Tax Rates

Personal Tax Rates

Combined Federal and Personal Tax Rates for 2024 (British Columbia)

IncomeSalary/InterestCapital GainsEligible DividendsRegular Dividends
Up to $12,5800.00%0.00%0.00%0.00%
$12,580 – $15,70515.00%7.50%0.00%0.00%
$15,705 – $47,93720.06%10.03%-9.60%10.43%
$47,937 – $55,86722.70%11.35%-5.96%13.47%
$55,867 – $95,87528.20%14.10%1.63%19.80%
$95,875 – $110,07631.00%15.50%5.49%23.02%
$110,076 – $111,73332.79%16.40%7.96%25.07%
$111,733 – $133,66438.29%19.15%15.55%31.40%
$133,664 – $173,20540.70%20.35%18.88%34.17%
$173,205 – $181,232*44.02%22.01%23.46%37.99%
$181,232 – $246,752*46.12%23.06%26.36%40.41%
$252,752+53.50%26.75%36.64%48.89%

* Starting at incomes of $173,205 the personal amount tax credit of $15,705 is gradually decreased to $14,145 at incomes of $246,752


Basic personal amount: The basic personal amount for 2023 is $15,000 for taxpayers with net income of $165,430or less. At income levels above $165,430, the basic personal amount is gradually clawed back until it reaches $13,521 for net income of $235,675. The basic personal amount for 2022 ranges from $12,719 to $14,398.

Corporate Taxes

Corporate Tax Rates For Canadian Controlled Private Corporations

YearSmall BusinessRateActive IncomeRateInvestment**
2020Up to $500,00011%Over $500,00027.00%50.67%
2021***Up to $500,00011%Over $500,00027.00%50.67%
2022****Up to $500,00011%Over $500,00027.00%50.67%
2023Up to $500,00011%Over $500,00027.00%50.67%
2024Up to $500,00011%Over $500,00027.00%50.70%
*** The 2021 rate reflects the rate that had been substantively enacted as of December 31, 2020
**** The 2022 rate reflects the rate that had been substantively enacted as of December 31, 2021

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

Corporate and Personal Tax Analysis for 2024

Active Business Income

Small Business Income<500k>500kInvestment Income
Income in Corp1,000.001,000.001,000.00
Corporate Tax110.00270.00507.00
Dividend Refund306.70
Available for Dividend890.00730.00799.70
Personal Taxes *435.12266.74390.97
Net After-Tax Cash454.88463.26408.73
Income Earned Directly1,000.001,000.001,000.00
Personal Taxes535.00535.00535.00
Net After-Tax Cash465.00465.00465.00
Deferral of Taxes425.00265.0028.00
Deferral of Tax as % of Income42.50%26.50%2.80%
Savings (Cost)10.121.7456.27
Corporate Rates
Tax on income <500k11.00%
Tax on income >500k27.00%
Tax on investment income50.70%
Income earned directly taxed at the top marginal tax rates as follows:
Eligible dividends
36.54%
Ineligible dividends48.89%
Salaries/interest53.50%
* Assumes individual shareholder in top marginal tax bracket
** Based on 2024 Rates
Corporate Rates
Tax on Income <500k11.0%
Tax on Income >500k27.0%
Tax on Investment Income50.67%
Income Earned Directly Taxed at the Top Marginal Tax Rates as Follows:
Eligible Dividends36.54%
Ineligible Dividends48.89%
Salaries/Interest53.50%

* Assumes individual shareholder in top marginal tax bracket.
* * Based on 2024 Rates

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

CPP & EI

EI Contribution Rates for 2023

Maximum annual insurable earningsRate (%)Maximum annual employee premiumMaximum annual employer premium
$63,2001.66%$1,049.12$1,468.77

CPP Contribution Rates for 2024

Maximum annual pensionable earningsBasic exemption amountMaximum contributory earningsEmployee and employer contribution rate (%)Maximum annual employee and employer contribution
$68,500$3,500$65,0005.95%$3,867.50

CPP2 Contribution Rates for 2024

Additional Maximum annual pensionable earningsEmployee and employer contribution rate (%)Maximum annual employee and employer contribution
$73,200$65,000$388

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.