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PST rebate for capital investments opens to support business recovery

PST rebate for capital investments opens to support business recovery

April 8, 2021 at 9:32 am  BC, News, Politics

Businesses can grow back bigger and stronger following the pandemic, with up to half-billion dollars in expected rebates available for purchases or leases of select machinery and equipment, including tools, furniture, computers, software and zero-emission vehicles.

“This measure is a direct response to what we heard when we consulted with the business community. By providing a rebate on tools and equipment that help businesses grow, we are encouraging investments and helping to reduce the cost of growth for businesses in every sector,” said Selina Robinson, Minister of Finance. “This provincial sales tax (PST) rebate will make it easier for businesses to make the investments that will allow them to grow or adapt and seize the opportunities of a post COVID-19 economy.”

The rebate, announced in September 2020 as part of StrongerBC: BC’s Economic Recovery Plan, allows incorporated businesses to recover 100% of the PST on most machinery and equipment purchased between Sept. 17, 2020 and Sept. 30, 2021.

“Having a 100% PST rebate is a good incentive to make the kind of capital investments that will not just support our members, but help the economy respond, recover and prosper,” said Andrew Wynn-Williams, vice-president, Canadian Manufacturers and Exporters. “These rebates will support both the short-term need for relief and the long-term goal of economic growth.”

Online applications are open. The first window is open until Sept. 20, 2021, followed by a second window after the eligible rebate period (Oct. 1, 2021, to March 31, 2022). Rebate eligibility is based on the Canada Revenue Agency’s Capital Cost Allowance classes.

The rebate is one of the government-provided investments helping businesses recover and respond to the unprecedented economic impact of the pandemic. Other supports include the Small-to-Medium-Sized Business Recovery Grant, an incentive for businesses that hired more employees, grants to launch or upgrade online stores and other tax relief provided in 2020.

Quick Facts:

  • This funding is part of B.C.’s $10-billion COVID-19 response.
  • The projected cost for this PST rebate is $470 million.
  • An estimated 110,000 incorporated B.C. businesses are eligible for the rebate.
  • The PST savings on a new zero-emission vehicle can be more than $3,000.

Learn More:

To apply for the PST rebate on select machinery and equipment, visit:
https://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst/rebate-machinery-equipment

For more detail about the Canada Revenue Agency’s Capital Cost Allowance classes, visit:
https://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst/rebate-machinery-equipment/technical-backgrounder

Read StrongerBC: BC’s Economic Recovery Plan: https://strongerbc.gov.bc.ca/supporting-bc-businesses

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