British Columbia-> Budget 2017
British Columbia 2017 Budget - February 21, 2017
Bill 8, the Budget Measures Implementation Act, 2017 was tabled on February 21, 2017. It did not include the changes that are proposed for MSP.
Effective January 1, 2018, the premium rates for those with adjusted family net income of $120,000 and less will be reduced by 50%, and the threshold for elimination of premiums is increased from $24,000 to $26,000.
This credit was announced previously, and is included in the budget. See above link for details.
This new non-refundable tax credit is available for the 2017 taxation year, and will have the same eligibility criteria as the federal credit. If someone is available for either the federal Volunteer Firefighter Tax Credit or the federal Search & Rescue Volunteer Tax Credit. The tax credit will be $3,000 x the lowest tax rate of 5.05%, for a credit of $151.50. See the above link for the information on the federal tax credit.
The BC small business corporate income tax rate is reduced from 2.5% to 2.0% effective April 1, 2017.
As a result of the reduction of the small business corporate income tax rate, the BC dividend tax credit rate for non-eligible dividends will be reduced from 2.47% of the taxable dividend to 2.18%, effective for the 2017 taxation year. The BC marginal tax rate table for 2017 has been revised to reflect this change.
The education tax credit is eliminated for the 2018 and subsequent taxation years. The federal education and textbook tax credits were eliminated effective for the 2017 and subsequent taxation years.
Sales & Tobacco Taxes
There are more tax changes in addition what we've detailed above, including changes to:
For more information see the BC Provincial Budget Tax Changes page.
See Budget 2017 on the Ministry of Finance website for complete budget details.
Revised: February 23, 2017
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