It is definitely a retirement haven, and up until February 18th, BC was somewhat of a tax haven as well. Unfortunately, the top 1% of income earners in BC will pay $216 million more taxes starting January 1, 2020, as a result of yesterday’s provincial budget. The top tax rate and income bracket has increased 3.7% from 16.8% to 20.5% on taxable incomes over $220,000. This is a change that will affect marginal tax rates on various income sources, including retirement income, and taxable income on final returns of deceased taxpayers, as shown below: