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:
INCOME ELIGIBLE FOR SMALL BUSINESS DEDUCTION (SBD) | INCOME NOT ELIGIBLE FOR SBD | INVESTMENT INCOME | |
---|---|---|---|
(Up to $500,000) | (Over $500,000) | ||
BC 2016 | 13.00% | 26.00% | 49.67% |
BC 2017 | 13.00% | 26.00% | 49.67% |
BC - Apr 1, 2017 | 12.50% | 26.00% | 49.67% |
BC 2018 | 12.00% | 27.00% | 50.67% |
BC 2019 | 12.00% | 27.00% | 50.67% |
BC 2020 | 12.00% | 27.00% | 50.7% |
Type | 2019 | 2020 |
---|---|---|
Ordinary Income | 49.80% | 53.50% |
Non-Eligible Dividends | 44.64% | 48.89% |
Eligible Dividends | 31.44% | 36.54% |
Capital Gains | 24.90% | 26.75% |
(Employment Income with only basic personal tax credit, Canada Employment Amount, CPP and EI claimed)
Taxable Income ($) | Combined Tax (estimated)* |
---|---|
20,000 | 832 |
30,000 | 2,982 |
40,000 | 4,986 |
50,000 | 7,228 |
60,000 | 9,962 |
70,000 | 12,782 |
80,000 | 15,602 |
90,000 | 18,660 |
100,000 | 22,131 |
150,000 | 42,222 |
200,000 | 65,038 |
*Taxes will vary depending on the type of income and additional deductions or credits that are claimed.
Year | RRSP($) | TFSA($) |
---|---|---|
2016 | 25,370 | 5,500 |
2017 | 26,010 | 5,500 |
2018 | 26,230 | 5,500 |
2019 | 26,500 | 6,000 |
2020 | 27,230 | 6,000 |
(Please refer to your Notice of Assessment for accumulated RRSP limits)
Type | 2019 | 2020 |
---|---|---|
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 | $0.58/km | $0.59/km |
additional km | $0.52/km | $0.53/km |
Type | 2019 | 2020 | |
---|---|---|---|
CPP | Maximum pensionable earnings | $57,400 | $58,700 |
Annual basic exemption | $3,500 | $3,500 | |
Contribution rate | 5.10% | 5.25% | |
Maximum employee contribution | $2,748.90 | $2,898.00 |
Type | 2019 | 2020 | |
---|---|---|---|
EI | Maximum annual insurance earnings | $53,100 | $54,200 |
Premium rate | 1.62% | 1.58% | |
Maximum annual employee premium | $860.22 | $856.36 |
Late Tax | Refunds | Benefits | |
---|---|---|---|
[Reg. 4301(a)] | [Reg. 4301(b)] | [Reg. 4301(c)] | |
Jan-Mar 2018 | 5% | 3% / 1% * | 1% |
Apr-Dec 2018 | 6% | 4% / 2% * | 2% |
Jan-Dec 2019 | 6% | 4% / 2% * | 2% |
Jan-June 2020 | 6% | 4% / 2% * | 2% |
Jul-Sept 2020 | 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.
Useful Links:
Chartered Professional Accountants Association of BC
Corporate and personal tax information
Ministry of Small Business & Revenue
Consumer taxes information
Services for seniors, families, youth and employers
Key rate indicators
Workers compensation information