Government of B.C. Extends Rebate Period for PST Rebate on Select Machinery and Equipment
Earlier this year, the government of B.C. launched a program to help corporations recover from the financial impacts of COVID-19.
The B.C. PST Rebate on Select Machinery and Equipment is a temporary program that provides a refund of PST paid on qualifying machinery and equipment. Originally set to end September 30, 2021, the rebate period has now been extended by six months.
You now have until March 31st, 2022 to pay PST on qualifying items and all rebate applications must be received by September 30th, 2022.
The program is open to incorporated businesses with some exclusions and is generally targeted towards for-profit organizations.
The rebate applies to capital asset purchases and leases of machinery and equipment that fall into certain capital cost allowance classes for tax purposes and the assets must be used 90% or more in business activities. Several items are specifically excluded from eligibility, such as vehicles, boats, real property and consumables or disposable items.
To apply, a business will need to keep all receipts and invoices to show proof of payment of PST and have incorporation documents available.
More information can be found on the government of BC’s website at https://bit.ly/2ZaX4c0
If you have any questions about the B.C. PST Rebate on Select Machinery and Equipment, please feel free to contact one of our offices and we would be happy to help.
Contact our Cranbrook office at (250) 426-1976 or our Creston office at (250) 428-2248.