BC Announces New Measure to Provide Tax Relief for Small Businesses and Non-Profit Organizations

The provincial government has announced a new relief measure designed to support small businesses and non-profit organizations struggling with high property taxes.
Categories: Business Insurance
Oct 13th, 2022 | By: CapriCMW

The BC government has announced a new tax measure designed to provide financial support to small businesses and non-profit organizations struggling with high commercial property taxes.

In recent years, areas such as Metro Vancouver have experienced significant increases in property values causing surges in assessed values and property taxes. Many small businesses and non-profit organizations have been hit with property tax bills that have doubled or tripled due to the development potential of the spaces they occupy.

The BC government's new tax relief measure will give municipal governments the authority to tax at a reduced rate the properties and communities they identify as most challenged by tax hikes in recent years. Participation is voluntary and each participating municipality can determine which properties get relief and the percentage of land that will be taxed at the reduced rate (among those properties that meet provincial eligibility requirements). This measure will be available for the 2023 tax year, replacing the Interim Business Property Tax Relief program that was introduced in 2020.

See the Government of BC's official news release for more information.

Recent Blog Posts

Business Insurance / Construction, Real Estate, mass timber, sustainable housing
BC Proposes Building Code Changes to Allow 18-Storey Mass Timber Buildings

The provincial government has proposed changes to the British Columbia Building and Fire Codes (BC…

Dec 27th, 2023 | By: CapriCMW
Business Insurance / Small Business, SME, commercial property
Applications Open for BC's Securing Small Business Rebate Program

As of November 22, 2023, small businesses in BC can apply for a new provincial rebate to help them…

Dec 12th, 2023 | By: CapriCMW
Employee Benefits / employment law, employee benefts, pay transparency, pay equity
New Pay Disclosure Requirements Now in Effect for BC Employers

As of November 1, 2023, employers are required to include wage or salary ranges in job postings open…

Nov 16th, 2023 | By: CapriCMW
Search the Blog

Confidence and Freedom

At CapriCMW, we provide personalized insurance and custom risk solutions to give you the confidence and freedom to focus on what matters to you. Talk to an Advisor or get a quote today.

Get a Quote    Or call 1-800-670-1877

Can’t find what you are looking for? Ask us!