Calculate the total income taxes of the British Columbia residents for 2020

% marginal taxAverage % of taxPayable taxNet income after tax

Tax Breakdown

Federal tax
Marginal tax rate CanadaTaxation in CanadaAdditional amount for BPA increased (already subtracted from payable taxes)
British Columbia tax
Marginal tax rate BCBritish Columbia tax

Employee (by an employer)

CPPEmployment Insurance benefits (EI)

Self-employed (sole proprietorship)

CPP (self-employed)Employment Insurance benefits (EI)


After-tax income, annuities and insurance

Net income employeeNet income self-employed

Additional information about income tax in British Columbia

The British Columbia tax brackets and personal amount have been expanded for 2020 by an indexation factor of 1.025. There are 6 tax brackets in British Columbia and 6 comparing tax rates. The least rate is 5.06% and the most noteworthy rate is 16.80%.

The most noteworthy provincial rate is applied above $157,749; be that as it may, the federal rate is expanded further after this income level. The joined federal and provincial negligible duty rate is 49.80%, which is paid on the income above $214,369.

Income tax calculator BC 2020 revenue

Canadians like to discuss their substantial taxation rate. However, do they understand that tax rates contrast essentially among regions and districts? Each inhabitant of British Columbia and each individual that earned income in the region during the year must document an income tax return.

On a superficial level British Columbia taxes are unapproachable and mystifying. The self-employed income, capital gains, eligible and non-eligible profits and other income are taxed in a different way; this income tax calculator will give you what amount of taxes you’ll need to pay. The calculator comprises most deductions and tax credits and can help for your income tax planning.

Calculate the total income taxes of the British Columbia residents for 2020

Just enter your annual gross income, this decides your appropriate tax band and taxable annual Income it will turn out all the important data.

The calculator will show the normal assessment rate and minor expense rate as well. Income tax calculator is planned distinctly as an overall guide and is neither a definitive analysis of the law nor an alternative for proficient advice. Readers should examine with professional counsels how the data may apply to their particular circumstances.

What is the difference between Exemption and Deduction?

Mutually exemption and derivation assist diminish your tax liability, however these are benefited under different sections of the Income Tax Act.

  • Deduction is a decrease in the entirety of taxable income based on Section 80 and Chapter VI-A. Particular kinds of spending, for example investment in life insurance policies and installment of children’s tuition fee assist you with profiting a tax deduction.
  • Exemption is a particular amount that is barred from the gross total income before figuring tax. Exclusions are accessible under Sections 10 and 54. Interest earned from tax- free bonds and salary components like LTA are examples of exclusions.

Table of amounts and thresholds 2020

For the Provincial, British Columbia
Amount type or threshold Amount
Basic Personal MBP Amount or Credits $ 10 949
British Columbia tax threshold (provincial) $ 10 949
For the federal government, Canada
Amount type or threshold Amount
Basic Personal MPB Amount in Canada $ 12 298
Tax threshold in Canada (federal) $ 12 298
Tax threshold in Canada (federal) increased $ 13 229
Table of provincial tax brackets rates in British Columbia for 2020
Gross taxable income brackets British Columbia Marginal tax rates
10 949$ or less 0%
10 949$ to 41 725$ 5.06%
41 725.01$ to 83 451$ 7.70%
83 451.01$ to 95 812$ 10.50%
95 812,01$ to 116 344$ 12.29%
116 344,01$ to 157 748$ 14.70%
157 748,01$ or more 16.80%

For more information about British Columbia and Canada tax rates brackets, visit the CRA Canada website.

Table of federal tax brackets and rates for 2020
Taxable Gross Tax Rates Marginal Tax Rates
12 298$ or less 0%
12 298$ to 48 535$ 15%
48 535,01$ to 97 069$ 20.50%
97 069,01$ to 150 473$ 26%
150 473,01$ to 214 368$ 29%
214 368,01$ or more 33%

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