Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Find out what this means for businesses.
Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Find out what this means for families.
BC Finance Minister Michael de Jong delivered the province’s 2017 budget on Feb. 21, 2017. The budget anticipates a surplus of $295 million for the current year, $244 million in 2018-2019 and $223 million in 2019-2020.
Reduction in Corporate income Tax Rate from 2.5% to 2.0% effective April 1, 2017
| Corporate Income Tax Rates- As of January 1, 2017 | ||
| British Columbia | Combined Federal & BC | |
| General | 11% | 28% |
| M&P | 11% | 26% |
| Small Business* | 2.5%/2.0%** | 13.0%/12.5%** |
| *on first $500,000 of active business income **effective April 1, 2017 | ||
Increase in the personal tax rate from 40.61% to 40.95% for ineligible dividends effective January 1, 2017.
| Personal Combined Federal/Provincial Top Marginal Rates | ||
| 2017 | ||
| Interest and regular income | 47.70% | |
| Capital gains | 23.85% | |
| Eligible dividends | 31.30% | |
| Non-eligible dividends | 40.95% | |
Medical Services Plan Premiums: Rate will remain at $75/month/adult. Effective Jan 1, 2018: 50% MSP premium reduction for households with annual net incomes up to $120,000.
Firefighter & Search & Rescue Volunteer Tax Credit: Non-refundable tax credit of up to $3,000 for 2017.
Back to School Tax Credit: Non-refundable tax credit of $250 per child (ages 5 to 17) for 2016 to 2018. Effective Jan 1, 2018, the education tax credit will be eliminated.
Electricity- Provincial Sales Tax Act: Effective Oct 1, 2017, the tax rate is reduced to 3.5% of the purchase price.
Property transfer tax: For first time home buyers to save property transfer tax on the purchase of their property the partial exemption has been increased to $500,000 from $475,000.
With the new year starting, here are money goals that can be attained in 2017. We’ve put together 13 goals to achieve.
Tel: (604) 428-4114
Email: admin@ClearPathPlanning.com
Clear Path Financial Planners
4603 Kingsway, Suite 210
Burnaby, BC V5G 4M4
Fax: (604) 436-3302
Brad Bumstead,
Certified Financial Planner®
