Your Taxes by the Numbers
With all the debate in British Columbia about taxes, it's sometimes hard to know where exactly your provincial income taxes sit today compared to just a few years ago. Today, we've done the homework for you.
Put simply, every income level in British Columbia today pays lower taxes today than they did under the NDP. Significantly lower.
Your Provincial Income Taxes
Under the NDP in 1996 vs. Today
|Example B.C. Household
||Taxes in 1996||Taxes Today
|Two Income Family of Four - $90,000 Income
|Two Income Family of Four - $60,000 Income||$3,290||$1,320||$1,970|
|Two Income Family of Four - $30,000 Income||$1,284||$0||$1,284|
|Unattached Individual - $25,000 Income||$1,402||$376||$1,026|
|Unattached Individual - $80,000 Income||$8,881||$4,080||$4,801|
|Senior Couple, Equal Pensions - $30,000 Income||$718||$0||$718|
Small Business Income Tax Reductions
Your local neighbourhood small businesses are the driving force behind B.C.'s economy. In fact, small businesses account for nearly 98 per cent of all businesses in British Columbia - which is why we've targeted tax reduction to ensure they can reach their full potential.
|Example Neighbourhood Business||Taxes in 1996
|Neighbourhood Pizzeria - $200,000 income
|Independent Pet Store - $400,000 income||$51,000||$10,000||$41,000|
|Local Produce Store - $750,000 income||$108,750||$38,750||$70,000|
And More Than 120 Additional Tax Decreases
We’ve made over 120 tax cuts since 2001, helping B.C. thrive during good times, and weather bad economic times better than almost any other jurisdiction in the western world.
Our other tax cuts and tax credits include:
- New Northern and Rural Homeowner Benefit
- Enhanced Shelter Aid for Elderly Renters (SAFER) Program
- New Low Income Climate Action Tax Credit
- Eliminated Corporate Capital Tax
- Enhanced BC Mining Flow-Through Share Tax Credit
- Enhanced Small Business Venture Capital Tax Credit
While some tax changes get the majority of attention, these real reductions have resulted in more money in your pocket. And in the end, you know best how to spend your hard earned dollars.