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A tax bracket is a range of annual taxable income. Income past a certain point is taxed at a higher rate. The tax brackets are indexed each year to the Consumer Price Index for B.C. (BC CPI). For the 2024 tax year, the tax brackets were increased from the previous year by a BC CPI rate of 5.0%.
The tax rates in British Columbia range from 5.06% to 20.5% of income and the combined federal and provincial tax rate is between 20.06% and 53.5%. British Columbia's marginal tax rate increases as your income increases so you pay higher taxes on the level of income that falls into a higher tax bracket.
BC 2024 and 2023 Tax Rates & Tax Brackets. The BC tax brackets and personal tax credit amounts are increased for 2024 by an indexation factor of 1.05 (5% increase). The Federal tax brackets and personal tax credit amounts are increased for 2024 by an indexation factor of 1.047 (4.7% increase).
Sep 1, 2023 · Generally, the rate of PST is 7% on the purchase or lease price of goods and services, with some exceptions. To learn more about the PST, such as what's exempt from PST or how the PST applies to different types of goods, software and services, refer to our resources:
Dec 2, 2023 · BC tax brackets are added to federal tax brackets to determine the total amount of income tax you’ll pay. For 2024, the highest combined marginal tax rate is 53.5% on every dollar you make over $252,752. The lowest marginal tax rate is 20.06% on the first $47,937 you make.
British Columbia. Yukon. Northwest Territories. Nunavut. Previous year income tax rates. Select the tax year. + 2023. Select "Federal" or your province or territory. Federal. Newfoundland and Labrador. Prince Edward Island. Nova Scotia. New Brunswick. Quebec. Ontario. Manitoba.
In the province of British Columbia, your tax rate can be as low as 5.06%, if your annual income is $45,654. And as high as 20.5%, if your income is over $240,716. How to calculate tax in British Columbia?
