Financial Resources for Victoria

Name: Chan Choi & Company
Address: 1081 Fort St, Victoria, BC, V8V 3K5
Telephone: 250-385-6718

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 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 2018	12.00%	27.00%	50.67%

Combined Federal and BC Top Marginal Rates for Individuals

Type	2017	2018
Ordinary Income	47.70%	49.80%
Non-Eligible Dividends	40.95%	43.73%
Eligible Dividends	31.30%	34.20%
Capital Gains	23.85%	24.90%

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	814
30,000	3,139
40,000	5,121
50,000	7,483
60,000	10,247
70,000	13,067
80,000	15,948
90,000	19,060
100,000	22,789
150,000	43,164
200,000	65,014

*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($)	TFSA($)
2014	24,270	5,500
2015	24,930	10,000
2016	25,370	5,500
2017	26,010	5,500
2018	26,230	5,500
2019	26,500	6,000

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

Automobile Deduction Limit and Benefit Rates for Provinces

Type	2018	2019
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	$0.55/km	$0.58/km
additional km	$0.49/km	$0.52/km

CPP/EI Rates

	Type	2018	2019
CPP	Maximum pensionable earnings	$55,900	$57,400
	Annual basic exemption	$3,500	$3,500
	Contribution rate	4.95%	5.10%
	Maximum employee contribution	$2,593.80	$2,748.80

	Type	2018	2019
EI	Maximum annual insurance earnings	$51,700	$53,100
	Premium rate	1.66%	1.62%
	Maximum annual employee premium	$858.22	$860.22

Prescribed Interest Rates

	Late Tax	Refunds	Benefits
	[Reg. 4301(a)]	[Reg. 4301(b)]	[Reg. 4301(c)]
Jan-Dec 2016	5%	3% / 1% *	1%
Jan-Dec 2017	5%	3% / 1% *	1%
Jan-Mar 2018	5%	3% / 1% *	1%
Apr-Dec 2018	6%	4% / 2% *	2%
Jan-Mar 2019	6%	4% / 2% *	2%

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