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.” 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.
No comments:
Post a Comment