The Finance Minister of British Columbia, Carole James, presented the province’s fiscal budget 2018-2019 on February 20, 2018. The summary of this budget is given below:

• A new child care program that makes care effectively free for some low-income families, and offers modest subsidies for others based on income. A new affordable child care benefit will start in September providing up to $1,250 a month per child.
• Effective January 1, 2020, Medical Services Plan premiums will be eliminated.
• The property transfer tax on homes with a fair market value of more than $3 million increases from 3% to 5%.
• A $6.2 billion over 10 years to create 33,700 affordable housing units.
• This budget contains some measures regarding business tax credits. These are the mining flow-through share tax credit is extended for a year to the end of 2018, farmer’s food donation tax credit is prolonged for one year to the end of 2019, the interactive digital media tax credit is extended for five years to August 31, 2023, the book publishing tax credit is extended for three years to March 31, 2021 and expand the Film Incentive B.C. tax credit to include scriptwriting expenditures incurred by a corporation on or after February 21, 2018 on B.C. labour prior to the completion of the final script stage of the production.
• An increase on the property transfer tax on Feb. 21 from 3% to 5% on properties worth more than $3 million, as well as an increase on school taxes.
• A restriction on fraud and tax evasion in the housing market, as well as a new 2% speculation tax on those who don’t pay income tax in B.C.
• A steep hike on tobacco taxes. Tobacco tax revenue is expected to grow 15.8% in 2018/19 reflecting tax rate increases on cigarettes and loose tobacco. Effective April 1, 2018, tobacco tax rates increase to 27.5 cents per cigarette from 24.7 cents and to 37.5 cents per gram on loose tobacco from 24.7 cents. Over the following two years, tobacco tax revenue is projected to be flat.
• Effective April 1, 2018, the luxury surtax on passenger vehicles is proposed to increase. The rate on passenger vehicles with a purchase price from $125,000 to $149,999 is increased to 15% from 10%, and the rate on passenger vehicles with a purchase price of $150,000 and above is increased to 20% from 10%. The general rate on private sales is also increased to 15% from 12% on passenger vehicles with a purchase price from $125,000 to $149,999, and to 20% from 12% on passenger vehicles with a purchase price of $150,000 and above.