British Columbia Budget Report 2013
February 19, 2013
On February 19, 2013, Finance Minister Michael de Jong presented his first budget as Finance Minister, which comes shortly ahead of the provincial election scheduled for May 14, 2013. The deficit reported for the 2012-13 fiscal year is $1.2 billion, which has increased from the approximate $1 billion deficit that was forecast last year. However, as promised, the government has put forth a balanced budget for 2013-14.
On the personaltax side, higher income individuals will be subject to increased taxes as a new temporary top personal tax bracket is introduced for 2014 and 2015. This bracket will apply to taxable income exceeding $150,000 at a rate of 16.8% for 2014. From a corporate tax perspective, the government is increasing the general corporate tax rate from 10% to 11% effective April 1, 2013.
HIGHLIGHTS
- Top personal income tax rate to increase by 2.1% in 2014
- Corporate tax increase accelerated to April 1, 2013
- Revised deficit of $1.2 billion forecast for 2012-13
- Surplus of $197 million forecast for 2013-14
Download our full budget report