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.
Download this edition of the TaxNewsFlash to learn more.
© 2020 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.