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BC Budget 2017

February 23, 2017Blog, Budget, Business Owners, Employees, Families, Individuals, TaxAbility Private Client Group

BC Finance Minister Michael de Jong delivered the province’s 2017 budget on Feb. 21, 2017. The budget anticipates a surplus of $295 million for the current year, $244 million in 2018-2019 and $223 million in 2019-2020.

Corporate Income Tax Measures

Reduction in Corporate income Tax Rate from 2.5% to 2.0% effective April 1, 2017

Corporate Income Tax Rates- As of January 1, 2017
British Columbia Combined Federal & BC
General 11% 28%
M&P 11% 26%
Small Business* 2.5%/2.0%** 13.0%/12.5%**
*on first $500,000 of active business income **effective April 1, 2017

Personal

Increase in the personal tax rate from 40.61% to 40.95% for ineligible dividends effective January 1, 2017.

Personal Combined Federal/Provincial Top Marginal Rates
2017
Interest and regular income 47.70%
Capital gains 23.85%
Eligible dividends 31.30%
Non-eligible dividends 40.95%

Medical Services Plan Premiums: Rate will remain at $75/month/adult. Effective Jan 1, 2018: 50% MSP premium reduction for households with annual net incomes up to $120,000.

Firefighter & Search & Rescue Volunteer Tax Credit: Non-refundable tax credit of up to $3,000 for 2017.

Back to School Tax Credit: Non-refundable tax credit of $250 per child (ages 5 to 17) for 2016 to 2018. Effective Jan 1, 2018, the education tax credit will be eliminated.

Electricity- Provincial Sales Tax Act: Effective Oct 1, 2017, the tax rate is reduced to 3.5% of the purchase price.

Property transfer tax: For first time home buyers to save property transfer tax on the purchase of their property the partial exemption has been increased to $500,000 from $475,000.

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Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner
  • Permanent versus Term Life Insurance – What are the Differences?
  • 2022 Ontario Budget Highlights
  • 2022 Federal Budget Highlights
  • 2021 Income Tax Year Tips

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We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

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