Base rate of Tax in B.C.
 

Hi guys and gals,

New member and would appreciate some information.

What is the base rate of taxtation in B.C. ?
Or is it like the U.K. after so much earnt you start paying 40% tax.

Thanks

Re: Base rate of Tax in B.C.
 

Hi Foggy,

There is a federal income tax and a provicial income tax. Here is some information from the website 'canadianeconomy.gc.ca':

"Canadian federal income tax is calculated based on taxable income minus allowable deductions. In 2004, every taxpayer could earn $8,012 without paying any federal tax. This is called the ‘basic personal amount’. The federal taxable income groups and their respective tax rates for 2004 are:

2004 taxable income
Tax rate

Up to $35,000
16%

$35,001 to $70,000
22%

$70,001 to $113,804
26%

Over $113,804
29%


In addition, every province and territory has taxable income brackets and tax rates. Each province and territory sets its own tax rates, and the income levels on which they apply."

You can also check out BC's current tax rates here:

'http://www.rev.gov.bc.ca/itb/itapit/toni_2005.htm'

Hope this helps

Re: Base rate of Tax in B.C.
 

Hi there,

You may find the following link interesting. Keep in mind that it does not add EI or CPP which is a maximum of $2600.00 (I think).
http://www.ey.com/GLOBAL/content.nsf...5_Personal_Tax