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Income Tax Savings for Families, Businesses Start Jan 1

Dec. 29, 2009

VICTORIA – Individual British Columbians earning up to $118,000 will pay the lowest provincial personal income taxes in Canada as a result of new personal income tax measures that come into effect on Jan. 1, Finance Minister Colin Hansen announced today.

“Hard working British Columbians and their families will welcome the new year with roughly $173 million back in their pockets,” said Hansen. “We know families are trying hard to save during these challenging times. That’s why we’re increasing the basic personal income tax credit to $11,000, saving a single person up to $72 a year, and up to $147 for taxpayers with dependents.”

The basic personal income tax credit will increase to $11,000 from $9,373, which will also eliminate personal provincial income tax for an additional 75,000 British Columbians. With the introduction of the B.C. Tax Reduction in 2005, a total of 325,000 additional low-income earners will now pay no personal provincial income tax.

Other new tax measures in effect as of Jan. 1 include:
  • Increasing the corporate income tax small business threshold to $500,000 from $400,000, saving small businesses approximately $20 million in 2010.
  • Reducing the general corporate income tax rate from 11 per cent to 10.5 per cent, saving businesses approximately $75 million. The rate will be further reduced to 10 per cent effective Jan. 1, 2011.
  • Extending the BC Mining Flow-Through Share Tax Credit to the end of 2010.
“The September Budget Update provided more than $400 million a year in income tax relief for individuals, families, and small businesses when the commitment to eliminate the small business tax is fully implemented in 2012,” said Hansen. “B.C. is working to build the most competitive business tax system in Canada. This will encourage investment, create jobs and ensure greater prosperity for all British Columbians.”

Since 2001, the Province has introduced more than 120 tax cuts for British Columbians. For most taxpayers, personal income tax rates have been reduced by 37 per cent or more since 2001. Lower-income earners have seen income tax reductions of more than 70 per cent.
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