BC Budget Summary
The 2010 BC budget was tabled on March 2, 2010.
The budget focused on retaining vital services and looking to the future for economic growth within the province.
Basic Personal Amount
The Basic Personal Amount for B.C. residents will increase to $11,000 in 2010.
Corporate Tax Rates
General corporate income tax rates will decrease to 10% as of January 1, 2011, the rate is currently 10.5%. The small business rate will be 0% as of April 1, 2012 (current rate is 2.5% on income under $400,000).
Property Tax Deferral program
This program will come into effect in early 2010 allowing homeowners with children under 18 to defer provincial and local property taxes to recognize the resources required to raise families.
Tax Credit Programs Introduced
Various tax credit programs were introduced in the budget as follows:
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