Tax preparation

Financial Resources for Victoria

Chan Choi & Company has compiled a series of tax rate tables for clients who want to stay up-to-date on changing tax requirements in British Columbia. We've also included a list of links to websites containing useful financial information for individuals and businesses.


The following are various tax rates and information that you may find useful:


Corporate Income Tax Rates in B.C.

INCOME ELIGIBLE FOR SMALL BUSINESS DEDUCTION (SBD) INCOME NOT ELIGIBLE FOR SBD INVESTMENT INCOME
(Up to $500,000) (Over $500,000)
BC 2013 13.50% 25.00% 44.67%
BC 2014 13.50% 26.00% 45.67%
BC 2015 13.50% 26.00% 45.67%
BC 2016 13.00% 26.00% 49.67%
BC 2017 13.00% 26.00% 49.67%
BC - Apr 1, 2017 12.50%* 26.00% 49.67%

* BC Minority government - rates to be confirmed.

Combined Federal and BC Top Marginal Rates for Individuals

Type 2016 2017
Ordinary Income 47.70% 47.70%
Non-Eligible Dividends 40.61% 40.95%
Eligible Dividends 31.30% 31.30%
Capital Gains 23.85% 23.85%

Combined Federal and BC Income Tax for Individuals

(Employment Income with only basic personal tax credit, Canada Employment Amount, CPP and EI claimed)

Taxable Income ($) Combined Tax (estimated)*
20,000 909
30,000 3,139
40,000 5,121
50,000 7,483
60,000 10,251
70,000 13,071
80,000 15,952
90,000 19,064
100,000 22,792
150,000 43,170
200,000 65,020

*Taxes will vary depending on the type of income and additional deductions or credits that are claimed.



Contribution Limits for RRSPs and TFSAs

Year RRSP($) TFSA($)
2013 23,820 5,500
2014 24,270 5,500
2015 24,930 10,000
2016 25,370 5,500
2017 26,010 5,500

(Please refer to your Notice of Assessment for accumulated RRSP limits)



Automobile Deduction Limit and Benefit Rates for Provinces

Type 2016 2017
Capital Cost limit for CCA $30,000 $30,000
Maximum interest deduction on loans $300/Month $300/Month
Deductible leasing cost limit $800/Month $800/Month
Tax exempt allowance
1st 5,000 km $0.54/km $0.54/km
additional km $0.48/km $0.48/km

CPP/EI Rates

Type 2016 2017
CPP Maximum pensionable earnings $54,900 $55,300
Annual basic exemption $3,500 $3,500
Contribution rate 4.95% 4.95%
Maximum employee contribution $2,544.30 $2,564.10
Type 2016 2017
EI Maximum annual insurance earnings $50,800 $51,300
Premium rate 1.88% 1.63%
Maximum annual employee premium $955.04 $836.19

Prescribed Interest Rates

Late Tax Refunds Benefits
[Reg. 4301(a)] [Reg. 4301(b)] [Reg. 4301(c)]
Jan-Dec 2015 5% 3% / 1% * 1%
Jan-Dec 2016 5% 3% / 1% * 1%
Jan-Sept 2017 5% 3% / 1% * 1%

*Since July 1, 2010 – there is a 2% difference in interest rates on refunds between individuals and corporations. Individuals receive the higher rate.

Tax Preparation

Tax Preparation Made Easy

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Tax Return Checklist

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Useful Links:

Chartered Professional Accountants Association of BC


Canada Revenue Agency

Corporate and personal tax information


Ministry of Small Business & Revenue

Consumer taxes information


Service Canada

Services for seniors, families, youth and employers


Bank of Canada

Key rate indicators


WorkSafeBC

Workers compensation information

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