The 2024 British Columbia Budget, titled “Taking Action for You,” sets out the province’s vision and priorities for the upcoming year. This comprehensive plan responds to the needs of both the local population and businesses in the aftermath of the pandemic and the current economic circumstances. The budget introduces updates to existing grants, loans, and tax credits, alongside new funding opportunities.
This budget is divided into four primary sections strategically to address crucial areas for the welfare and prosperity of British Columbians:
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- Affordable housing
- Building a stronger, cleaner economy
- Strengthening the services people rely on
- Helping British Columbians with everyday costs
This comprehensive plan, crafted in the wake of the pandemic and evolving economic dynamics, aims to meet the diverse needs of its citizens and businesses across the province.
1. Affordable housing
Last year, the province launched the “Homes for People” plan. The goals of this plan are to unlock more homes faster, deliver more affordable homes, support those with the greatest housing need, and create a housing market for people. In this plan, the government committed to invest over $ 4 billion over three years and to invest $12 billion over the next 10 years to build more homes for British Columbians.
The 2024 British Columbia Budget announces $198 million in new operating and capital funding over three years to support the BC Builds program. BC Builds is a housing program that uses government, community, and non-profit-owned land, low-cost financing, and grants to decrease construction costs, speed up timelines, and deliver more homes for middle-income working people in British Columbia.
To further improve the situation, the government has also introduced other measures such as new tax measures. Effective January 1, 2025, there will be a new tax targeting speculative activities aiming to stabilize the housing market and increase supply. This will be a tax on the profit made from selling a residential property within two years of buying it.
Existing housing programs within the province will receive $116 million in funding over three years. Global inflation, high interest rates, cost of construction, have driven up costs and made it out of reach for middle-income earners but the ultimate goal of the measures introduced by the government is to increase the housing supply, help stabilize the market, and help those who need it the most.
By injecting significant funds into initiatives like BC Builds and introducing targeted tax measures, the 2024 British Columbia Budget paves the way for a more balanced and sustainable housing market, empowering individuals and families alike.
2. Building a stronger, cleaner economy
The government prioritizes addressing climate change, allocating over $1 billion to protect British Columbians from its effects. This investment will help mitigate and better respond to climate emergencies, invest in a cleaner, greener economy, and maintain and improve access to communities through investments in roads, transit, and community infrastructure.
Other investments from the 2024 British Columbia Budgetinclude:
- $83 million to increase funding for the Agriculture Water Infrastructure Program. Producers, agricultural and conversation groups, local/municipal governments, and Indigenous communities and producers are eligible to apply to this program. The application portal for this program will reopen in May 2024.
- $20 million for Active Transportation Infrastructure Grants Program. This program provides cost-sharing opportunities for network planning and infrastructure grants. The next intake will open on September 3, 2024
- $30 million to implement electric vehicle public charging infrastructure across BC
The budget also prioritizes support for businesses, particularly in transitioning to a low-carbon economy. CleanBC is the plan to reduce climate-changing emissions by 40% by 2030. This program provides rebates and incentives to help people and businesses switch to cleaner homes, buildings, and transportation. The government commits to invest $318 million in new operating funding to continue CleanBC grant and rebate programs for clean transportation, energy-efficient buildings and communities, and support the development of regulatory measures to continue the transition to a low-carbon economy.
The government will allocate $24 million in new funding over three years for the made-in-B.C. Critical Mineral Strategy. This program will provide businesses in the sector with essential resources for mine permitting. Additionally, businesses that conduct grassroots mineral exploration in BC have access to the refundable mining exploration tax credit. This tax credit is calculated as 20% of qualified mining exploration expenses but it excludes oil and gas exploration expenses.
The Training tax credit for employers was extended from 2024 to the end of 2027. This refundable tax credit is available to employers who hire apprentices who are registered in programs through SkilledTradesBC. This tax credit consists of three elements that provide a refund of 15% to 20% of eligible expenses, with an increase available for First Nations individuals and persons with disabilities.
By prioritizing climate action and incentivizing sustainable practices, the province lays the groundwork for long-term prosperity while safeguarding its natural resources.
3. Strengthening the services people rely on
Ensuring access to critical services, particularly healthcare, is paramount. With a growing population, the government wants to ensure it meets the needs of the people of British Columbia
The 2024 British Columbia Budget provides $8 billion over three years to ensure services are available for B.C.’s growing population. This includes targeted new measures that expand support for cancer care, seniors home care, access to family law services, and K-12 students with dyslexia or other learning differences.
Healthcare
In the healthcare sector, the budget provides over $2 billion more to build capacity in the healthcare system. This funding will provide support across the full range of health services including primary and acute care services, long-term care and assisted living services, home care, mental health/substance use care settings, and other service delivery organizations or agencies. Over the next three years, an investment of $13 billion will be made to deliver the infrastructure needed to help strengthen the healthcare system. This funding will support the construction of hospitals, and the upgrade of health facilities.
In the wake of the pandemic, the province realized it needed to be better prepared to deal with a public health emergency. That is why it is investing over $3 billion to support ongoing costs such as the costs for COVID-19 and immunization/flu vaccines, personal protective equipment, lab testing and monitoring, and funding to support rural and remote access to emergency care.
Additional investments in healthcare are:
- $270 million to support B.C.’s 10-Year Cancer Action Plan
- $354 million over three years in home and community care for seniors
- $215 million over three years to sustain addiction treatment and recovery programs
- $114 million over three years to support children in government care or who are placed in alternative care
For a healthier and more resilient society, the government decides to prioritize the accessibility and quality of healthcare and social services.
K-12 & Post-Secondary Education
The 2024 British Columbia Budget announces an investment of $8,7 billion for school year 2024-25. Additionally, the province will invest $4.2 billion over the next three fiscal years to build, renovate, and make seismic upgrades to schools and playgrounds throughout B.C. Here are some examples of investments in budget 2024:
- $156 million for prefabricated school additions in eight school districts. This project will create 104 classrooms. The projects are scheduled for occupancy in 2024 and 2025
- $27 million over three years to support the purchase of electric school buses and transition towards zero-emission bus fleets.
- $30 million over three years to support early literacy screening for kindergarten to Grade 12 students.
B.C. will invest $6 billion in capital spending over the next three years on post-secondary institutions. This funding aims to build capacity to support future workforce and economic development needs in key sectors such as health, science, trades, and technology.
4. Helping British Columbians with everyday costs
Efforts to reduce the cost of living for British Columbians are emphasized. Initiatives such as the BC Family Benefit bonus and ChildCareBC program aim to alleviate financial burdens on families. Moreover, the introduction of the BC Electricity Affordability Credit seeks to reduce electricity costs for residential, commercial, and industrial customers.
Through targeted measures aimed at reducing the cost of living, British Columbia’s budget underscores its dedication to improving the quality of life for all residents, ensuring a brighter and more equitable future for British Columbians.
In conclusion, the 2024 British Columbia Budget presents a cohesive strategy aimed at fostering inclusive growth, sustainability, and resilience across the province, while addressing interconnected challenges and opportunities. Through a mix of updated grants, loans, tax credits, and novel funding opportunities, the budget sets out to propel the province towards a brighter future.