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 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%

Combined Federal and BC Top Marginal Rates for Individuals

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%

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)*
20,000 832
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.


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

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



Automobile Deduction Limit and Benefit Rates for Provinces

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

CPP/EI Rates

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

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%

*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

Download our Personal Income 
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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