FACTS: Did you know?
Lowest Personal Taxes
BC has the lowest provincial personal income taxes in Canada for individuals earning up to $120,000 year in 2012.
Keeping life affordable for BC families means keeping taxes low. Since 2001, most of us have benefited from a significant decrease in provincial income taxes:
- A family of four, earning $70,000 a year, now pays just half of what they did in 2001
- A single person earning $50,000 pays 40% less
- A single person earning $20,000 pays 95% less
- Today an additional 325,000 people no longer pay any BC income tax
You may not have noticed these reductions, because many of us have our income taxes deducted automatically from our paycheques. Yet the bottom line is still the same, and it’s a good one: these tax reductions put more money in your pocket at the end of the year.
In fact, BC families generally have one of the lowest overall tax burdens in Canada, including income taxes, consumption taxes, property taxes, health care premiums and payroll taxes.