BC Tables Balanced Budget

Notable in the BC 2015-2016 budget was the lack of any provision to extend the temporary high-income tax bracket: 16.8% on income in excess of $151,050.  This bracket is scheduled to be eliminated after 2015.

On Tuesday, February 7, 2015 the BC government tabled its' 2015-2016 provincial budget.

The provincial budget included increases to a number of user fees, including increases to the Medical Services Plan premiums and post-secondary fees.

There were no corporate tax changes included and the personal tax changes were minimal.  The personal tax changes include:

• The BC Tax Reduction is increased from $412 to $432.  The credit phase out threshold increased from $18,327 to $19,000.  The phase out rate also increased from 3.2% to 3.5%,
• The BC Children’s Fitness Credit is enhanced for 2015 and subsequent years to include the costs of fitness equipment for the child.  The credit is 50% of the existing credit claim – no receipts are required for the cost of equipment.
• A BC Education Coaching tax credit is available for years 2015, 2016, and 2017.  The credit is $500 (x 5.06% = $25.03) and is available only to teachers and teaching assistants who provide at least 10 yours of extra-curricular coaching per year.