British Columbia releases its 2013 budget

This week British Columbia announced increased corporate and personal taxes as part of its 2013 budget. The general corporate income tax rate will be increased to 11% from the current 10% (26% combined federal and provincial rate), effective April 1, 2013. A 2-year increase in the personal income tax rate for individuals earning more than $150,000 will also be introduced. The rate will increase by 2.1% to 16.8% (45.8% combined federal and provincial rate), starting January 1, 2014 and expiring December 31, 2015. Of course, these changes are contingent upon the current government surviving the upcoming provincial election on May 14, 2013.