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 BC Budget 2007
Summary
- The province indexed its brackets and lowered the rates across all bracket levels, with the exception of the top bracket.
- Further similar rate drops are promised for 2008 as well.
- Starting in 2007, the province has “adopted” the federal adoption credit provision.
- The province’s 2006 position on the enhanced dividend tax credit system was re-affirmed.
- The provincial R&D credit system has been renewed through 2014.
The following table shows British Columbia's personal income tax brackets and corresponding rates for 2007 and 2008:
| Taxable Income Range* 2007 |
Tax Rates 2007 - Current |
Tax Rages 2007 - Revised |
Tax Rates* 2008 |
| 0 to $34,397 |
6.05% |
5.70% |
5.35% |
| $34,397.01 to $68,794 |
9.15% |
8.65% |
8.15% |
| $68,794.01 to $78,984 |
11.70% |
11.10% |
10.50% |
| $78,984.01 to $95,909 |
13.70% |
13.00% |
12.29% |
| above $95,909 |
14.70% |
14.70% |
14.70% |
*The 2008 income tax rates will apply to the 2007 taxable income ranges, which will be indexed for inflation.
Article originally published: Nov 2007
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