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 $500,000) | ||
| BC 2017 | 13.00% | 26.00% | 49.67% |
| BC - Apr 1, 2017 | 12.50% | 26.00% | 49.67% |
| BC 2018 | 12.00% | 27.00% | 50.67% |
| BC 2019 | 12.00% | 27.00% | 50.67% |
| BC 2020 | 12.00% | 27.00% | 50.67% |
| BC 2021 | 11.00% | 27.00% | 50.67% |
Combined Federal and BC Top Marginal Rates for Individuals
| Type | 2020 | 2021 |
|---|---|---|
| Ordinary Income | 53.50% | 53.50% |
| Non-Eligible Dividends | 48.89% | 48.89% |
| Eligible Dividends | 36.54% | 36.54% |
| Capital Gains | 26.75% | 26.75% |
Combined Federal and BC Income Tax for Individuals
(Employment Income with only basic personal tax credit, Canada Employment Amount, CPP and EI claimed)
| Taxable Income ($) | Combined Tax (estimated)* |
|---|---|
| 30,000 | 2,754 |
| 40,000 | 4,788 |
| 50,000 | 6,944 |
| 60,000 | 9,657 |
| 70,000 | 12,477 |
| 80,000 | 15,297 |
| 90,000 | 18,296 |
| 100,000 | 21,620 |
| 150,000 | 41,572 |
| 200,000 | 64,394 |
| 220,000 | 73,804 |
*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($) | TFSA($) |
|---|---|---|
| 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 |
| 2021 | 27,830 | 6,000 |
(Please refer to your Notice of Assessment for accumulated RRSP limits)
Automobile Deduction Limit and Benefit Rates for Provinces
| Type | 2020 | 2021 |
|---|---|---|
| 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 | $0.59/km | $0.59/km |
| additional km | $0.53/km | $0.53/km |
CPP/EI Rates
| Type | 2020 | 2021 | |
|---|---|---|---|
| CPP | Maximum pensionable earnings | $58,700 | $61,600 |
| Annual basic exemption | $3,500 | $3,500 | |
| Contribution rate | 5.25% | 5.45% | |
| Maximum employee contribution | $2,898.00 | $3166.45 |
| Type | 2020 | 2021 | |
|---|---|---|---|
| EI | Maximum annual insurance earnings | $54,200 | $56,300 |
| Premium rate | 1.58% | 1.58% | |
| Maximum annual employee premium | $856.36 | $889.54 |
Prescribed Interest Rates
| 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% |
| Jan-Mar 2021 | 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
