PST refund program extended six months
A program that refunds businesses the PST paid on select machinery and equipment will be extended for an additional six months.
This extension will give businesses another chance to reduce costs and make new investments to adapt to the changes the pandemic has required, and to set them up to take advantage of future opportunities, outlined a B.C. Ministry of Finance press release.
“When we consulted with the business community on our StrongerBC Economic Recovery Plan, they told us a PST rebate would help them make the kind of capital investments that would not just be about short-term recovery, but also long-term growth,” said finance minister Selina Robinson. “As the program deadline approaches, we see there is still a need, so we are extending the program to give more businesses time to apply.”
Businesses will have until March 31, 2022 – an additional six months – to purchase qualifying items like tools, furniture, computers, software and zero-emission vehicles and charging equipment.
Almost 2,000 businesses have received millions in rebates on more than $100 million in qualifying equipment and machinery so far, with most applications still expected in the coming months.
Most applicants are small and medium-sized businesses. The construction industry is the largest recipient by sector, followed by the transportation and retail sectors, the province reported.
This funding is part of B.C.’s $10-billion COVID-19 response and recovery efforts.
An estimated 110,000 incorporated B.C. businesses are eligible for the rebate.
Rebate eligibility is based on the Capital Cost Allowance classes used under the federal income tax system.
The PST savings on a new zero-emission vehicle can be more than $3,000.