British Columbia’s Finance Minister Carole James delivered the province’s 2020 budget on February 18, 2020
The budget anticipates a surplus of $203 million for 2020 and projects surpluses of $227 million for 2021 and $179 million for 2022. Although the budget does not include any changes to the corporate income tax rates, it does introduce a new combined federal and provincial top personal income tax bracket of 53.5% for ordinary taxable income exceeding $220,000 and requires certain Canadian and foreign sellers to register for and remit B.C. provincial sales tax (PST) effective July 1, 2020.
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