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Provincial Changes
 |
British Columbia |
|
Tax Rates
|
| Provincial Tax Rates in British Columbia |
2006 |
2005 |
| 6.05% Tax applies to income under |
$33,755 |
$33,061 |
| 9.15% Tax applies to income between |
$33,756 and $67,511 |
$33,062 and $66,123 |
| 11.7% Tax applies to income between |
$67,512 and $77,511 |
$66,123 and $75,917 |
| 13.7% Tax applies to income between |
$77,512 and $94,121 |
$75,917 and 92,185 |
| 14.7% Tax applies to income above |
$94,122 |
$92,185 |
|
British Columbia Non-Refundable Tax Credit
|
| |
2006 |
2005 |
| Basic
Personal Amount |
$8,858 |
$8,676 |
| Spousal / Equivalent-to-Spouse |
$7,585 |
$7,429 |
| Age Amount |
$3,972 |
$3,891 |
| Disability Amount |
$6,644 |
$6,507 |
| Disability Amount Supplement for taxpayers under 18 |
$3,876 |
$3,796 |
| Caregiver Amount |
$3,876 |
$3,796 |
| Infirm Dependant Amount |
$3,876 |
$3,797 |
| Pension Income Amount |
$1,000 |
$1,000 |
| Tuition Credit |
Actual |
Actual |
| Education |
|
|
| Full-time student |
$200/month |
$200/month |
| Part-time student |
$60/month |
$60/month |
Venture capital tax credit
The maximum credit that can be claimed for venture capital is
$60,000 per year. The taxpayers who have purchased shares from a
registered British Columbia Venture Capital Corporation will receive
Form SBVC 10, which shows the date you bought your shares under "Investment
date". If the tax credit is more than $60,000, any excess can be
carried forward for up to four years.
The credit is used to reduce federal and provincial taxes and any
excess is refundable to taxpayer.
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