BC residents could lose out on promised $500 tax rebate
If you were looking forward to receiving a $500 tax rebate promised by Premier David Eby in your bank account this year, you may not want to get your hopes up.
During a press conference on Thursday, Eby said that the rebate is up in the air because of the economic impacts posed by US President-elect Donald Trump’s 25% tariff threats on products from Canada.
The rebate was promised by Eby on his campaign trail ahead of last year’s provincial election.
The middle-class tax cut was projected to help more than 90% of people in BC.
“Eby’s plan will exempt an additional $10,000 of individual income from tax every year – providing a tax cut of over $1,000 for households and over $500 for individual British Columbians,” reads a previous release from the BC NDP.
When asked about the future of the rebate on Thursday, Eby said his number one priority is “protecting BC from [Trump’s threat], ensuring that the government’s in a position to support people and to make sure that we’re delivering on our commitment to British Columbians to protect them and support them in prosperity.”
The premier was also questioned on when British Columbians would know for sure if the rebate would be “on the chopping block.”
Eby didn’t provide a clear answer but did note that finance minister Brenda Bailey is preparing her budget and “taking into account all of the uncertainty that is there in terms of the intentions of the Americans.”
“My direction to her and every minister is to ensure that we are oriented to protect British Columbians in this new reality, ensure that we are responsive to the reality of British Columbian families now, and so we’re making sure that everything is being looked at.”
According to the province’s economic assessment of Trump’s tariff threats, BC could be hit by a loss of $69 billion in economic activity between 2025 and 2028. The province’s GDP is projected to drop by 0.6% year over year in 2025 and 2025.
The province also estimates nearly 124,000 job losses by 2028, with the natural-resource sector export industries and associated manufacturing being hit the hardest.