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personal income tax rates reduced in 2007 and
further in 2008, for all except the highest tax
brackets. Revised rates are
reflected in the tables of marginal
tax rates, and in the Canadian
Tax Calculator. See also the BC Small Business and
Revenue Personal
Income Tax web page. |
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the phase-out rate for the BC
Tax Reduction is reduced from 3.6% to 3.4% for
2007, and to 3.2% for 2008 and later years. |
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new non-refundable tax credit for adoption
expenses, using the allowable federal adoption
expense amount ($10,445 for 2007) and applying the
BC non-refundable tax credit rate. See the tables
of non-refundable tax credits. |
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effective 2006, the Universal Child Care Benefit
(UCCB) is not included in income for purposes of
calculating the BC
refundable sales tax credit. |
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effective 2007, the BC Income Tax Act is amended
to prevent double taxation in certain situations
where a taxpayer claims a foreign tax credit and
is subject to alternative minimum tax. |
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mining exploration tax credit increased from 20%
to 30% for eligible expenses incurred after
February 20, 2007 for mining exploration in
prescribed Mountain Pine Beetle affected
areas. The tax credit is available to
eligible individuals, corporations and
partnerships. The enhanced 30% tax credit
rate will expire December 31, 2016. |
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the corporate Book Publishing Tax Credit expiry
date changed to April 1, 2012 from April 1,
2007. This credit provides BC publishers a
credit based on eligibility for the Aid to
Publishers component of the federal Book
Publishing Development Incentive Program.
For more information see
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expiry date for the Scientific Research and
Experimental Development (SRED) Tax Credit is
extended to September 1, 2014 from September 1,
2009. Eligibility for the SRED tax credit is
extended to partnerships effective for eligible
expenditures incurred after February 20,
2007. See the BC Small Business and Revenue
web page Scientific
Research and Experimental Development. |
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new package of training tax credits (previously
announced) for employers and employees, comprising
3 main elements - basic credits, completion
credits, and enhanced credits for First Nations
individuals and persons with disabilities.
For more information, see the BC Small Business
and Revenue Training
Tax Credits web page. |
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royalty and deemed income rebate is eliminated
effective for tax years starting after 2006. |
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Federal income tax measures affecting taxable
income that automatically affect provincial
taxable income in all provinces and territories
except Québec:
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