British Columbia Finance Minister Carole James delivered the province’s 2017 budget update on September 11, 2017.
The budget update anticipates a surplus of $246 million for the current year, $228 million in 2018-19 and $257 million in 2019-20. The projected surpluses have been reduced compared to the Winter 2017 budget. The budget includes personal and corporate tax rate increases. The budget raises the general corporate income tax rate to 12% (from 11%) and introduces a new top personal income tax bracket for income in excess of $150,000, which will be taxed at 16.8% (from 14.7%). The budget also increases carbon tax rates and reduces Medical Services Plan premiums by 50% for all B.C. residents.
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