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British Columbia Cuts Personal and Small Business Taxes
The Ministry of Finance and Corporate Relations announces tax cuts effective Jan 1 2001. BC residents save 402 million in provincial personal income tax and the small business tax rate drops to 4.5 percent. The basic personal tax credit rises to 8000, spousal credit to 6850, and many credits are indexed to prevent bracket creep. The top personal rate falls to 48.7 percent, and the corporation capital tax threshold rises to 5 million, sparing 90 percent of BC businesses.
MENTIONED IN THIS ARTICLE
Ministry of Finance and Corporate Relations
Paul Ramsey
Ramsey
B.C