The Finance Ministry of British Columbia has listed the province’s fiscal 2015-2016 budget. The 2015 budget did not bring any major legislative changes. It includes certain tax measures that should benefit the taxpayers. The brief summary of the some key tax measures are given below:
Corporate Income Tax rates
No changes are proposed to the corporate tax rate or the small-business boundary ($500,000). The updated corporate tax rates are summarized in the following table:
| Small-business tax rate | General corporate tax rate | Manufacturing and processing income tax rate | |
| British Columbia | 2.5% | 11.0% | 11.0% |
| Federal and British Columbia combined | 13.5% | 26.0% | 26.0% |
Personal Income Tax rates
No changes are proposed to the personal income tax rates in this budget. The scheduled temporary 16.8% personal income tax rate with incomes over $150,000 is still enlisted and it will be expired on 31st December 2015. For income more than $151,000 the combined federal/British Columbia personal income tax rate is 45.80%.
