Focusing his campaign on housing, BC Conservative leader John Rustad on Monday promised a tax rebate to provide relief on housing costs.
The ‘Rustad Rebate’ would allow renters and homeowners to reduce their income subject to provincial income tax by up to $1,500 a month for housing costs in 2026. The rebate would rise by $500 a year to $3,000 a month in 2029.
Rustad was not clear on where the money for the rebate would come from and said his party needs time to look at the budget.
“Are we going to be able to balance right away, no, but we also need to make sure that we’re providing tax relief immediately,” Rustad said on Monday.
“This is designed specifically for middle-class tax relief for people to be able to build a future here in British Columbia.”
The party said it has not worked out all the details but there would be an income cap on the rebate with annual household incomes of more than $250,000 likely being the cut-off point.
Rustad said his party will be making more policy announcements on housing this week.
The BC NDP has also made housing a priority over the past four years.
It capped rental increases at 3.5 per cent for next year and introduced a renter’s tax credit for low and moderate-income renters to help with costs. Renters will be able to claim it on their tax returns in the spring.
The BC NDP also removed age and rental restrictions from strata housing, except in buildings designed for those age 55 years and older. Homeowners will also be able to apply for loans to build and rent secondary suites.
The BC Greens said the government needs to be held to account on housing and its promises.