate change. PST will no longer be charged on used Zero-Emission Vehicles (ZEVs). The luxury tax threshold on ZEVs has been increased, and rebates will be available for both ZEVs and ZEV charging infrastructure.
Budget 2022 does not include any changes to the province’s corporate tax rates or personal tax rates.
We can help you assess the impact of this year’s budget changes on your finances or business. Give us a call today!
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