BC Budget 2017, September Update – Tax Measures

BC Finance Minister Carole James has released a budget update which contains several important tax measures for individuals and corporations, namely: (1) the introduction of a new 16.8% rate on taxable income over $150,000 for individuals (increased from 14.7%); (2) a reduction of the small business corporate income tax rate to 2% (from 2.5%); and (3) an increase in the general corporate income tax rate to 12% (from 11%).

Prepared by: Michelle Chang

Michelle Chang is an associate working out of the Vancouver office of Thorsteinssons LLP. Michelle‚Äôs practice focuses on domestic and international tax planning for individuals, corporations and trusts, including estate and succession planning, corporate reorganizations, business structuring and immigration/emigration planning.… more »