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For Taxpayers
Since 2001, your B.C. Government has made more than 120 tax cuts, ensuring that corporate and small business tax rates in B.C. are among the lowest in Canada. These cuts put more money back in British Columbians' pockets, and help make the province an attractive place for people to invest, live and work.
What your B.C. Government is doing for Taxpayers:
- As of January 1, 2010 B.C. will have the lowest provincial personal income taxes in Canada for individuals earning up to $118,000 annually.
- On January 1, 2010 taxpayers will see the basic personal income tax credit increase to $11,000 from $9,373, an increase of 17 per cent.
- Since 2001, the B.C. Government has introduced over 120 tax cuts for British Columbians.
- For most taxpayers, personal income tax rates have been reduced by 37 per cent or more since 2001 and an additional 325,000 low-income British Columbians now pay no provincial income tax.
- Other low-income earners have seen income tax reductions of more than 70 per cent.
- The Carbon Tax is designed to cut taxes. Under law, every penny of the $2.3 billion collected in Carbon Tax will be returned to taxpayers through personal, small business, and business income tax cuts.
- Since 2003, B.C. has used record surpluses to pay down the debt. As a result, B.C.'s Taxpayer Supported Debt-to-GDP ratio has dropped from 20.6 per cent in 2001 to 13.3 in 2009.
- Government is tightening its own belt over the next three years and expects to achieve $3.4 billion in savings through reductions in advertising, discretionary grants, contracted professional services, travel costs and office expenses.
- In partnership with other levels of government, your B.C. Government’s capital construction plan could create up to 88,000 jobs over three years. Since February 2009, some 480 projects worth 3.4 billion have been announced. The projects approved to date are expected to create 21,600 direct jobs over three years.
- Through Public Private Partnerships, B.C. is saving taxpayer dollars and getting added benefits on major projects. Despite rapidly escalating construction costs and a labour shortage, every PPP project undertaken by the government has been on time and on budget. Projects such as the Abbotsford Regional Hospital and Cancer Centre are now operating and serving British Columbians.
- British Columbia's corporate tax rate is among the lowest in North America. B.C.’s general corporate tax rate has been reduced from 16.5 per cent to 11 per cent, with further reductions to 10.5 per cent planned for 2010 and to 10 per cent in 2011.
For more information:
Ministry of Finance
Harmonized Sales Tax
Taxes for individuals
Taxes for Business
