Conservative Party of BC leader John Rustad made a major policy announcement on a rainy morning in Surrey today.
He promised a tax rebate for both homeowners and renters, which he has dubbed the “Rustad Rebate.”
It would allow people to exempt up to $3,000 a month in housing costs, either mortgage or rent payments, from their provincial income taxes.
Although $3,000 is the end goal, Rustad clarified that it would start at $1,500 a month in 2026 and increase $500 per year to reach $3,000 a month in 2029.
Rustad Rebate Policy Announcement #bcpoli https://t.co/FkUV8iN9fw
— Conservative Party of BC (@Conservative_BC) September 23, 2024
He called it the largest tax cut for homeowners and renters in provincial history, preaching that his party believes that British Columbians should be able to “get ahead” if they work hard.
“Under the NDP, British Columbians have been trapped in an endless treadmill of rising costs and punishing taxes,” he said.
“The Rustad Rebate is a real solution to help families stay in their homes, support the middle class, and provide relief to those being squeezed by high housing prices and rents.”
Rustad pegged the estimated cost of the rebate at $3.5 billion and said it would likely have an income cap of around $250,000.
According to the Conservative leader, the average rent in BC is $2,400 a month and the average mortgage payment is $2,900 a month.
“So this would cover pretty much everybody in the province,” he said Monday morning.
Rustad did not share further information on the BC Conservatives’ housing platform, but said it would be released later on this week.
