southfurry

Dear You,

I've heard/ read that the respective 'powers-that-be' have announced tax cuts in each
province...

Does this change the equation for the man in the street and how? Does this reduce the
difference in costs of living for both cities (Vancouver/ Toronto)?

Please educate!

South

Gary L. Dare

Ontario has had major income tax cuts the last five years and has (quite rightly)
concentrated on corporate and capital gains tax reform this fiscal year. British
Columbia, on the other hand, was one of the two high- est taxed jurisdictions in
Canada and North America, along with Quebec, until last week's retroactive tax cuts.

Income tax rates in per cent:

Taxable income range 2001 Current 2001 New* 2002 New

$1-$30,484 8.4 7.3 6.05

$30,484-$60,969 11.9 10.5 9.15

$60,969-$70,000 16.7 13.7 11.7

$70,000-$85,000 18.7 15.7 13.7

Over $85,000 19.7 16.7 14.7

How B.C.'s taxes will measure up to those of Alberta and Ontario in 2002:

Income

Single individual: B.C. Alberta Ontario

$25,000 $857 $926 $892

$50,000 $2,655 $3,093 $2,679

$75,000 $4,934 $5,363 $5,133

Two income family of four:

$60,000 $2,213 $2,677 $2,282

Source: British Columbia Ministry of Finance

--
Gary L. Dare [email protected]

"Je me souviens"

x user

Great!

Would you, please, provide any web links?

Thanks.

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x user

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To back it up: http://www.fin.gov.bc.ca/01nr/nws13.htm