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Combined Tax Rates 2020

April 10, 2020

Tax Question:

What are the combined personal tax rates for 2020 – Federal and British Columbia?

Facts:

Tax rates change every year and there are several types of income that are taxed differently. See below for updated tax rate charts (with estimates) for 2020. Please note that there is a new tax bracket introduced as a result of the BC Budget 2020.

Discussion:

Taxable Income ZoneBasic TaxBasic Rate in ZoneOther Dividends (estimated %)Eligible Dividends (estimated %)Capital Gains
$0 to $19,625$-0.00%0.00%0.00%0.00%
$19,626 to $41,725$-20.06%10.43%0.00%10.03%
$41,726 to $48,535$5,11022.70%13.47%0.00%11.35%
$48,536 to $83,451$6,55928.20%19.80%1.63%14.10%
$83,452 to $95,812$16,27031.00%23.02%5.49%15.50%
$95,813 to $97,069$20,09732.79%25.07%7.96%16.40%
$97,070 to $116,344$20,50738.29%31.40%15.55%19.15%
$116,345 to $150,473$27,87840.70%34.17%18.88%20.35%
$150,474 to $157,748$41,76543.70%37.62%23.02%21.85%
$157,749 to $214,368$44,95445.80%40.04%25.92%22.90%
$214,369 to $220,000$71,00749.80%44.64%31.44%24.90%
$220,001 and up$73,80553.50%48.89%36.54%26.75%

If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.

Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.

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