B.C. Minister of Finance Carole James has announced additional relief for businesses and municipal governments. (File photo)

Osoyoos Times Staff

The province announced more relief for businesses and support for municipal governments during the COVID-19 pandemic

Minister of Finance Carole James said the government will reduce most commercial property tax bills by an average of 25 per cent, and help municipalities facing revenue shortfalls due to COVID-19.

“We know that B.C. communities and businesses are suffering from the economic impacts of COVID-19,” she said.

James stated the B.C. COVID-19 Action Plan is focused on the health and safety of British Columbians by providing direct support to businesses in the quest for economic recovery.

The action plan includes further reducing the school property tax rate for commercial properties to achieve an average 25 per cent reduction in the total property tax bill for most businesses. This enhances the 50 per cent reduction to the provincial school property tax rate that was originally announced.

The plan also postpones the date that late payment penalties apply for commercial properties in classes 4,5,6,7 and 8 to Oct. 1. This will give businesses and landlords more time to pay their reduced property tax without penalty.

Responding to key concerns from municipal governments, the province is addressing cash flow and revenue shortfalls with new measures, including: -Authorizing local governments to borrow, interest-free, from their existing capital reserves to help pay for operating expenses, such as employee salaries.

• Delaying provincial school tax remittances until the end of the year.

• Providing local governments greater flexibility to carry debt for an additional year.

• The measures will provide local governments with the resources to meet their operational costs and required remittances to taxing authorities.

“The COVID-19 pandemic is having significant financial impacts on all levels of government,” said Minister of Municipal Affairs and Housing Selina Robinson.

“It’s going to take hard work from both municipalities and the provincial government, but working together we will get through this.”

Robinson said these new measures will give local governments the tools to ease their financial burdens and that of businesses in their communities.

For more information on B.C.’s COVID-19 Action Plan, visit: http://news.gov.bc.ca/factsheets/bc-takes-steps-to-support-people-businesses-during-covid-19-pandemic

For information about federal supports for businesses, visit: https://www.canada.ca/en/department-finance/economic-response-plan.html