The BC Budget (tabled on February 17, 2015) contained no major
announcements and no general corporate or personal tax rate
changes. Nonetheless, it provides opportunity for personal tax
planning for high rate tax payers, and extends useful assistance to
early stage businesses in BC.
Personal
The combined top rate of BC tax is 45.8% (16.8% of BC tax + 29%
of Federal tax). The top rate applies to income over $150,000. It
was introduced by the 2013 Budget, to apply for 2014 and 2015, and
at the time was described as a temporary measure. Its repeal is
automatic (by virtue of a mechanism built in to the 2013 Budget
Measures Implementation Act), but there was always concern
that the province would retain the top rate for 2016 and later
years by bringing in new legislation.
