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Pandemic Tax Grab to Hit Top Earners Hard (Effective July 1st, Major 50% Tax Increase in BC on Income Above $220K, Combined Tax Rate 57%)
Friday, June 12, 2020
Vancouver, BC, June 10, 2020--The Feb 18 provincial budget introduced a new top tax bracket on taxable income of more than $220,000, imposed a 20.5% rate on it, and made it retroactive to January 1. Only Quebec and Nova Scotia have a higher tax. That will make it 24.2% BC tax on each dollar earned above $220,000. A year ago this provincial rate was 16.8% on income over $157,748 - so, a roughly 50% increase in one year in those earnings north of $220k. New combined fed/prov tax rate is 57%.
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