On February 18, 2020, British Columbia Finance Minister Carole
James announced the 2020 British Columbia Budget. Highlights of the
Budget are summarized below.
Income Tax Measures
Personal Income Tax Rates
A new top personal income tax bracket is introduced effective
for the 2020 and subsequent tax years. An individual's taxable
income exceeding $220,000 will be subject to a provincial personal
income tax rate of 20.5%, an increase from 16.8%. The combined
federal and provincial tax rate at this income level is 53.50%.
Consequential to this increase in the rate of tax, the
provincial charitable donation tax credit for individuals is
increased to 20.5% for charitable donations over $200 in respect of
the individual's income subject to the new tax rate.
